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I took the time. Let me ask you a honest question: do you really think a rich person will pay taxes at those rates? Cuz I don't think so, I would say you'd have the following outcomes:
1. Rich people would make huge donations to tax free foundations, municipal bonds, and any other tax shelters, instead of investing that money in new businesses that are main driver for creating jobs. Result: at best more of what we got now, skating along on the cusp of another recession. I think it'd be more likely that a new tax policy such as you outline would be enough to crater our economy.
2. Or maybe they invest overseas, creaing new businesses and jobs somewhere else and keep the profits over there to avoid your high taxes. Same result. Some of 'em even sell out, pack up, and leave the US altogether. You sure as hell aren't going to attract foreign investors to come here, I can tell you that.
3. Some rich people would defer compensation to the future when your tax rates are reduced by a super majority on both houses of Congress and a republican president. Which would be as soon as the next election, and the democratic party would be set back for a generation.
Many liberals think fondly back to the days in the 1950s when the marginal tax rate was 91% and dream about returning to those wonderful days of abundant revenue. Think of all that extra money we could spend! Only one problem - total federal revenue during those years hovered between 18% and 20% of GDP, and the lib/dems want to spend closer to 25%. So, you raise the rates but guess what, you ain't going to get the extra money you think you are. The rich people just ain't going to pay it, they'll hide it, put it overseas, or whatever.
That's because there is no amount of taxation that's fair. What's fair isn't what you earn it's what you have left. At an 85% tax rate, someone is still going to be making more than a janitor left with $20,000That's the part that's not fair. The fair thing is to tax someone making real money so that they get to have the same amount of disposable income as the janitor.
I took the time. Let me ask you a honest question: do you really think a rich person will pay taxes at those rates? Cuz I don't think so, I would say you'd have the following outcomes:
1. Rich people would make huge donations to tax free foundations, municipal bonds, and any other tax shelters, instead of investing that money in new businesses that are main driver for creating jobs. Result: at best more of what we got now, skating along on the cusp of another recession. I think it'd be more likely that a new tax policy such as you outline would be enough to crater our economy.
2. Or maybe they invest overseas, creaing new businesses and jobs somewhere else and keep the profits over there to avoid your high taxes. Same result. Some of 'em even sell out, pack up, and leave the US altogether. You sure as hell aren't going to attract foreign investors to come here, I can tell you that.
3. Some rich people would defer compensation to the future when your tax rates are reduced by a super majority on both houses of Congress and a republican president. Which would be as soon as the next election, and the democratic party would be set back for a generation.
Many liberals think fondly back to the days in the 1950s when the marginal tax rate was 91% and dream about returning to those wonderful days of abundant revenue. Think of all that extra money we could spend! Only one problem - total federal revenue during those years hovered between 18% and 20% of GDP, and the lib/dems want to spend closer to 25%. So, you raise the rates but guess what, you ain't going to get the extra money you think you are. The rich people just ain't going to pay it, they'll hide it, put it overseas, or whatever.
The rates in my tax code for individuals is beyond balanced especially since the majority of Americans aren't solely single. I don't think most of you guys realize the sheer bi-partisan look my tax code is.
Jumping from 12% to 24% right at the level that has the highest number of taxpayers (50K to 90K) is gonna cause havoc. Especially in the married brackets. If you notice the current tax scheme, doesn't break that group of taxpayers so that one spouse is working primarily to pay taxes..
Look -- what I like about this is that EVERYBODY should pay something. Even $500 a year from the 40Mill filers that pay NO TAX is $20Bill in additional revenue.. That's a couple hurricanes and tornado relief. You can't continue to excuse 40Mill filers and call it fair share.
But more damage to progressivity has been done by STEALING excess FICA from the working poor and using it as general revenue than by LOWERING the top tax brackets in 2001.
Hey Fellow Man:
I've been pondering on this for a while and have decided to go through a decent tax policy in terms of progressive taxes for individuals and what I figured out that our current policy for the last twenty years is so half-assed and plain ole' illogical. Have you guys felt this too? You know as an up and coming politician I've decided to create my own tax policy on the likes of progressive taxes for individuals. Take a Look at My Proposal: Progressive Change: A Federalist's Approach on Progressive Taxes. Anyway, I would like to continue this conversation with you guys and hopefully you'll take a read when you have the time.
