Myth buster: In fact the rich are making less and paying more taxes

[NEO]

And I want everyone to be treated equally under the law as well. As I told a poster in another thread, I'm actually opposed to a graduated income tax. I think everyone should pay an equal amount, percentage wise. However, I just don't get why so many posters on here are always rushing to the defense of the super wealthy. I can understand why you might want to defend the small business owner but not necessarily the super wealthy. They're not going to be hurting no matter what in most cases.

Not everyone who is a one percenter is super wealthy. Five hundred k is one percent and that is not super rich. The buffets of the world are not fair examples of the top one percent.

 

[Redstater]

There's not much risk if you know a stock's fair market value is $20 a share and will be released next week, but that you have the authority to self-proclaim that it is worth 10 cents a share today and place into your IRA.

That's how $450,000 max contribution over 15 years can be worth $102 million at the end of that 15 years.

And in fact so far that is the only credible explanation for how Romney did it. And we know from reports that others in Bain were doing it. They have admitted to it.

If there is an alternative explanation, I'd love to hear it. My guess is that he will be asked, point blank, in the debates how he got that up to %102 million. He will try to deflect, and then give some oversimplified answer along the lines of "good investment strategy." When pressed, he will say he's answered the question.

To a chorus of boos. And he'll lose ten points right off the top. Really hope Obama goes for the jugular on this. Don't let up.

You don't know what you're talking about but that doesn't seem to stop you. Do you really think that if your unfounded supposition was true the IRS and DOL wouldn't have been all over it? Mark Zuckerberg and the other founders of Facebook could have funded their 401 Ks and IRAs 6 or 7 years ago with founders' stock that would appear to have only nominal value. It could have ended up to be worthless like the stock of the founders of countless dot bombs. Instead, Facebook ends up worth huge multiples. Are you accusing everyone who uses low basis stock to fund their pension contributions of committing immoral and unethical acts? Or does successfully following the tax laws eliminate from consideration for president?

I was addressing your statement "The great fraud is that a higher rate is ever actually paid." I represent one data point but I have plenty of successful friends in the same situation of paying the highest marginal rate.