Let's debate merits of 90% top marginal tax rate

There is an inverse relationship between the capital gains tax rate and the revenues procured. So, if you want more money from the rich for capital gains, you should lower the capital gains tax rate, unless your only goal is to punish those with capital gains.

Can you use “billionaire” and “ringworm” in the same sentence?

SAlly V wrote:

subelite hobbyjogger wrote:

The truly wealthy do not care what the taxes on ordinary income are. If you really want to extract a lot of money from the .01 percent,

1. Raise the capital gains tax and make it steeply progressive. Or, tax all income including capital gains with AOC type brackets.

2. Raise the inheritance tax.

3. Cap deductions for charitable contributions.

4. Wealth tax.

(I am not saying we should do this, but if you want to really “soak the rich”, this is how you do it.)

There is an inverse relationship between the capital gains tax rate and the revenues procured. So, if you want more money from the rich for capital gains, you should lower the capital gains tax rate, unless your only goal is to punish those with capital gains.

^ This is dumb reply. The wealthy were given a huge tax gift by the Republicans just over year ago. That gift was supposed to "trickle down" to the wee folk. That did not happened. The rich got richer—they all invest their money in tax avoidance schemes. The employees got hosed.

This is crackpot economics. Your position is based on false moral assumptions. The reason to let people keep their own money is because IT IS THEIRS, not because they will "work harder," "create jobs," "grow the economy," or put it toward any other collective end that know-nothing liberal @ssholes like you want to appoint themselves to dictate. Don't like what other people do with their money? GO FUCK YOURSELF.

I feel like less than 1% of people are actually great at what they do. And to get there, they need both talent and motivation. Taxing 90% takes the latter away from our most promising entrepreneurs, CEOs, business owners, etc. These folks will either stop giving a damn and focus on other aspects of their lives or move to another country. So ya, massive taxes on the rich are a disaster.

I also feel like it is a huge fallacy to assume that rich people waste their money relative to the rest of us. Something like 95% of non-rich people are huge donkeys with their finances. Among the rich, it is probably closer to 50/50.

Finally, I don’t feel like rich peolple are any more likely to be jerks than the rest of us. Rich jerks just happen to be especially annoying and really stand out.

Rupp fan wrote:

I feel like less than 1% of people are actually great at what they do. And to get there, they need both talent and motivation. Taxing 90% takes the latter away from our most promising entrepreneurs, CEOs, business owners, etc. These folks will either stop giving a damn and focus on other aspects of their lives or move to another country. So ya, massive taxes on the rich are a disaster.

t.

The opposing view is that at some point a person has all the money they will ever need. At that point the only reason they need to make more money at the expense of others is just to "keep score". This is why the gap between the highest earners and the lowest earners has continued to widen over the last 50 years.

You did a Good job of defining a Democrat. Gates, Bezos, Buffet, Ron Howard, Oprah, and most actors and musicians.

Definition of democrat wrote:

You did a Good job of defining a Democrat. Gates, Bezos, Buffet, Ron Howard, Oprah, and most actors and musicians.

I seriously don't even know what either party is for or against. It is a fact the gap has widened as the highest tax rate has gone down. Is this good or bad? I don't know. Some argue the poorest are better off because of all the "good" the richest have created while others say they are getting taken advantage of.

Interesting that the wealthiest and poorest are democrats.

You can decide on your own..... wrote:

Definition of democrat wrote:

You did a Good job of defining a Democrat. Gates, Bezos, Buffet, Ron Howard, Oprah, and most actors and musicians.

I seriously don't even know what either party is for or against. It is a fact the gap has widened as the highest tax rate has gone down. Is this good or bad? I don't know. Some argue the poorest are better off because of all the "good" the richest have created while others say they are getting taken advantage of.

I just know the most equal countries are sh it holes. And the countries that suffer from inequality, their poor people live like kings.

Uber wealthy wrote:

Interesting that the wealthiest and poorest are democrats.

You have never driven through the fly over states, of past the red neck, trailer park cities the infest rural red 'merica.

BREAKING NEWS!

Ivanka wants Rudy Giuliani booted from the legal team

https://www.vanityfair.com/news/2019/01/giulianis-fate-is-uncertain-after-interviews

70% on the 10 millionth plus dollar wouldn't raise that much money -- even assuming nobody changes their behavior.

Federal tax income + 3.6%

To actually raise money you'd need to tax people making like $350k plus more.

That's is ACTUAL radical policy.

10million+ tax bracket is not much to discuss but people will still get butthurt on here for no reason.

https://www.bloomberg.com/opinion/articles/2019-01-07/u-s-economy-ocasio-cortez-s-70-tax-idea-isn-t-very-radical

Tax systems like that have failed miserably since 1957 when a change in British law made tax havens a reality. Pretty much all your big tax havens were under the British crown and catered to foreigners who wanted to avoid policies like yours. Your top earners will simply park their earnings elsewhere. Simply look at what happened in Greece and Spain when they implemented their austerity measures.

You don’t get to mislead with random facts. That’s like saying I saw a woman win a road race last week so now women must be faster than men.

Blacks are 21% in poverty while only 8% of whites are. So yes some poor people are white in trailer parks but for every white in poverty, there are 2.5 blacks. The richest people in the US are proud democrats. The point is true that most of the poorest and richest are democrats. Those are facts, not opinions. Yet democrats claim to want equality when their voting base is on the fringes. The mainstream middle class population are Republicans. The poorest states are run by democrats which was pointed out in an article in an earlier post.

No problem. Use LLCs, off shore shell companies, family trusts and your own charitable organization.

Income taxes should only apply to W-2 wage mules.

Consumption tax would get $ from illegals and illegal activity.