Do you support a 70%+ tax bracket for top earners? (1 Viewer)

porculator

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I'm definitely OK with adding higher tax brackets. Kinda dumb that the highest one is only $500,000.

The past has shown that doing this won't hurt the economy. Rich people will still be rich, and they'll still spend. They just won't squirrel away as much.

That said, in the past it wasn't as easy to just funnel your money to some other country that won't tax it as much.

As far as the actual percentage, its kind of a moral question of how much are you OK with taking away from people. I think if most voters knew where they should really be channeling their frustrations, they'd be ok with 70%.
 

N.O.Bronco

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I'd be open to it.

America, along with plenty of countries have fairly high upper end tax brackets and there needs to be a re-balancing of the consumption and investments side of the US economy and tax rates are one way to achieve that.
 

Saint_Ward

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How does that fix our spending issue?
It doesn't, but it would at least close the deficit gap, and possibly allow for some much needed temporary infrastructure spending.

But we can tackle both issues at the same time. We can't always be in deficit spending, especially when the economy is roaring.

to the OP, I'm not sure about 70%. I don't know what the right top marginal rate would be, but I do think more tiers, the higher you go, is ok. I don't mind spreading them out a bit below 500k. meaning, have the top two tiers start at higher values than now.

I was going to try to build some curves showing how wages vs tax bracket end up looking (as a curve), and show some different models. I just need to have some time to think about it.
 

50_Saint

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It doesn't, but it would at least close the deficit gap, and possibly allow for some much needed temporary infrastructure spending.

But we can tackle both issues at the same time. We can't always be in deficit spending, especially when the economy is roaring.

to the OP, I'm not sure about 70%. I don't know what the right top marginal rate would be, but I do think more tiers, the higher you go, is ok. I don't mind spreading them out a bit below 500k. meaning, have the top two tiers start at higher values than now.

I was going to try to build some curves showing how wages vs tax bracket end up looking (as a curve), and show some different models. I just need to have some time to think about it.
I certainly appreciate your honesty!

How do you suppose we ask the roughly 55% of households who pay for 100% of the federal taxes to pay more? Also, what do you do about the other 45% who pay no federal taxes?

And for semantics sake, I am aware everyone pays federal tax in their paychecks. I am talking about returns.
 

Taurus

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I certainly appreciate your honesty!

How do you suppose we ask the roughly 55% of households who pay for 100% of the federal taxes to pay more? Also, what do you do about the other 45% who pay no federal taxes?

And for semantics sake, I am aware everyone pays federal tax in their paychecks. I am talking about returns.
We don't. We ask the top .1% to pay more and leave everyone else alone.

Unless you, yourself are a millionaire, it's in your best interests to stop fighting the class war for them. I guarantee they aren't fighting for us.

To the OP: Hell yes. With a special punitive incentive to keep that money in the US. Move your money out? Lose triple in damages. Same for corporations.

I'd also set up a tax break for companies that actually give out raises to the workers instead of just the C-suites. A big incentive if your C-suites earn less than five times the average wage. Big enough to make shareholders sit up and take notice.
 
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I certainly appreciate your honesty!

How do you suppose we ask the roughly 55% of households who pay for 100% of the federal taxes to pay more? Also, what do you do about the other 45% who pay no federal taxes?

And for semantics sake, I am aware everyone pays federal tax in their paychecks.
Your premise is incorrect. You state that it will impact 55% of the population. However if the 70% kicks in high enough, then it won't be 55%. I'll leave it to the economists, but it seems somewhere north of 500k is where you get to the 1% mark. I'd want it to be much higher than that so that you are only touching the top .5% or something, but again, lets use sound fundamentals from recognized professionals to determine.
 

WhoDatPhan78

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I support a much more progressive tax system than we have now. It should be much broader than just the income tax though.

I think the estate tax should be more than it was pre trump. We didn’t earn our parents fortune or misfortune, and our kids didn’t earn ours. I think something like allowing up to 250k per heir and taxing the rest at 100% is reasonable. A rich person’s children already benefitted from that wealth throughout their life. If they can’t turn that head start into a successful adult life then too bad.

Hereditary wealth is just a watered down monarchy.

Everyone should have access to food, clothing, shelter, health care, and education through 4 years post high school.

This creates a framework for a country to get the most out of it’s people. People are a nations most important resource, but instead, we often treat them like a burden.

People usually become what they expect. Treat a person like they are a burden and that’s what they will become. Treat them like an investment and they will grow.

You can’t quantify the benefit of investing in people.
 
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JimEverett

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$10,000,000 is a lot.
I cannot think of any argument against a marginal rate of 70% on anything above that.

How much income would it generate?
 

Saintamaniac

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It gives us enough money to pay for infrastructure, education and healthcare instead of just the military and corporate subsidies.
Even cutting the corporate welfare would be a huge start. Let's call it what it is. It's a corporate hand out to corporations who don't need it. It's welfare for the rich and it's worst than welfare for the poor.
 
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coldseat

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I will be honest, a 70% tax rate make me cringe. I know that only impacts a small amount of people who can easily afford to pay it, but It still feels wrong to me to have any government take more than 50% of a persons earnings (any persons earnings) without a strong justification for doing so, and only for as short a period of time as necessary.

In general though, I think a government should only take from its' citizens what it needs to run efficiently and to work for the benefit of the citizens. I don't know what that top marginal tax rate would be to accomplish that, but I know we have to address a lot of issues. So it makes perfect sense to increase that top tax rate.
 

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