Obama already raised the top rate from 35% back to 39.6%. He also added an Obamacare surcharge of 3.8% on dividend and capital gains income on households with incomes of $250,000 or single people making $200,000.
Now you want to layer on another tax increase of 3%? The Federal Government is a terrible steward of tax dollars and you want to take even more money away from people who know how to make it and allocate it to people who couldn't hack it in the private sector and love OPM?
Lastly, do you not think that people making over $1 million a year impact more things than simply their own payrolls? They consume and invest a lot more than others and consumption / investment greatly impacts the payrolls of other companies and shops.
My point, beyond highlighting that there is a large difference between nominal and effective tax rates, is that the nominal 91% rate hardly effected anyone.
And why should nominal rates be 91% for incomes over $5,000,000? If that is also the effective rate, that means the Federal Government is entitled to 91 cents of every dollar a person earns above $5 million. Is that just or moral? Not in my mind and I don't come close to making $5 million (or even $1 million, though I hope to get there one day).
Unfortunately the Loony Left is so focused on taking wealth away from people to address inequality that they are forgetting that the chief goal should be to reduce poverty by giving a hand-up to people...help people help themselves. Brain dead libtards love the soak the rich mentality and vote for people spewing that crap (shame on the politicians who stoop to that lowest common denominator) but the nation is worse off for it because poverty rates have hardly budged since that ruinous president LBJ declared a "War On Poverty".
But yay, let's raise rates back to 91% and everything will be peaches and cream!!!!!!!@!!111!!!!!
That's easy to say when tax rates are 91% of income over $400k, the 75% bracket started at $100k, and $0-4k was 20%.
Yeah wages are different now, what's your point? Let's just tax wages over $5,000,000 at 90% then. Right?
Where's my Billy Madison quote. You know the one I'm talking about.
But you illustrate the exact point I'm making to Shirley's post. The top tax rate effects very few people, you need to take into account the whole tax structure.
I'm not sure anyone ever said the effective rate was 91%. It's 91% of every dollar over $400k. And I noted a couple other rates and then posted the entire tax bracket.
No one is saying to make anyone's effective rate that high. But taxing every dollar over $1,000,000 an extra 3% could bring in a huge amount of revenue, and, like you said, not really effect many people. And I promise you, won't effect one job.
I know many people that make over a million a year, and their tax rate has nothing to do with their payroll levels.
But nice partisan post. I like it.
Again, you don't get it. You clearly don't know anyone that makes real money. 3% would not change their consumption.
The fact is we have to balance the budget. We need to increase revenue and decrease expense. Revenue has been increasing from tax increases and a better economy.
Now the spending side. No politician will actually cut spending. There's too much money from lobbyists, so everyone on Congress is bought off for something. Both sides will need to feel the pain. You can't cut from the poor and increase military spending. No one will cut from social security or medicare.
Obama already raised the top rate from 35% back to 39.6%. He also added an Obamacare surcharge of 3.8% on dividend and capital gains income on households with incomes of $250,000 or single people making $200,000.
Now you want to layer on another tax increase of 3%? The Federal Government is a terrible steward of tax dollars and you want to take even more money away from people who know how to make it and allocate it to people who couldn't hack it in the private sector and love OPM?
Lastly, do you not think that people making over $1 million a year impact more things than simply their own payrolls? They consume and invest a lot more than others and consumption / investment greatly impacts the payrolls of other companies and shops.
My point, beyond highlighting that there is a large difference between nominal and effective tax rates, is that the nominal 91% rate hardly effected anyone.
And why should nominal rates be 91% for incomes over $5,000,000? If that is also the effective rate, that means the Federal Government is entitled to 91 cents of every dollar a person earns above $5 million. Is that just or moral? Not in my mind and I don't come close to making $5 million (or even $1 million, though I hope to get there one day).
Unfortunately the Loony Left is so focused on taking wealth away from people to address inequality that they are forgetting that the chief goal should be to reduce poverty by giving a hand-up to people...help people help themselves. Brain dead libtards love the soak the rich mentality and vote for people spewing that crap (shame on the politicians who stoop to that lowest common denominator) but the nation is worse off for it because poverty rates have hardly budged since that ruinous president LBJ declared a "War On Poverty".
