lancer78
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Sun Oct-07-07 01:42 AM
Response to Reply #37 |
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that does my taxes once told me about the 90% tax rate in the late 40's. He had just earned his CPA, and he told me that a lot of people didn't want to work because of the high tax rates. The people he was talking about just weren't the super rich, they were doctors and lawyers as well.
I think that no one should have to pay over 50% of their adjusted earned income in taxes. Heck, even Clinton had the tax rate at only 42%, 90% is absurd.
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| -What's wrong with taxing 90% of income over let's say $5 million |
Herman Munster |
Oct-06-07 05:31 PM |
#0 |
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Um, because they can't invest that money and grow the economy? |
originalpckelly |
Oct-06-07 05:34 PM |
#1 |
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The United States economic model is not sustainable |
wuushew |
Oct-06-07 06:02 PM |
#11 |
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Our current system is not capitalism, and therefore I agree. |
originalpckelly |
Oct-06-07 06:18 PM |
#14 |
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Despite my replies to you down thread |
davekriss |
Oct-06-07 06:44 PM |
#24 |
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If you look at the debt balloon... |
davekriss |
Oct-06-07 06:03 PM |
#12 |
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And what do you think they're going to do... |
krispos42 |
Oct-06-07 06:26 PM |
#17 |
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They grew it in India, China and Dubai |
sandnsea |
Oct-06-07 07:14 PM |
#32 |
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That's a red herring.... |
sutz12 |
Oct-07-07 01:11 AM |
#36 |
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Actually, that's not what I'm saying. If you tax income like that... |
originalpckelly |
Oct-07-07 08:48 AM |
#51 |
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income like that is NOT "real income from working"... |
QuestionAll |
Oct-07-07 09:47 AM |
#54 |
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Yea, there were hardly any businesses between 1952 and 1963 |
gtar100 |
Oct-07-07 02:22 AM |
#44 |
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Wow!!! gtar100!!! Well stated!!!! Bravo!!! |
sicksicksick_N_tired |
Oct-09-07 10:22 AM |
#132 |
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Nothing. n/t |
tsuki |
Oct-07-07 08:29 AM |
#49 |
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Um, governments can also invest money... |
JackRiddler |
Oct-07-07 10:19 AM |
#55 |
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That's how people avoided the marginal tax rates |
thecatburgler |
Oct-07-07 11:55 AM |
#64 |
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This is taxing Income NOT working assets. Stop clouding the issue. |
slampoet |
Oct-07-07 12:06 PM |
#68 |
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And the government would do with this money exactly what? |
scisyhp1 |
Oct-07-07 01:32 PM |
#72 |
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Mostly from folks buying houses and savings accounts |
ProudDad |
Oct-07-07 09:23 PM |
#83 |
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Trying to explain economics to DUers is never going to work, I'm afraid. |
Donald Ian Rankin |
Oct-08-07 08:53 AM |
#109 |
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Not a thing...it should be done...and without delay... |
movonne |
Oct-06-07 05:35 PM |
#2 |
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It Worked Fine Then |
MannyGoldstein |
Oct-06-07 05:36 PM |
#3 |
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Yeah, but the Repubs don't let facts stand in the way of a good story. |
Selatius |
Oct-06-07 06:43 PM |
#23 |
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Not a damn thing |
catmandu57 |
Oct-06-07 05:37 PM |
#4 |
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I don't have a problem with high tax rates on |
cali |
Oct-06-07 05:43 PM |
#5 |
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We had this argument before |
catmandu57 |
Oct-06-07 06:25 PM |
#16 |
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The Brits once had a 105% effective tax on dividends over something like a million pounds - I liked |
papau |
Oct-06-07 05:44 PM |
#6 |
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I'd make it 120% now -- inflation (n/t) |
ProudDad |
Oct-07-07 09:28 PM |
#84 |
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Same thing that is wrong with taxing income above $40,000 at 92% |
RGBolen |
Oct-06-07 05:48 PM |
#7 |
