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This means that in NY and CA, when you include state and local taxes, some people will be paying over 80% in taxes. Thats just absurd, regardless of how much money anyone makes. The federal government does not have the right to take 70% of anyone's income, taking ~30% is questionable, especially considering how wasteful they are with it.
Who cares, she's like one vote. Besides, she's an idiot. Good for laughs though.
Hauser's Law (Observation) folks. Learn it, live it, love it. And it goes like this: no matter what the tax rates are, the federal revenue averages ~17% of the GDP. Check the historical tables from omb.gov if you doubt it.
From 1945 to 1980, the top marginal rate was some number >=70%, and government revenue as percentage of GDP in that period averaged 17.1%.
Here's why:
The top marginal rate is structured to be only on upper incomes because "punishing the rich" is good for buying votes.
The rate is applied to earned/declared income, and that is an easy number to change regarding total compensation.
The "rich" end up changing their income and tax behavior to pay less in tax.
Congress, being primarily rich people themselves, set up all manner of ways to do this. Angry plunderers, moochers and looters refer to those laws as "loopholes" but they are simply tax laws that anyone possessed of the ability to read and comprehend English is capable of knowing.
And the end result is the amount of the GDP that gets heisted for government use ends up always being 17%, +/- 2%.
Again, check omb.gov if you doubt me. Ocasio-Cortez is just another dumbass who thinks nobody will change their behavior to hide from the tax man, when history is quite clear and unanimous that indeed, people will and do change their behavior every single time the tax man cometh. Hard to argue with 70 years of rock solid, consistent, easily verifiable data.
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Quote:
Originally Posted by Volobjectitarian
Hauser's Law (Observation) folks. Learn it, live it, love it. And it goes like this: no matter what the tax rates are, the federal revenue averages ~17% of the GDP. Check the historical tables from omb.gov if you doubt it.
From 1945 to 1980, the top marginal rate was some number >=70%, and government revenue as percentage of GDP in that period averaged 17.1%.
Here's why:
The top marginal rate is structured to be only on upper incomes because "punishing the rich" is good for buying votes.
The rate is applied to earned/declared income, and that is an easy number to change regarding total compensation.
The "rich" end up changing their income and tax behavior to pay less in tax.
Congress, being primarily rich people themselves, set up all manner of ways to do this. Angry plunderers, moochers and looters refer to those laws as "loopholes" but they are simply tax laws that anyone possessed of the ability to read and comprehend English is capable of knowing.
And the end result is the amount of the GDP that gets heisted for government use ends up always being 17%, +/- 2%.
Again, check omb.gov if you doubt me. Ocasio-Cortez is just another dumbass who thinks nobody will change their behavior to hide from the tax man, when history is quite clear and unanimous that indeed, people will and do change their behavior every single time the tax man cometh. Hard to argue with 70 years of rock solid, consistent, easily verifiable data.
It could be more than 17% if the capital gains tax was tied to income tax
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