My understanding of the proposed Obama tax changes are that 91% of us will pay less taxes, 1% will pay more taxes - but that is only the people making over $250,000 a year, and they will only go back to what they were paying before the Bush Administration cut their taxes. (Why did he cut their taxes and not ours?) The other 8% will be paying the same.
This is good because I will be paying less! Even better is that the Obama Administration intends going after those who are evading taxes. (Not avoiding - evading.) Avoiding is legal, even encouraged - it is OK to change things around in your financial life to avoid taxes. It is evading taxes that is frowned upon. There are a lot of people who have set up tax havens in places like The Cayman Islands for the express purpose of evading taxes. This is cheating. Or to put it another way, it is stealing. Stealing from you and me, because if they don't pay the taxes they should be paying, you and I have to pay more to make up for what they are not paying. This I don't like. A lot of people may say "Right on" or "Way to go", hold onto your money, don't give it to Uncle Sam. But they might not say the same thing if they realized that same person has his hand in their pocket - you are paying more taxes because he is paying less! How do you feel about that? Especially as most of these tax cheats are making millions. You, maybe like me are struggling along on $50,000 a year while John Smith is making $4,000,000 a year and because he doesn't want to pay taxes you have to pay more! Does that seem fair to you? It certainly doesn't to me! Tell me what you think. Do you think he should pay less because he is rich? Remember a few years ago some people were saying "Greed is good", well we are not saying it now, greed has almost destroyed us. (I think rich people should pay more taxes not less. The chances are if you are making millions you are making them at the expense of others. A lot of people work hard for $20 an hour, how can someone work a thousand times harder than that? Tiger Woods and Oprah Winfey for example each make around $120 million a year, do you think they work 3,000 times harder than the guy who makes $20 an hour? Yep that's right $120,000,000 a year is about $60,000 an hour. I'm sure they pay their taxes, but there are others out there that make similar amounts and pay hardly any taxes, so you pay them for them! Even Warren Buffet says that the rich should pay more taxes! He said that he legally pays less taxes than his secretary! He also said that it is wrong, but if he is legally able to do that - well. I think he makes up for it by giving huge amounts to charity - he recently gave $31 billion to the Bill and Melinda Gates Foundation! But there are other greedy ones out there who are shielding their wealth in tax havens while you pay their taxes. As you can probably tell I'm upset about that and hope that Obama can get them to pay Their Fair Share. Don't you?