U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Economics > Business
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 12-02-2012, 10:10 AM
 
Location: Asheville
1,162 posts, read 3,578,956 times
Reputation: 1199

Advertisements

Don't know if this just belongs in politics, so I'll post this same post in three places:

I did some research, and saw and have heard that in Eisenhower's time the top one percent earners paid 50 percent tax. Since then, it has steadily dropped. So, I did some math. I looked at how much top one percent pay in taxes, which is about 20 percent, and this winds up (from figures in millions) to be $400 billion altogether for a year. But let's say for a couple years they paid 50 percent tax, especially if the Republicans are so gall-dang worried about this thing called debt that pretty much everyone who pays bills knows what it means, then the revenue going into the Treasury would be $1 trillion x 2 years = $2 trillion. That would pay off the debt, deficit, and a super max McDonald's hamburger dinner for four poor people for the rest of their lives. Anyone want to correct me? Should I send it to some group who specializes in teaching truth to money mongers? Keep in mind, after the two trillion goes out the window, the top one percent KEEP two trill.
Reply With Quote Quick reply to this message

 
Old 12-02-2012, 10:50 AM
 
Location: The Triad (NC)
26,928 posts, read 58,162,405 times
Reputation: 29429
Quote:
Originally Posted by gigimac View Post
I did some research, and saw and have heard that in Eisenhower's time... So, I did some math.
Beware of logical fallacy traps...
Comparing rough percentages of anything across long stretches of time is very tough.
Reply With Quote Quick reply to this message
 
Old 12-02-2012, 10:56 AM
 
1,567 posts, read 2,697,985 times
Reputation: 1262
how about all the people who pay 0?or even worse than 0 are burdens on society?
how about the fact all of the income tax collected in this country doesnt even pay the interest on the national debt?
how about the fact these scumbag politicians buy votes with tax payer money and spend money without any accountability whatsoever? the more you let them tax the more you let them spend figuring they can just go back and steal more whenever they feel like it.
And there is no chance taxes on the 1 pct go up to 50% without it going up on everyone else by a lot.When an 18 year old bimbo maxes out daddys credit card and daddy's response is to raise the limits she just spends more money without a care in the world. The gov't is no different.
Reply With Quote Quick reply to this message
 
Old 12-02-2012, 01:32 PM
 
5,092 posts, read 9,620,887 times
Reputation: 3941
Quote:
Originally Posted by bxlefty23 View Post
how about the fact all of the income tax collected in this country doesnt even pay the interest on the national debt?
How about the fact that folks just make up total nonsense they have no idea about?

Real Numbers:

Income Tax Revenue: (around) $1000 Billion.

Interest on National Debt: (around) $400 Billion.

=======

Meanwhile. Why not just pay Zero Interest on Debt Free .gov issued money?
Reply With Quote Quick reply to this message
 
Old 12-02-2012, 01:36 PM
 
Location: Tyler, TX
15,194 posts, read 17,725,025 times
Reputation: 7981
Quote:
Originally Posted by gigimac View Post
Don't know if this just belongs in politics, so I'll post this same post in three places:
Against the ToS...

Quote:
Originally Posted by gigimac View Post
I did some research, and saw and have heard that in Eisenhower's time the top one percent earners paid 50 percent tax.
No, they didn't.

The RATE may have been that high, but NOBODY paid it. There were a lot more loopholes back then and a lot more ways to hide or exempt income.

Because of that, the rest of your post is meaningless, so I won't bother to address it...
Reply With Quote Quick reply to this message
 
Old 12-02-2012, 02:26 PM
 
Location: East of Seattle since 1992, originally from SF Bay Area
28,514 posts, read 50,877,777 times
Reputation: 28900
Also, if you tax them at 50% they are going to find a way to maintain their current lifestyle. That may mean making even more money by laying off some of the people working for them, raising their prices, or sending more work overseas.
Reply With Quote Quick reply to this message
 
Old 12-02-2012, 04:14 PM
 
28,906 posts, read 45,316,169 times
Reputation: 45831
All you'll do is kill the investment environment.

One of the great fallacies of Keynesian economics is that Taxpayer A will manage his money in precisely the same way whether the tax rate is 20% or 50%. And raising the tax rate does not ensure higher revenues. In fact, in the case of capital gains taxes, the opposite has proved to be the case.

Because when you lower the capital gains tax, more people have incentive to actually conduct transactions. Less money is essentially locked away, which means more money gets out in circulation.
Reply With Quote Quick reply to this message
 
Old 12-02-2012, 05:32 PM
 
Location: Upper East, NY
1,144 posts, read 2,545,428 times
Reputation: 561
1. The fact that the top 1% paid 50% of the taxes in Eisenhower's time: Assuming that is correct, it would be the highest % they paid in the 240-yr history of the republic. So why use that as a reasonable baseline?

2. You are totally wrong on the numbers - $2 trillion at $400 billion at a time would take 5 years. $400 billion extra rev. would turn the yearly deficit from $1 trillion currently to $600 billion. SO in 5 years, you would have an extra $3 trillion added to the national debt. You don't pay off any of the $16 trillion national debt with this ridiculous hike- you only add to it slightly less quickly.

Further, you wouldnt raise $400 billion. The sharper and more punitive the tax rise, the greater avoidance that takes place and the less that is raised. In BRitain, the hike from 40% to 50% of the top tax raised only 40% of what was forecast and was scaled back to 45% starting next year.
Reply With Quote Quick reply to this message
 
Old 12-02-2012, 05:39 PM
 
Location: Atlantis
3,019 posts, read 3,131,741 times
Reputation: 8784
A .0025 percent tax on all financial transactions would pay off the US debt within 3 years and create surpluses after that - even with eliminating the current IRS tax codes and system and switching to a 2% income tax on anyone making less than $30,000 a year, 4% for anyone making between $30,000 - $100,00 and then 5% for anyone making $100,000 - $500,000 and 6% for anything above that.

Problem solved. At least until the government starts requiring more money beyond what those numbers account for.
Reply With Quote Quick reply to this message
 
Old 12-02-2012, 06:40 PM
 
Location: NJ
22,799 posts, read 28,676,797 times
Reputation: 14687
the government has not proven that it would reduce debt if it receives more revenue. more revenue = more debt. so even if you did double what you took in from the rich, you would just end up more than doubling the debt.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Economics > Business
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2018, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top