But yay, let's raise rates back to 91% and everything will be peaches and cream!!!!!!!@!!111!!!!!
That's easy to say when tax rates are 91% of income over $400k, the 75% bracket started at $100k, and $0-4k was 20%.
Yeah wages are different now, what's your point? Let's just tax wages over $5,000,000 at 90% then. Right?
Where's my Billy Madison quote. You know the one I'm talking about.
But you illustrate the exact point I'm making to Shirley's post. The top tax rate effects very few people, you need to take into account the whole tax structure.
I'm not sure anyone ever said the effective rate was 91%. It's 91% of every dollar over $400k. And I noted a couple other rates and then posted the entire tax bracket.
No one is saying to make anyone's effective rate that high. But taxing every dollar over $1,000,000 an extra 3% could bring in a huge amount of revenue, and, like you said, not really effect many people. And I promise you, won't effect one job.
I know many people that make over a million a year, and their tax rate has nothing to do with their payroll levels.
But nice partisan post. I like it.
Again, you don't get it. You clearly don't know anyone that makes real money. 3% would not change their consumption.
The fact is we have to balance the budget. We need to increase revenue and decrease expense. Revenue has been increasing from tax increases and a better economy.
Now the spending side. No politician will actually cut spending. There's too much money from lobbyists, so everyone on Congress is bought off for something. Both sides will need to feel the pain. You can't cut from the poor and increase military spending. No one will cut from social security or medicare.
Which basically leaves us where we are. Fucked.
It's not about consumption.
HTH.
Actually consumer confidence drives like 70% of our economy. But you are right, it has nothing to do with consumption. So let's just all stop buying shit and see what happens to our economy.
Obama already raised the top rate from 35% back to 39.6%. He also added an Obamacare surcharge of 3.8% on dividend and capital gains income on households with incomes of $250,000 or single people making $200,000.
Now you want to layer on another tax increase of 3%? The Federal Government is a terrible steward of tax dollars and you want to take even more money away from people who know how to make it and allocate it to people who couldn't hack it in the private sector and love OPM?
Lastly, do you not think that people making over $1 million a year impact more things than simply their own payrolls? They consume and invest a lot more than others and consumption / investment greatly impacts the payrolls of other companies and shops.
My point, beyond highlighting that there is a large difference between nominal and effective tax rates, is that the nominal 91% rate hardly effected anyone.
And why should nominal rates be 91% for incomes over $5,000,000? If that is also the effective rate, that means the Federal Government is entitled to 91 cents of every dollar a person earns above $5 million. Is that just or moral? Not in my mind and I don't come close to making $5 million (or even $1 million, though I hope to get there one day).
Unfortunately the Loony Left is so focused on taking wealth away from people to address inequality that they are forgetting that the chief goal should be to reduce poverty by giving a hand-up to people...help people help themselves. Brain dead libtards love the soak the rich mentality and vote for people spewing that crap (shame on the politicians who stoop to that lowest common denominator) but the nation is worse off for it because poverty rates have hardly budged since that ruinous president LBJ declared a "War On Poverty".
But yay, let's raise rates back to 91% and everything will be peaches and cream!!!!!!!@!!111!!!!!
That's easy to say when tax rates are 91% of income over $400k, the 75% bracket started at $100k, and $0-4k was 20%.
Yeah wages are different now, what's your point? Let's just tax wages over $5,000,000 at 90% then. Right?
Where's my Billy Madison quote. You know the one I'm talking about.
But you illustrate the exact point I'm making to Shirley's post. The top tax rate effects very few people, you need to take into account the whole tax structure.
I'm not sure anyone ever said the effective rate was 91%. It's 91% of every dollar over $400k. And I noted a couple other rates and then posted the entire tax bracket.
No one is saying to make anyone's effective rate that high. But taxing every dollar over $1,000,000 an extra 3% could bring in a huge amount of revenue, and, like you said, not really effect many people. And I promise you, won't effect one job.
I know many people that make over a million a year, and their tax rate has nothing to do with their payroll levels.
