Considering the possibility of winning a major jackpot, do you think the rich should pay more taxes?

Reply #47

ttech10 — Thu, 07 Oct 2010 08:24:53 GMT

If I won the money, no I wouldn't mind paying higher taxes. After all, it was money that was pretty much handed to me from a game I play.

If I earned the money, then no I wouldn't want to be taxed higher because I'm more successful than somebody else.

In either situation I don't think it's right to have a death tax.

Reply #46

Delta Draw — Thu, 07 Oct 2010 07:36:15 GMT

The Question should be followed by what constitutes rich.

David Cay Johnston is an admitted layman. What I find red flag is, (all peccadillos (SP) and shortcomings aside), is the focus moves off the topic he presents and is lost in a highbrow whipping. How dare he admit he only took classes in something he had a passion for without proper approval. How dare he as a layman write a book on a topic he has no sheepskin for. The rich did write the laws. If you knew anything about history, that one... [ More ]

Reply #45

savagegoose — Tue, 05 Oct 2010 06:18:22 GMT

lol gratz lank

looks like some party emotes are in order

Reply #44

lank — Tue, 05 Oct 2010 04:49:46 GMT

Well did not know where to post this But I Just strach off 25,ooo.oo on the Red hot Millions here in Georgia

Reply #43

Hermanus104 — Tue, 05 Oct 2010 04:02:21 GMT

I agree with this. I think that:

1) Lottery winnings should not be taxed, or

2) The lottery prize that is displayed should be the jackpot AFTER tax.

You WON the money, why should the government have the right to take it away from you

Reply #42

savagegoose — Tue, 05 Oct 2010 02:28:00 GMT

im a firm believer in a flat tax rate. but i also see that richer people can afford more tax minimalization schemes. here in oz the top personal tax is around 45% but top corporate tax is %30. so just by moving your winnings into a trust and having most of the money paid as interest to the trust you can save %15!

on say 10 mill thats a saving of $90k a year. more than enough to pay the fees involved. of course you will still want some of the money and what you get out the trust still get... [ More ]

Reply #41

Daveyl — Tue, 05 Oct 2010 01:34:51 GMT

Baristaexpress, I'm afraid your description of the ratification process for the 16th Amenment was more wishful thinking by the official who declared it as being ratified, but he did not mention that the required number of states was not reached for official ratification, nor that the legislatures of certain states counted among those for ratification actually rejected the proposal. You might read Bill Benson's We the People webpage, and view Aaron Russo's documentary Freedom to Fascism .... [ More ]

Reply #40

BaristaExpress — Mon, 04 Oct 2010 22:59:48 GMT

Passed by Congress on July 2, 1909, and ratified February 3, 1913, the 16th amendment established Congress's right to impose a Federal income tax.

The financial requirements of the Civil War prompted the first American income tax in 1861. At first, Congress placed a flat 3-percent tax on all incomes over $800 and later modified this principle to include a graduated tax. Congress repealed the income tax in 1872, but the concept did not disappear.

After the Civil War, the growing industrial... [ More ]

Reply #39

Daveyl — Mon, 04 Oct 2010 22:24:00 GMT

I read it, gasmeterguy. Now, show me that it was ratified, please. (Clue, it wasn't..) Then, please see Aaron Russo's documentary: Freedom to Fascism .

Reply #38

GASMETERGUY — Mon, 04 Oct 2010 13:39:57 GMT

Davey, read the 16th Amendment.

Reply #37

THRUST — Sun, 03 Oct 2010 22:36:02 GMT

Leave all your money to the DNC.

Reply #36

BaristaExpress — Sun, 03 Oct 2010 21:47:08 GMT

No Way! That is not the way to go! What are people to do when the tax for some are going to be way out of line with the rest of the country? There are some cities in some states that have already in place 3 different taxes. City payroll tax, County payroll tax and then the State payroll tax and then on top of that the state sales tax throughout that state! Good god people that isn't going to work!

