Social Question

josie's avatar

Does the fact that "The Rich" are paying more taxes make you feel better that we are too?

Asked by josie (27491points) January 3rd, 2013

The President signed the bill. The Rich are now going to pay more income tax. Problem is, a few of them do not pay income tax anyway, they pay capital gains tax, plus the Congress did NOT extend the payroll tax “holiday”, so everybody, rich and not so rich, will be paying 2% more starting right now. The moral issue of taxing production aside, the rich will not miss a couple of more points in tax. You and me just might miss the 2 points that we are going to pay. Does everybody feel better now?

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9 Answers

janbb's avatar

I would feel better if Congress would pass the appropriations for Hurricane Sandy relief that is needed and solve some problems instead of dicking around..

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wildpotato's avatar

Yes, I’m more than happy to pay a few hundred more if it means people who make a ridiculous amount more than me pay hundreds of thousands more.

Imadethisupwithnoforethought's avatar

I don’t like that it went back up, I think it should have stayed low until unemployment went under 7 percent.

On the other hand, rich people also have a lot of new taxes related to Obama-care kicking in, which is why I really think the right was so angry about the law. Link

Boogeybear's avatar

Well it shouldn’t bother the rich anyway, I’m sure they won’t notice that is gone. Now the people don’t make a whole lot as it is will.

SavoirFaire's avatar

People don’t want to tax the wealthy just for the sake of it, @josie, and you know it. What most people wanted—by which I mean, a majority of American citizens—was for the top tax bracket to go back to where it was under Clinton. That rate was among the lowest found in the 20th century, though higher than it was under Reagan or Bush. They also wanted the Bush tax cuts for the middle class to be extended and loopholes in the capital gains tax to be eliminated.

In essence, then, your question is: “You got virtually none of what you wanted, and quite a bit of what you didn’t want—are you happy?” The answer to that should be obvious, though I suppose this far more honestly phrased version of the question wouldn’t serve your rhetorical purposes nearly as well.

rojo's avatar

As I read it, the “rich” are now paying 20% on capital gains. Why not? It is still not as much as I pay on the money I earn through my labor. As far as I am concerned income is income and should be taxed at the same rate.

augustlan's avatar

As @rojo says, the capital gains tax rate increased, too, so the rich who make their money that way will pay more as well. I can’t say I’m thrilled about the whole bill, but it’s better than it has been.

tedd's avatar

I’ve been okay with my taxes going up all along, assuming the taxes on the top few % went back to where they should be. I’m not entirely convinced those taxes on the rich are where they should be, but it’s nice to see a step back in that direction after what, 30 years of going the other way and not cutting spending to match?

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