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.
I agree with you, Roadking. You can't tax anyone, rich or otherwise, at that ridiculous rate. I seem to recall rich people running around before Bush though. I think we can safely go back to the pre Bush tax rates -- for everyone, not just the rich.
Or we could just cut government spending and not increase taxes for anybody.
Our government is so bloated and out of control that it could use a good 40% spending cut.
Problem is that the wimps in DC just pretend to cut... but they refuse to shrink government.
I'm all for taxing the rich but lets be fair about it,if my middle-class payroll taxes are 25% then a millionaires taxable income should also be levied at 25%
Obama appears to be putting anyone earning $1 million or more against the wall next to the IRS building.
We we taxed everyone earning $1 million and more at a 80% tax rate what impact would this have on the national deficit?
It should be noted if taxed at 80% anyone filthy enough to earn over $1 million dollars would be left with close to nothing once state and local taxes were paid.
As for the nations current financial position consider the following:
US Tax Revenue: $2,170,000,000,000
Federal Budget: $3,820,000,000,000
New National Debt: $1,650,000,000,000
National Debt: $14,271,000,000,000
We need $1.650 trillion to balance the budget.
How much would an 80% income tax (no deductions either) raise?
I personally will just take more vacation and get below that level. There is no point in generating any additional revenue if it is taxed at 80%- better to stay at home or on vacation and enjoy myself.
Why in the world would ANYONE work for 20% of what they earn?
I agree with you, Roadking. You can't tax anyone, rich or otherwise, at that ridiculous rate. I seem to recall rich people running around before Bush though. I think we can safely go back to the pre Bush tax rates -- for everyone, not just the rich.
I don't like incresing taxes, but at least you talk about raising it for all...which is much fairer to me than raising on one group. Also, there is not that much money in raising rates on high earners. I ve seen that from multiple of sources.
We we taxed everyone earning $1 million and more at a 80% tax rate what impact would this have on the national deficit?
probably very little. the average adjusted gross income of the top 400 taxpayers was $270,510, so taxing people who earn over $1 million wouldn't give you very many people. Rich folks are reputed to do a great job of hiding their incomes from the IRS.
Because they are "earning" many, many times what they are worth?
Again I propose a Income Tax levied on all income from all sources with the bottom 90% exempted from the tax. The rate should be set at as level that covers current government expenses plus eliminating the deficit in 10 years. This tax would be augmented with countervailing tariffs set to eliminate any profit created by low wages, lax environmental standards and foreign government subsidy.
These would put our government on a sound financial base as well as reinvigorating our industrial economy. The results would be a resumption of good times for most without imposing any real hardship on the moneyed class other than some emotional loss of status and privilege. That is a small price to pay for restoring the American Dream to reality for most.
Before you RWA’s begin calling me names, yes, I am way to the left of Liberal and all of the Democrats.
Because they are "earning" many, many times what they are worth?
Again I propose a Income Tax levied on all income from all sources with the bottom 90% exempted from the tax. The rate should be set at as level that covers current government expenses plus eliminating the deficit in 10 years. This tax would be augmented with countervailing tariffs set to eliminate any profit created by low wages, lax environmental standards and foreign government subsidy.
These would put our government on a sound financial base as well as reinvigorating our industrial economy. The results would be a resumption of good times for most without imposing any real hardship on the moneyed class other than some emotional loss of status and privilege. That is a small price to pay for restoring the American Dream to reality for most.
Before you RWA’s begin calling me names, yes, I am way to the left of Liberal and all of the Democrats.
Yes, we know. Guess you are an expert of what jobs are worth. Guess you get to figure the market rate for a neurosurgeon versus someone sweeping hall ways. Sure, they should be paid the same according to your ideas.
Too bad, most of us don't like the idea of moochers trying to sponge off high earners to make things an equal outcome....Easy for people who don't have to make decisions for people who have gotten ahead through hard work....
Still sounds like envy to me...
Because they are "earning" many, many times what they are worth?
Again I propose a Income Tax levied on all income from all sources with the bottom 90% exempted from the tax. The rate should be set at as level that covers current government expenses plus eliminating the deficit in 10 years. This tax would be augmented with countervailing tariffs set to eliminate any profit created by low wages, lax environmental standards and foreign government subsidy.
These would put our government on a sound financial base as well as reinvigorating our industrial economy. The results would be a resumption of good times for most without imposing any real hardship on the moneyed class other than some emotional loss of status and privilege. That is a small price to pay for restoring the American Dream to reality for most.
Before you RWA’s begin calling me names, yes, I am way to the left of Liberal and all of the Democrats.
"all income from all sorces"....will never happen
a majority of income is never reported to begin with
from the LOWEST LEVEL to the HIGHEST LEVEL
you just cant tax income.....it has PROVEN that it doesnt work
This is avery good concept. Makes alot of sense. Get rid of deductions and have 1 rate.
Someone making a million, taxed at 20% = 200K
Someone making 20K, taxed at 20% = 4K
Looks like the millionaire is paying their fair share, as well as the low earner. This actually would probably bring in more revenues. This also would finally get around that whiny argument, but this tax rate is "hard" for the low earner.
Geez, exhempt the first 25K if folks wanted to be charitable. How is this not fair?
No it wouldn't. According to 2009 data on the IRS website, there were 236,883 tax returns with AGI > $1M, representing $727M of income. Multipling by 80% would result in $582M of tax revenue. Not additional tax revenue, total tax revenue, since that money is already taxed. That income generated $177M in taxes in 2009. So the OP's proposed rate, assuming he means total tax rate, will generate about $405M of additional tax revenue.
You got your numbers wrong and didn't cite where your figures are from.
You stated "there were 236,883 tax returns with AGI > $1M, representing $727M of income." That's obviously wrong because just the top 400 taxpayers reported $137.9 billion in income. That alone would yield $110 billion from just 400 taxpayers.
The error in your statement is you said "M" instead of "B." It was $727B of income, not $727M. So, taking your own math at face value, that would yield $405,000,000,000 in additional annual income, or enough money to roughly cut the deficit in half on its own.
Instead of proving that such a tax is minimal, it's actually quite a bit of money.
In any case, 80% is too high a rate but going back to Saint Reagan's rate of 50% is reasonable.
Last edited by MTAtech; 09-19-2011 at 07:36 AM..
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.
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.
