30% taxes for the rich…or for all?

Posted on January 25, 2012

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I shall never use profanity except in discussing house rent and taxes.  ~Mark Twain

Death and taxes…those are the only two sure things in life, right? So, apparently, Obama believes that those who make over $1 million a year should pay 30% in taxes. So, if someone grosses $1 million, then they should pay $300,000.

There are three ways to think about this:

A) Yes, millionaires should pay 30% of their money to taxes. They make so much…why shouldn’t they have to pay more?

B) No, millionaires should not have to pay 30% of their money to taxes. They have earned what they make…why should they be punished for it?

C) Yes, millionaires should pay 30% in taxes, but so should everyone else. If someone is a millionaire, then they probably live a millionaire lifestyle, meaning that they count on the money that comes in every year. How is that any different, in theory, from someone who makes $100,000 or $60,000 a year who depends on their salary?

D) No, millionaires should not have to pay 30% in taxes — the poor should have to start paying taxes, or forfeit the $7-$10k they each get back in tax returns each year. Let’s think of it this way (and I’m sure this is nowhere near accurate): If there are 100,000,000 working adults in the US, and 46% of them fall within the poverty guidelines — then that means 46,000,000 (and that math could be wrong…all those zeros!!) of them are within the poverty guidelines, and will probably get back at least $2000-$4000 back in taxes (more if they have kids). Let’s say they each get $2000 back. Get rid of the income tax refund, and the federal government saves $92,000,000,000 a year. (I reiterate, someone please redo the math…it is NOT my strong suit.)

I have tried to present every choice I can think of (and to explain them to the best of my ability). So, what do you think about this? I’d love to hear your opinions!

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