Apparently like you I believe that we have too few tax brackets.
I won't argue with your proposed rates since neither of us has crunched the numbers to see how much money either of our proposals would generate.
But I can agree with you in principle that we need to rethink the tax rates.
I do think, however, that imposing any taxes on folks making $10K is a mistake.
I understand, I suspect, WHY you propose to do that, and am somewhat sympathetic, too.
But nobody can really live on $10K in this nation. Taxing the destitute just doesn't seem like a good idea.
And I am not sure that we'd need a 48% top bracket, either.
We're really need to crunch the numbers to see what rates we'd need to pay the bills.
What we'd need is a proforma spread sheet where we could plug in the real reported incomes to see if your system would generate enough dough.
I agree with your statements and to be honest with you I have calculated how much revenue would bring; it's a must to tax those who make 10,000 USD but at much lower rate which is what I proposed at 4%. I've did the math countless times and mirrored the tax brackets we've had in the past but balanced them. I hope that you sign the petition anyway because they don't necessary have to take my specific tax proposal but just take my words, the words of the People about balancing our progressive taxes into account.
Hey Fellow Man:
I've been pondering on this for a while and have decided to go through a decent tax policy in terms of progressive taxes for individuals and what I figured out that our current policy for the last twenty years is so half-assed and plain ole' illogical. Have you guys felt this too? You know as an up and coming politician I've decided to create my own tax policy on the likes of progressive taxes for individuals. Take a Look at My Proposal: Progressive Change: A Federalist's Approach on Progressive Taxes. Anyway, I would like to continue this conversation with you guys and hopefully you'll take a read when you have the time.
I was looking at the chart....i think they are all too high.
The most should be 50% at the very top, thats half of what people EARN.
Those making under 50k should have their rate under 10% but over 5%. Maybe cut back accodingly on all the brackets in-between to fit into my two end brackets and, even though its not uniform like the constitution's language says taxes ought to be, I could support it.
Example:
Let's Say You're Single without Children Dependent on You.
You Make $174,000 a Year Because You're a Congressman.
The Common Calculations that the IRS Uses is This:
$174,000 times 44% = $76,560 (This is How Much the Federal Government Gets)
$76,560 - $174,000 = $97,440(This is How Much You'll Have Left)
Now, how many members in the House and the Senate? 435.
$76,560 times 435 = $33,303,600
That's because there is no amount of taxation that's fair. What's fair isn't what you earn it's what you have left. At an 85% tax rate, someone is still going to be making more than a janitor left with $20,000That's the part that's not fair. The fair thing is to tax someone making real money so that they get to have the same amount of disposable income as the janitor.
Jumping from 12% to 24% right at the level that has the highest number of taxpayers (50K to 90K) is gonna cause havoc. Especially in the married brackets. If you notice the current tax scheme, doesn't break that group of taxpayers so that one spouse is working primarily to pay taxes..
Look -- what I like about this is that EVERYBODY should pay something. Even $500 a year from the 40Mill filers that pay NO TAX is $20Bill in additional revenue.. That's a couple hurricanes and tornado relief. You can't continue to excuse 40Mill filers and call it fair share.
But more damage to progressivity has been done by STEALING excess FICA from the working poor and using it as general revenue than by LOWERING the top tax brackets in 2001.
I'm tired of reading your statements I thought this forum was a progressive forum but at first I thought it was a Conservative forum but now I think this forum is just for disengaged voters.
Jumping from 12% to 24% right at the level that has the highest number of taxpayers (50K to 90K) is gonna cause havoc. Especially in the married brackets. If you notice the current tax scheme, doesn't break that group of taxpayers so that one spouse is working primarily to pay taxes..
Look -- what I like about this is that EVERYBODY should pay something. Even $500 a year from the 40Mill filers that pay NO TAX is $20Bill in additional revenue.. That's a couple hurricanes and tornado relief. You can't continue to excuse 40Mill filers and call it fair share.
But more damage to progressivity has been done by STEALING excess FICA from the working poor and using it as general revenue than by LOWERING the top tax brackets in 2001.
I'm tired of reading your statements I thought this forum was a progressive forum but at first I thought it was a Conservative forum but now I think this forum is just for disengaged voters.
Anyway, I decided to fax a private document regarding my tax code to the Senate, House, and Exclusive Leaders because it seems my petition isn't getting much attention.