If it's going to work on a national level then all states with a state sales tax already in plac... [ More ]

Reply #35

Daveyl — Sun, 03 Oct 2010 20:38:58 GMT

Badboy has the right idea, but he may not realize the scope of taxation, which entails our government's insatiable appetite for money. Archimedes said Give me a lever, and I'll move the world . Liberals say Give me power to tax my subjects, and I'll rule nations . Did you know there is no law in effect that authorizes the Federal Income Tax? We pay taxes on our income to the Federal Government because we've been TOLD to pay taxes on our income to the Federal Government! We've been bullied, propa... [ More ]

Reply #34

badboy00z — Sun, 03 Oct 2010 19:05:05 GMT

I like that idea but how much sales tax would you be willing to pay if all other taxes are gone

Reply #33

Daveyl — Sun, 03 Oct 2010 00:57:10 GMT

It depends on how you got rich. People listen to puffy lips (liberals) whining about the rich not paying taxes, but they ignore the fact that they do pay substantial amounts. The current tax codes penalize people whose efforts/risks result in successful businesses, or intellectual property worth millions. Those entrepreneurs should not be taxed in a manner that exceeds a commensurate percentile of any other tax payer. Indeed, they should be allowed to invest in more capital-building enterprises,... [ More ]

Reply #32

Coin Toss — Sat, 02 Oct 2010 23:04:17 GMT

I wonder how much spend it while you've got it, before they get it this has caused to happen.

Reply #31

konane — Sat, 02 Oct 2010 15:14:14 GMT

Agree totally. The US needs to eliminate all federal taxes including FICA and income tax .... plus all tax shelters ...... and adopt Fair Tax which is a consumption tax. You don't pay tax until you buy something. People below the poverty level get a monthly check to compensate for taxes they paid. Fair for everyone, eliminates huge compliance costs for business so they can expand and hire workers. http://www.fairtax.org/site/PageServer

Reply #30

wheeltowin — Sat, 02 Oct 2010 15:08:30 GMT

What??? Already too many sucking off the tit of others...If you did not earn it, (quit breeding like it's everyone else's job to care for you and your git!) And the real deal, what better way for the bankers and politicians to get rid of competion...make sure the next generation of an enterprenuer has to start from scratch. Everything your parents sacrificed and worked 14hrs a day to leave to thier families, gone to a corporation aka US gov. (corporate law, profits no matter the human expense).... [ More ]

Reply #29

BaristaExpress — Sat, 02 Oct 2010 15:01:34 GMT

That's the PRIME reasons to claim the win/jackpot with a trust! And then have that said trust make deposits to the other trusts that are set up in the kids names! That way the tax man is by passed when you pass away!

And there is one more sure way to by pass the tax man for generations to come, just set up a legacy trust from the start to claim the win/jackpot and then when you pass on your childern will get the money and then your childerns childern and there childern and so on will get chec... [ More ]

Reply #28

rdgrnr — Sat, 02 Oct 2010 10:59:17 GMT

The Death Tax right now is 0%. All of your money will go to your kids if you wish.

The Dems are going to make the Death Tax 55% Jan 1st. Then your kids will get just 45% of any money you leave them.

That's why I'm asking the question.

If you win just a million dollars or two million dollars and die, do you really think the government deserves to take most of it away from your kids?

That sounds preposterous to me. Especially when they just throw it away.

Why would you put them befo... [ More ]

Reply #27

markp1950 — Sat, 02 Oct 2010 08:26:13 GMT

BTW I believe that the maximum tax rate is 35%.

http://www.moneychimp.com/features/capgain.htm

Reply #26

markp1950 — Sat, 02 Oct 2010 08:21:56 GMT

I'm kinda spit on this one. I can see where some business people(such as farmers) are having trouble passing their business on to their kids. Where the kids are having trouble keeping the business going. They need to be protected.

However I have no sympathy for some of them who have sooo much money and really do no good. They have nothing better to do that shove drugs up their nose, have 14 big estates around the world. They can afford to pay much more. Often they pay a much smaller proportio... [ More ]

Reply #25

time*treat — Sat, 02 Oct 2010 06:55:01 GMT

I'd need to know what my tax money is going towards.

As it's currently being spent: NO.

