Biden is back on warpath. I won't bore you with what they ALREADY pay, let us just work out how much you think that they should pay.
This link is not very long, but good to know how unrealistic Biden's idea would work out. As an example of 'what we don't realize', please see this excerpt from the article. Naaaa, not that easy.
Let’s say, for instance, that Congress decided to raise the effective tax rate of the 1% by increasing the top rate on ordinary income. Currently, the top tax bracket on ordinary income is 39.6%. How high would Congress have to raise this rate, in order to raise the effective tax rate of the 1% to 45 percent?
According to our estimates, Congress would have to raise the top rate on ordinary income to 74 percent, in order to raise the effective rate of the 1% from 33.4 percent to 45 percent. This would be a rate hike of over 34 percentage points, or an 87 percent increase in the top rate.
An EIGHTY SEVEN percent increase. Y'all may have to go elsewhere to dig for money.
@averagejoe1 saidIn the 1950s (when America Was Great) it was 91%
Biden is back on warpath. I won't bore you with what they ALREADY pay, let us just work out how much you think that they should pay.
This link is not very long, but good to know how unrealistic Biden's idea would work out. As an example of 'what we don't realize', please see this excerpt from the article. Naaaa, not that easy.
Let’s say, for instance, that ...[text shortened]... he top rate.
An EIGHTY SEVEN percent increase. Y'all may have to go elsewhere to dig for money.
https://www.wolterskluwer.com/en/expert-insights/whole-ball-of-tax-historical-income-tax-rates
@athousandyoung saidyeah, america will survive but without the heavy rollers in society like Musk and Bezos, high level game-changing
In the 1950s (when America Was Great) it was 91%
https://www.wolterskluwer.com/en/expert-insights/whole-ball-of-tax-historical-income-tax-rates
businesses will no longer be possible here in the US, or it will be severely curtailed. Expect rich people to move out.
And democrats can cheer about that but the unemployment and the decline in our standard of living will not bode well.
Tax rate alone doesn’t determine where a business will settle or flourish.
In the fifties the tax rates were higher and the US did great on the world stage.
If you outsource production to third world countries, goods to get cheaper, but you destroy the indistrial base of a country at the same time. And there’s only so much to be made by consumerism. There’s only so many people who can work in IT.
The basics, as far as I remember, where determining what a minimal survival amount is (and nobody lives under that), determing what a good living is (that’s where the majority should be), tripling that (that’s where the richest reside) and the rest is taxation.
It was something along those lines, anyways.
@earl-of-trumps saidDoes this mean you don't want America to be Great Again? Do you think the 1950's were a time of unemployment and low standard of living in the USA? I thought you liked the 1950's.
yeah, america will survive but without the heavy rollers in society like Musk and Bezos, high level game-changing
businesses will no longer be possible here in the US, or it will be severely curtailed. Expect rich people to move out.
And democrats can cheer about that but the unemployment and the decline in our standard of living will not bode well.
Where do you expect Musk and Bezos to go?
@athousandyoung saidNo matter where they go if they earn income in the US they'd have to pay taxes here.
Does this mean you don't want America to be Great Again? Do you think the 1950's were a time of unemployment and low standard of living in the USA? I thought you liked the 1950's.
Where do you expect Musk and Bezos to go?
@athousandyoung saidGood one. I am horrible with numbers myself, I don't even understand bridge.
I can't define it, but I know it when I see it!
@athousandyoung saidWell, they were about zero, a hundred years earlier. Different circumstances, maybe? We did not have to pay student loans then. Boy, do we need money now!!
In the 1950s (when America Was Great) it was 91%
https://www.wolterskluwer.com/en/expert-insights/whole-ball-of-tax-historical-income-tax-rates
@earl-of-trumps saidBut dont you see, Dems WANT everything to boil all the way down, millions of lesser, maybe impoverished, people who depend on government. I suggest that you become a socialist. That is, BE a socialist, which is different than living under socialism. Those wretches are not socialists.
yeah, america will survive but without the heavy rollers in society like Musk and Bezos, high level game-changing
businesses will no longer be possible here in the US, or it will be severely curtailed. Expect rich people to move out.
And democrats can cheer about that but the unemployment and the decline in our standard of living will not bode well.
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@averagejoe1 saidThat's OK Sleepy Joe isn't good with numbers either.
Good one. I am horrible with numbers myself, I don't even understand bridge.
"On my watch, instead of Infrastructure Week, America is having Infrastructure Decade," Biden said, in reference to the "Infrastructure Weeks" notably held during the Trump administration. "Over a billion three hundred million trillion three hundred million dollars."
@shavixmir said.Had to ask........what is minimal survival amount, which, yes, I guess I could live on. To live on means enough to eat, I presume?
The basics, as far as I remember, where determining what a minimal survival amount is (and nobody lives under that), determing what a good living is (that’s where the majority should be), tripling that (that’s where the richest reside) and the rest is taxation.
It was something along those lines, anyways.
Secondly, and a biggie, who decides (determines, you say) what a good living is?
@averagejoe1 saidA hundred years earlier we had slavery and then the country collapsed into civil war. Is that what you want?
Well, they were about zero, a hundred years earlier. Different circumstances, maybe? We did not have to pay student loans then. Boy, do we need money now!!
@averagejoe1 saidTax rates should provide enough money coming into the federal government equal what Congress wants to spend.
Biden is back on warpath. I won't bore you with what they ALREADY pay, let us just work out how much you think that they should pay.
This link is not very long, but good to know how unrealistic Biden's idea would work out. As an example of 'what we don't realize', please see this excerpt from the article. Naaaa, not that easy.
Let’s say, for instance, that ...[text shortened]... he top rate.
An EIGHTY SEVEN percent increase. Y'all may have to go elsewhere to dig for money.
Really sick of the republicans wanting to cut taxes and still spend like democrats.
@wildgrass saidCorrect, the old balanced budget theorem. Should work in practice.
Tax rates should provide enough money coming into the federal government equal what Congress wants to spend.
Really sick of the republicans wanting to cut taxes and still spend like democrats.
Your 2nd sentence needs its own thread.