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The top ever marginal FIT was... |
davekriss |
Oct-06-07 06:18 PM |
#15 |
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And nobody paid it. As long as their lawyers are smarter than our |
Egalitariat |
Oct-09-07 10:50 AM |
#133 |
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Golly. It sure did remove the incentive to get rich, didn't it? |
TahitiNut |
Oct-07-07 01:27 AM |
#38 |
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that is wrong, should be 95%. |
scarface2004 |
Oct-06-07 05:52 PM |
#8 |
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Has it ever occured to you that someone might deserve money... |
originalpckelly |
Oct-06-07 05:54 PM |
#9 |
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Sure |
davekriss |
Oct-06-07 06:36 PM |
#20 |
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Eh, but you run up against the question of individual desires vs. society's needs. |
Selatius |
Oct-06-07 06:40 PM |
#21 |
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They don't invent things and get rich in a vacuum. |
MilesColtrane |
Oct-06-07 07:17 PM |
#33 |
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Sure... |
JackRiddler |
Oct-07-07 10:22 AM |
#57 |
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Very few wealthy people are inventors or entrepreneurs |
thecatburgler |
Oct-07-07 11:58 AM |
#67 |
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Bullshit!!! |
ProudDad |
Oct-07-07 09:30 PM |
#85 |
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As someone who worked my ass off to get rich... |
mainer |
Oct-08-07 08:57 AM |
#111 |
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This is sarcasm, right? n/t |
cali |
Oct-06-07 05:56 PM |
#10 |
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Nothing is wrong with it. |
Kurt_and_Hunter |
Oct-06-07 06:10 PM |
#13 |
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That just seems so wrong --- that proportion. |
aikoaiko |
Oct-06-07 06:28 PM |
#18 |
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The lions share of that income is unearned income. |
Blue Fire |
Oct-07-07 12:37 PM |
#70 |
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It's anti-business, and America is all about business and materialism. |
Selatius |
Oct-06-07 06:34 PM |
#19 |
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Since you picture Chomsky as your avatar |
davekriss |
Oct-06-07 06:42 PM |
#22 |
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I should've included the sarcasm tag. |
Selatius |
Oct-06-07 06:45 PM |
#25 |
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Understood |
davekriss |
Oct-06-07 06:57 PM |
#26 |
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Ain't gonna get ANY of this |
ProudDad |
Oct-07-07 09:33 PM |
#86 |
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You might be right |
davekriss |
Oct-07-07 11:07 PM |
#100 |
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One of the criticisms I've seen about FDR's rates |
SimpleTrend |
Oct-07-07 10:09 PM |
#96 |
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I would go beyond the Clinton rates, but I don't know about 90% |
mvd |
Oct-06-07 07:00 PM |
#27 |
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Remember the old communist block? |
minavasht |
Oct-06-07 07:02 PM |
#28 |
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Their problem is they didn't really practice "communism" |
gtar100 |
Oct-07-07 02:53 AM |
#45 |
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Actually, it would be great. |
bemildred |
Oct-06-07 07:05 PM |
#29 |
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So if I worked incredibly hard |
BoneDaddy |
Oct-07-07 03:51 AM |
#47 |
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If you worked incredibly hard for your money you would be a working stiff. |
bemildred |
Oct-07-07 08:46 AM |
#50 |
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I am not sure what you are saying |
BoneDaddy |
Oct-08-07 04:32 AM |
#106 |
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That would be your MARGINAL tax rate -- you would not be paying nearly as much on your first $5 |
kath |
Oct-09-07 10:03 AM |
#129 |
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We need a flat federal tax |
krispos42 |
Oct-06-07 07:11 PM |
#30 |
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Any different for dividends or capital gains? Or just earned income? |
TahitiNut |
Oct-07-07 01:30 AM |
#40 |
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The flat tax |
ProudDad |
Oct-07-07 09:35 PM |
#87 |
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In war time, nothing |
sandnsea |
Oct-06-07 07:13 PM |
#31 |
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See, I wouldn't be a HUGE taxer for many people |
