Comments on: Tax Facts http://www.ritholtz.com/blog/2008/11/tax-facts/ Macro Perspective on the Capital Markets, Economy, Geopolitics, Technology, and Digital Media Tue, 14 Feb 2012 07:16:03 +0000 hourly 1 http://wordpress.org/?v=3.0.5 By: Constitution http://www.ritholtz.com/blog/2008/11/tax-facts/comment-page-1/#comment-125736 Constitution Wed, 12 Nov 2008 15:20:53 +0000 http://www.ritholtz.com/blog/?p=8418#comment-125736 Does anyone receive more or less in services from the federal government? More or fewer roads, post offices, military protection, coining of money, border protection, borrowing of money, copyright law, foreign commerce policy (Article 1, Section 8)? No. Then why should any of us pay more or less in total tax dollars than another person? Should some of us pay more for the same car, because we make more money than another person? Take the total amount spent on Constitutionally-mandated govt services, divide by the number of taxpayers, and every taxpayer mails in a check for that amount. Does anyone receive more or less in services from the federal government? More or fewer roads, post offices, military protection, coining of money, border protection, borrowing of money, copyright law, foreign commerce policy (Article 1, Section 8)? No. Then why should any of us pay more or less in total tax dollars than another person? Should some of us pay more for the same car, because we make more money than another person? Take the total amount spent on Constitutionally-mandated govt services, divide by the number of taxpayers, and every taxpayer mails in a check for that amount.

]]> By: johnny http://www.ritholtz.com/blog/2008/11/tax-facts/comment-page-1/#comment-125142 johnny Sun, 09 Nov 2008 03:32:13 +0000 http://www.ritholtz.com/blog/?p=8418#comment-125142 Really what we need are more complex feed back loops in our models. You buy a car, the dealer pays tax on what they earn, and car manufacturer pays tax on what they earn. And this goes on and on. We all know that cost is pushed to the buyer so the bottom 40% pays everyone's tax. Because the rich have more disposable and non productive income where money just accumulates, they will always gain greater relative wealth through successive iterations of this model. Yes they may purchase a more expensive car but relative to their wealth it actually has less impact on their disposable income than the bottom 40% buying a Focus. Because it is a percentage, successive iterations of this model will converge on a constant and comparing these constants yields the proper relative taxation. Really what we need are more complex feed back loops in our models. You buy a car, the dealer pays tax on what they earn, and car manufacturer pays tax on what they earn. And this goes on and on. We all know that cost is pushed to the buyer so the bottom 40% pays everyone’s tax. Because the rich have more disposable and non productive income where money just accumulates, they will always gain greater relative wealth through successive iterations of this model. Yes they may purchase a more expensive car but relative to their wealth it actually has less impact on their disposable income than the bottom 40% buying a Focus. Because it is a percentage, successive iterations of this model will converge on a constant and comparing these constants yields the proper relative taxation.

]]> By: HedgeFundBlogger.com http://www.ritholtz.com/blog/2008/11/tax-facts/comment-page-1/#comment-125107 HedgeFundBlogger.com Sat, 08 Nov 2008 23:33:24 +0000 http://www.ritholtz.com/blog/?p=8418#comment-125107 Top 1% earning money off the backs of the rest...and deserve their heads in a basket? Yikes. The individuals I know who earn $400k+ worked 60 hours a week to get there. Seems like the $4m+ group are the ones who can afford to hire the tax evasion strategists. - Richard Richard Wilson Top 1% earning money off the backs of the rest…and deserve their heads in a basket? Yikes.

The individuals I know who earn $400k+ worked 60 hours a week to get there. Seems like the $4m+ group are the ones who can afford to hire the tax evasion strategists.

- Richard
Richard Wilson

]]> By: sinful mistress http://www.ritholtz.com/blog/2008/11/tax-facts/comment-page-1/#comment-125099 sinful mistress Sat, 08 Nov 2008 21:46:32 +0000 http://www.ritholtz.com/blog/?p=8418#comment-125099 Call me cynical, but, does it appear that taxes as punishment for success is how/why this card is always played. An "I got mine get yours" attitude? That's what this smells like. "We don't pay taxes. Only the little people pay taxes" -Leona Helmsly Call me cynical, but, does it appear that taxes as punishment for success is how/why this card is always played. An “I got mine get yours” attitude? That’s what this smells like.

