How Much Revenue will Government Gain from Tax the Rich?

Discussion in 'Economy' started by KissMy, Apr 9, 2011.

  1. KissMy
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    KissMy Free Breast Exam

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    How Much Revenue will Government Gain from Tax the Rich?

    How much additional revenue will the government collect from increasing taxes on those making over $1 million a year? On those making $250k a year?

    Be sure to factor in some Laffer curve bias.

    Will this additional revenue cover the government spending gap?

    Can we give the rich incentives to pay higher taxes?

    [​IMG]

    Come on Democrats, Make your best case!
     
    Last edited: Apr 9, 2011
  2. william the wie
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    william the wie Gold Member

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    Hardly any. A progressive VAT tax would work, especially if applied to bank interest and fees, to get the country back on a solid footing but soaking the rich, dream on.
     
  3. FireFly
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    FireFly Bright F**ker

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    It is interesting how not one of the tax the rich democrats has a clue, yet they point fingers as they suck the country dry.
     
  4. saved
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    No amount of additional taxes or cuts in spending can fix the debt as we have crossed over the line.
    With a 14 trillion dollar debt growing at the rate of over 4 billion a day and currently borrowing 40% of every dollar spent it is too late.
    The current 38 billion that the GOP got cut from the budget was a joke. 38 billion is only 9.5 days of savings when there is a 4 billion a day increase in debt.
    If we could cut the annual budget by 1 trillion a year we would still be adding to the debt and it is impossible to cut one trillion from annual spending. Get ready for this nation to default and become like a third world country as we lose our freedoms and rights and the military takes over to police the people who are living on the streets all because of irresponsible and corrupt politicians.
     
  5. edthecynic
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    edthecynic Censored for Cynicism

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    The truly wealthy never have any taxable income, so no tax increase will hit them. They have their wealth hidden in phony "charities" that they control. The only way to get them to pay their fair share of taxes is to end all charity deductions, and tax all "charities."

    For example: The DuPonts had their house declared a historical site and then set up a "charity" to maintain the historical site. They packed the board with family members and required that the head of the board must be an immediate family member. They then donated the historical site to the foundation and specified that the head of the foundation lives in the house. They now get a tax deduction for the value of the house they live in and a tax deduction for their electricity, heat, etc. When the head of the foundation dies, the next family member becomes the head and lives in the house without paying a penny in inheritance taxes.

    August 7, 2007
    CALLER: And, you know, and the way our tax system works, we have an overly complex system, which in and of itself is a problem, but the way our tax system works and the way the tax laws are written, it's based on a few kind of like hinge numbers like adjusted gross income and taxable income, and while the soak the rich -- or however you choose to describe it -- really doesn't come down that way. It really comes down to much lower income levels.

    RUSH: It does, exactly, and here's the dirty little secret if you ever to pull it off. It's hard. This is why most people don't understand the tax-the-rich business. You've got to structure your life so you have no "earned" income. I'm out of time. I'll explain that. There's a category called earned income versus other kinds of income. Earned income is what the income tax rate is on. That's how "the rich" do it. They don't have "earned" income.
    END TRANSCRIPT

    The Truth About Taxes
    August 6, 2007
    RUSH: I've told you before: the income tax is designed to keep people like his [Buffett's] secretary from becoming wealthy! There is no "wealth" tax. So this is a big misnomer. ...
    But there's no tax on wealth. There is a tax on income, and the tax on income is designed to keep everybody who is not wealthy from getting there.

    I'm talking about genuine wealth, not the way Democrats define "rich."
     
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  6. FireFly
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    FireFly Bright F**ker

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    Socialist Schakowsky Introduces Bill to Tax Millionaires and Billionaires
    Lets see if I got this right. We are spending $1,345 Billion more than we take in each year, and the big soak the rich tax bill from a major socialist congresswomen may raise $78 Billion a year. Where the hell are we suppoed to get the other $1,267 Billion from???

    STOP THE FUCKING SPENDING!!!!!!!!!!!!
     
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  7. Truthseeker420
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    Truthseeker420 Gold Member

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    It is wrong to view it as how much can we make or incintives. How about everyone pay their fair share. IMO everyone should pay the same % of what they make.
     
  8. rdean
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    rdean rddean

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    Considering the Bush 2.4 trillion dollar tax cut that was passed through the same reconciliation that Republicans hate did nothing to help the country and more than 52% went to the top 1% and all of those that were millionaires and billionaires only saw their fortunes swell, I would say we could start there. That would bring back over a trillion dollars from people who never needed it in the first place.
     
  9. Sallow
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    Sallow The Big Bad Wolf. Supporting Member

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    Lots.

    One of the biggest follies in American history was the Bush tax cuts. Followed interesting enough by the Bush Wars.
     
  10. Sallow
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    Sallow The Big Bad Wolf. Supporting Member

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    This has no basis in simple math.
     

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