Tax increasers NEVER think people will adjust to tax changes and take steps to pay as little as possible. They also seem to think the very rich do not know how to make income disappear.Let's make everyone pay 90%... starting with YOU, YOU PIECE OF SHIT.Let's just make them pay 90%...
All the way into the 1960's anyone who earned more than $300,000 a year paid 91% of the excess in taxes. 'Course back then CEO's earned 25 times what a carpenter or electrician made. Now the rich have fixed the game and they've got nearly all the money. They won't quit until America becomes a Lord/Serf society. If you count all the fees, taxes etc. that an average earner makes he's being taxes at twice the percentage of his/her gross income that the rich are. Payroll tax, state income tax, sales tax, federal excise tax, property tax, fees on everything from auto registration to a fishing license. The upper nuts are supposed to be paying 35%-40% but none of them do. Their lawyers and accountants see to that. I have a buddy in MS who owns a metal building construction company and he told me that if he ever had to pay more than 20% he would fire his accountant and hire a new one.
Yeah, and how many people in the 1960s earned more than $300,000 a year?
What.... five people? Maybe?
Do you think that only 5 people in the 1960s were that wealthy? The Rockefellers, J. Paul Getty, Howard Hughes, Daniel Keith Ludwig? You think that was it?
There were hundreds of super wealthy in the 1960s, just as there are today. The difference is, you didn't know about it. You didn't know about it because they didn't have the statistics we do today. Information was not public. Additionally, people hid their income in different ways, or had compensation other than cash... just like today.
Moreover, yes the top marginal tax rate was 91%. Did you know that unlike today, where with at top marginal rate of 39%, the top 1% are paying almost 40% of all income taxes..... in 1960 with a 91% top marginal rate, the top 1% only paid 16% of all income taxes.
Once again, you people spout off, while being completely disproved by the facts. You can't "make" people pay a tax. You can set a tax rate, but dude, if I'm CEO.... I can choose my own pay....
It's not a fixed game. Zuckerberg started with nothing, and now he's a billionaire. How did he do that, if the game was fixed?
There are hundreds of people that all became millionaires in the last few years. How is that possible if the game is rigged?
The Mexican immigrant who set up a global drone firm - BBC News
This Mexican immigrant created a multi-million dollar international company. I suppose he missed your dumb little memo saying the game was rigged. Idiot.
You are just wrong. As you people always are.
You people?? I'm 81 years old. I was there. Plenty of workers earned more than $300K per year. We're talking big war years when weapons systems were invented and manufactured. Ever hear about the nuclear weapons programs? Ever hear about Jack Kennedy's little decade long arrangement for a trip to the moon? Whatever it was we actually had a middle class. Now the goddam selfish assholes want it all and if the present tax structure stays the way it is they will end up getting it.
That useless daughter who inheirited Sam Walton's wealth never has done an honest days work in her life. She's worth $40 billion and openly opposes a minimum wage. Just how much money does an arrogant, selfish bitch need before they begin to relax occasionally? Her tight ass would pinch the head off a ten penny nail.
First off, it's none of your business what someone else inherits or doesn't. Someone that's 81 years old, should have learned that by now. That's 6-year-old elementary school lesson. You don't get a toy, just because bobby got a toy.
Second, it's not for you to judge someone that you have never met. I've never met you.... can I tell everyone what a greedy envious jerk off you are? No? I'm not allowed to judge you, when I don't know you? Can you apply that to yourself in this thread?
Again, I had these people called "parents" and they taught me stuff like... DO NOT JUDGE PEOPLE YOU DON'T KNOW. That is what crappy scum suckers do.
Thirdly, statistically you are incorrect. While we don't have specific numbers, because the IRS didn't keep specific numbers at the time.... we do have 'income ranges'. The range of income is from several different brackets. Even so, only about a thousand people (couples), were in that highest income range. Thus we can conclude that only a fraction of those (couples), paid the highest marginal rate. A few hundred at best.
But then you have to take into account, when. Why? Because the effective tax rate fell.... even though the marginal rates did not.
In 1953, according to the IRS historical data, the effective tax rate on the top 1% was about 49%, and by 1960, fell to 31%.
Do understand what happened? The wealthy over time, moved to reduce their tax burden. They changed their CEO contracts to get lower tax compensation. Who the heck is going to work for $9 out of every hundred they work for? You wouldn't. I wouldn't. No one would.
So over time, the top marginal rate, collected less and less tax revenue. Why you are shocked by this, I don't know.
And those of you who think that you are going to raise taxes, and fix our debt problem... you are crazy.
View attachment 50127
Look back at the 1950s. The longer the 92% tax rate was in place, the lower the revenue to GDP got. They were collecting LESS revenue from the economy relative to GDP, over time.
Again... the longer you go with super high tax rates, the less revenue you generate.
If you think you are going to raise taxes, and collect endless piles of money to fix Social Security and Medicare, and all your other socialist programs, you people are nutz. Sorry.