“We don’t pay taxes. Only the little people pay taxes”
-Leona Helmsly

]]> By: DL http://www.ritholtz.com/blog/2008/11/tax-facts/comment-page-1/#comment-125093 DL Sat, 08 Nov 2008 20:56:33 +0000 http://www.ritholtz.com/blog/?p=8418#comment-125093 gregh at 7:35 pm It’ll be one very cold day in hell before tax lawyers are put out of business. gregh at 7:35 pm

It’ll be one very cold day in hell before tax lawyers are put out of business.

]]> By: buermann http://www.ritholtz.com/blog/2008/11/tax-facts/comment-page-1/#comment-125042 buermann Sat, 08 Nov 2008 01:27:43 +0000 http://www.ritholtz.com/blog/?p=8418#comment-125042 "its cancerous growth" It's been approximately 20% of GDP since 1950. Cancer doesn't grow in proportion to its host unless its benign, and that's no way to describe the government. “its cancerous growth”

It’s been approximately 20% of GDP since 1950. Cancer doesn’t grow in proportion to its host unless its benign, and that’s no way to describe the government.

]]> By: constantnormal http://www.ritholtz.com/blog/2008/11/tax-facts/comment-page-1/#comment-125040 constantnormal Sat, 08 Nov 2008 01:15:31 +0000 http://www.ritholtz.com/blog/?p=8418#comment-125040 An even more interesting statistic would be the taxes paid as a percentage of net worth, by income bracket -- including the payroll taxes paid by those who wind up with no federal income tax. That's the other perspective on taxation. But this is all sound and fury, amounting to nothing, as there is ZERO possibility that the government will downsize itself, or adopt tax policies (like a flat tax or a constitutional amendment requiring balanced budgets) that would impose any sort of restrictions on its cancerous growth. In my most pleasant dreams I like in a nation with a flat tax and a balanced budget amendment. And then I awaken, and find that I am still in the USSA, with a tax payment due in the next 90 days. An even more interesting statistic would be the taxes paid as a percentage of net worth, by income bracket — including the payroll taxes paid by those who wind up with no federal income tax. That’s the other perspective on taxation.

But this is all sound and fury, amounting to nothing, as there is ZERO possibility that the government will downsize itself, or adopt tax policies (like a flat tax or a constitutional amendment requiring balanced budgets) that would impose any sort of restrictions on its cancerous growth.

In my most pleasant dreams I like in a nation with a flat tax and a balanced budget amendment. And then I awaken, and find that I am still in the USSA, with a tax payment due in the next 90 days.

]]> By: gregh http://www.ritholtz.com/blog/2008/11/tax-facts/comment-page-1/#comment-125036 gregh Sat, 08 Nov 2008 00:35:33 +0000 http://www.ritholtz.com/blog/?p=8418#comment-125036 Obama introduced the "stop tax haven abuse" a yr or two ago , don't know much about it, but tax & abuse and are nasty word-pair. Speaking of tax-havens are there any real nations with zero personal income tax? And if we just have a national sales tax & removal of loop holes, can I also get a 3x inverse ETF to short tax attorney firms down to the dust until they get their bailout money? Obama introduced the “stop tax haven abuse” a yr or two ago , don’t know much about it, but tax & abuse and are nasty word-pair.

Speaking of tax-havens are there any real nations with zero personal income tax?

And if we just have a national sales tax & removal of loop holes, can I also get a 3x inverse ETF to short tax attorney firms down to the dust until they get their bailout money?

]]> By: DL http://www.ritholtz.com/blog/2008/11/tax-facts/comment-page-1/#comment-125022 DL Fri, 07 Nov 2008 22:24:37 +0000 http://www.ritholtz.com/blog/?p=8418#comment-125022 buermann @ 5:03 “If corporate tax codes weren’t a bedazzling array of loopholes then …” But they are, and probably always will be. And many of those in the top 1% own their own corporation. Hence one of the challenges in getting more money out of them. buermann @ 5:03

“If corporate tax codes weren’t a bedazzling array of loopholes then …”

But they are, and probably always will be. And many of those in the top 1% own their own corporation.

Hence one of the challenges in getting more money out of them.

]]> By: Jonathan http://www.ritholtz.com/blog/2008/11/tax-facts/comment-page-1/#comment-125017 Jonathan Fri, 07 Nov 2008 22:09:15 +0000 http://www.ritholtz.com/blog/?p=8418#comment-125017 A replacement of all other taxes by a national sales tax would fix all this. Then if you don't want to pay taxes, don't buy anything. A replacement of all other taxes by a national sales tax would fix all this. Then if you don’t want to pay taxes, don’t buy anything.

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