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>> So if everyone feels that people know better then why are some upset by tax cuts for wealthy? Dont they have a right to the money they earned?
@Stealth83: True, but so do the middle-class. The wealthy should pay taxes on a similar % of the middle-class. Congress (most of whom are among the wealthy) creates tax laws that give the wealthy many more tax breaks than regular middle-class people can get. The wealthy can also pay for a group of accountants to make sure they pay the least amount of taxes possible.Government needs to cut spending to balance the budget NOW. Then we can take action to start paying off our debt (probably by raising taxes, but in a way that Congress can ONLY use it to pay off debt). As soon as Congress starts playing games with that income, it will become like Social Security.
@Retired_Engineer: Wealthy already pay higher percentages and lose almost all normal deductions and get to enjoy being pummeled by the AMT. Any tax breaks are usually business investment related not just random things out there.
@ET: Why do hedge funds pay a15% tax rate when the rest of us pay higher rates? "Usual business related expenses" are subject to interpretation. They have made many accountants and tax lawyers very comfortable and allowed some of the most profitable companies to pay relatively little. The regressive impact of a flat tax sans deductions has its appeal despite its regressive impact because there would be a certainty of payment but I am already setting up my pass through entity "MULMYE LLC" to lower my tax rate.
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