Two Guys SportsHere is the Problem with the Current Republican Tax Plans
November 14th 2008 14:17
Here is the Problem with the Current Republican Tax Plans
This will be a very short post. So, you want to know what is wrong with the current tax laws thanks to the Bush administration, and what would have been continued under a McCain presidency?
On Thursday five billionaire hedge fund managers appeared before a House committee to talk about whether or not hedge funds had a role in the current financial crisis, and if they think hedge funds should be regulated.
The five billionaires were George Soros, Philip A. Falcone, Kenneth C. Griffin, John Paulson, and James Simons. These men each made over a billion dollars LAST YEAR. They amounts range from about $1.5 billion to $3.7 billion. I am not sure if those are the exact figures. They just read off each amount on the Today show, but I don’t remember the exact figures, but they are pretty close.
At one point the five were asked if they felt it was right that they pay a lower tax rate in many cases than a teacher, a firefighter pays. They went on to point out that at times these five have paid a tax rate of just 15%. Yes 15%! To give you a little perspective, a single person earning between $32,551 to $78,850 (a range where many teachers and firefighters would land, other than first or second year people) would pay a tax rate of about 25%.
That tax package that people are calling socialist is looking better and better.
Oh, by the way. . . meet my wife, a fourth year elementary school teacher in the 48th ranked state for teacher salaries.
On Thursday five billionaire hedge fund managers appeared before a House committee to talk about whether or not hedge funds had a role in the current financial crisis, and if they think hedge funds should be regulated.
The five billionaires were George Soros, Philip A. Falcone, Kenneth C. Griffin, John Paulson, and James Simons. These men each made over a billion dollars LAST YEAR. They amounts range from about $1.5 billion to $3.7 billion. I am not sure if those are the exact figures. They just read off each amount on the Today show, but I don’t remember the exact figures, but they are pretty close.
At one point the five were asked if they felt it was right that they pay a lower tax rate in many cases than a teacher, a firefighter pays. They went on to point out that at times these five have paid a tax rate of just 15%. Yes 15%! To give you a little perspective, a single person earning between $32,551 to $78,850 (a range where many teachers and firefighters would land, other than first or second year people) would pay a tax rate of about 25%.
That tax package that people are calling socialist is looking better and better.
Oh, by the way. . . meet my wife, a fourth year elementary school teacher in the 48th ranked state for teacher salaries.
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Comment by KC Hill
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I liked the tax laws in China in 2003. The first 4,000 Yuan per month were not taxed. Anything over that was a flat 8%, no matter how much was earned. Everyone was taxed exactly the same, with no exemptions. And no deductions or reductions.
Certainly not less tax for the rich.
Comment by Two Guys Sports
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Odd how China can become a better example than the U.S. on something like this.
Gene
Comment by Morgan Bell
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geez louise have a sense of proportion people, if you earn a billion dollars each year would having 5% less as disposable income really effect your quality of life that much?
i cant even imagine a billion dollars . . .
great article Gene!
Comment by Two Guys Sports
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Gene