How do you feel about rich folks complaining a paying extra taxes even thoug they’re still gonna be rich in the end? (states, billion)

[FirebirdCamaro1220]

Originally Posted by petch751

Are Taxes Fair? If You Answer Yes, You're Probably Poor
when you’re earning more—and you’re at least theoretically paying more in taxes on those earnings—you’re more apt to think the government takes too much. On the flip side, when your income is meager and the federal income tax you owe is similarly meager or perhaps nonexistent, there’s a greater tendency to feel that the system is fine and dandy.

Are Taxes Fair? If You Answer Yes, You're Probably Poor | Time

That's wrong about me, I'm not poor, though I was just 6 years ago. Middle class now, still don't think taxes are unfair

[petch751]

Originally Posted by FirebirdCamaro1220

That's wrong about me, I'm not poor, though I was just 6 years ago. Middle class now, still don't think taxes are unfair

What the mob who buy into the class war rhetoric do not understand is that the rich are already tax efficient so higher taxes don't effect them as much as it does people who have not built their wealth yet and still depend on income. These people are referred to as the HENRY'S. High income not rich yet.

Of course we all want our children to work earning middle of the road wages and never earn high income <sarcasm>

[FirebirdCamaro1220]

Originally Posted by petch751

What the mob who buy into the class war rhetoric do not understand is that the rich are already tax efficient so higher taxes don't effect them as much as it does people who have not built their wealth yet and still depend on income. These people are referred to as the HENRY'S. High income not rich yet.

Of course we all want our children to work earning middle of the road wages and never earn high income <sarcasm>

Yawn, here is the world's tiniest violin playing a song just
for you 🎻😂

[petch751]

Originally Posted by InformedConsent

I took my time back, too. Retired early. Shuttered my business. My employees had to seek employment elsewhere. I pay a lower tax rate now because my income is lower, but it's still too much compared to the 47% of 1040 filers who pay no federal income tax whatsoever.

Yep, I know what your saying. While people like FirebirdCamaro1220 are working, and supports higher taxes, maybe because he think they'll never make that kind of money, we took our time back and are enjoying life more instead of spending our time to make money that gov't will take from us.

[petch751]

Originally Posted by FirebirdCamaro1220

Yawn, here is the world's tiniest violin playing a song just
for you 🎻😂

uh... you do realize there is a difference between high income and wealth right?

[stremba]

Originally Posted by Chicano3000X

My cousin works at a tax place and he tels me folks with big money seem to always be more bitter when they find out they have to pay more. Not aure what the proportion is. But is jt really crippling?

Just a question: what percentage of income would YOU think it is fair to tax the rich? Is there an amount that is too much?

[FirebirdCamaro1220]

Originally Posted by stremba

Just a question: what percentage of income would YOU think it is fair to tax the rich? Is there an amount that is too much?

I'm a different poster, but I would make the top marginal rate 49%, which I would have kick in at 2 million/year level. Note that doesn't make the effective rate anywhere near 49% unless you made multiple billions of dollars in one year

[FirebirdCamaro1220]

Originally Posted by petch751

Yep, I know what your saying. While people like FirebirdCamaro1220 are working, and supports higher taxes, maybe because he think they'll never make that kind of money, we took our time back and are enjoying life more instead of spending our time to make money that gov't will take from us.

I know I won't make it to that level, because that type of money isn't in my profession unless I owned my own trucking company with at least 20 trucks (average truck profits only $10-$20k/year after driver pay). And the top company drivers generally don't make above $120k/year, and that is hauling specialized product like cars or heavy haul

[stremba]

Originally Posted by Chicano3000X

My cousin works at a tax place and he tels me folks with big money seem to always be more bitter when they find out they have to pay more. Not aure what the proportion is. But is jt really crippling?

When I see things like this, I realize that we do a very poor job of educating people in the subject of economics. What do you suppose rich people do with all that money they have? Do they stick it in a vault somewhere, or take "money baths" where they just roll around in hundred dollar bills? Of course not. They generally do one of two things with it (just like any other individuals), both of which are beneficial to the economy and therefore society as a whole: they spend it or they save it.


If they spend it, it should be obvious that this benefits people other than the very wealthy. Even if it's spending on something that you don't think necessary, or that you wouldn't spend it on, this spending benefits someone. Suppose a rich person buys a yacht. That yacht had to come from somewhere; that rich person didn't just build a yacht himself. There was a factory somewhere that produced that yacht. There were people employed at that factory, people who are NOT rich. Suppose we just take all the disposable income that the rich people have beyond what they need for necessities. Who's going to buy yachts now? If nobody's buying any yachts, what do you suppose happens to those individuals working at the yacht factory? They now are an increased burden to society since they will be unemployed and will now qualify for benefits like unemployment compensation, and perhaps even welfare payments if they are unable to find new jobs. Of course, that's only one example -- there are sales people who sell yachts. There are steel workers or workers at plastic factories that make the materials used to manufacture yachts, etc. All of these people benefit from that rich individual having sufficient disposable income to spend on that yacht. Of course yachts are just one example; rich people buy cars, houses, and other goods, all of which yield benefit to society as a whole.


On the other hand, perhaps that rich individual has enough yachts, houses, cars, etc. Therefore, they choose not to spend their money, but rather save it. Again, though, when they save, they do not just stick cash in a vault somewhere and let it sit. Rich people in part become rich because they know how to use money to make more money. Rich people invest their excess funds. These investments don't just sit around either, but are used to fund further economic activity. Suppose you want to go out and start your own business, say a restaurant. You probably would have some money to do so if you were seriously considering this, but likely not enough to really get your business off the ground. What can you do? You can go to a bank and get a loan to get your business started. Where did that money come from? It came from savers, usually rich individuals. Of course, not all of this savings goes into bank accounts. Some goes to things like bonds, stocks, etc. In each of these cases, though, the money does not just sit around. If a company sells a bond, it does so to raise capital to expand its business. Similarly with issuing of stock.

The real question is, then, is society better off when it allows rich people to control how they spend and invest their money or is it better off when the government takes that money and decides how to spend it? Obviously, there are some things that the government can do better than the private sector, and very few people argue that there should be NO taxation. The real argument, though, is how much is the right amount? You may not see an immediate problem with overtaxing the rich, but if you do, it will be a drain on the economy as a whole, which is not a good thing for anybody, rich or poor.

[stremba]

Originally Posted by FirebirdCamaro1220

I'm a different poster, but I would make the top marginal rate 49%, which I would have kick in at 2 million/year level. Note that doesn't make the effective rate anywhere near 49% unless you made multiple billions of dollars in one year

Fair enough, and very few people who believe in progressive taxation will ever put a number to it, so I respect that. However, did you intend that to be TOTAL tax burden, or only Federal income tax rate? If total, then, at least in some localities, that burden already has been surpassed.