PUNITIVE damages.

[Naturyl]

In my capacity as District Judge of DU, and on behalf of the American people and the world, I hereby award the American people PUNITIVE damages in the form of restoring the 91% top marginal tax rate on the wealthy masters who have run rampant all over this nation.

May the defendants, the filthy rich, who have been found guilty of greed, anti-Americanism, anti-democracy, and crimes against humanity, understand that not only are we restoring progressive taxation to benefit the people, but also to PUNISH the guilty.

Now, pay..... pay through the noses.... pay until it hurts... suffer as those you have stolen from did.

[dkf]

1. The crooks already made their money.

They may have gotten fired or lost their jobs, but they are set for life.

[KittyWampus]

16. Pretty sure there are off-shore accounts to help them out.

[ladjf]

2. They, the "wealthy masters" have constructed elaborate defenses

against just such a move as you suggests. Their mechanisms of wealth preservation would have to be
disassembled one piece at at time. Personally, I wouldn't know where to start but I'm open to suggestions.

[thecrow]

14. Take a gander at the financial data on this post:

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x8187415

[metalbot]

3. Nice hate rant there

Let me paint you a different picture of "the rich".

A young software engineer starts his own consulting company by mortgaging his house. Over a 15 year period, he grows that company into an 80 person company where the average salary is well over $80k a year. When times are bad, that young software engineer goes without pay to make sure that he can make payroll. Everything he owns is used as collateral in order to provide cash flow to grow the company. After those 15 years, he sells the company for $10 million.

You're suggesting that he should pay $9 million to the government? Why would anyone put themselves through 15 years of financial stress and 80 hour work weeks for that? You build a business for 15 years, sell it for $10 million and still don't have enough money to retire?

[Roland99]

5. Someone needs a remedial lesson in *marginal* tax rates

[metalbot]

7. I don't think so

http://www.truthandpolitics.org/top-rates.php

That's a 91% marginal rate on income over $400k. So sure, he might not pay $9 million to the government, it would probably be about $8.5 million.

Unless the original poster is suggesting that we should reopen the tax loopholes that allowed people in those income brackets to protect income, but given the rant, I don't think that's what he had in mind.

[Roland99]

12. I'm sure we can adjust a bit for inflation so it would be on more than $400k

Plus, you're forgetting that's ANNUAL INCOME, not a retirement nest egg.

Socking away $1.5 million for several years will enable someone to retire quite nicely.

If they have to sell their 80' yacht? Oh cry me a fucking river.

[Naturyl]

15. Exactly.

Boo-hoo, world's smallest fiddle. It's gonna have to be the Navigator instead of the Escalade. Big tragedy.

[Naturyl]

6. A million dollars is "not enough money to retire?" LOL.

A million dollars is more than enough money for any human being on the face of planet Earth.

If your hypothetical guy doesn't like the deal, then he can stay home. It's not like I really care whether he builds a business or not. That's his concern, and I don't buy into the American propaganda that every business owner is somehow vital to the nation.

[metalbot]

8. Uh, no it's not. it puts your income at lower middle class

If you have $1 million in the bank, you can probably safely draw $50k a year from that without touching principle. For a family of 5, is that a good income?

[Naturyl]

9. So what entitles you to not have to touch principal?

People are starving in the world and you're trying to figure out how much you can make in interest from the million you lock away, while still complaining it's not enough?

You and I are not going to have a productive conversation, so thanks for your input, and let's quite while we're ahead.

[metalbot]

11. The fact that I risked everything

The whole point of not going and getting a safe job with nice benefits (that would be provided to me by someone who IS risking something) is for me to be able to make money. If there's no reward for risking everything, why should I go through the effort? Those efforts clearly have societal benefits - 80 good paying jobs.

[Naturyl]

13. What exactly is "everything?"

What do you risk that any ordinary person doesn't? Money? Workers risk that. Layoffs can and do come and wipe out everything. House? satus? Etc, etc? You don't risk any more than anyone else. That's all Americanized pro-business mythology. The heroic entrepreneurs, risking "everything," while the workers are cozy and safe. It's bullshit.

[metalbot]

10. An individual business is not vital to the nation. Vital to his employees? Yes

During that 15 year period, payroll is approximately $48 million. So you might not care if he builds a business or not, but the people who work for him sure do.

[KittyWampus]

17. Really? Around here a home = half a million. You need to pay property tax, insurance, utilities

Plus food, health insurance etc.

You can invest that other half a million, but then you pay on the interest and take a hit when the economy goes south.

And then you need to put on a new roof, a new furnace.

So a million is a large amount that gives you a leg up. But it doesn't make you independently wealthy in many parts of the country. Maybe in Mississippi.

Oh, and those small business owners you don't give a shit about are the ones who employ Americans.

[KharmaTrain]

4. That Also Would Mean Rises In Other Brackets As Well...

20 years ago $50gs a year was a nice salary...today it's "break even"...yet those earning at that level under the old tax laws were at 25% or higher. Would you wish this to be the fate of those who earn that amount today? Going back to the regressive rates of the 60s (which very, very few ever paid the 91% or even above 50%) would open the gates to a massive off shoring of wealth...plenty of little islands and third world kleptocracies that would welcome the money sitting in their banks.

While the top 5% get all the heat, it's their corporations who are the real tax cheats...look at the obscene profits that oil companies make and pay next to no federal taxes. Want to level things...start by requiring companies that do business in this country to pay their fair share of taxes...be it an American or foreign company. Why go after the millions when there are billions slipping under the radar.