Should the rich prefer higher a tax rate instead of eliminating deductions?

It is seems pretty inevitable that the "rich" (however you define them) are gonna have to pay higher taxes, cause we live in a democracy and the majority of citizens want this and the trend is not going end anytime soon. Some republicans say we should close tax loopholes and deductions that the wealthy use instead of raising the top brackets. However, this seems like a very short-sighted proposal. Suppose that this plan is carried out, and the bush tax cuts are carried over for all brackets. A couple years down the road you know that the democrats are going to be shrieking again that the bush tax cuts shouldn't be extended for the wealthy, even though they will now be paying higher effective tax rates. Boom, they aren't extended for the 1%, and now the wealthy are doubly screwed over. However, if we raise the top tax rates now, it will be difficult 2 years from now for Obama to do his "folks like me are gonna have to pay a little bit more" routine, as he will really look like he is soaking the rich, and republicans can cry "WTF, we already raised their taxes while maintaining the bush tax cuts for everyone else."

What do you guys think? Am I missing something here?

Comments (11)

Dec 27, 2012

No, and it is starting to piss me off how people look at the rich as evil people. My god. If you work hard, you should be able to keep that money. It's incredibly ignorant for someone to tax someone so much if they put in all this work to get to a certain point in life and suddenly they are greeted with even lower pay so the government can redistribute it.

end rant.
Nothing pisses me off more than this

Dec 27, 2012

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Dec 27, 2012

5 post. Is that a record?

Dec 27, 2012

You are totally missing the point, I don't approve of it either I am just trying to minimize the damage

Dec 27, 2012
Amphipathic:

You are totally missing the point, I don't approve of it either I am just trying to minimize the damage

No I know, I'm mostly just raging at taxes in general I heard the word taxes and I just went off, closing the tax loopholes is something I don't really have a problem with. I wasn't trying to single you out for posting this haha. I just hate the war on the rich. However closing tax loopholes is totally reasonable. It's unamerican (in my opinion) to use tax loopholes. It is just not moral at all. So yeah I agree with you

Dec 27, 2012
kyleyboy:
Amphipathic:

You are totally missing the point, I don't approve of it either I am just trying to minimize the damage

No I know, I'm mostly just raging at taxes in general I heard the word taxes and I just went off, closing the tax loopholes is something I don't really have a problem with. I wasn't trying to single you out for posting this haha. I just hate the war on the rich. However closing tax loopholes is totally reasonable. It's unamerican (in my opinion) to use tax loopholes. It is just not moral at all. So yeah I agree with you

k gotcha

Dec 27, 2012

the majority of the rich will prefer closing tax loopholes over higher tax rates.

The majority of the rich are people that are income rather than asset rich, this is your doctor/lawyer/finance guy that pulls in north of 250k a year on a salary, as opposed to guys that have 300m sitting in the bank.

As long as you are on a salary using tax loopholes is a lot more difficult compared to running your own business / managing your 300m in the bank.

Dec 27, 2012

At the end of the day, americans will have to suffer.

My family, which i believe should be considered 'rich', have already moved from the states to Singapore.

Dec 27, 2012
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