Reply With Quote
What the is this?
Capitalism and trickle-down economics would be allowed to endure and thrive for the long haul. But, the left wing gets their income distribution without ruining anyone's lives or ability to buy a house.
No limits on business income for a corporation (or a small business partnership's revenue), but cap each individual taxpayer's income at $1.5 Million adjusted gross income per annum. This includes all income... W2s, 1099s, investments, dividends, rentals, note interest, lottos and gambling, overseas income... you get my drift. (It doesn't include non-liquid stuff like increase in business, home or investment equity - only tangible paid-out funds.) All personal income for a given calendar year over $1.5 Million is taxed at a rate of 100%.
Federally ban all personal state income taxes. It's still bizarre that you can have an extra income tax just for living in a different part of the same country as a citizen. Only homeowners and consumers should be taxed at the state level, not simply for happening to work in one state or the other.
Tax the public at only 10% for all (adjusted gross) income of $250,000 or less. This allows not only the poor, but the middle-class to save up to buy things they strive for such as cars and a decent home. Taxes go up significantly on income over that level.
Eliminate the "married filing jointly" and "head of household" tax filing statuses. Each individual must pay their own taxes, with a standard deduction of $18,000 to be raised in the future for inflation.
For the medical industry, there is the caveat: All medical professionals may only earn up to $1 Million per year in adjusted gross income before every cent over that is taxed at 100%. However, all medical malpractice insurance premiums are pre-tax, meaning these annoying and expensive insurance costs are fully deductible and do not count towards a medical professional's AGI, provided this insurance is purchased from a federally recognized insurance company. In addition, all workers deemed by the U.S. government to be working as an employee or contractor for a health insurance company may also only earn up to $1 Million per year in total (adjusted gross) income.
There shall be strict enforcement of this Salary Cap. All persons convicted of committing tax evasion to cir vent this Salary Cap, shall be assessed a lump sum of res ution at the time of their conviction equal to the dollar amount in taxes that they owe, plus a 10% penalty for the first year that they are convicted, a 20% penalty for the second year they are convicted, and a 30% penalty for all following years that they are convicted.
The fraudulent individual will be allowed ninety (90) days to pay this lump sum in full to the IRS (online or by mail) to avert arrest and incarceration, or else face a mandatory sentence of 10 years in regular federal prison for Salary Cap Tax Evasion. In this case, the fraudster must make monthly res ution payments (plus interest) to the IRS while incarcerated, or face a longer sentence. The U.S. government may seize the individual's assets while the fraudster is incarcerated in order to recoup the losses in tax revenue.
What the is this?
I'm not reading all that stupid .
So the Googles, FBs, Amazons of the future would never be? Over 1.5 million taxed at 100% - what would be the incentive to strive once someone hits $1.5 million? Do you have any understanding of human nature?
lmao i want to be rich and work my ass off but once i get to 1.5m annually then i'm done trying and everyone from there on!
I don't see any issues with a 70% marginal rate on income above 5 or so million and similar capital gains rate above 1 million. You then put into place strict laws preventing any number of tax loopholes the rich can potentially use to get out of paying their fair share. Let's stop pretending as a country that trickle down works. Provably false with hard statistics. The reason "evil socialism" is gaining steam (and it's not just with young people supposedly indoctrinated by the commie public school system. I used to be more economically Libertarian but our system isn't set up to make laissez faire capitalism viable) is because like this unacceptable in "the richest country in the history of the world." People are getting sick of it.
https://www.nbcnews.com/news/us-news...ruggle-n949446
Some "bootstrap meritocracy" we live in when the executives that were responsible for the decline of the business are getting bonuses.
OP is brave and forward thinking. My only critique would be that those draconian tax rates should only apply to white folks.
The loopholes are a huge problem and one that Trump tax reform tried to curb a little by removing a lot of the itemized deductions, but unfortunately he took away just all the relatively petty ones (for rich peeps) that really only matter to lower and middle class peeps. Pretty much leaving almost everyone who's not near-rich or rich one decent option: take the standard deduction and call it a day.
Say bye-bye to the NBA. I wonder if Lebron would be willing to work for $1.5 million?
So you make 50c a day? Since trickle down doesn't work.
I would say trickle up is what works, in that when the average Joe has more purchasing power, he has more money to buy the cheap (yet expensively price) plastic crap the like of Apple make.
It'd be the ultimate in income equality. No matter what your talent level/contribution, NBA players would basically earn the same. Sorry, Lebron, Durant and Curry - tough luck but fair is fair. You'd see a migration of the talent and wealth from this country that would put Jamaica's to shame.
