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Old 02-23-2014, 04:16 PM
 
Location: DFW
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Any countries use this model of taxation?
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Old 02-23-2014, 04:30 PM
 
Location: Palo Alto
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No
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Old 02-23-2014, 05:16 PM
 
17,015 posts, read 11,381,491 times
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Quote:
Originally Posted by ragnarkar View Post
Any countries use this model of taxation?

So tell me why ANYONE would work for a W-2 income above which put them into the 75% bracket? I certainly would not. Heck, I pay just about 50% right now and reduced my annual income, as I think that rate is outrageous.

There comes a point when working tends to have diminishing returns and "time off" makes more sense. That rate (total with state and federal) is 50% for me. I would offer that many, many others feel the same. With tax rates over 50%, one is working more for the government than themselves. No one should have the majority of their income go to the government.
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Old 02-23-2014, 07:50 PM
 
Location: Alaska
6,306 posts, read 4,174,440 times
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Originally Posted by hawkeye2009 View Post
So tell me why ANYONE would work for a W-2 income above which put them into the 75% bracket? I certainly would not. Heck, I pay just about 50% right now and reduced my annual income, as I think that rate is outrageous.

There comes a point when working tends to have diminishing returns and "time off" makes more sense. That rate (total with state and federal) is 50% for me. I would offer that many, many others feel the same. With tax rates over 50%, one is working more for the government than themselves. No one should have the majority of their income go to the government.
Ditto that..
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Old 02-24-2014, 07:52 AM
 
8,797 posts, read 5,336,607 times
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Quote:
Originally Posted by ragnarkar View Post
Any countries use this model of taxation?
Why not just have all of us pick cotton for free?

75% or higher indeed.

Sometimes I wonder ...
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Old 02-24-2014, 07:57 AM
 
14,298 posts, read 7,724,729 times
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Originally Posted by ragnarkar View Post
Any countries use this model of taxation?
You bet, unfortunately they all collapsed and cease to exist now

So we know not to ever tax at that rate again, unless you have a prison population.
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Old 02-24-2014, 08:13 AM
 
5,573 posts, read 2,117,707 times
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Originally Posted by ragnarkar View Post
Any countries use this model of taxation?
Yes, the United States from 1935 to 1980...essentially.

The top marginal rate on income was 70-90%, capital gains was ~25%, and corporate while anywhere from 30-50% had so many loopholes it may as well have been flat 15%.

In 1941, the US declared war on the Axis and won 4 years later. But in 1935, the US declared war on success, and that battle is still being fought. Progressives are a stalwart bunch, and they clearly aren't ever surrendering until the entire country is in ashes.
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Old 02-24-2014, 12:51 PM
 
24,885 posts, read 11,599,261 times
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Quote:
Originally Posted by hawkeye2009 View Post
So tell me why ANYONE would work for a W-2 income above which put them into the 75% bracket? I certainly would not. Heck, I pay just about 50% right now and reduced my annual income, as I think that rate is outrageous.

There comes a point when working tends to have diminishing returns and "time off" makes more sense. That rate (total with state and federal) is 50% for me. I would offer that many, many others feel the same. With tax rates over 50%, one is working more for the government than themselves. No one should have the majority of their income go to the government.
Because the only income thats taxed at 75% is the amount ABOVE that limit, so no matter what you are still making more money.
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Old 02-24-2014, 01:18 PM
 
Location: Fort Worth Texas
12,482 posts, read 8,509,536 times
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Quote:
Originally Posted by ragnarkar View Post
Any countries use this model of taxation?
Why not take it all 100% give it all to the government and we then can go to government stores and get free stuff, free medical , free everything because the government has it all.
At least the dems would like that
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Old 02-24-2014, 01:42 PM
 
24,885 posts, read 11,599,261 times
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Originally Posted by wjtwet View Post
Why not take it all 100% give it all to the government and we then can go to government stores and get free stuff, free medical , free everything because the government has it all.
At least the dems would like that
No the dems wouldn't. Believe it or not the vast majority of them believe in well regulated capitalism. But I suppose repeating lies like this makes it easier to dehumanize those who disagree with you.
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