mvd |
Oct-06-07 07:17 PM |
#34 |
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I would stop working when I reached $4,999,999.99 |
StudentLoanSlave |
Oct-07-07 12:51 AM |
#35 |
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Funny thing... nobody did that. The incentive remained. |
TahitiNut |
Oct-07-07 01:28 AM |
#39 |
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What incentive? |
StudentLoanSlave |
Oct-07-07 11:10 AM |
#58 |
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When your income is that high, it's ten times as easy to earn each additional dollar ... |
TahitiNut |
Oct-07-07 11:24 AM |
#60 |
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You're on the don't-have-a-clue-train my friend |
StudentLoanSlave |
Oct-07-07 11:35 AM |
#61 |
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Reading with comprehension is an essential skill. |
TahitiNut |
Oct-07-07 11:51 AM |
#63 |
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Uhhhhhh.....WHAT?!! n/t |
StudentLoanSlave |
Oct-07-07 11:56 AM |
#65 |
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That's OK, you neednot worry |
davekriss |
Oct-07-07 08:59 PM |
#80 |
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People enter that world all the time... without silver spoons |
mainer |
Oct-08-07 09:07 AM |
#113 |
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Your social circle is not represenative |
wuushew |
Oct-08-07 11:00 AM |
#120 |
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People do NOT enter that world "all the time" |
davekriss |
Oct-08-07 07:57 PM |
#124 |
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So since other marginal tax rates would inevitably be part of such a plan |
Gormy Cuss |
Oct-07-07 09:21 PM |
#82 |
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Sounds pretty damn good to me (n/t) |
ProudDad |
Oct-07-07 09:42 PM |
#90 |
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Yeah, but you and I would be willing to pay the 90% rate on 5M plus |
Gormy Cuss |
Oct-07-07 10:31 PM |
#97 |
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The same freakin' incentive folks had in the 50s and 60s |
ProudDad |
Oct-07-07 09:40 PM |
#89 |
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So would I. You'd be crazy to keep working. |
mainer |
Oct-08-07 08:58 AM |
#112 |
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No, but I do favor high marginal tax rates, if that's what you mean. |
Starbucks Anarchist |
Oct-07-07 01:21 AM |
#37 |
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My accountant |
lancer78 |
Oct-07-07 01:42 AM |
#41 |
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90% marginal tax rate is different. |
Starbucks Anarchist |
Oct-07-07 02:07 AM |
#43 |
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I would support a 90% death tax above that figure... |
JCMach1 |
Oct-07-07 02:04 AM |
#42 |
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What the hell is a death tax? |
eShirl |
Oct-08-07 02:30 PM |
#123 |
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Call it what it is - an ESTATE tax. |
kath |
Oct-09-07 10:08 AM |
#130 |
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What's wrong? |
BoneDaddy |
Oct-07-07 03:48 AM |
#46 |
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It would discourage looting by the rich from the masses & is therefore unamerican. |
Vidar |
Oct-07-07 08:08 AM |
#48 |
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I'd rather see them eliminte the cap on FICA |
dansolo |
Oct-07-07 08:57 AM |
#52 |
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And make it progressive, i.e. increase the rates for higher incomes. |
bemildred |
Oct-07-07 09:39 AM |
#53 |
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What's wrong with zero percent income tax on anything up to $100,000 |
JackRiddler |
Oct-07-07 10:21 AM |
#56 |
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That's an interesting proposition. |
LWolf |
Oct-07-07 12:41 PM |
#71 |
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You'd be paying taxes |
JackRiddler |
Oct-07-07 03:30 PM |
#74 |
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THIS I like. |
LWolf |
Oct-07-07 03:54 PM |
#76 |
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Unfortunately... |
JackRiddler |
Oct-07-07 06:53 PM |
#77 |
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Thanks for the rec; I'll add it to my list. n/t |
LWolf |
Oct-07-07 08:41 PM |
#78 |
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I got no problem with that |
ProudDad |
Oct-07-07 09:45 PM |
#91 |
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Whats wrong |
Thothmes |
Oct-08-07 08:37 AM |
#107 |
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What's wrong with it is that you didn't get it. |
