Originally posted by KazetNagorraI didn't object to taxing rich people more than poor people. I objected to taxing wealth itself.
Taxing the rich heavily makes perfect economic sense, why would you think otherwise?
Merkel's plans to reduce taxes are a severe mistake that will hurt the recovery of the economy.
Originally posted by scacchipazzoYour post makes zero sense.
Yes they do! No right of center govt has ever squandered money at the rate Obama has. Tax and spend, spend and tax some more. That's the leftist way. Once you bankrupt the country then print more money and start the process anew!
I'm disappointed whodey got so excited about it. Shall I go to the data and show you how Reagan was irresponsible with spending to? I don't pay attention to the party of the president when I judge their economic performance.
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Originally posted by KazetNagorraCompared to the rest if the US, it does. California's state income tax rate is the second highst in the nation (after Hawaii). Income over 47k is taxed at 9.55%, while any income over 1 million is taxed an additional 1%. I would suggest that the upper middle class falls within this income range.
California does not have high taxes
Edit: They also have the highest sales tax in the Union at 7.25%.
Originally posted by FleabittenWow, that's super high. In Finland the nominal tax rate for the upper middle class and above is 60% and VAT is 22% for most items.
Compared to the rest if the US, it does. California's state income tax rate is the second highst in the nation (after Hawaii). Income over 47k is taxed at 9.55%, while any income over 1 million is taxed an additional 1%. I would suggest that the upper middle class falls within this income range.
Edit: They also have the highest sales tax in the Union at 7.25%.
Of course I presume federal taxes add to that meagre 9.55% rate, but that won't make it anywhere what's needed to keep an economy healthy.
Originally posted by rwingettI would like to see first if the 44 signatories (a pretty pathetic display for something that made the news) are super rich people who really won't be substantially affected by this type of tax.
http://news.bbc.co.uk/2/hi/europe/8321967.stm
This is a very interesting article. Apparently there are a sizable group of rich Germans who think the government should raise taxes on the wealthy. According to Dieter Lehmkuhl, there are 2.2 million Germans with a fortune of over 500,000 euros. A wealth tax of 5% for two years could raise 100 billion euros ...[text shortened]... t unemployment, poverty and social inequality.
Does this warrant a renewed faith in mankind?
A "fortune" of 500,000 Euros is really not that much, especially if you include the value of one's house, IRAs (or whatever equivalent they have in Germany), business interests, etc.
A tax on the exceedingly wealthy may be a possibility worth considering. 500k Euros is not exceedingly wealthy. I suspect many moderately nice homes in big cities may exceed that value just in the value of the home itself. Imagine having to pay 5% of your wealth every year just because you own a nice house or illiquid business interests, regardless of your liquidity, income or available cash flow! Ouch! A worse, more oppressive idea I could hardly think of.
As for Peter Vollmer, who inherited "a lot of money I do not need," as Telerion said, donate it. In fact, that way you could earmark it towards specific poverty fighting organizations rather than let it get bogged down in government bureaucracy. But no, Peter is not interested in just spending his own money. He's interested in spending other people's money. What a hero!
Originally posted by KazetNagorraYes, federal taxes add 35% for high earners. Plus you have property tax, sales tax, etc.
Wow, that's super high. In Finland the nominal tax rate for the upper middle class and above is 60% and VAT is 22% for most items.
Of course I presume federal taxes add to that meagre 9.55% rate, but that won't make it anywhere what's needed to keep an economy healthy.
Not too meagre.
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Originally posted by KazetNagorraYou stated that the state's debts were a result of the upper middle class not paying enough in taxes. They pay the second highest rate in the country and yet their state has the highest budget deficit by a long shot. It could just as easily be said that the state's debt is a result of over-spending.
Wow, that's super high. In Finland the nominal tax rate for the upper middle class and above is 60% and VAT is 22% for most items.
Of course I presume federal taxes add to that meagre 9.55% rate, but that won't make it anywhere what's needed to keep an economy healthy.
Edit: As for the crap constitution, that can be amended, although it's not the job of the upper middle class to do so.
Originally posted by FleabittenThe problem with California is that voters can block any tax increase or any major cut in government spending. And since there are always special interests guarding government spending that's beneficial to them, nothing much happens. Democracy should be on a strict I-give-you-a-mandate-and-then-leave-you-alone-basis.
You stated that the state's debts were a result of the upper middle class not paying enough in taxes. They pay the second highest rate in the country and yet their state has the highest budget deficit by a long shot. It could just as easily be said that the state's debt is a result of over-spending.
Edit: As for the crap constitution, that can be amended, although it's not the job of the upper middle class to do so.
Originally posted by Fleabitten? sales tax is 8.25 pct.
Compared to the rest if the US, it does. California's state income tax rate is the second highst in the nation (after Hawaii). Income over 47k is taxed at 9.55%, while any income over 1 million is taxed an additional 1%. I would suggest that the upper middle class falls within this income range.
Edit: They also have the highest sales tax in the Union at 7.25%.
Originally posted by rwingettMaybe these rich Germans should teach ethics to the rich Americans😀
http://news.bbc.co.uk/2/hi/europe/8321967.stm
This is a very interesting article. Apparently there are a sizable group of rich Germans who think the government should raise taxes on the wealthy. According to Dieter Lehmkuhl, there are 2.2 million Germans with a fortune of over 500,000 euros. A wealth tax of 5% for two years could raise 100 billion euros ...[text shortened]... t unemployment, poverty and social inequality.
Does this warrant a renewed faith in mankind?