Should the United States go back to a top federal tax rate of 70%?

[Remodeling Maidiac]

Want to see a great exodus of wealth from the United States?

Keep electing morons like the op

 

[U2Edge]

this fits here>



~S~

Great video, and the reason why we need to go back to a top federal tax rate of 70%.

 

[BluesLegend]

A revenue neutral flat tax would be a MASSIVE tax cut for the rich and a hefty tax INCREASE for everyone else.

No thanks

Even a simpleton as yourself should understand the difference between 20% of 50k and 20% of 50mil.

Even a moron knows that someone making 50K isn't currently paying an effective tax rate of 20%.. Not even close

But 20% is a MASSIVE tax cut for the wealthy

neither is true. when the total tax burden is added up your 50K guy is probably paying 20% or more and your 50 Mill guy is also paying more than 20%. You cannot get enough money from all the rich people in the country to fix the problem, even if you tax all of them at 100%. Look at this chart


Average U.S. income tax rate 2015, by income percentile | Statistic

Thank you for the chart. I agree we cannot tax our way out of the spending problem, but there is not a politician alive that will vote for real spending cuts.

yes, you have nailed the problem in one sentence. Term limits would help. So would age limits for congress. Senile people like Pelosi, McCain, etc should not be making decisions that affect the lives of the rest of us.

You forgot to add that politicians have corrupted and rigged congress so that most of the power is concentrated in the hands of a few with the most seniority. If I send a freshman representative to congress to represent my district its a joke. They have no say or power to represent me. Worse they are threatened by the two parties to vote as they are told or else.

 

[TroglocratsRdumb]

Should the United States go back to a top federal tax rate of 70%?

I think the United States should increase the top federal tax rate from where it is now at 39% back to 70% where it was in 1980. The top tax rate in the United States from 1945 to 1980 was NEVER lower than 70%. The time period of 1945 to 1980 saw the strongest average annual GDP growth in United States history. The national debt as a percentage of GDP was at 121% in 1945. But by 1980, the national debt was only 33% of GDP. During this time period, the United States fought the cold war which involved fighting in Korea and Vietnam as well as deterring the Soviet Union and Warsaw Pact.

How was the United States able to fight these wars, have large annual defense spending, pay for new social programs like Social Security, Medicare etc, while reducing the national debt relative to the country's wealth? It was able to do this by having a top tax rate on the richest Americans that was between 70% and 94% during the time period of 1945-1980. These tax rates on wealthy Americans DID NOT hurt the economy, ruin business etc. The country thrived with these tax rates.

Consumer spending is 80% of economic growth. Most consumers are not wealthy. They are lower class or middle class. Making sure their taxes are lower or balanced is important because they spend money when they get a raise, new job, tax break, etc. The rich though do not change their level of consumer spending when they get a tax cut or obtain more wealth. Their wealth is such that their level of consumer spending is not impacted by tax cuts or tax increases.

So going back to a 70% tax rate for the wealthiest Americans will provide more important revenue for the government without hurting the economy. This extra revenue can be used to balance the budget, pay down debt, increase defense spending, provide more money for education and health care.

The national debt has sky rocketed since 1980 and it has been difficult finding enough money for defense and domestic programs. The solution is a higher tax rate, 70% or more on the wealthiest Americans. It won't hurt the economy as shown by the superior economic growth from 1945 to 1980.

When a person is paying more than 50% in taxes they are no longer working for themselves.
They have become a government slave.

 

[U2Edge]

With a 21 trillion dollar debt it is inevitable that tax rates will rise. Trickle down economics has never worked. 70% tax rate seems over the top, but raising the top marginal rate to between 45 to 50% may be in the offing if the national debt continues to spiral out of control.

Why is it over the top? Americans were just fine with a top federal tax rate of between 70% and 94% from 1940 to 1980. The United States was a superpower without all the funding and debt problems we have today.

 

[Harpy Eagle]

Should the United States go back to a top federal tax rate of 70%?

I think the United States should increase the top federal tax rate from where it is now at 39% back to 70% where it was in 1980. The top tax rate in the United States from 1945 to 1980 was NEVER lower than 70%. The time period of 1945 to 1980 saw the strongest average annual GDP growth in United States history. The national debt as a percentage of GDP was at 121% in 1945. But by 1980, the national debt was only 33% of GDP. During this time period, the United States fought the cold war which involved fighting in Korea and Vietnam as well as deterring the Soviet Union and Warsaw Pact.

How was the United States able to fight these wars, have large annual defense spending, pay for new social programs like Social Security, Medicare etc, while reducing the national debt relative to the country's wealth? It was able to do this by having a top tax rate on the richest Americans that was between 70% and 94% during the time period of 1945-1980. These tax rates on wealthy Americans DID NOT hurt the economy, ruin business etc. The country thrived with these tax rates.

