Quote:
Originally Posted by Julian658
Nice straw man!
I am in the top 1%. It does not take much to be there and I am well aware of the enormous tax burden we have to pay.
I do not blame billionaires, the more the better, I would love to see a 1,000 more Bill gates in america since that would improve the economy.
My beef with the struggling middle class republicans that defend the top brackets. One would think these folks should be voting democrat since they benefit a lot from social programs.
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And raising the top brackets would accomplish what, exactly?
Based upon the history of the last 75 years I can tell you one thing it would do is hurt the working middle class and almost certainly bring about a recession.
Let's examine the years of the high brackets, 1950 for example when anyone earning with an adjusted gross income of $1,905,344 (in constant 2013 dollars, had a 91.0% tax rate.
Federal Individual Income Tax Rates History
Inflation Adjusted (Real 2012 Dollars) Using Average Annual CPI During Tax Year
Income Years 1913-2013
Other than bringing orgasmic delight to liberals everywhere exactly what did it accomplish?
It didn't do anything, in fact it hurt revenue and stifled the economy.
The one number that should stick out is the percentage GDP that ended up in the treasury. That is the most telling number... raise tax rates 50% and expect an automatic 50% increase in revenue? Now that is the definition of stupid!
In 1950 the total revenue to the treasury was just 14.1% of GDP
http://www.taxpolicycenter.org/taxfacts/displayafact.cfm?Docid=200 which doesn't look all that great when you consider total revenue to the treasury in 2013 was 16.7% of GDP.
Wouldn't you think if the tax rate was 47% or higher on anyone with an adjusted gross income of $150,000 or more would obviously result in higher revenue to the treasury?
Of course you would but numbers just don't bear that out at all.
One thing the left doesn't take into account is human nature.
If I own a successful business what do you suppose I am going to do once I hit the 75% tax bracket by making $500,000? Tell you one thing I wouldn't do and that is continue to work and invest. If I am earning $500,000 do you think I am stupid? You honestly think anyone who earns that kind of money is stupid?
If I am not going to be paid then I am not working, how about that?
I tell you who is stupid and that is the people who think they can tax me at a 91% rate and that won't change my strategy or cause me to work just as hard risking just as much for no return.
In 1981 the country was in horrible shape with hideous unemployment rates and an inflation rate that would knock your socks off.
What Reagan did was lower the tax rate and offer business income tax credits on purchasing new equipment like work trucks (I bought three new work trucks in two months) which caused huge pickups in auto manufacturing. I hired more people and inside of three years the only people without jobs were those who didn't want to work.
Quote:
Originally Posted by Julian658
If you want to be like a lion or a Zebra in the wild be my guest, but you will live a life of stress in the name of your so-called freedom which is not really freedom. You do not know what real freedom is!  |
Freedom as in freedom from work and freedom of not having to have a job?
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