Reply #24

savagegoose — Sat, 02 Oct 2010 06:42:57 GMT

here in australia there is no tax on the lotto jackpot payment, but there is a tax upfront on the ticket purchase, 1/11th of the bet goes str8 in tax., same as all gambling,. the loser pays up front so the winner doesnt pay tax? is that fair?

in slot machines, there is a program every dollar bet, calculates how much tax is Owed and its sent directly electronically to THA TAX OFFICE.

still i wouldnt complain if i won a pot. its just losers carrying the tax bill for the winner irks.

Reply #23

GASMETERGUY — Sat, 02 Oct 2010 05:03:36 GMT

The wealthy pay enough as things stand now.

The mantra of making the rich pay more has been around longer than I have ( and I am retired). Every four years there is some politician somewhere demanding the rich pay more.

Don't they realize the rich are going to stay rich no matter what the government does? If their taxes are raised, they will pass those raises down to the consumer. And if there is no consumer, then they will lay off enough workers to compensate for their loss. Tax them mo... [ More ]

Reply #22

four4me — Sat, 02 Oct 2010 03:40:06 GMT

I was being sarcastic..... what you the only one allowed to do that.

There shouldn't be any taxes we all should be able to live free.

Who needs a stinking government anyway.

Exactly how much more should they pay?

Nobody should have to pay the government a dime. They created this mess let them clean it up.

Reply #21

Colt45ML — Sat, 02 Oct 2010 02:55:15 GMT

Yep, he's kind of like that other NYT econ writer, Paul Klugman; except I think Paul claims a degree from Harvard, which makes him double suspect.

I'll answer your question Ridge. I think the rich man, whoever that is, should pay the same percentage of his income in taxes as the man that makes one (1) dollar a year. If the one dollar man 10 cents on the dollar in taxes, then the man that makes a million a year should pay one hundred thousand (100,000). No deductions for anyone.

I do favor... [ More ]

Reply #20

Rick G — Sat, 02 Oct 2010 02:31:15 GMT

They should eliminate all taxes on production/income. Revenue can be collected via a national sales tax like states do. That way everybody pays taxes according to their wealth (the amount they spend) and it eliminates all tax loopholes. Also money launderers, drug dealers and other criminals would be forced to pay taxes via their spending.

Reply #19

rdgrnr — Sat, 02 Oct 2010 02:08:56 GMT

The writer of that book (David Cay Johnston) has to be taken with a grain of salt or two.

He's an ex-New York Times writer (red flag) and he likes to brag about studying economics here and economics there but the truth of the matter is he doesn't have a degree in anything (red flag).

http://davidcayjohnstonwatch.blogspot.com/

But his peccadillos and shortcomings notwithstanding, I'll ask you the same question Greg.

What percentage of our taxes do you feel the rich should be paying... [ More ]

Reply #18

rdgrnr — Sat, 02 Oct 2010 01:47:18 GMT

I don't think the question should be why shouldn't they pay more but why should they pay more?

Is success some kind of evil that should be penalized?

They already pay most of the taxes in this country.

What percentage of taxes paid by them would meet your approval?

Exactly how much more should they pay

Reply #17

Colt45ML — Sat, 02 Oct 2010 01:31:41 GMT

Corporations don't pay taxes. They only collect taxes from you and me at the retail end. I'm a sole propreiter. I can assure you that I consider my taxes as a business expense when I'm calculating how much I'm going to charge my customers for my service. It's a lead pipe cinch that businesses from the largest of multinational corporations right down to someone like me pass the tax bill on down to the customer.

It's also a fact that about 50% of Americans don't pay any federal taxes at all. Th... [ More ]

Reply #16

jarasan — Sat, 02 Oct 2010 00:55:52 GMT

No.

Reply #15

Greg — Sat, 02 Oct 2010 00:32:42 GMT

Yes, the award winning book, Perfectly Legal , documents how the rich wrote the tax code for themselves.

The rich do not pay enough.

Take corporations. A few years ago 41% of all federal taxes collected came from payroll taxes but only 7.9% came from corporations. Source: the nonpartisan Center on Budget Policy and Priorities.