Consumer spending is 80% of economic growth. Most consumers are not wealthy. They are lower class or middle class. Making sure their taxes are lower or balanced is important because they spend money when they get a raise, new job, tax break, etc. The rich though do not change their level of consumer spending when they get a tax cut or obtain more wealth. Their wealth is such that their level of consumer spending is not impacted by tax cuts or tax increases.

So going back to a 70% tax rate for the wealthiest Americans will provide more important revenue for the government without hurting the economy. This extra revenue can be used to balance the budget, pay down debt, increase defense spending, provide more money for education and health care.

The national debt has sky rocketed since 1980 and it has been difficult finding enough money for defense and domestic programs. The solution is a higher tax rate, 70% or more on the wealthiest Americans. It won't hurt the economy as shown by the superior economic growth from 1945 to 1980.

The only way it was possible to maintain that level of slavery? Tax loopholes so that no one actually paid 70%, and the fact that World War 2 had destroyed the industrial base of every other industrialized country in Europe and Asia....leaving us the only country with any industry.......so if you want to do that, 70% would barely be possible......but now? No way....70% is how you get Venezuela, but with even less food and toilet paper...

Europe was largely rebuilt by the late 1950s/early 1960s. Asia was still largely undeveloped. Tax loopholes became much more common AFTER 1980, but were not common before 1980. Go back to 1978, the height of the disco era, plenty of wealth, but the richest were paying 70% of their income in federal tax. The country was a strong global super power, but the national debt was under control. It was only 33% of annual GDP back in 1978. The period from 1945 to 1980 shows that heavy taxes on the rich will not hurt the economy and will benefit the country as a whole in a variety of ways.

You are delusional.....

Instead of name calling, can you provide some data to dispute his position?

I know that wasn't addressed to me, but here ya go.

Average U.S. income tax rate 2015, by income percentile | Statistic

Thank you. that is very much what I was hoping for.

 

[U2Edge]

Should the United States go back to a top federal tax rate of 70%?

I think the United States should increase the top federal tax rate from where it is now at 39% back to 70% where it was in 1980. The top tax rate in the United States from 1945 to 1980 was NEVER lower than 70%. The time period of 1945 to 1980 saw the strongest average annual GDP growth in United States history. The national debt as a percentage of GDP was at 121% in 1945. But by 1980, the national debt was only 33% of GDP. During this time period, the United States fought the cold war which involved fighting in Korea and Vietnam as well as deterring the Soviet Union and Warsaw Pact.

How was the United States able to fight these wars, have large annual defense spending, pay for new social programs like Social Security, Medicare etc, while reducing the national debt relative to the country's wealth? It was able to do this by having a top tax rate on the richest Americans that was between 70% and 94% during the time period of 1945-1980. These tax rates on wealthy Americans DID NOT hurt the economy, ruin business etc. The country thrived with these tax rates.

Consumer spending is 80% of economic growth. Most consumers are not wealthy. They are lower class or middle class. Making sure their taxes are lower or balanced is important because they spend money when they get a raise, new job, tax break, etc. The rich though do not change their level of consumer spending when they get a tax cut or obtain more wealth. Their wealth is such that their level of consumer spending is not impacted by tax cuts or tax increases.

So going back to a 70% tax rate for the wealthiest Americans will provide more important revenue for the government without hurting the economy. This extra revenue can be used to balance the budget, pay down debt, increase defense spending, provide more money for education and health care.

The national debt has sky rocketed since 1980 and it has been difficult finding enough money for defense and domestic programs. The solution is a higher tax rate, 70% or more on the wealthiest Americans. It won't hurt the economy as shown by the superior economic growth from 1945 to 1980.

When a person is paying more than 50% in taxes they are no longer working for themselves.
They have become a government slave.

So from 1940 to 1980, the rich were government slaves and suffering? Do you really think Elvis Presley lived the life of a SLAVE?

 

[U2Edge]

Want to see a great exodus of wealth from the United States?

Keep electing morons like the op

Where was the great exodus from the United States from 1940 to 1980 when the tax rates were 70% to 94%? Did the Trump family leave the United States during that time? What country did Elvis Presley move to?

 

[leftwinger]

My past research clearly shows no matter where they set the top rate they are almost never able to take in more than 20%*GDP.

Maybe due to other debuctions? Money moves? People lay low, don’t produce?

Flat tax 20% on ever dollar gained perhaps? No complicated tax code.

 

[Slyhunter]

Should the United States go back to a top federal tax rate of 70%?

I think the United States should increase the top federal tax rate from where it is now at 39% back to 70% where it was in 1980. The top tax rate in the United States from 1945 to 1980 was NEVER lower than 70%. The time period of 1945 to 1980 saw the strongest average annual GDP growth in United States history. The national debt as a percentage of GDP was at 121% in 1945. But by 1980, the national debt was only 33% of GDP. During this time period, the United States fought the cold war which involved fighting in Korea and Vietnam as well as deterring the Soviet Union and Warsaw Pact.

