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

[presonorek]

I would like to know which members of the USMB here warm over $10 million a year.

The income above 10 million will be taxed at 70%.

Please vote in my poll.

*crickets*

Only one so far. I make less than $10,000,000 per year.

 

[boedicca]

Then again...the Clinton tax increase (called the biggest tax increase in history by Republicans) increased revenues and ushered in amazing growth and a budget surplus.

70% ? Too big a jump too fast but an increase is clearly a good idea.

45%-50% for the top tax bracket?

Sure

The tax increase didn't cause the increase in tax receipts. The economy was booming due to the peace dividend, lagging effects of Reagan policies, the DotCo/Y2K/Telecom bubble, and welfare reform (courtesy of Newt Gingrich).

 

[Andylusion]

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 wealthy people control K Street which controls congress.

They will burn the country to the ground before they go back to paying their fair share.

Oh bull crap. Then why did Congress pass all those banking regulations? They didn't want them, yet they passed them. How did the CARD act get passed, when the entire credit industry was against it? Why was Mark Zuckerberg, and Pichia and Stumpf all testifying before congress, if they own congress?

I see congress doing things these companies and bankers don't like all the time. Yeah, they own them. Sure. So much evidence of that.

 

[Lesh]

Everything I own right now, was built by a rich guy. My home was built by a rich guy. Clothes were made by rich people. My computer, my phone, my shower, my washer and drier, everything in my kitchen.... all made by rich people, and sold to me.

When I look around at all the wealth I have, it sure seems rich people made my life better.

I'd hazard a guess that those rich guys you talk about never laid a HAND on any of that shit. They used the labor of poor people to make it and probably borrowed the money to pay for the labor and raw materials.

Amazing how you have so little respect for the people who actually DID make that stuff

 

[Mikeoxenormous]

I would like to know which members of the USMB here warm over $10 million a year.

The income above 10 million will be taxed at 70%.

Please vote in my poll.

Only if it is "EARNED" income. Dividend and capital gains wont fall into the earned income part, and most people who make over $10 million get it through options again not getting taxed as earned income. So this is all smoke and mirrors but supposed to make the petulant impoverished welfare queens and queers feel like she is working for them....


My earned income is around 30 thousand dollars a year. I have dividends coming in around $440,000 a year I only am taxed about $22,000 on that dividend income and $6,000 on the earned income.....See the difference?

How do you pay 5% tax on your dividends?

I guess none of your liberal elites told you that dividend income is already taxed income on the money earned by a "C O R P O R A T I O N", that employs sometimes thousands of people? Also that since this money is already taxed and the government "assholes" say that you cant tax the same money twice, really do tax it twice, because the government cant keep their hands out of other peoples money. So they dont tax dividend income at the same rate as "EARNED" income, like pensions and Social Security so only tax it around 5%. This is the dirty little secret of the liberals and their unions, because unions promise you lets say "$5,000" a month, for the rest of your life. It is taxed at 23% so $60,000 times 23% equals around $13,000 in taxes. While I make $440,000 a year and pay $22,000 a year. This is called "POWER", those that have it, get wealthy, because they are smart enough to avoid legally paying high taxes. Liberals in Congress do it, Jeff Bezos(110 billion dollar man) does it, why dont you? oh yeah, it takes intelligence, that is the power over the government...

[

Human intelligence is the intellectual power of humans, which is marked by complex cognitive feats and high levels of motivation and self-awareness. Intelligence enables humans to remember descriptions of things and use those descriptions in future behaviors.
Intelligence - Wikipedia
en.wikipedia.org/wiki/Intelligent_behaviour

 

[boedicca]

Everything I own right now, was built by a rich guy. My home was built by a rich guy. Clothes were made by rich people. My computer, my phone, my shower, my washer and drier, everything in my kitchen.... all made by rich people, and sold to me.

When I look around at all the wealth I have, it sure seems rich people made my life better.

I'd hazard a guess that those rich guys you talk about never laid a HAND on any of that shit. They used the labor of poor people to make it and probably borrowed the money to pay for the labor and raw materials.

Amazing how you have so little respect for the people who actually DID make that stuff

Without the work financed by the capital of the rich guys, the poor would be considerably poorer.

Just sayin'.

 

[Andylusion]

Everything I own right now, was built by a rich guy. My home was built by a rich guy. Clothes were made by rich people. My computer, my phone, my shower, my washer and drier, everything in my kitchen.... all made by rich people, and sold to me.

When I look around at all the wealth I have, it sure seems rich people made my life better.