JackRiddler |
Oct-09-07 12:01 AM |
#125 |
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I now see you point. Thank you. |
Thothmes |
Oct-09-07 09:24 AM |
#126 |
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Because all the rich folks would move to Ireland |
AngryAmish |
Oct-07-07 11:13 AM |
#59 |
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Who needs the FUCKERS -- let 'em leave! |
ProudDad |
Oct-07-07 09:46 PM |
#92 |
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Umm... if everyone who made over $100,000 emigrated... |
mainer |
Oct-08-07 08:54 AM |
#110 |
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why is there any notion that people taxed at that rate still wouldn't be very rich? |
xchrom |
Oct-07-07 11:48 AM |
#62 |
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Fine with me. NT |
Eric J in MN |
Oct-07-07 11:58 AM |
#66 |
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What's wrong is that the percentage isn't high enough |
DavidD |
Oct-07-07 12:35 PM |
#69 |
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When you make over 5 million, the money just ceases to be useful |
Evoman |
Oct-07-07 02:29 PM |
#73 |
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because those who make over $5 million will send someone to squish your head? |
yurbud |
Oct-07-07 03:32 PM |
#75 |
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BUUUUULLLLLSSSHHHHIIIITTT -- NO ONE EVER PAID 90% IN TAXES |
Rosemary2205 |
Oct-07-07 08:47 PM |
#79 |
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Your right. Most wealthy people had things like real estate partnerships that they invested in. |
Mountainman |
Oct-07-07 09:00 PM |
#81 |
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Until 86 you could even have tax credit programs |
Yupster |
Oct-07-07 11:48 PM |
#101 |
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And no one ever paid 90% because it was a MARGINAL rate. |
kath |
Oct-09-07 10:09 AM |
#131 |
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If I knew that the tax rate on 5 million was 90 percent. |
TheUniverse |
Oct-07-07 09:37 PM |
#88 |
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And you're going to start making 5,000,000 per year |
ProudDad |
Oct-07-07 09:47 PM |
#93 |
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If Im lucky when Im 60 |
TheUniverse |
Oct-07-07 09:53 PM |
#94 |
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That's capital gains |
ProudDad |
Oct-08-07 02:17 AM |
#103 |
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Better -- kick the corp tax rate back up to 47% |
wtmusic |
Oct-07-07 09:53 PM |
#95 |
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I like the way you think! |
debbierlus |
Oct-08-07 09:17 AM |
#116 |
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Several Reasons |
maui9002 |
Oct-07-07 10:35 PM |
#98 |
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best answers ever! |
mainer |
Oct-08-07 08:50 AM |
#108 |
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And, we currently do not have a government that would distribute the wealth for the greater good |
debbierlus |
Oct-08-07 09:20 AM |
#117 |
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One of the flaws seems to be stepping higher / lower rates. |
SimpleTrend |
Oct-07-07 11:04 PM |
#99 |
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That's not a bad idea |
ProudDad |
Oct-08-07 02:21 AM |
#104 |
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as someone who lives on $14K/yr... absolutely nothing. |
kineneb |
Oct-08-07 12:30 AM |
#102 |
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Or as Jim Hightower said |
ProudDad |
Oct-08-07 02:22 AM |
#105 |
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That is a bit ridiculous |
debbierlus |
Oct-08-07 09:14 AM |
#114 |
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$5 million isn't worth $5 million any more |
slackmaster |
Oct-08-07 09:16 AM |
#115 |
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You NEED to check this out |
ProudDad |
Oct-08-07 01:55 PM |
#121 |
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Shoot to finx the system 90% isnt needed |
comtec |
Oct-08-07 10:10 AM |
#118 |
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Nobody Paid That |
ProfessorGAC |
Oct-08-07 10:28 AM |
#119 |
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This obscenity MUST be ended!!! |
ProudDad |
Oct-08-07 01:57 PM |
#122 |
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make it 100% over $1 million |
leftofthedial |
Oct-09-07 09:28 AM |
#127 |
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Unfortunately, the guys who could make it happen are millionaires. |
Tierra_y_Libertad |
Oct-09-07 09:29 AM |
#128 |
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