How was the United States able to fight these wars, have large annual defense spending, pay for new social programs like Social Security, Medicare etc, while reducing the national debt relative to the country's wealth? It was able to do this by having a top tax rate on the richest Americans that was between 70% and 94% during the time period of 1945-1980. These tax rates on wealthy Americans DID NOT hurt the economy, ruin business etc. The country thrived with these tax rates.

Consumer spending is 80% of economic growth. Most consumers are not wealthy. They are lower class or middle class. Making sure their taxes are lower or balanced is important because they spend money when they get a raise, new job, tax break, etc. The rich though do not change their level of consumer spending when they get a tax cut or obtain more wealth. Their wealth is such that their level of consumer spending is not impacted by tax cuts or tax increases.

So going back to a 70% tax rate for the wealthiest Americans will provide more important revenue for the government without hurting the economy. This extra revenue can be used to balance the budget, pay down debt, increase defense spending, provide more money for education and health care.

The national debt has sky rocketed since 1980 and it has been difficult finding enough money for defense and domestic programs. The solution is a higher tax rate, 70% or more on the wealthiest Americans. It won't hurt the economy as shown by the superior economic growth from 1945 to 1980.

When a person is paying more than 50% in taxes they are no longer working for themselves.
They have become a government slave.

So from 1940 to 1980, the rich were government slaves and suffering? Do you really think Elvis Presley lived the life of a SLAVE?

They're ignoring all their write offs they had back then.

 

[Remodeling Maidiac]

Want to see a great exodus of wealth from the United States?

Keep electing morons like the op

Where was the great exodus from the United States from 1940 to 1980 when the tax rates were 70% to 94%? Did the Trump family leave the United States during that time? What country did Elvis Presley move to?

Different era dumbass

 

[Lesh]

Flat tax 10% on ever dollar gained perhaps?

Nope. Not even close to revenue neutral.

Would have to be closer to 20%

 

[U2Edge]

I will abandon you nitwits to your socialist graves before I give 70% because you fucks can't get your shit straight and earn money for yourselves or stop fucking blowing money out your asses on dumb unprofitable shit. Me and mine are already paying fucking 70% of the damned bill for the nation, piss off.

If your that rich and don't like it, I suggest learning how to manage your money better. You could also move to Somalia where there is no government to tax you.

 

[Slyhunter]

I will abandon you nitwits to your socialist graves before I give 70% because you fucks can't get your shit straight and earn money for yourselves or stop fucking blowing money out your asses on dumb unprofitable shit. Me and mine are already paying fucking 70% of the damned bill for the nation, piss off.

If your that rich and don't like it, I suggest learning how to manage your money better. You could also move to Somalia where there is no government to tax you.

Actually Belize is better.

 

[U2Edge]

We have RECORD FEDERAL TAX REVENUE coming in right now. Why hurt economic expansion, growth and record employment by raising tax RATES?

Economic growth was better in the years from 1940 to 1980 when the top federal tax rates were above 70%.

 

[TroglocratsRdumb]

Should the United States go back to a top federal tax rate of 70%?

I think the United States should increase the top federal tax rate from where it is now at 39% back to 70% where it was in 1980. The top tax rate in the United States from 1945 to 1980 was NEVER lower than 70%. The time period of 1945 to 1980 saw the strongest average annual GDP growth in United States history. The national debt as a percentage of GDP was at 121% in 1945. But by 1980, the national debt was only 33% of GDP. During this time period, the United States fought the cold war which involved fighting in Korea and Vietnam as well as deterring the Soviet Union and Warsaw Pact.

How was the United States able to fight these wars, have large annual defense spending, pay for new social programs like Social Security, Medicare etc, while reducing the national debt relative to the country's wealth? It was able to do this by having a top tax rate on the richest Americans that was between 70% and 94% during the time period of 1945-1980. These tax rates on wealthy Americans DID NOT hurt the economy, ruin business etc. The country thrived with these tax rates.

Consumer spending is 80% of economic growth. Most consumers are not wealthy. They are lower class or middle class. Making sure their taxes are lower or balanced is important because they spend money when they get a raise, new job, tax break, etc. The rich though do not change their level of consumer spending when they get a tax cut or obtain more wealth. Their wealth is such that their level of consumer spending is not impacted by tax cuts or tax increases.

So going back to a 70% tax rate for the wealthiest Americans will provide more important revenue for the government without hurting the economy. This extra revenue can be used to balance the budget, pay down debt, increase defense spending, provide more money for education and health care.

The national debt has sky rocketed since 1980 and it has been difficult finding enough money for defense and domestic programs. The solution is a higher tax rate, 70% or more on the wealthiest Americans. It won't hurt the economy as shown by the superior economic growth from 1945 to 1980.