Last edited by rmt; 01-30-2019 at 11:05 PM.
100% marginal tax rate is obviously unreasonable, but the proposals of Warren and Cortez aren't. We also need to face the fact of how much pure luck factors in the so-called "earning" of wealth. Lebron didn't earn his 6'8" frame. Trump didn't earn his rich father who floated him half-a-billion dollars in loans as Trump was running his casinos into the ground. Do you really think a CEO works 400 times harder than the standard rank-and-file employee (On average, a CEO makes 400 times more than a common employee)? Do you really think we have a "fair" system that only rewards "talent and hard work" when executives are using the 800 billion dollars in bail out money they received following the recession to give themselves bonuses? Or when executives use these tax cuts that are supposed to "trickle down" to buy back stock which boosts the share price and further enriches them (for doing no work at all)?
I agree with this post...
... also, a 70% tax on everything over a million is just that... a 70% tax on everything OVER A MILLION. It's not the same as saying, if you make $2 Million that you'll have to pay 70% of your income and be left with only $666K in take home pay. Some people just don't know how tax brackets work, smh.
And the LeBron stuff is absolutely 100% correct. What did LeBron or Shaq or Tom Brady do to deserve 8 figure pay every year other than winning the genetic lottery? 99.999% of us couldn't sniff these opportunities even if we put in the hardest work in the history of hard working humanity.
I am assuming that you live in the US. If so, do you think that you are lucky to be born/live in this country? Do you agree that you are X times more fortunate/richer than most people on this earth? Do you think you should give up y% of your income to even it out with all those billions of people out there?
And I don't pay my hard-earned money to watch some average joe with average skills play basketball. I could look out my window and watch a pickup game in my driveway, if that were the case.
No one earns anything. Just genetics and luck.
-Sad Dems
I give to charities, yes. But you're using the false equivalency tactic so common in the "wealth distribution" debate, that a billionaire giving up 70% of his income is the same thing as an average paycheck-to-paycheck living Joe giving up 70% of his income. Does a billionaire who has his net worth reduced down to "only" 300 million suffer any sort of lifestyle change? Not all. Does someone making 70K per year suffer a lifestyle change if they were taxed 70%? Indeed. You basically put their comfortable middle class life below the poverty line. I think many of us Average Joes would love to give more to those "billions of people out there," but how can you expect a worker at Taco Bell to give even 10% of their earnings to the "billions out there?" when they likely need every dime to make ends meet?
Here's an analogy. I don't expect nor demand the minimum wage employee to give to charity even if I do. I have the extra money to do so where they might not. On the same token, a billionaire or those defending billionaires (like yourself) shouldn't expect the middle class to match the percentage of income they give up in taxes, charity, etc.
Tell me how million dollar executive bonuses are "earned" when said executives ran the company into the ground or even worse, are using free tax payer money to pay themselves bonuses? Tell me how Paris Hilton "earned" her money/inheritance? Tell me how boosted share prices (that further enrich executives) through stock buybacks bought with money saved from tax cuts are "earned?" Do you think Jeff Bezos is a million times smarter and works a million times harder than the guy working in one of Amazon's warehouses?
I think Kylie Jenner is a billionaire, or soon will be.
I've been working for 30+ years and I'm not even a millionaire. Should I begrudge her success?
Is it "fair"?
Life isn't fair.
People don't like to face the psychological ego blow that not everything in your life was 100% a result of your blood, sweat, and tears. That doesn't mean you shouldn't be proud of your effort in maximizing your good fortune.
Tell me what prevents humans from trying to make life "fair?" No one is begrudging her success. She's still wealthier than any of us even if taxed twice as high. How does a higher tax rate for her "begrudge her success?"
Why do "we" deserve a larger chunk of her money?
In comparison to the rest of the world, that 70k per year is like that 1.5 million per year OP wants taxed at 100%. You (I don't mean YOU personally) don't think so because you THINK you are struggling to make ends - but you have internet connection, computer, I'm guessing some phone, a standard of living which is like being a millionaire elsewhere. What I described earlier relative to the rest of the world is EXACTLY the same as the 1.5 million to a "struggling" average US joe. Your reaction to my suggestion that you give away y% of your income to "even" it up is exactly how someone who makes 1.5 million would react too.
Brady? Really?
Drafted 199th
Just lucky, suppose.
There are currently 1 users browsing this thread. (0 members and 1 guests)
Posting Permissions
