BDBoop
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- #41
Key Tax Facts
15,753: The number of households in 1961 with $1 million in taxable income (adjusted for inflation).
361,000: The number of households in 2011 estimated to have $1 million in taxable income.
43.1: Percent of total reported income that Americans earning $1 million paid in taxes in 1961 (adjusted for 2011 dollars)
23.1: Percent of total reported income that Americans earning $1 million are likely to pay in taxes in 2011, estimated from latest IRS data.
47.4: Percent of profits corporations paid in taxes in 1961.
11.1: Percent of profits corporations paid in taxes in 2011.
It's completely irrational to insist that corporations and the ones who hoovered up all the money, and have all the money, shouldn't have to pay the taxes inherent TO the money.
Unnecessary Austerity, Unnecessary Shutdown - IPS
Two different problems BDBoop.. The comparison was cherry-picked to 1961 just before the rate structure started to collapse from about 20 brackets to less. In 1961, personal income over 100K was taxed at 89%. No incentive at all to really earn more than 50K. In 1964 it was down to 70% at 100K.. There was NEVER a year in that period that govt REVENUES didn't increase!!!
http://www.taxfoundation.org/files/fed_individual_rate_history-20110323.pdf
Marginal individual rates at the top bracket have shown very little influence on govt revenues -- but have arguably "allowed" more people the opportunity to BE rich. You can have your whack at readjusting them AFTER we wake up to economic reality and control the spending. But the lefties better get wise about WHAT TAX TOOLS they really want to use, because raising the top INCOME tax rate is not gonna do shit to humble hedge fund mgrs and Warren Buffet. It's gonna hurt Jimmy Buffett.. Because Warren's income is CAP GAINS taxable and that's why today's rich pay LESS. Because MORE people are involved in investment than in 1961 and less is coming from salary.. And if you whine just about the BUSH tax cuts -- you're TOTALLY ignoring the realities of the problem. You better also muck with the cap gains carefully, because the economy is MORE sensitive to that number than income tax brackets.
For Corporations -- there IS DEFINATELY a problem. But it's NOT the RATE they are paying. It's all the tax rebates that the govt (mostly actually the left thru green energy) has handed to them.. It's SUBSIDIES that are the problem, not the rate. In fact, NO company should get a subsidy for a product that ALREADY EXISTS like ethanol or dishwashers, or light bulbs, or wind turbines. The only subsidies that have a meaningful ROI are R&D subsidies for new products. And the corporate rates should actually come down again AFTER you stop the madness of politicians pandering to corporate laziness. Like appointing Jeff Immelt as your "jobs advisor" whilst he charges the govt 75bucks for every dishwasher that GE sells because you leftist MORONS think that's saving the planet..
Sir, I think we both know that "cherry picking to 1961" could fly out the window, and we'd still have all our money hoovered out by the top 1% (and corporations.) Therefore. It's past time things return to a more logical tax rate/system, along with an overhaul of the tax system.