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Old 03-14-2016, 12:58 PM
 
32,538 posts, read 29,319,241 times
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Quote:
Originally Posted by denverian View Post
Well, you can't explain that to "low-education Joe the Plumber" voters.
True. They're going to do what they're going to do. God help the rest of us.
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Old 03-14-2016, 01:10 PM
 
Location: Denver, Colorado U.S.A.
14,174 posts, read 22,492,358 times
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Quote:
Originally Posted by Hannibal Flavius View Post
I suppose your right cause I don't exactly know the difference, somebody would know better than me, it just seems that if they will take 90 percent of people's income, it sounds like communism or where the government rules everything. Why would people still go to work after something like that happened?
No one is taking 90% of your income Other countries do pay higher taxes to cover socialized health care and/or cheaper college.

But when you hear "tax 90%", this is what it means. Currently, the top tax rate of 39.6% is paid on income above $406,750 for individuals and $457,600 for couples. Back in the '50s, that top rate was as high as 90 or maybe 91%. In the 70s, it was down to something like 72%.

So if Bernie becomes president and raises this top tax bracket, it only affects the very rich. And even so, they pay a lower rate on income up to that $406K level. With today's low rates on high levels of income, we have a very few Americans amassing huge wealth and basically buying our politicians so they can change the rules in their own favor. This is what Bernie is against.
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Old 03-14-2016, 01:19 PM
 
4,010 posts, read 1,954,266 times
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Quote:
Originally Posted by denverian View Post
No one is taking 90% of your income Other countries do pay higher taxes to cover socialized health care and/or cheaper college.

But when you hear "tax 90%", this is what it means. Currently, the top tax rate of 39.6% is paid on income above $406,750 for individuals and $457,600 for couples. Back in the '50s, that top rate was as high as 90 or maybe 91%. In the 70s, it was down to something like 72%.

So if Bernie becomes president and raises this top tax bracket, it only affects the very rich. And even so, they pay a lower rate on income up to that $406K level. With today's low rates on high levels of income, we have a very few Americans amassing huge wealth and basically buying our politicians so they can change the rules in their own favor. This is what Bernie is against.
Actually, most of the uber wealthy make their money through corporate tax (expenses paid by a LLC), capital gains (taxed at 15 or 20%), or dividends. I seriously doubt too many of them pay 40% or more in taxes.

Realize their rates are lower than yours because they have sophisticated ways of "categorizing" their money to take advantage of the tax code (that was written in-part by their lobbyists) and of course they are always complaining that taxes are too high.
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Old 03-14-2016, 01:37 PM
 
Location: Booth Texas
13,249 posts, read 4,228,306 times
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Quote:
Originally Posted by denverian View Post
No one is taking 90% of your income Other countries do pay higher taxes to cover socialized health care and/or cheaper college.

But when you hear "tax 90%", this is what it means. Currently, the top tax rate of 39.6% is paid on income above $406,750 for individuals and $457,600 for couples. Back in the '50s, that top rate was as high as 90 or maybe 91%. In the 70s, it was down to something like 72%.

So if Bernie becomes president and raises this top tax bracket, it only affects the very rich. And even so, they pay a lower rate on income up to that $406K level. With today's low rates on high levels of income, we have a very few Americans amassing huge wealth and basically buying our politicians so they can change the rules in their own favor. This is what Bernie is against.

I wonder if people realize just what would happen if you just taxed the higher brackets 90 percent?


You take the owners who employ millions of people and tax them out of business, who would have a job?


If you created a good business and you employ thousands of people and then you take 90 percent, all you have is no job.


I know nobody is being taxed 90 percent, but I watched it roll right off Bernie's lips when somebody asked him, Is 90 percent too much?''


Why would any American allow that to happen to another American anyway? Who in their right mind would think a man would continue in a business where 90 percent of his income is taken? I would rather live in the streets.
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Old 03-14-2016, 01:52 PM
 
Location: Denver, Colorado U.S.A.
14,174 posts, read 22,492,358 times
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Quote:
Originally Posted by Hannibal Flavius View Post
I wonder if people realize just what would happen if you just taxed the higher brackets 90 percent?


