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

Discussion in 'Politics' started by U2Edge, Jan 4, 2019.

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

  1. Yes

  2. No

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  1. U2Edge
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    U2Edge Gold Member

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    Harry Truman increased the top federal tax rate to 92%. Why? To pay for the Korean War. The Korean war was paid for up front without borrowing ANY money. Its the only war in United States history where all the direct cost of the war were paid for immediately through tax increases. Sure, there were some rich people who complained, but most felt it their patriotic duty to pay that rate with the country at war. After all, few if any of the rich were fighting on the front lines in Korea risking possible death and dismemberment. Sure, paying 92% in taxes may be tough, but its certainly not as much of a sacrifice as being killed in combat or being severely injured in combat.
     
  2. Centrista
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    Centrista VIP Member

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    5 members voted "Yes" from their posh Southern trailers.
     
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  3. Andylusion
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    Andylusion Gold Member

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    And they.... use that money in the economy.... so the money is still in circulation.

    You would be laughed out of any economics class in the entire planet with this line of reasoning.
     
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  4. Avatar4321
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    Avatar4321 Diamond Member Gold Supporting Member

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    You’re neglecting to factor in the fact that it’s Going to cost jobs.
     
  5. U2Edge
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    U2Edge Gold Member

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    No one wants to tax the lower class at 70%. The country benefits when the lower class pays no federal tax because THEY SPEND THAT MONEY IN THE ECONOMY! The whole point of having the proper tax rate is to maximize economic growth while at the same time maximizing revenue collection. The only way to do that is to have a much higher tax rate on the rich.

    Bartenders and Janitors in Denmark don't pay 65% of their income in taxes. That would hurt economic growth and those individuals would not have enough money to buy what they need to live. You can still get rich in the Scandinavian countries, but you pay a much higher tax rate than you do in the United States. Just as music artist like ABBA and Ace Of Base from Sweden. Very rich and living the life, but yes, they are paying huge tax rates.
     
  6. Toddsterpatriot
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    Toddsterpatriot Diamond Member

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    Was Clinton's top tax rate responsible for the Internet Bubble?

    No,

    Thanks.

    The point is that having the top federal tax rate at 40% does not hurt economic growth

    Now prove your claim.
     
  7. Andylusion
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    Andylusion Gold Member

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    Huge difference. Taking 92% of someones income, to blow it on political games, bad green energy programs, and paying people who simply don't want to pay their bills forever..... is entirely different than a short term expenditure to doing a military offensive.
     
  8. U2Edge
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    U2Edge Gold Member

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    Nominal annual federal revenues increase over time because of economic and population growth. That's not a sign that a top federal tax rate of 40% in 1998 is the equivalent of or better than a top federal tax rate of 70% in 1978, in terms of revenue collection.
     
  9. Dragonlady
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    Why is Venezuela, a country which has had multiple autoritarian leaders, and has been fucked over by the IMF since the 1970's your ONLY example of a socialist democracy?

    What about Norway, Canada, the Netherlands, Switzerland, Belgium, Sweden, Finland, Japan, Australia, New Zealand, and all of the other first world countries ranking ahead of the USA in health care, education, personal freedom, quality of life, personal safety and happiness? All of these countries have cradle to the grave social programs, universal health care, abortion on demand, equal rights for women, and governments which operate within their means.

    What NONE of them have is the world's largest, most expensive army, and none have spent the past 18 years continuously fighting wars on foreign soil. So start by talking realistically about what is the source of your current economic problems, starting with:

    STOP RUNNING DEFICITS TO PAY FOR TAX CUTS YOU SHOULD NEVER HAVE MADE.
     
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  10. Desperado
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    Desperado Gold Member

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    Instead of taxing people at a 70% tax rate we need to cut our spending. No more playing the World Police, No More Foreign Aid, No More UN, The we can cut numerous domestic programs.
     

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