{"id":4092,"date":"2012-04-16T23:14:47","date_gmt":"2012-04-17T03:14:47","guid":{"rendered":"http:\/\/goldstocksforex.com\/?p=4092"},"modified":"2012-04-16T23:14:47","modified_gmt":"2012-04-17T03:14:47","slug":"dems-lay-trap-for-gop-with-buffett-rule","status":"publish","type":"post","link":"https:\/\/thepatientinvestor.com\/index.php\/2012\/04\/16\/dems-lay-trap-for-gop-with-buffett-rule\/","title":{"rendered":"Dems Lay Trap for GOP with Buffett Rule"},"content":{"rendered":"

Do Top Earners Pay Too Little?<\/strong><\/p>\n

Taxpayers earning more than $1 million a year pay an average U.S. income tax rate of nearly 19 percent, according to the Tax Policy Center. The top individual tax rate is 35 percent. Loopholes and other deductions help lower that rate so that most Americans pay a much lower effective rate. A middle-income earner making between $50,000 and $75,000 pays an average 5.7 percent effective rate, while a low-income worker making between $10,000 and $20,000 pays no income tax. Effective rates vary wildly within income groups, however, with some people paying far less than average and some far more.<\/p>\n

Critics say this underscores the need for a minimum tax….<\/p>\n

via Dems Lay Trap for GOP with Buffett Rule<\/a>.<\/p>\n

Comment:~ I would say this underscores the need to scrap the income tax model which ends up with “some people paying far less than average and some far more” and to impose a flat value-added tax (consumption tax) of around 15%. Impact on the poor could be reduced through subsidies — not tax exemptions which are an administrative nightmare — of basic foodstuffs and other necessities.<\/p>\n

Interesting that the proposed “Buffett Tax” would only raise $47 billion if imposed on taxpayers earning more than $1 million. Less than 4 percent of the annual $1.2 trillion federal budget deficit that it is supposed to solve.<\/p>\n","protected":false},"excerpt":{"rendered":"

Do Top Earners Pay Too Little? Taxpayers earning more than $1 million a year pay an average U.S. income tax rate of nearly 19 percent, according to the Tax Policy Center. The top individual tax rate is 35 percent. Loopholes and other deductions help lower that rate so that most Americans pay a much lower … <\/p>\n

Continue reading “Dems Lay Trap for GOP with Buffett Rule”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[50,34],"tags":[318,1800,3589],"class_list":["post-4092","post","type-post","status-publish","format-standard","hentry","category-financial-planning","category-us-canada-countries-regions","tag-average-tax-rates","tag-income-tax","tag-value-added-tax"],"yoast_head":"\nDems Lay Trap for GOP with Buffett Rule - the patient investor<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Dems Lay Trap for GOP with Buffett Rule - the patient investor\" \/>\n<meta property=\"og:description\" content=\"Do Top Earners Pay Too Little? Taxpayers earning more than $1 million a year pay an average U.S. income tax rate of nearly 19 percent, according to the Tax Policy Center. The top individual tax rate is 35 percent. 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This is part of a wider trend with President Obama targeting the wealthy in his election campaign, promising to raise taxes on incomes in excess of $1\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":8270,"url":"https:\/\/thepatientinvestor.com\/index.php\/2013\/08\/12\/superannuation-is-inequitable-and-unsustainable-macrobusiness\/","url_meta":{"origin":4092,"position":1},"title":"Superannuation is inequitable and unsustainable | | MacroBusiness","author":"ColinTwiggs","date":"August 12, 2013","format":false,"excerpt":"I agree with Leith van Onselen that Australia's aged pension\/superannuation regime will be sorely tested over the next 30 years as the number of workers per retiree falls to below 2.5 to 1: But I don't agree with his proposed solution: ...The flat 15% tax on superannuation contributions should also\u2026","rel":"","context":"In "Australia & NZ"","block_context":{"text":"Australia & NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":9137,"url":"https:\/\/thepatientinvestor.com\/index.php\/2014\/02\/05\/taxes-and-corporate-profits\/","url_meta":{"origin":4092,"position":2},"title":"Taxes and corporate profits","author":"ColinTwiggs","date":"February 5, 2014","format":false,"excerpt":"A secondary element \u2014 when compared to wages, raw materials and interest rates \u2014 is the impact of a lower effective tax rate [blue line] on US corporate profits (CP\/GDP). Part of the post-GFC fall in the effective corporate tax rate can be attributed to tax losses, incurred during the\u2026","rel":"","context":"In "Stock Markets"","block_context":{"text":"Stock Markets","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/stock-markets\/"},"img":{"alt_text":"Effective Corporate Tax Rate","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2014\/corptax.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2014\/corptax.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2014\/corptax.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":6842,"url":"https:\/\/thepatientinvestor.com\/index.php\/2013\/03\/02\/something-has-to-be-done-about-income-taxes\/","url_meta":{"origin":4092,"position":3},"title":"Something has to be done about income taxes","author":"Colin Twiggs","date":"March 2, 2013","format":false,"excerpt":"Years ago I worked in structured finance for an investment bank, creating tax-efficient structures for large corporations. That left me with the lasting impression that income taxes are inefficient \u2014 both in terms of equity and collection \u2014 and should be levied at low flat rates if they cannot be\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":5592,"url":"https:\/\/thepatientinvestor.com\/index.php\/2012\/09\/26\/if-you-want-to-soak-the-rich-keep-tax-rates-low-international-liberty\/","url_meta":{"origin":4092,"position":4},"title":"If You Want to \u201cSoak the Rich,\u201d Keep Tax Rates Low \u00ab International Liberty","author":"Colin Twiggs","date":"September 26, 2012","format":false,"excerpt":"by Dan Mitchell I\u2019ve pulled evidence from IRS publications to show that rich people paid a lot more to Uncle Sam after Reagan reduced the top tax rate from 70 percent to 28 percent........ The United Kingdom saw similar dramatic results when Margaret Thatcher lowered the top tax rate from\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":12973,"url":"https:\/\/thepatientinvestor.com\/index.php\/2016\/03\/13\/axe-negative-gearing-for-a-healthier-property-market-saul-eslake\/","url_meta":{"origin":4092,"position":5},"title":"Axe negative gearing for a healthier property market | Saul Eslake","author":"ColinTwiggs","date":"March 13, 2016","format":false,"excerpt":"Thanks to Ody for posting this on IC forum. I feel it is worth repeating here because of the current debate around negative gearing. Axe negative gearing for a healthier property market Apr 25, 2011: Saul Eslake The property market would look a lot healthier without it, writes Saul Eslake.\u2026","rel":"","context":"In "Australia & NZ"","block_context":{"text":"Australia & NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/4092","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/comments?post=4092"}],"version-history":[{"count":0,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/4092\/revisions"}],"wp:attachment":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/media?parent=4092"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/categories?post=4092"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/tags?post=4092"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}