General Discussion

Nye Bevan

(25,406 posts)

33. I think 40% is about right.

Tue Jan 22, 2013, 01:23 PM

Jan 2013

It's pretty much within the internationally normal range, especially when state taxes are added on.

Anyone who wants the rate to be much higher than this will likely be disappointed, because having restored the pre-Bush tax cut top rate of 39.6%, I don't see any indication that Obama wants to push to raise this rate still further.

BTW I am open to eliminating loopholes (especially carried interest) and limiting deductions.

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What should be the highest income tax rate in the US? [View all] el_bryanto Jan 2013 OP

When an individual is increasing his/her net worth by billions annually, they can afford a much .... Scuba Jan 2013 #1

Exactly! A braking mechanism must be in place for a capitalistic economy to RKP5637 Jan 2013 #11

Lets not overdo the hyperbolie... brooklynite Jan 2013 #20

No hyperbole ... Scuba Jan 2013 #32

I think you'll find... brooklynite Jan 2013 #36

I thought this thread was about future tax law. Scuba Jan 2013 #41

What we really need is an income cap. bemildred Jan 2013 #2

What negative consequences might come from an income tax? n/t el_bryanto Jan 2013 #3

Perhaps if you elaborated on your question, I could figure out how to respond? bemildred Jan 2013 #6

Sorry - i mean to say income cap el_bryanto Jan 2013 #7

You want people who work hard to do well, really well, so you set it high, really high. bemildred Jan 2013 #13

I suppose it depends on where you set it el_bryanto Jan 2013 #15

COLAs are good too, they make inflation games less attractive. bemildred Jan 2013 #21

If I'm an "NBA/TV superstar" and my team/network is stupid enough to pay me that amount... brooklynite Jan 2013 #38

If we can get together and use our government to take all your money, what's wrong with that? bemildred Jan 2013 #39

Oy. Buzz Clik Jan 2013 #10

Vey. nt bemildred Jan 2013 #14

I am not a big fan of such things. Buzz Clik Jan 2013 #18

True, but people get hurt. And as you say, it's stupid. bemildred Jan 2013 #22

It is the estate tax that must be very high also. The US is no place for kingdoms. MrYikes Jan 2013 #4

Whatever the highest needs to be to provide the necessary services LiberalFighter Jan 2013 #5

Just at my gut level it should never exceed 50%. The Gov' should not get more than the earner 1-Old-Man Jan 2013 #8

What the hell. Take it all. Buzz Clik Jan 2013 #9

lol srican69 Jan 2013 #16

lol quinnox Jan 2013 #17

Taxing inheritance is much more effective than taxing income. Preventing the limitless accumulation Egalitarian Thug Jan 2013 #12

+1. Yes, that's where the real money is. nt bemildred Jan 2013 #23

And if we went after it everybody that works for a living could get a huge tax break. Egalitarian Thug Jan 2013 #28

I like the way you think. bemildred Jan 2013 #31

60-80 at least for the rich with yearly audits to determine how they were getting there wealth libtodeath Jan 2013 #19

I am all for raising everyone's taxes except mine. srican69 Jan 2013 #24

I dunno, but if the taxation system is progressive, then closeupready Jan 2013 #25

101%. hay rick Jan 2013 #26

What about Bill Gates? Or the late Steve Jobs? n/t el_bryanto Jan 2013 #44

Top marginal rate. hay rick Jan 2013 #48

the question is moot hfojvt Jan 2013 #27

"should"? well, in my dreamworld, income isn't taxed at all. WEALTH is progressively taxed. unblock Jan 2013 #29

Eliminate the income tax; instead, have a consumption tax (VAT), and tax capital gains at 20% n/t aristocles Jan 2013 #30

I think 40% is about right. Nye Bevan Jan 2013 #33

I'm not smart enough to know I guess. Inkfreak Jan 2013 #34

Beware of meddling with the estate tax aristocles Jan 2013 #35

Good point, didn't really think of that. Inkfreak Jan 2013 #42

Federal, or federal and state (and local?) combined? muriel_volestrangler Jan 2013 #37

Shouldn't discussion start with how much the government needs to do it's work, hughee99 Jan 2013 #40

The problem, grasshopper, is determining how much the government needs to do its work aristocles Jan 2013 #43

I agree. hughee99 Jan 2013 #46

I think it is fine where it is, but ALL income in a bracket should be taxed at the same rate n2doc Jan 2013 #45

How much? Crepuscular Jan 2013 #47

Graph: History of top marginal tax rates limpyhobbler Jan 2013 #49