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If you are going to call me Stupid you ought to learn how to spell BURDEN
You are unable to fathom the fact that the rich bear more of the income tax burden now than at any time in the last several decades.
why should anyone have 90% of their next tax dollar taken by the government
You need to pay that rate if you want someone else to
Progressive income taxes encourage people like you to vote for politicians who promise you that only the rich will pay more taxes
no person should pay more than a quarter of their income in total taxes.
When the wealthy who control the economy stop bringing it to the brink of disaster with no consequences to them, then I'll shed a tear for them.
When we get ourselves out of debt and the majority of the people are employed with a living wage then we can talk about tax rates and what's fair.
Tyranny does not confine itself to government, it more often arises from private interests. Just as the constitution tries to protect us from our gov't, our gov't was to protect us against the corporate privateers that seek to accumulate wealth and power into the hands of a few at the expense of the many. Precisely because corporations are soulless, amoral entities, they require (as the founders said) tight regulation to keep them from monopolizing the wealth of the country.
This is a no brainer... if 400 people have 85% of the wealth locked up, commerce ceases to be possible. You do realize we are trying to run the world's largest economy on 15% of available wealth... right? It's not freakin possible. That money MUST be put back into the economy, and if they won't do it voluntarily, as a last resort, We the People sure as hell will tax it out of them. Why? Because YOU CAN"T RUN THE WORLD'S LARGEST ECONOMY ON 15% OF IT"S WEALTH!
It's simple number mechanics. However much that sucks, the super wealthy are not being deprived of anything. Doubling taxes on the remaining 15% is literally taking food off the table which sucks so much more... for so many more.
Get a soul TD... seriously!
And you fail to "fathom" that it's because they are earning more (or keeping more for themselves) than ever before, and the working class has seen no rise in income in nearly a decade.
If you cut the tax rate in half, and they are paying more than they ever have... it doesn't take a degree from MIT to understand why.
Cutting taxes more for the wealthy will not change this and raising taxes on those that will not be able to feed their families or the fuel to drive to the only descent jobs available will not change that either.
If you want the tax burden to be more equal, earnings for EVERYONE must rise with rises in productivity (which we have) and rises in profits (which we have). The rise in productivity is almost exclusively the domain of the worker, any profits based on that should be passed to those responsible for it, period, not co-opted by those that control the flow of finances. High marginal tax rates on the wealthiest discourage this behavior. When taxes are in the 70%-90% range, directors and owners are less likely to steal 400% more on 104% rise in profits and instead return more of that to the worker rather than be taxed on it.
The first part of the problem is that our current code only has six brackets. And the top bracket tops out at about $375k. Meaning someone that in today's economy is just doing pretty well is paying the same rate as the top one tenth of one percent, the 400 wealthiest holding 85% of the wealth. There should be 12-16 tax brackets.
Current
Head of Household
Marginal Tax Rate...............Tax Brackets
10.0%............................. $0 $11,95
15.0% ............................. $11,950 $45,55
25.0%............................. $45,550 $117,65
28.0%............................. $117,650 $190,55
33.0%............................. $190,550 $373,65
35.0%............................. $373,650 and up
I'm sorry, but in a society that has people making tens of millions annually and tax brackets that lump the new middle class (bottom of the top tier) in with the wealthiest, that is gross incompetence. The real reason for this is to play to the far more numerous bottom of the top tier to support massive tax breaks for the top of the top tier.
The lower tiers have already seen their taxes double since 1964 while the wealthiest saw them halved... now you want more? Please.
What the tax brackets should look like..
