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It is simply unfair for anyone to pay 50% of their income when so many are not paying much if anything at all.
Taking 50% of the money from these people will not only effect the current economy but future economies as well.
Investors in small businesses make our country run and if you take half their money you wont see it anymore.
Small business is our engine, without it you will see what we have now, stale economy, low paying jobs and no new investments into creating higher paying jobs.
Also, lately we have a problem with our government spending. If you take more they will only spend (waste) more like they recently have.
I did some research, and saw and have heard that in Eisenhower's time the top one percent earners paid 50 percent tax.
Marginal Tax Rate on Regular Income over $400,000: 92% - 91% under Eisenhower.
Went down to 70% under Carter, then Regan royally screwed up up bringing it to 28% (and that's when the economic charts all went the opposite of what had worked for decades).
A return to Eisenhower era taxes would be a great benefit to the economy. They had a much more progressive tax (a ton of tax levels vs 4 or 5 for today).
Quote:
Originally Posted by Grand-Strand-Family
It is simply unfair for anyone to pay 50% of their income when so many are not paying much if anything at all.
Tax rates are at different levels. Ie. You're in the 28% bracket, but you won't pay 28%. You pay 28% on the dollars above whatever the threshold is.
Quote:
Originally Posted by Grand-Strand-Family
Taking 50% of the money from these people will not only effect the current economy but future economies as well.
Would be beneficial. The people with the "50%" tax rate aren't the economy backbone.
Quote:
Originally Posted by Grand-Strand-Family
Investors in small businesses make our country run and if you take half their money you wont see it anymore.
Assuming it's applied at a rational dollar level, it wouldn't include those people.
Quote:
Originally Posted by Grand-Strand-Family
Also, lately we have a problem with our government spending. If you take more they will only spend (waste) more like they recently have.
The government doesn't have a spending problem, it has a revenue problem. Government spending is still in line with expected levels looking at the charts of the past. The revenue is what has drastically dropped off, and all the tax breaks are a big portion of that. They're also part of the reason the economy is down.
Most of the time, higher taxes mean less revenue. Business owners are not gonna work as hard for less money. You may want to investigate further your numbers, before presenting it to anyone.
Most of the time, higher taxes mean less revenue. Business owners are not gonna work as hard for less money. You may want to investigate further your numbers, before presenting it to anyone.
That's been the theory for the past 30 years, look where its gotten us.
lol@having a revenue problem
the govt steals money to buy votes, spends money inefficiently, has zero financial accountability whatsoever and then you have the audacity the claim they have a revenue problem
thats like if some idiot on here who has a 3000 dollar monthy income spent 10,000 dollars a month on new gadgets
He has a spending problem not a revenue problem
stop spending money like idiots and problem solved
when people are allowed to spend money that isnt theres with no real accountability (and in the process get life time pensions and awesome health insurance plans) they have no incentive not to waste money.
That's been the theory for the past 30 years, look where its gotten us.
We've lowered taxes, and gutted the revenue.
So your answer is to operate like Greece? Lower taxes are not the reason we are in this predicament. Entitlements, and the fact that our almighty Government believes everyone should own a home is the problem. Social security (retirement), medicare and medicaid (healthcare for the elder and poor), are three things Government should have never implemented. It has made us a dependent, broke nation.
Government has failed at almost everything they have touched. SS is broke, medicaid and medicare is broke, the USPO is broke. So what do we do? We turn over another 20% of our entire economy to these thugs, healthcare. UNREAL!
I think most rational People wouldn't mind paying more taxes if we thought it would go toward paying down our debt. But we all know it will get spent on more BS programs that never pan out.
> A .0025 percent tax on all financial transactions would pay off the US debt within 3 years and create surpluses after that
Doubtful. Not sure of the numbers, but highly unlikely this hypothetical takes into account the plunge in transactions that would occur because so much trading (especially quantitative) occurs because the cost is 0.
Marginal Tax Rate on Regular Income over $400,000: 92% - 91% under Eisenhower.
Went down to 70% under Carter, then Regan royally screwed up up bringing it to 28% (and that's when the economic charts all went the opposite of what had worked for decades).
During the Eisenhower to Carter years, there were many more allowable tax deductions so nobody ever payed the top tax rate. Reagan got rid of many of those deductions.
I think most rational People wouldn't mind paying more taxes if we thought it would go toward paying down our debt. But we all know it will get spent on more BS programs that never pan out.
Exactly. Look at state college tuition rates. That keeps going up despite citizens paying more and more state taxes. Where is the money going to ?
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