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Are Wealthy Americans Leaving the Country?

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  1. The notion that the wealthy only pay 13%, or some other low tax rate, is not accurate. Anyone, not just the wealthy, can generate income at reduced rates. For example, qualified Dividends generate reduced tax income.

    Taking Qualified Dividends as an example, the wealthy pay 15% while middle and lower income citizens pay 0% (nothing) on that income.

    There are investments that requite large amounts to participate. But lowr income citizens enjoy greater tax relief than others, even when making the same income streams.

    The fact is, most people are not willing to take the risk. The tax relief is an incentive to invest moeny with American Companies. These types of investments should not be viewed as something for wealthy alone.

    I do not consider anyone a throwaway. A life is a life. Howver, I do not want to carry others for bad choices in life, just because they exist. I am very charitable, with the miney I want to give towards charity. In addition, I help a lot of people. I’ve provided housing for people in hard times… Clothes and food too. It should be my choice to donate to people as I see fit.

  2. Mark Smith says:

    Taxes are too high – our household is an example. My wife and I both made about 90k mostly because we are trained professionals. My wife is a nurse. We were paying a crazy amount in taxes and we lost out on lots of other things as well because of our income bracket – it is crazy. Most people think the high-middle class just pay a higher tax rate but its actually much higher than that because we lose out on LOTS of other things that just keep adding up. It’s pointless for us to open up a education account for our children. We do not qualify for many kinds of retirement accounts. When we bought our house and we did not get our large goverment rebate. When the government gave tax money back a number of years ago – we got less. The list goes on and on. And all of this actually has a multiplication effect on the tax bracket.

    My wife then left her job for a year and then all of the sudden we qualified for more programs, more discounts and had less tax penalties. It is almost pointless for her to go to work so she has been home ever since. This is nice for us because she can take care our child as well as more things at home. But, society just lost a very useful working trained professional – a nurse – because of basically taxes. She could go to work but it would put our “total tax bracket” higher that its hardly worth it.

    On another topic, I know people in our extended family that can live off of “government programs” and they basically can survive without working. They are from outside the country and have been here 5-10 years and have never paid a single cent in income tax. They get food stamps, subsidized housing, and better medical care then I do. They don’t live wonderfully but they do not have to work. This drives me nuts actually.

    • M says:

      You sound like you live in New Jersey.

    • pam mine says:

      I think that is wonderful! that is how it’s supposed to work. The man makes enough for the mom to stay home and care for the kids.
      That is how everyone lived up until the mid 60′s.
      I’m sorry you feel burdened, but I would rejoice that your wife can stay home with the kids.

      • pam miner says:

        sorry, my name, the r got left off somehow. MineR.

      • Mark Smith says:

        You are right – it really is for the best – especially the kids! It just really got to us for a year or two. While the world did lose a nurse, for now at least anyway, our two children gained a mom.

  3. Hedgehogrebellion says:

    You are saying it is counter-productive to hate the rich bcuz they work hard and take risks…just like Bernie Maddoff, right?

    • mikemed says:

      Is Bernie still rich?

      I don’t think he’s talking about scammers. He’s talking about people that have good ideas, implement and expand on those ideas and consequently become wealthy.

      Many people are wanting to raise the Robin Hood Index. One of the key notes Obama got elected on, “I’m going to redistribute the wealth,” is another way of stating I’m going to increase the Robin Hood Index.

      • pam mine says:

        The question of who is rich was defined once by John McCain. he said the dividing point to be $5 million. I don’t know really.
        I had never heard the term Robin Hood tax, but the concept is clear.
        I am 66 and one of the many who live below poverty line. To me a luxury would be having a TV larger than 19″. Or eating out once a month. Going to see a fist run Movie. Buying clothes that nobody has worn before me.
        What I need is to be able to pay off my car repair debt. Buy new tires. A back operation. enough money to keep my car mobile.
        It would be cheaper and better for the pollution to take mass transit, but when you are older and have to walk several blocks to get to a bus stop, it’s also harder.
        I don’t begrudge the rich, Through hard work or luck of birth, either one.
        I don’t pay income taxes, I pay sales taxes, so do all the poor and all the workers. I know the rich pay 40% Of the income tax, but at a lower % rate.
        When you only get $8,500. a year, there really isn’t that much to tax.
        The thing I do resent is that my kids, and most people I know pay about 45% in income taxes. But The very wealthy only pay 13% or there about. Is that fair?
        I know that big corporations often pay no taxes but have subsidies and such.
        I worry about the large number of children, through no fault of their own live in poverty.
        I know there are cheaters out there, but they are darn few, compared to the many who need to buy their kids food and new shoes.

        Well, I don’t want to rant about the wealthy, have fun, but please, don’t think of me and others like me as Throwaways.