Billionaire Michael Dell on 70% tax rate
https://www.reddit.com/r/esist/comments/ajbr5n/davos_billionaire_on_70_tax_name_a_country_where/
I can’t think of one.
Comments
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I'm guessing the guy is an idiot because he doesn't know about pre JFK tax rates that were 70% or higher?
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Who's Michael Dell? Does he poast here?
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Denmark has a a plus 70% high tier tax rate, and it causes problems for them, as it's extremely difficult to start a new business there.
The biggest problem they have are the continued abandonment of their younger population. They utilize the free college, then once graduated, they leave for other countries. It's almost like people love socialism when they can benefit from it, but hate it when they have to pay for it.
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I don’t know if he’s stupid but it’s certainly a stupid thing to say.RaceBannon said:I'm guessing the guy is an idiot because he doesn't know about pre JFK tax rates that were 70% or higher?
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Not all of us were there
This has been discussed here before. The country did survive the high rates but it also exploded with growth when JFK cut taxes then Reagan.
The tax code was a joke back then just like today. It was written so the rich could avoid ever paying anywhere near that. 70% income tax today would miss most of the uber rich too
I know the flat tax is considered some right wing nightmare but if you taxed all income as income regardless of the source, put in an exemption that eliminated the poor paying then set a rate at 15% or so you'd take in more money and simplify the dodges that are written in the code by bought off congresspeople
Too simple minded? Sometimes simple is better and at least we all pay the same rate so its fair I guess
I'd prefer to go this route than back to high rates and thousands of pages of deductions to avoid them. And as previously stated, Buffet and guys like that don't do much income tax. If you want at their money you have to raise the capital gains which has its own consequences or go flat.
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Why don't you talk about how the economy exploded after Clinton's tax increases or fell flat on it's face after 3 George Bush tax cuts?RaceBannon said:Not all of us were there
This has been discussed here before. The country did survive the high rates but it also exploded with growth when JFK cut taxes then Reagan.
The tax code was a joke back then just like today. It was written so the rich could avoid ever paying anywhere near that. 70% income tax today would miss most of the uber rich too
I know the flat tax is considered some right wing nightmare but if you taxed all income as income regardless of the source, put in an exemption that eliminated the poor paying then set a rate at 15% or so you'd take in more money and simplify the dodges that are written in the code by bought off congresspeople
Too simple minded? Sometimes simple is better and at least we all pay the same rate so its fair I guess
I'd prefer to go this route than back to high rates and thousands of pages of deductions to avoid them. And as previously stated, Buffet and guys like that don't do much income tax. If you want at their money you have to raise the capital gains which has its own consequences or go flat.
TL/DR -
Why don't you fuck off since I wasn't talking to you?
I voted for Bill twice and the economy was great in the 90's but the tax "hike" is no more than it is today.
Clinton signed the Omnibus Budget Reconciliation Act of 1993 into law. This act created a 36 percent to 39.6 percent income tax for high-income individuals in the top 1.2% of wage earners. Businesses were given an income tax rate of 35%. The cap was repealed on Medicare. The taxes were raised 4.3 cents per gallon on transportation fuels and the taxable portion of Social Security benefits were increased.
That SS tax increase hurt the middle class more than the "rich" Reagan did the same thing -
Ok. Let’s talk about it. https://www.google.com/amp/s/www.forbes.com/sites/charleskadlec/2012/07/16/the-dangerous-myth-about-the-bill-clinton-tax-increase/amp/2001400ex said:
Why don't you talk about how the economy exploded after Clinton's tax increases or fell flat on it's face after 3 George Bush tax cuts?RaceBannon said:Not all of us were there
This has been discussed here before. The country did survive the high rates but it also exploded with growth when JFK cut taxes then Reagan.
The tax code was a joke back then just like today. It was written so the rich could avoid ever paying anywhere near that. 70% income tax today would miss most of the uber rich too
I know the flat tax is considered some right wing nightmare but if you taxed all income as income regardless of the source, put in an exemption that eliminated the poor paying then set a rate at 15% or so you'd take in more money and simplify the dodges that are written in the code by bought off congresspeople
Too simple minded? Sometimes simple is better and at least we all pay the same rate so its fair I guess
I'd prefer to go this route than back to high rates and thousands of pages of deductions to avoid them. And as previously stated, Buffet and guys like that don't do much income tax. If you want at their money you have to raise the capital gains which has its own consequences or go flat.
TL/DR -
The 1993 Clinton tax increase raised the top two income tax rates to 36% and 39.6%, with the top rate hitting joint returns with incomes above $250,000 ($400,000 in 2012 dollars). In addition, it removed the cap on the 2.9% Medicare payroll tax, raised the corporate tax rate to 35% from 34%, increased the taxable portion of Social Security benefits, and imposed a 4.3 cent per gallon increase in transportation fuel taxes.
If these tax increases were good for the middle class, then they should have been popular. Yet, in the 1994 elections, the Democratic Party suffered historic losses. Even though Senate Majority Leader George Mitchell had declared the unpopular HillaryCare dead in September of that year, the Republican Party gained 54 seats in the House and 8 seats in the Senate to win control of both the House and the Senate for the first time since 1952.
Second, Messrs. Carville and Greenberg are contradicted by their former boss. Speaking at a fund raiser in 1995, President Clinton said: "Probably there are people in this room still mad at me at that budget because you think I raised your taxes too much. It might surprise you to know that I think I raised them too much, too." -
BTW nobody thinks the collapse of the economy in 07 was due to tax cuts or hikes
Obama never got around to repealing those deadly Bush tax cuts that he used to whip up the simple minded. (Hi Hondo!)