But nice partisan post. I like it.
Again, you don't get it. You clearly don't know anyone that makes real money. 3% would not change their consumption.
The fact is we have to balance the budget. We need to increase revenue and decrease expense. Revenue has been increasing from tax increases and a better economy.
Now the spending side. No politician will actually cut spending. There's too much money from lobbyists, so everyone on Congress is bought off for something. Both sides will need to feel the pain. You can't cut from the poor and increase military spending. No one will cut from social security or medicare.
Which basically leaves us where we are. Fucked.
It's not about consumption.
HTH.
Actually consumer confidence drives like 70% of our economy. But you are right, it has nothing to do with consumption. So let's just all stop buying shit and see what happens to our economy.
Actually, it doesn't "drive" 70% of the economy. But I know that's what you've been told on the news and by politicians with an agenda , so I would expect you to believe that. Rather than learn something on your own about how economies work.
Obama already raised the top rate from 35% back to 39.6%. He also added an Obamacare surcharge of 3.8% on dividend and capital gains income on households with incomes of $250,000 or single people making $200,000.
Now you want to layer on another tax increase of 3%? The Federal Government is a terrible steward of tax dollars and you want to take even more money away from people who know how to make it and allocate it to people who couldn't hack it in the private sector and love OPM?
Lastly, do you not think that people making over $1 million a year impact more things than simply their own payrolls? They consume and invest a lot more than others and consumption / investment greatly impacts the payrolls of other companies and shops.
My point, beyond highlighting that there is a large difference between nominal and effective tax rates, is that the nominal 91% rate hardly effected anyone.
And why should nominal rates be 91% for incomes over $5,000,000? If that is also the effective rate, that means the Federal Government is entitled to 91 cents of every dollar a person earns above $5 million. Is that just or moral? Not in my mind and I don't come close to making $5 million (or even $1 million, though I hope to get there one day).
Unfortunately the Loony Left is so focused on taking wealth away from people to address inequality that they are forgetting that the chief goal should be to reduce poverty by giving a hand-up to people...help people help themselves. Brain dead libtards love the soak the rich mentality and vote for people spewing that crap (shame on the politicians who stoop to that lowest common denominator) but the nation is worse off for it because poverty rates have hardly budged since that ruinous president LBJ declared a "War On Poverty".
But yay, let's raise rates back to 91% and everything will be peaches and cream!!!!!!!@!!111!!!!!
That's easy to say when tax rates are 91% of income over $400k, the 75% bracket started at $100k, and $0-4k was 20%.
Yeah wages are different now, what's your point? Let's just tax wages over $5,000,000 at 90% then. Right?
Where's my Billy Madison quote. You know the one I'm talking about.
But you illustrate the exact point I'm making to Shirley's post. The top tax rate effects very few people, you need to take into account the whole tax structure.
I'm not sure anyone ever said the effective rate was 91%. It's 91% of every dollar over $400k. And I noted a couple other rates and then posted the entire tax bracket.
No one is saying to make anyone's effective rate that high. But taxing every dollar over $1,000,000 an extra 3% could bring in a huge amount of revenue, and, like you said, not really effect many people. And I promise you, won't effect one job.
I know many people that make over a million a year, and their tax rate has nothing to do with their payroll levels.
But nice partisan post. I like it.
Again, you don't get it. You clearly don't know anyone that makes real money. 3% would not change their consumption.
The fact is we have to balance the budget. We need to increase revenue and decrease expense. Revenue has been increasing from tax increases and a better economy.
Now the spending side. No politician will actually cut spending. There's too much money from lobbyists, so everyone on Congress is bought off for something. Both sides will need to feel the pain. You can't cut from the poor and increase military spending. No one will cut from social security or medicare.
Which basically leaves us where we are. Fucked.
It's not about consumption.
HTH.
Actually consumer confidence drives like 70% of our economy. But you are right, it has nothing to do with consumption. So let's just all stop buying shit and see what happens to our economy.
Actually, it doesn't "drive" 70% of the economy. But I know that's what you've been told on the news and by politicians with an agenda , so I would expect you to believe that. Rather than learn something on your own about how economies work.
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HTH.