You take the owners who employ millions of people and tax them out of business, who would have a job?


If you created a good business and you employ thousands of people and then you take 90 percent, all you have is no job.


I know nobody is being taxed 90 percent, but I watched it roll right off Bernie's lips when somebody asked him, Is 90 percent too much?''


Why would any American allow that to happen to another American anyway? Who in their right mind would think a man would continue in a business where 90 percent of his income is taken? I would rather live in the streets.
Were there no jobs in the '50, '60s, '70s, when the top tax bracket was much higher?

And you're still not understanding my post above. Mr. Bigbucks wouldn't have 90% of his income taken to taxes. Only income over the $400 and whatever thousand point.

I know my income is taxed higher than someone making $30K per year, as it should be. I'm in a higher tax bracket. (but by no means making $400K per year)
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Old 03-14-2016, 01:54 PM
 
Location: Denver, Colorado U.S.A.
14,174 posts, read 22,492,358 times
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Quote:
Originally Posted by Vacanegro View Post
Actually, most of the uber wealthy make their money through corporate tax (expenses paid by a LLC), capital gains (taxed at 15 or 20%), or dividends. I seriously doubt too many of them pay 40% or more in taxes.

Realize their rates are lower than yours because they have sophisticated ways of "categorizing" their money to take advantage of the tax code (that was written in-part by their lobbyists) and of course they are always complaining that taxes are too high.
Well, yeah, the rich can hire savvy CPAs to get out of taxes to an extent. 90% for the top rate is probably too much, but it needs to be raised.
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Old 03-14-2016, 02:15 PM
 
Location: Booth Texas
13,249 posts, read 4,228,306 times
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Quote:
Originally Posted by denverian View Post
Were there no jobs in the '50, '60s, '70s, when the top tax bracket was much higher?

And you're still not understanding my post above. Mr. Bigbucks wouldn't have 90% of his income taken to taxes. Only income over the $400 and whatever thousand point.

I know my income is taxed higher than someone making $30K per year, as it should be. I'm in a higher tax bracket. (but by no means making $400K per year)


Yeah, I guess politics remains for those who know it better, but I would put the same tax on everyone, but then I believe in Capitalism and I would do away with most taxes and shrink the government to nothing. I am a Libertarian.


I think I will vote for Trump at least 100 times.
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Old 03-14-2016, 02:26 PM
 
32,538 posts, read 29,319,241 times
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Quote:
Originally Posted by Hannibal Flavius View Post
Yeah, I guess politics remains for those who know it better, but I would put the same tax on everyone, but then I believe in Capitalism and I would do away with most taxes and shrink the government to nothing. I am a Libertarian.

Good luck when your residence is on fire and 911 is disconnected. Maybe you can get a big bell to ring for the bucket brigade. Who will need their own buckets.
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Old 03-14-2016, 02:34 PM
 
Location: Booth Texas
13,249 posts, read 4,228,306 times
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Quote:
Originally Posted by DewDropInn View Post
Good luck when your residence is on fire and 911 is disconnected. Maybe you can get a big bell to ring for the bucket brigade. Who will need their own buckets.
Capitalism will take care of all of that. The government stops fixing the roads and Capitalism will take over and fix the roads. They would start a union of nation wide trucking companies to fix them themselves and if they were not taxed out of all they money, they could get it done. Wherever you start business, businesses will build roads and ensure the safety of their own communities.
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Old 03-14-2016, 02:38 PM
 
Location: Denver, Colorado U.S.A.
14,174 posts, read 22,492,358 times
Reputation: 10428
Quote:
Originally Posted by Hannibal Flavius View Post
Capitalism will take care of all of that. The government stops fixing the roads and Capitalism will take over and fix the roads. They would start a union of nation wide trucking companies to fix them themselves and if they were not taxed out of all they money, they could get it done. Wherever you start business, businesses will build roads and ensure the safety of their own communities.
Oh, lord. Only a Texan But hey, don't stop making the TexMex It's the only think I look forward to when I have to go down there!
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