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JFK, face-smashing Democrat
GrundleStiltzkin
Member Posts: 61,482
in Tug Tavern
GrundleStiltzkin
Member Posts: 61,482
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You still butthurt over Ty?
Look at 1960. Pretty crazy actually. Those rates were raised in the mid 50s trying to pay off the war bonds from WW2.
I also agree on not raising taxes to add programs. At some point we need to raise taxes and cut expenses to pay down our debt. Same with what we did in the 90s, it will need to coincide with a hot economy too.
Also, an annual income of $400k back then is over $3 million today while an income of $100k is $800,000 in today's dollars.
As usual, details matter.
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!!!!!
wsj.com/articles/SB10001424052702303345104579282760272285556
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.
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.
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.