(10-22-2014 11:57 AM)Fitbud Wrote:  America has been doing income taxes wrong for more than 50 years.

All Americans, including the rich, would be better off if top tax rates went back to Eisenhower-era levels when the top federal income tax rate was 91 percent, according to a new working paper by Fabian Kindermann from the University of Bonn and Dirk Krueger from the University of Pennsylvania.

http://www.huffingtonpost.com/2014/10/22...24430.html

Well, in theory, we'll all be dead in 100 years so this is a moot point. Economist operate in theory land. This is an obvious case in point

(10-22-2014 12:53 PM)DragonLair Wrote:  

(10-22-2014 12:47 PM)LSU04_08 Wrote:  

(10-22-2014 12:36 PM)DragonLair Wrote:  

(10-22-2014 12:29 PM)HeartOfDixie Wrote:  If you do the math, a person who makes $500k per year, who is in the top tax bracket, would suddenly only make $50,000 per year. Please, tell us that is just and a good thing.

All of these plans just gut the upper middle class and the "rich" they think they are socking it to will never end up paying.

I am against this as anybody but you statement is a bit exaggerated. its a Marginal tax rate meaning they would only be taxed the 90% on $40,000 they make over 460,000.

Yeah well, who made that money? Who earned it? Who worked for it?

As i said before i am NOT for the increase i was pointing out an error in his argument.

SorrrrRRREEEE!

I have never understood why EVERYONE paying the SAME percentage of their income in Federal taxes is an unfair approach. Make 15k. And pay 10% (for easy Mathew) making your contribution to the Country 1,500. Make 100,000 and pay 10%, your contribution to the Country is 10,000. Etc. everyone now has a vested interest in how the government spends and takes money. Everyone pays the same percent. Seems fair and sing le to me

Lots of people aren't interested in 'fair'

I find it obscene to suggest that any additional funds be confiscated by the government.

The government does not have a revenue problem, it has a spending problem.

Bullshyt. It's both. I have thought about a one time tax on wealth til we get to a balance deficit and budget. See what it takes to put us in the black and do a one time wealth tax.

We erase what we pay on interest . That should be enough for twenty years.

(10-22-2014 05:35 PM)Machiavelli Wrote:  Bullshyt. It's both. I have thought about a one time tax on wealth til we get to a balance deficit and budget. See what it takes to put us in the black and do a one time wealth tax.

Okay, here's the problem with that. Right now we have a balance of trade deficit of several hundred billion dollars a year. It was over a trillion, but is down somewhat due mostly to increased domestic oil production. That amount has to come back as investment by foreigners, or we have a net wealth drain on the economy. Right now those investors are buying a lot of real estate because productive activities don't make sense in the global economy. They invest here because we are a "safe" destination. Now suppose we do this wealth tax. Guess what, we are not a "safe" destination any more. So now up to a trillion dollars a year starts heading overseas with nothing coming back. What does that do to the economy?

(10-22-2014 05:35 PM)Machiavelli Wrote:  Bullshyt. It's both. I have thought about a one time tax on wealth til we get to a balance deficit and budget. See what it takes to put us in the black and do a one time wealth tax.

C'mon Mach, you spout "moral" in the voting thread, then advocate just taking someone else's wealth to fund the government. Where is the morality in that? How do you reconcile just taking someone else's money? I guess "because they have money" is reason enough to just take it. Jeesh.............

Nooo. It's a one time tax to live in this great country like no other.

Problem Solved.

(10-22-2014 07:30 PM)Machiavelli Wrote:  Nooo. It's a one time tax to live in this great country like no other.

Problem Solved.

And you're paying it too?

(10-22-2014 07:30 PM)Machiavelli Wrote:  Nooo. It's a one time tax to live in this great country like no other.
Problem Solved.

No, it will end foreign investment, or at least put a severe crimp in it. And as long as we are trading at a deficit, we need foreign investment or we become Zimbabwe. And a lot quicker than you might realize, once the momentum gets going that way, it's pretty much over.

Here's what the left doesn't understand. The relevant tax rate for the "rich" (meaning anyone wealthy enough that they don't need all their income to live off) and corporations is what they would have to pay somewhere else. Not what someone else here has to pay. Not what they would have had to pay here 20 or 40 or however many years ago. But what they have to pay somewhere else today. Because that is the rate that they are going to measure everything else against. And if it's higher here than there, then they will invest there. And if it's higher there than here, then they will invest here. That is of course assuming all other things equal, and usually they aren't. BUT, 1) the tax difference gets their attention because it's a hard number whereas most other considerations are soft numbers, and 2) if things are not equal everywhere else, and some approach is therefore favored pre-tax, then if the tax differential is big enough the post-tax favorite could be different.

What do we expect from an economist named Fabian?

(10-22-2014 05:35 PM)Machiavelli Wrote:  Bullshyt. It's both. I have thought about a one time tax on wealth til we get to a balance deficit and budget. See what it takes to put us in the black and do a one time wealth tax.

How can a one-time tax balance the budget when the budget is an ongoing problem?

Why stop at the rich, fit?

These mofo's evidently think that the money we earn from the fruits of our labors belongs to them. They can go straight to hell.

Drive by troll by the OP

I'm shocked

(10-22-2014 08:04 PM)Fo Shizzle Wrote:  These mofo's evidently think that the money we earn from the fruits of our labors belongs to them. They can go straight to hell.

One Memphis fan on this board will tell you that straight up.

(10-22-2014 08:11 PM)Smaug Wrote:  

(10-22-2014 08:04 PM)Fo Shizzle Wrote:  These mofo's evidently think that the money we earn from the fruits of our labors belongs to them. They can go straight to hell.

One Memphis fan on this board will tell you that straight up.

disclaimer: not all Memphis fans are as clueless as that one

(10-22-2014 08:25 PM)maximus Wrote:  

(10-22-2014 08:11 PM)Smaug Wrote:  

(10-22-2014 08:04 PM)Fo Shizzle Wrote:  These mofo's evidently think that the money we earn from the fruits of our labors belongs to them. They can go straight to hell.

One Memphis fan on this board will tell you that straight up.

disclaimer: not all Memphis fans are as clueless as that one

Duly noted.