6.0%............................... $0 $11,95
8.0% .............................. $11,950 $45,550
12.0%............................. $45,550 $117,650
15.0%............................. $117,650 $190,550
18.0%............................. $190,550 $373,650
30.0%............................. $373,650 $500,000
35.0%............................. $500,001 $750,000
40.0%............................. $750,001 $2,000,000
45.0%............................. $2,000,001 5,000,000
50.0%............................. $5,000,001 10,000,000
60.0%............................. $10,000,001 $20,000,000
70.0%............................. $20,000,001 $40,000,000
90.0%............................. $40,000,001 and up
I agree, the problem is the marginal taxes... but not the rates, the brackets.
why should anyone have 90% of their next tax dollar taken by the government
You need to pay that rate if you want someone else to
Progressive income taxes encourage people like you to vote for politicians who promise you that only the rich will pay more taxes
no person should pay more than a quarter of their income in total taxes.
why should anyone have 90% of their next tax dollar taken by the government
You need to pay that rate if you want someone else to
Progressive income taxes encourage people like you to vote for politicians who promise you that only the rich will pay more taxes
no person should pay more than a quarter of their income in total taxes.
I KNEW it. If some people had their way, there would be no end to the tax burden, all the way up to 90% of someone's income. A lot of people (ok, on the left) deny that they want taxation to get up into the 70-90% range, which doesn't really follow. If someone believes higher taxes are the right answer, then it makes sense that that person would believe that the more taxation the better ~ which is pretty much exactly what this post argues.And you fail to "fathom" that it's because they are earning more (or keeping more for themselves) than ever before, and the working class has seen no rise in income in nearly a decade.
If you cut the tax rate in half, and they are paying more than they ever have... it doesn't take a degree from MIT to understand why.
Cutting taxes more for the wealthy will not change this and raising taxes on those that will not be able to feed their families or the fuel to drive to the only descent jobs available will not change that either.
If you want the tax burden to be more equal, earnings for EVERYONE must rise with rises in productivity (which we have) and rises in profits (which we have). The rise in productivity is almost exclusively the domain of the worker, any profits based on that should be passed to those responsible for it, period, not co-opted by those that control the flow of finances. High marginal tax rates on the wealthiest discourage this behavior. When taxes are in the 70%-90% range, directors and owners are less likely to steal 400% more on 104% rise in profits and instead return more of that to the worker rather than be taxed on it.
The first part of the problem is that our current code only has six brackets. And the top bracket tops out at about $375k. Meaning someone that in today's economy is just doing pretty well is paying the same rate as the top one tenth of one percent, the 400 wealthiest holding 85% of the wealth. There should be 12-16 tax brackets.
Current
Head of Household
Marginal Tax Rate...............Tax Brackets
10.0%............................. $0 $11,95
15.0% ............................. $11,950 $45,55
25.0%............................. $45,550 $117,65
28.0%............................. $117,650 $190,55
33.0%............................. $190,550 $373,65
35.0%............................. $373,650 and up
I'm sorry, but in a society that has people making tens of millions annually and tax brackets that lump the new middle class (bottom of the top tier) in with the wealthiest, that is gross incompetence. The real reason for this is to play to the far more numerous bottom of the top tier to support massive tax breaks for the top of the top tier.
The lower tiers have already seen their taxes double since 1964 while the wealthiest saw them halved... now you want more? Please.
What the tax brackets should look like..
6.0%............................... $0 $11,95
8.0% .............................. $11,950 $45,550
12.0%............................. $45,550 $117,650
15.0%............................. $117,650 $190,550
18.0%............................. $190,550 $373,650
30.0%............................. $373,650 $500,000
35.0%............................. $500,001 $750,000
40.0%............................. $750,001 $2,000,000
45.0%............................. $2,000,001 5,000,000
50.0%............................. $5,000,001 10,000,000
60.0%............................. $10,000,001 $20,000,000
70.0%............................. $20,000,001 $40,000,000
90.0%............................. $40,000,001 and up
I agree, the problem is the marginal taxes... but not the rates, the brackets.
When you tax something you get less of it. Right?
So if overconcentration of wealth is an issue tax it until doing so becomes unattractive.
