Originally Posted by Naomasa298
There are plenty of people who do not fall into the category of "rich" who use legal tax avoidance to minimise the amount of tax they pay.
I am one of them... But there is legal, and proper tax 'reduction'... And there is immoral tax avoidance.
I own my own business. I rightly deduct the costs of running that business so that the amount on which I pay taxes reflects the amount of money that actually goes to Me.
I take my home mortgage deduction, which was inserted into the tax code to make taxes on the middle class more fair, since, unlike the rich, we are forced to buy homes with long term mortgages.
But arcane tax shelters, offshoring your cash to tax free havens, or scams like Mitt Romney's " son of boss" con... Are NOT tax reduction... They are tax evasion.
And Bain capital, under Romney's control, spending tens of millions in lobbying to get the tax on invest,net income lowered to 15%... That is immoral malfeasance acting to corrupt the tax code by e monied elite, for the express purpose of reducing their taxes... Knowing full well that this shifts the burden of paying for the government the Rich are Buying to the shoulders of those less able to afford the cost, and who derive None of these favors, benefits, influence, nor support.
Even after all my "legal" deductions... I ended up paying 32% of my real income - working 14 hour days and 6 day weeks producing.
Mitt Romney made a whopping lot more than I ever have, sitting on his rump, and paid Zero in taxes, because of his fixation on tax evasion.
He Really Did pay zero or nearly zero in taxes... For a decade... And that's why no one will ever get to see his tax returns.
Not only are the wealthy being taxed far less... That far Lessie's only applied to a very small portion of the wealth they actually have.
It's one thing for Romney to SAY he pays 13%... which is in itself ridiculously immoral... But 13% ON WHAT FIGURE?
his returns are secret because, although he took in tens of millions each year... The amount he showed as "taxable" was only a few thousand.
He's a fair tax code... You pay whatever percentile your income share falls into.
The top 5% get 70% of all income... They should Pay 70% in tax.
The bottom 20% get 6% of all income... They should pay 6%.
ETA. With this system, as income inequality becomes less, the tax rates on the rich would automatically lower.
If they took only 40% of all income, as they did in the 1950s, their tax rate would be 40%.
And by this method, the government is taking a uniform share of income across the board...