- Mar 7, 2014
- 45,806
- 9,573
- 2,030
This chart makes no sense.
You have income tax at the top and TOTAL tax at the bottom. Making assumptions that there are more taxes than just income tax, means this chart isn't worth much
The chart shows: no matter what upper tax rate is, Revenue collected cannot get above ~20%*GDP.
I am sure over all these years they have tried every combination scheme possible, but revenue does not rise by "taxing the rich".
Suppose the GDP is $20T when Bernie goes in. He will never get more than $4T no matter what. This is based on past history shown above.
If they take too much ............ what happens? GDP drops? Money moves? people move? all of it?
There are different ways of taxing.
Tax on things people buy taxes the poor more than it taxes anyone else.
Income tax depends on how the tax is set out. Those who want a flat tax see the poor being taxed more, those who want to see a staggered system see the rich take up more of the slack.
So he says he'll increase income tax for the rich, perhaps he'll lower it for the poor and you'll still end up with a 20% and then what you say won't happen.
I suppose you could shift who pays. But they never get more than 20%*GDP over history. They must have tried? You want the 1% to pay all $3.6T? I suppose they could try that. I would pay ZERO.
I want tax payment to be fair. This doesn't mean lots of people paying nothing and it's not the richest paying it all either.
The problem is there are those on either side who want an unfair burden for one group or another group.