I KNEW it. If some people had their way, there would be no end to the tax burden, all the way up to 90% of someone's income. A lot of people (ok, on the left) deny that they want taxation to get up into the 70-90% range, which doesn't really follow. If someone believes higher taxes are the right answer, then it makes sense that that person would believe that the more taxation the better ~ which is pretty much exactly what this post argues.
why should anyone have 90% of their next tax dollar taken by the government
You need to pay that rate if you want someone else to
Progressive income taxes encourage people like you to vote for politicians who promise you that only the rich will pay more taxes
no person should pay more than a quarter of their income in total taxes.
Usually when you see a problem fixing it involves facing the causes of the problem. Taxes does not reach that end. It just punishes people to punish people.
He proposed how to fix the cause of the problem of too much wealth concentrated at the top.
Yeah, long term thinking, as in the more you make, the less you get to keep. LOL What would be the incentive again to invest?
Yeah, long term thinking, as in the more you make, the less you get to keep. LOL What would be the incentive again to invest?
The same incentive we had in the 50's when marginal tax rates for the top tax bracket were triple what they are now, to invest in business and jobs rather than be taxed on your income, as opposed to just hording the wealth as is being done today.
The same incentive we had in the 50's when marginal tax rates for the top tax bracket were triple what they are now, to invest in business and jobs rather than be taxed on your income, as opposed to just hording the wealth as is being done today.
The long-term thinking is rewarding capital gain (return on investment) rather than salary (taking capital away from a business).
I haven't seen a DemonMyst post in awhile. I see nothing's changed. :roll: BTW, pretty sure it's "burden".
If you are going to call me Stupid you ought to learn how to spell BURDEN
You are unable to fathom the fact that the rich bear more of the income tax burden now than at any time in the last several decades.
Sure, most awesome posts start with, "You are stupid" or some variation thereof. LOL
MOre ever widening stupidity.
If you have to correct someone's spelling.. You are obviously over your head in the topec being discussed.. Let us know when you actuilly have something intelligent to add instead of being spelling or gramar police!!
If you have nothing to add to a thread then don't post.. Do us all a favor and go troll somewhere else..
I left a couple of mispelled words for you.. I just want you feel usefull.. Just trying to be nice..
Don't feed the trolls.. See.. Your not even smart enough to do that..
I never claimed to be a perfict speller.. But I am not stuped enough to base my entire arguement on a word that someone mispelled.. If you can't address my issues and points then you have nothing to say.. Which is again par for the course for you..
Again.. I left some mispelled words.. Don't want you to run out of lame excuses to not address someone's post.. Not to mention feeding the trolls.. Got to keep them fed don't we..
Don't let the symantics fool you.. If he can call others stupid, then he can live with being called stupid.. If he wants to report me.. Fine let him.. It is all he has left to prove a point.. If he can't argue the facts, then damn it he can report someone for doing the same thing he does..
That is really stupid if you ask me..
I'm missing all the on topic arguments in these posts.
When the wealthy who control the economy stop bringing it to the brink of disaster with no consequences to them, then I'll shed a tear for them. When we get ourselves out of debt and the majority of the people are employed with a living wage then we can talk about tax rates and what's fair.
Tyranny does not confine itself to government, it more often arises from private interests. Just as the constitution tries to protect us from our gov't, our gov't was to protect us against the corporate privateers that seek to accumulate wealth and power into the hands of a few at the expense of the many. Precisely because corporations are soulless, amoral entities, they require (as the founders said) tight regulation to keep them from monopolizing the wealth of the country.
This is a no brainer... if 400 people have 85% of the wealth locked up, commerce ceases to be possible. You do realize we are trying to run the world's largest economy on 15% of available wealth... right? It's not freakin possible. That money MUST be put back into the economy, and if they won't do it voluntarily, as a last resort, We the People sure as hell will tax it out of them. Why? Because YOU CAN"T RUN THE WORLD'S LARGEST ECONOMY ON 15% OF IT"S WEALTH!
It's simple number mechanics. However much that sucks, the super wealthy are not being deprived of anything. Doubling taxes on the remaining 15% is literally taking food off the table which sucks so much more... for so many more.
Get a soul TD... seriously!
Excellent! A well reasoned post backed up with facts!
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