Why do you want in my pocket?

So we will tax ourselves to prosperity?

And the government won't waste the money this time? It will be different this time?

Not like: Social Security or the Debt or Medicare

If you are United States citizen living in the United States, whatever is in your pocket is thanks to the MARKET, a MARKET which you were born into and had the opportunity to take advantage of. The U.S. market was created long before you were born and was defended in multiple wars, and was built and grown by generations of people that came before you. To keep it going though requires a stable government that can defend itself and its interest worldwide. That stable government needs revenue that it only can get from taxes. Most of the wealth that can be taxed is in the hands of the rich.

But hey, if you don't like this system, your free to move to a country like Somalia where there is no government. Somalia has a rather chaotic environment though. Its much harder to make money there and there is a high probability of you being killed or robbed of whatever money you do make. No Billionaires in Somalia. Its a rough place, but at least there is no government reaching into your pocket. Would you prefer to live there rather than the United States?

Its a waste of money to have the country's government drowning in debt, and to be struggling to pay for defense, and other social programs while the rich live high off the hog. The rich were still rich in the 1950s even when they were paying 90% of their income in taxes. Raise the tax rates on the rich and you can solve the debt and budget deficit problems that have come about since 1980, while still paying for the defense of the country and important domestic programs.

Liberals are Liars.
When Democrats raise taxes they don't pay the debt, they spend even more.

 

[U2Edge]

Everybody is taxed at around 35%, and that's too much. The government keeps unnecessarily spending up all the tax revenue every year so they can demand more next year. That needs to stop. The government is bloated at least 1/3 more than where it should be.

If you doubt that 35%..Add in state income tax, fuel tax, communications tax, power bill tax..

They tax every damn thing.

Tax revenue that comes into the government every year is only about 22% of GDP, lower than most other countries in the world, 134 of them to be exact.

 

[G.T.]

food is roughly $600/month..

some states dont tax many of the necessity foods but...for worst case scenarios ...we can use 8% and determine worst case scenario that food cost adds about a half a percent to your income taxes.

add gas taxes, and your cable bill taxes....and youre still under 1% of taxes added to your effective income tax rate, using averages....

mortgage interest deduction is a wash with property/school taxes in many cases...


where do people go from 20-something effective income tax rates..

all the way up to 50% by adding life-expense taxes??

can any human show me this math.

 

[U2Edge]

Want to see a great exodus of wealth from the United States?

Keep electing morons like the op

Where was the great exodus from the United States from 1940 to 1980 when the tax rates were 70% to 94%? Did the Trump family leave the United States during that time? What country did Elvis Presley move to?

Different era dumbass

Historical fact that you are unable to refute. A lesson in good tax policy and how to get the country out of its debt problems and properly fund the government.

 

[G.T.]

Should the United States go back to a top federal tax rate of 70%?

I think the United States should increase the top federal tax rate from where it is now at 39% back to 70% where it was in 1980. The top tax rate in the United States from 1945 to 1980 was NEVER lower than 70%. The time period of 1945 to 1980 saw the strongest average annual GDP growth in United States history. The national debt as a percentage of GDP was at 121% in 1945. But by 1980, the national debt was only 33% of GDP. During this time period, the United States fought the cold war which involved fighting in Korea and Vietnam as well as deterring the Soviet Union and Warsaw Pact.

How was the United States able to fight these wars, have large annual defense spending, pay for new social programs like Social Security, Medicare etc, while reducing the national debt relative to the country's wealth? It was able to do this by having a top tax rate on the richest Americans that was between 70% and 94% during the time period of 1945-1980. These tax rates on wealthy Americans DID NOT hurt the economy, ruin business etc. The country thrived with these tax rates.

Consumer spending is 80% of economic growth. Most consumers are not wealthy. They are lower class or middle class. Making sure their taxes are lower or balanced is important because they spend money when they get a raise, new job, tax break, etc. The rich though do not change their level of consumer spending when they get a tax cut or obtain more wealth. Their wealth is such that their level of consumer spending is not impacted by tax cuts or tax increases.

So going back to a 70% tax rate for the wealthiest Americans will provide more important revenue for the government without hurting the economy. This extra revenue can be used to balance the budget, pay down debt, increase defense spending, provide more money for education and health care.

The national debt has sky rocketed since 1980 and it has been difficult finding enough money for defense and domestic programs. The solution is a higher tax rate, 70% or more on the wealthiest Americans. It won't hurt the economy as shown by the superior economic growth from 1945 to 1980.

When a person is paying more than 50% in taxes they are no longer working for themselves.
They have become a government slave.

With NO tax deductions and loopholes...

do you think someone who would reach the 50% tax bracket...

pays half of all their income?

or...do you know how tax brackets actually work..