A Quote by Robin Wells
The rich believe that they're different and that it is their right to pay a much lower tax rate. The response that you see from people on Wall Street, their dismissal and their almost contempt for the concerns about their culpability in the financial crisis, about the income inequality, shows that they are completely out of touch.
Related Quotes
When you say the tax system benefits the rich, there are a lot of people who respond, "That can't be true, look at the rate of tax. The people who are rich pay a higher rate than you or I." Well, yeah, but if you don't have to pay taxes on a lot of your income, then your real tax rate is a lot lower. And if you're allowed to pay your taxes thirty years from now instead of today then you're a lot better off. People need to have a sophisticated understanding of how the system works to appreciate that the posted tax rate really has very little to do with the taxes people pay.
I do believe that we should substantially lower student debt in this country, which is crushing millions of people. We pay for it, in my view, by a tax on Wall Street speculation. The middle class bailed out Wall Street in their time of need. Now, it is Wall Street's time to help the middle class.
A Wall Street money manager should not be able to pay a lower tax rate than a teacher or a nurse.
If you're in people's living-rooms, via the television, it's what happens. You're more noticeable. But I'm not aware that anyone has said I pay a lower rate of tax. I don't. I pay my full share of tax, believe you me.
If you look at the performance of the zero-income-tax-rate states and the highest-income-tax-rate states, I believe a large amount of their difference is due to taxes. Not only is it true of the last decade, but I took these numbers back 50 years. And, there's not one year in the last 50 where the zero-income-tax-rate states have not outperformed the highest-income-tax-rate states.
Obama and Clinton wrongly believe that the corporate income tax is a tax on the rich. The reality is that rich corporations don't pay taxes - workers do.
It used to be that we taxed property - zapped farmers basically. And there were very rich people who didn't pay that much tax. So in 1913, they put in the income tax. It was incredibly popular. The tax we love to hate today.
I'm against an income tax because all the rich people hire lawyers and accountants to be sure that they don't pay income tax.
Henry Blodget says, "It is not clear what, if any, power and influence [Steven Lerner] currently wields. His main message - that Wall Street won the financial crisis, that inequality in this country is hitting record levels, and that there appears to be no other way to stop the trend - will almost certainly resonate."
Research has shown that middle-income wage earners would benefit most from a large reduction in corporate tax rates. The corporate tax is not a rich-man's tax. Corporations don't even pay it. They just pass the tax on in terms of lower wages and benefits, higher consumer prices, and less stockholder value.
The biggest revenue target is the preferential rate for long-term capital gains, which raises a perennial question: Why should capital income be taxed at a much lower rate than ordinary income? Capital assets are owned overwhelmingly by the rich.
We will lower the tax burden on middle class Americans by asking the very wealthy to pay their fair share. Middle class taxpayers will have a choice between a children's tax credit or a significant reduction in their income tax rate.
The lower the family income, the higher the probability that the mother must work. Today, 1 out of 5 of these working mothers has children under 3. Two out of 5 have children of school age. Among the remainder, about 50 percent have husbands who earn less than $5,000 a year-many of them much less. I believe they bear the heaviest burden of any group in our Nation. Where the mother is the sole support of the family, she often must face the hard choice of either accepting public assistance or taking a position at a pay rate which averages less than two-thirds of the pay rate for men.
Politicians like to talk about the income tax when they talk about overtaxing the rich, but the income tax is just one part of the total tax system. There are sales taxes, Medicare taxes, social security taxes, unemployment taxes, gasoline taxes, excise taxes - and when you add up all of those taxes [many of which are quite regressive], and then you look at how they affect the rich and the poor, you essentially end up with a system in which the best off 20 percent of Americans pay one percentage point more of their income than the worst off 20 percent of Americans.
Let's take the nine states that have no income tax and compare them with the nine states with the highest income tax rates in the nation. If you look at the economic metrics over the last decade for both groups, the zero-income-tax-rate states outperform the highest-income-tax-rate states by a fairly sizable amount.
Mr. Trump is proud to pay a lower tax rate, the lowest tax rate possible. He fights for every single dollar. That's the mindset you want to bring to the government.
Related Authors
Adam Smith Quotes
Scottish
Economist
Alan Greenspan Quotes
American
Economist
Benjamin Graham Quotes
American
Economist
Friedrich August von Hayek Quotes
Austrian
Economist
John Kenneth Galbraith Quotes
American
Economist
John Maynard Keynes Quotes
English
Economist
Joseph Stiglitz Quotes
American
Economist
Ludwig von Mises Quotes
Austrian
Economist
Milton Friedman Quotes
American
Economist
Muhammad Yunus Quotes
Bangladeshi
Economist
Murray Rothbard Quotes
American
Economist
Paul Krugman Quotes
American
Economist
Richard Thaler Quotes
American
Economist
Robert Reich Quotes
American
Economist
Thomas Sowell Quotes
American
Economist
Walter E. Williams Quotes
American
Economist