I'd hazard a guess that those rich guys you talk about never laid a HAND on any of that shit. They used the labor of poor people to make it and probably borrowed the money to pay for the labor and raw materials.

Amazing how you have so little respect for the people who actually DID make that stuff

Which changes nothing.

When the CEOs pulled out of Venezuela, the result was the poor didn't have jobs, and the stores were empty.

So whether they physically touched it with their own hands, really doesn't matter to the point at all.

As for showing little respect.... You can pay respect, in your barren wasteland of socialistic crap.

There's your respect.

As Venezuela Collapses, Children Are Dying of Hunger
Children carry the dead remains of a child that starved to death.

At least you are paying respect to the workers... because without CEOs and rich people providing jobs and products like food.....

Those workers need your empty and worthless respect.

I'm here to point out the realities of how the world works. Not your empty and useless "respect".

 

[Centrista]

I would like to know which members of the USMB here warm over $10 million a year.

The income above 10 million will be taxed at 70%.

Please vote in my poll.

The member “TAZ” responded that he makes over 10 million a year.

 

[LordBrownTrout]

I would like to know which members of the USMB here warm over $10 million a year.

The income above 10 million will be taxed at 70%.

Please vote in my poll.

So you're just fine with the govt pillaging people's money. You have no problem whatsoever with a govt that spends trillions on failed foreign, domestic policies, endless wars, and then you expect them to take even more money and expect a different result? No thanks.

 

[LordBrownTrout]

I would like to know which members of the USMB here warm over $10 million a year.

The income above 10 million will be taxed at 70%.

Please vote in my poll.

The member “TAZ” responded that he makes over 10 million a year.

Good for him and screw the govt.

 

[Centrista]

How did Occasional Cortex's plan work in Venezuela?

You lied about Venezuela's tax rate being the same as AOC'S.

 

[Brain357]

I would like to know which members of the USMB here warm over $10 million a year.

The income above 10 million will be taxed at 70%.

Please vote in my poll.

So you're just fine with the govt pillaging people's money. You have no problem whatsoever with a govt that spends trillions on failed foreign, domestic policies, endless wars, and then you expect them to take even more money and expect a different result? No thanks.

We need more income to pay our debt. Spending cuts aren't going to happen. Right now they fight for more spending.

 

[Centrista]

I would like to know which members of the USMB here warm over $10 million a year.

The income above 10 million will be taxed at 70%.

Please vote in my poll.

Can't vote in a poll.. Haven't seen a plan.. Cortez neglects to tell folks that when the TOP marginal rate was over 70% the BOTTOM rate was 20% ish.. No developed socialist country EXCUSES as many folks as we currently EXCUSE from paying ANY INCOME TAX at all. Can't afford those unicorns farting sparkles unless EVERYONE has skin in the game.

Right now 1/2 of tax filers pay ZERO income tax or get a EITC refund. Only 1/2 of workers pay ANYTHING. For all those fantasies -- EVERYBODY is gonna have their taxes raised. Don't need a phony econ degree to figure that out.. LOL.....

Yes. You can easily vote in my poll.

 

[presonorek]

They say unto him, Caesar's. Then saith he unto them, Render therefore unto Caesar the things which are Caesar's; and unto God the things that are God's. Matthew 22:21

Charge them that are rich in this world, that they be not highminded, nor trust in uncertain riches, but in the living God, who giveth us richly all things to enjoy; That they do good, that they be rich in good works, ready to distribute, willing to communicate; Laying up in store for themselves a good foundation against the time to come, that they may lay hold on eternal life. 1 Timothy 6:17-19

And thou shalt not glean thy vineyard, neither shalt thou gather every grape of thy vineyard; thou shalt leave them for the poor and stranger: I am the Lordyour God. Leviticus 19:10

 

[Winston]

I would like to know which members of the USMB here warm over $10 million a year.

The income above 10 million will be taxed at 70%.

Please vote in my poll.

Only if it is "EARNED" income. Dividend and capital gains wont fall into the earned income part, and most people who make over $10 million get it through options again not getting taxed as earned income. So this is all smoke and mirrors but supposed to make the petulant impoverished welfare queens and queers feel like she is working for them....


My earned income is around 30 thousand dollars a year. I have dividends coming in around $440,000 a year I only am taxed about $22,000 on that dividend income and $6,000 on the earned income.....See the difference?

Uh, dividend income is taxed as earned income unless they are qualified dividends. Even if your dividends were qualified dividends they would still be taxed at at least 15%, not the 5% you have claimed. And if they were capital gains, which I believe is what you are confusing your make believe scenario with, they would still be taxed at 15% under your scenario, although you are getting close to the 20% threshold.

