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Wed Aug 15, 2012, 01:41 PM

Lets say we tax Rush Limbaugh at 50%, He would still have 20 million dollars a year.

That is extreme but the very wealthy, with a tax increase still would be very wealthy. It is just never enough for them.

Makes me wonder why they hate the poor so much?...

These so called job creators sure have failed America these last 10 years.

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Reply Lets say we tax Rush Limbaugh at 50%, He would still have 20 million dollars a year. (Original post)
pwb Aug 2012 OP
Politicalboi Aug 2012 #1
Jim__ Aug 2012 #2
Ganja Ninja Aug 2012 #6
krispos42 Aug 2012 #3
DefenseLawyer Aug 2012 #4
Whiskeytide Aug 2012 #5
jonthebru Aug 2012 #7
moondust Aug 2012 #8

Response to pwb (Original post)

Wed Aug 15, 2012, 01:44 PM

1. But how would he survive?

It costs lots of money to feed him. It costs lots of money for his drugs. It costs lots of money to buy wives. It costs lots of money to fly your own private jet to the Dominican Republic to go boy shopping. Life wouldn't be worth living without those necessities.

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Response to pwb (Original post)

Wed Aug 15, 2012, 01:45 PM

2. But if we did that, he might get mad and emigrate.

Think of the loss.

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Response to Jim__ (Reply #2)

Wed Aug 15, 2012, 01:58 PM

6. Somewhere around 400 to 500 lbs by my reckoning.

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Response to pwb (Original post)

Wed Aug 15, 2012, 01:46 PM

3. Not only that...

...but Rush Limbaugh and a couple of hundred other very wealthy people have the option to pay no income tax.


They can simply stop making income.


If rich people's taxes are raised for the 2014 tax year, and some of the rich people don't like it, they can retire at the end of 2013 and live off of their vast savings until they and their children are dead and buried.



The secret of rich people is that they are psychologically incapable of walking away from positions of power or fame, and will stay at those positions even if you raise taxes on them.

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Response to pwb (Original post)

Wed Aug 15, 2012, 01:51 PM

4. Remember, income taxes are progressive

So even a 50% tax rate doesn't mean you pay 50% of your income in taxes, it only means that you pay 50% that portion of your income which is above a certain amount.

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Response to pwb (Original post)

Wed Aug 15, 2012, 01:54 PM

5. Help me out here guys, since...

... I'm not an accountant. But isn't it true that when tax rates on super incomes are high - like 70%, companies look for things to do with the money to avoid paying top management super salaries and getting hit with a nice tax bill. One of the best ways to do that is to invest in growth, new research and development, new technologies, new facilities and new employees. Lots of happy campers and praise for capitalism all around.

When the tax rate is very low on those super incomes, they just pay exorbitant salaries and those people buy bigger yachts, extra homes, Caribbean islands and car elevators. Lots of pissed off 99%ers and talk of revolution.

Am I over-simplifying it?

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Response to pwb (Original post)

Wed Aug 15, 2012, 02:05 PM

7. That is correct.

Though I would not consider That person a "job creator" except for the doctor who writes his prescriptions. Or his private security detail. Or the mechanics who keep his private jet on-line for him.
But the rich see a large figure in the tax payment column and think "Well, we shall see about that next year, I wish to keep more of my earnings." Then using the myriad of tools that lobbyists have secured for them, they proceed to deduct more and more of their activities and expenses.

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Response to pwb (Original post)

Wed Aug 15, 2012, 02:44 PM

8. Way, way too much will never be enough.

There were rich people back in the post-war "golden age"--the 1950s, 60s, and 70s--before corporations started moving millions of jobs to cheap labor markets and leaving millions of unemployed Americans behind. I don't know exactly how it all went down but I suppose a few started it "to get an edge" and others followed "to remain competitive" with them. Wall Street was also behind a lot of it, lavishing praise and huge rewards on those who turned in ever increasing profits no matter what they did to get them.

Supergreed is a psychosocioeconomic illness.

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