Reply #14

four4me — Sat, 02 Oct 2010 00:25:02 GMT

How rich does one have to be in order for them and their family to be independently wealthy for the rest of this century. The taxes the rich pay is a mere penitence to what they claim as deductions. These people have tax layers and accountants that make their monies make money. Many of the rich could adopt 10 family's or more and support them for ever.

So why shouldn't they pay more taxes.

Reply #13

rdgrnr — Fri, 01 Oct 2010 22:37:58 GMT

I don't dislike you, pumpi.

I think you just take me too serious sometimes when I'm joking.

Reply #12

pumpi76 — Fri, 01 Oct 2010 22:31:06 GMT

if you study medicine you will know there is like: 600 ailments/illnesses related to obesity...600...

Reply #11

rdgrnr — Fri, 01 Oct 2010 22:30:55 GMT

No problem RJOh, thanks for responding.

Reply #10

rdgrnr — Fri, 01 Oct 2010 22:29:15 GMT

I forgot to add that the top 5% of wage earners paid 53.3% of all taxes.

I can't believe that some want to put even more of a burden on our economic engine and job provider.

Reply #9

RJOh — Fri, 01 Oct 2010 22:25:30 GMT

The US treasury department is a better source than conventional wisdom. Thank you.

Reply #8

sully16 — Fri, 01 Oct 2010 22:11:40 GMT

I am with you also.

Reply #7

rdgrnr — Fri, 01 Oct 2010 22:09:52 GMT

According to this 2004 Treasury document the top ten percent pays 64.8%, the top 25% pays 83.0% and the top 50% pays 96.4% of all taxes.

The bottom 50% of wage earners paid 3.6% of all taxes.

http://www.ustreas.gov/press/releases/js1287.htm

Please correct me if I'm wrong.

Reply #6

RJOh — Fri, 01 Oct 2010 22:03:46 GMT

That 70%-80% of all combinations played are QP's were posted on the PowerBall website Q A. I assumed they used more than conventional wisdom to come up with their information.

Reply #5

pumpi76 — Fri, 01 Oct 2010 22:00:48 GMT

you might dislike me, but to me more important than who pays more taxes who who doesnt is: making people lose weight, helping people in debt also if the government created a company that was huge where they provide a service to the public the money people will spend on that product is the same as: TAXES you will be generating the same income as taxes would specially if the company is a: 60 Billion dollars a year industry or more...Create a Forex, a second stock market something...and this way th... [ More ]

Reply #4

Coin Toss — Fri, 01 Oct 2010 21:54:55 GMT

I went with Other.

There should be no taxes at all on gambling wins. We are one of the only, if not the only country that does it.

I think for the sake of the poll, that most people who would vote the rich should pay more taxes would quickly change their mind about that right after winning a jackpot

Reply #3

rdgrnr — Fri, 01 Oct 2010 21:52:31 GMT

Conventional Wisdom, pretty much the same as the 80% - 20% numbers thrown around here about QP's and PP's.

Those are the numbers repeatedly used on news shows and debates concerning taxes.

I've never seen their veracity challenged even by the most vociferous opponents of any issue they were used to support.

Reply #2

RJOh — Fri, 01 Oct 2010 21:23:35 GMT

Reply #1

CutlassBob — Fri, 01 Oct 2010 21:20:42 GMT

I'm with ya ridge! The rich already pay enough. Alot of the rich folks own businesses and employee many people. Tax the rich more and they will leave the country. Thus increasing the unemployment rate.

Pres Obama just does not get it!

I could go on but, Don't get me started

Cutla$$Bob

Considering the possibility of winning a major jackpot, do you think the rich should pay more taxes?

rdgrnr — Fri, 01 Oct 2010 20:57:44 GMT

Considering that the top 10% of income earners already pay about 70% of all taxes paid in this country, would you agree with the current administration's plan to raise taxes on the rich Jan. 1st if you won millions?

Keep in mind that this doesn't include just income tax but taxes on virtually everything a rich person does including dying.

Yes, after Jan. 1st, if you die and leave over a million dollars, the government will confiscate 55% of it. Your family will get to split the remaining 4... [ More ]