 

[Toddsterpatriot]

I would like to know which members of the USMB here warm over $10 million a year.

The income above 10 million will be taxed at 70%.

Please vote in my poll.

Only if it is "EARNED" income. Dividend and capital gains wont fall into the earned income part, and most people who make over $10 million get it through options again not getting taxed as earned income. So this is all smoke and mirrors but supposed to make the petulant impoverished welfare queens and queers feel like she is working for them....


My earned income is around 30 thousand dollars a year. I have dividends coming in around $440,000 a year I only am taxed about $22,000 on that dividend income and $6,000 on the earned income.....See the difference?

How do you pay 5% tax on your dividends?

I guess none of your liberal elites told you that dividend income is already taxed income on the money earned by a "C O R P O R A T I O N", that employs sometimes thousands of people? Also that since this money is already taxed and the government "assholes" say that you cant tax the same money twice, really do tax it twice, because the government cant keep their hands out of other peoples money. So they dont tax dividend income at the same rate as "EARNED" income, like pensions and Social Security so only tax it around 5%. This is the dirty little secret of the liberals and their unions, because unions promise you lets say "$5,000" a month, for the rest of your life. It is taxed at 23% so $60,000 times 23% equals around $13,000 in taxes. While I make $440,000 a year and pay $22,000 a year. This is called "POWER", those that have it, get wealthy, because they are smart enough to avoid legally paying high taxes. Liberals in Congress do it, Jeff Bezos(110 billion dollar man) does it, why dont you? oh yeah, it takes intelligence, that is the power over the government...

[

Human intelligence is the intellectual power of humans, which is marked by complex cognitive feats and high levels of motivation and self-awareness. Intelligence enables humans to remember descriptions of things and use those descriptions in future behaviors.
Intelligence - Wikipedia
en.wikipedia.org/wiki/Intelligent_behaviour

I guess none of your liberal elites told you that dividend income is already taxed income on the money earned by a "C O R P O R A T I O N", that employs sometimes thousands of people?

I mock liberal elites constantly. And double taxation of dividends sucks.

So they dont tax dividend income at the same rate as "EARNED" income

I never said they did.

like pensions and Social Security so only tax it around 5%.

So you said. Can you prove it?

 

[MarcATL]

One of these far rightwing Modem Faulkers is lyin'!

#LOLGOP #toofunny #CLASSIC

 

[Mikeoxenormous]

I would like to know which members of the USMB here warm over $10 million a year.

The income above 10 million will be taxed at 70%.

Please vote in my poll.

Only if it is "EARNED" income. Dividend and capital gains wont fall into the earned income part, and most people who make over $10 million get it through options again not getting taxed as earned income. So this is all smoke and mirrors but supposed to make the petulant impoverished welfare queens and queers feel like she is working for them....


My earned income is around 30 thousand dollars a year. I have dividends coming in around $440,000 a year I only am taxed about $22,000 on that dividend income and $6,000 on the earned income.....See the difference?

How do you pay 5% tax on your dividends?

I do it every year...and not with the 1040ez

How? Nothing I've seen shows the dividend rate is that low. What's your secret?

Okay, there is one rule of thumb for low dividend tax rates. You must hold the stocks over a long period of time. If you day trade, you wont get the tax break.

Dividends that qualify for the lower long-term capital gains tax rates are called qualified dividends.
Qualified dividends were taxed at rates of 0, 15 or 20 percent through 2017, depending on your tax bracket. Then the Tax Cuts and Jobs Act (TCJA) came along and changed things up somewhat. The rates are still set at 0, 15, and 20 percent, but now long-term capital gains have their own tax brackets—at least through 2025 when the TCJA potentially expires.

 

[Winston]

I would like to know which members of the USMB here warm over $10 million a year.

The income above 10 million will be taxed at 70%.

Please vote in my poll.

Only if it is "EARNED" income. Dividend and capital gains wont fall into the earned income part, and most people who make over $10 million get it through options again not getting taxed as earned income. So this is all smoke and mirrors but supposed to make the petulant impoverished welfare queens and queers feel like she is working for them....


My earned income is around 30 thousand dollars a year. I have dividends coming in around $440,000 a year I only am taxed about $22,000 on that dividend income and $6,000 on the earned income.....See the difference?

How do you pay 5% tax on your dividends?

I do it every year...and not with the 1040ez

How? Nothing I've seen shows the dividend rate is that low. What's your secret?

The tax rate on imaginary dividends must be five percent.

 

[MarcATL]

The member “TAZ” responded that he makes over 10 million a year.

So THAT'S the lyin' Modem Faulker!

Interesting...