The rich get richer and the poor get poorer. Well, that seems to be relatively true, but let's not be too hasty in assigning blame.The press reports in depth on tax breaks the upper class have collected under the Bush Administration. How dare the government favor the upper class while the lower class struggles to make ends meet. We should all be treated the same. Equality for all men, right? Wrong.
The Internal Revenue Service's outline of the 2007 Federal Tax Rate Schedule reveals what many choose to ignore. Equality doesn't exist in our tax system, but it isn't the lower class that gets slighted. The rich is pulling the weight of the country. Not only do they pay dollar for dollar more than the middle or lower-class Americans, but more importantly they pay a higher percentage.
In essence, this means we financially punish the wealthy for their success. If America ever implemented a flat income tax, the economy would crumble faster than you can say...quit whining.
The wealthy not only own businesses that create jobs for the lower classes, but they hold the country above water economically.
So, the next time you want to scoff at a millionaire, shake their hand instead and thank them for their contribution to America.
7 comments:
We’re all in this life together. No man is an island. Can’t we just all get along? You’re either with me or against me. I could go on with great quotes forever. The point is that we are all in this life together. However, you wouldn’t know that from looking around.
The rich get richer because of a cycle, just like the one that helps some of the poor get poorer, commonly called the cycle of poverty.
Look at it like this: say I work for some rich person who doesn't manage their business very well and lays me off. Now I have to scramble to make ends meet even though I’ve been loyal to this rich person for many years. I’m forced to take whatever part-time jobs I can find to make ends meet while looking for a real job to replace the other one. Then, my car breaks down, so some other rich dude fires me because I'm late for work while my car is being repaired. That's a bad cycle that goes on endlessly. It's also the opposite cycle that supports the rich getting richer.
I may shake the hand of the millionaire that gives back to the community but not the one that makes all their decisions strictly on pleasing Wall Street. And don’t misunderstand me – I have nothing against the rich. I’d like to be rich. However, I know money can’t buy happiness. Once you’re at a certain level it just might be time to give back a little.
I think you'd better do a little math on this one. Are you really sure a flat tax would bring in less revenue than our current system? On what evidence do you base that analysis? I’d love to see the numbers. Because if the rich get richer we’re either printing more money for them or they’re getting rich on the backs of the poor.
I'm not sure where to post this comment as it has to do with the subject of the rich getting richer and GM as well. I'll err on the side of wealth.
I just read today (3/7/08) that GM CEO Rick Wagonner received a 33% - you heard me right, a 33% pay increase - for 2008 after two years of self-imposed pay cuts while GM was working on a turn around. GM's board approved this salary increase while GM reported a $39 BILLION (B-I-L-L-I-O-N)dollar loss for 2007.
GM stock fell 2.7%. The stock has dropped 10% since the beginning of this year and a whopping 64% since Wagonner took over as CEO in June of 2000.
Most of us will be fortunate to receive a 3% pay increase this year and many will be even more fortunate to have a job in the first place, especially if you're a GM employee. Yet this failure ends up with a 33% raise.
So if you have any GM stock, and many GM employees do if they have a 401k plan, you lost 10% while the CEO gained 33%.
And the rich get richer...
What's your suggestion? Everyone pays what? The rich already pay more! A flat tax would mean they'd pay less and the poor would pay more. Things are the way they have to be. It's not fair, but we need to count on the rich to counteract the poor. So, quit beating up on the rich.
Also, expect tough times. Some of these millionaires had to sacrifice before they became successful.
They made all the business sacrifices, so it stands to reason that they'd reap more of a reward.
This is the beauty of America. If you're ticked and/or envious of someone's wealth, you have every opportunity to be successful too. It's not going to happen by complaining about what someone else has that you don’t.
I have worked hard for something and didn't get rewarded in my life. You know what I did? Moved on and tried harder. Complaining doesn't get it!
PS I’m still not successful, so I have every reason to be bitter. But, I’m not. I’m encouraged by what I CAN do.
Actually, most of the wealthy inherited their wealth from someone else. As Chris Rick once said - Shag is rich; the man that signs Shaq check is wealthy!
Shaq got rich playing a game. The guy that invented Facebook is only 23 so he got lucky and had good timing with a good idea; he didn't really have to work that hard to become a billionaire.
Who cares how they got wealthy? They're wealthy and they shouldn't be penalized for it. They stimulate the economy and create jobs.
Actually, the wealthy create jobs and they take them away, all on their whims.
I seriously doubt a flat tax would mean the rich would pay less. If it worked that way the rich would be all for a flat tax. In fact, I suspect the rich and the wealthy would actually pay SOME taxes for a change. Right now they hide behind all sorts of tax shelters and other systems to avoid paying taxes.
What is even more interesting is that I challenge anyone to show me a law that was enacted that requires anyone to pay federal income. Go ahead, prove me wrong!
If there were a flat tax, that would mean that everyone would pay...say 25%.
A person who makes 30K per year would pay $7500. A person who makes 300K would pay 75K.
Right now, a person making 30K per year pays approximately $4,500 and a person making 300K pays approximately 99K.
A flat tax would be great for the rich and really bad for the government. We'd loose a ton of tax dollars. So, they're paying nearly 25K more this way and they do indeed provide jobs. So...let's give them a break. They contribute more to America financially than middle class or lower class citizens.
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