Convoluted tax codes are to blame
Senator Lindsey Graham said “It’s really American to avoid paying taxes, legally”, according to an article from capitolcolumn.com
The question is then: Is it American to avoid paying taxes?
Let’s face the facts:
—tax codes are too complicated and convoluted with many loop holes that everyone look for in order to pay as little tax as possible legally unless you are the in the bottom 48% group that pay no tax
—unless you are Warren Buffett who has had a habit of telling the government in election year that he wants to pay more taxes, almost all will want to pay lower taxes. For the record, Warrant Buffett can just write checks for the amount that he feel he should pay more in taxes and send to various charities and/or school districts across America. This way, he can be sure that his “additional tax amount” will be better spent than sending it to the people in Washington DC.
—and, of course, if you feel like Warren Buffett, you can always send money for charities. America will benefit more this way. I am sure Red Cross, American Heart Association, American Cancer Association and your local school district will be able to spend your money wisely.
Tax the rich more!
The left-wing radicals and media want people to believe that it’s only fairer to tax the rich more.
They use Buffett and Romney’s tax rates of about 15% as examples why it’s not fair that these people pay only 15%.
—even at 15% effective tax rate, millionaires/billionaires like Buffett and Romney still paid millions in taxes in a year (probably more than I can pay in decades combined)
—the reason for the 15% effective rate is because most of their incomes are dividend payouts which are taxed twice, once at the corporate level and another at individual level. Hence, these taxpayers actually pay more than just 15% tax rate.
—there is nothing wrong with keeping more money that you earned. And this should not be considered government handouts since the money are earned by these millionaires.
—America is the land of opportunity, fair and square. The fact that I am not millionaire is not because anyone is stopping me from earning more money.
—on the other hand, in 2009 statistics, we had 48% of the total tax filers who did not pay any taxes. This group contained of over 60 million tax filers. Is it fair or not? As I barely made it in the lowest bracket of the middle class, I will
The problem in Washington DC is not the revenue but rather the spending
The more taxes IRS can collect, the faster Washington DC can spend them.
One more stat number to consider…even if Obama can tax 100% of all incomes over $1 million, the total tax that he can get is just a little over $600 billion—just a third of his over $1.5 trillion deficit this year. (Click here for more details)
Washington DC can’t solve problem by taxing more. But it sure can stimulate the economy much better by keeping taxes low and cut spending.