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

[OnePercenter]

how is it moral for any government to confiscate 70% of your INCOME? Remember, income is not even "profit."

Well, where does your income come from? If you are a U.S. citizen living in the United States, it comes from the U.S. MARKET. Your income is based essentially on your market value. How much your house is worth is based on the MARKET. You were lucky to be born into the United States and its market. You are lucky to be able to take advantage of that market. The U.S. market was built long before you were born. It was protected, built, and grown by generations that came before you. In order for that market to continue, it needs a stable government that is able to protect it and maintain order. The government needs revenue to do that and the only way it can get that revenue is through taxes.

If I make $100mil and my tax bracket is 40% I pay $40mil. How much more do you want me to pay?! Wtf!?

If you make $100M, your people create a corporation in a tax friendly State such as Nevada, which reduces your federal tax liability to $1.5M. Bill gates is a Nevada corporation.

If you make $100M, your people create a corporation in a tax friendly State such as Nevada, which reduces your federal tax liability to $1.5M

Liar.

Prove Bill Gates isn't a Nevada corporation.

 

[boedicca]

Excellent idea! As the middle quintile net effective tax rate is about 15%, that would mean a cut in corporate taxes.

He wants to tax revenue, not income.
He's an idiot.

Ack. Good catch. Yes, he is an idiot.

No, it's an equal comparison. Debts within a corporation are seen as a percentage of revenue. I'm simply showing an apples to apples comparison (corporations vs. workers). If workers had the same deductions/loopholes/subsidies as corporations, you'd be much better off.

If workers had the same deductions/loopholes/subsidies as corporations, you'd be much better off.

WalMart has COGS, their workers don't.
That's not a subsidy for WalMart.

The vast majority of Americans, even before the Trump tax cuts, used the standard deduction.
WalMart didn't get to use that loophole.

WalMart has COGS, their workers don't.
That's not a subsidy for WalMart.

Workers don't have costs? Workers should be able to deduct rent/mortgage, cost of transportation to and from work.

I don't think you want to get into a conversation and Walmart subsidies.....You NEVER do well.

The vast majority of Americans, even before the Trump tax cuts, used the standard deduction.
WalMart didn't get to use that loophole.

The vast majority of American Workers don't make enough money (even with the tRump tax cuts) to itemize.

Walmart as well as all corporations have much better tax benefits than the standard deduction.

Great! Then let's lower taxes for EVERYONE!

 

[Toddsterpatriot]

Excellent idea! As the middle quintile net effective tax rate is about 15%, that would mean a cut in corporate taxes.

He wants to tax revenue, not income.
He's an idiot.

Ack. Good catch. Yes, he is an idiot.

No, it's an equal comparison. Debts within a corporation are seen as a percentage of revenue. I'm simply showing an apples to apples comparison (corporations vs. workers). If workers had the same deductions/loopholes/subsidies as corporations, you'd be much better off.

If workers had the same deductions/loopholes/subsidies as corporations, you'd be much better off.

WalMart has COGS, their workers don't.
That's not a subsidy for WalMart.

The vast majority of Americans, even before the Trump tax cuts, used the standard deduction.
WalMart didn't get to use that loophole.

WalMart has COGS, their workers don't.
That's not a subsidy for WalMart.

Workers don't have costs? Workers should be able to deduct rent/mortgage, cost of transportation to and from work.

I don't think you want to get into a conversation and Walmart subsidies.....You NEVER do well.

The vast majority of Americans, even before the Trump tax cuts, used the standard deduction.
WalMart didn't get to use that loophole.

The vast majority of American Workers don't make enough money (even with the tRump tax cuts) to itemize.

Walmart as well as all corporations have much better tax benefits than the standard deduction.

Workers don't have costs?

Workers don't have COGS.

Workers should be able to deduct rent/mortgage,

Only if they work at home.

I don't think you want to get into a conversation and Walmart subsidies.

You had me after the first 3 words.
But feel free to make yourself look silly, again, by confusing government payments to workers with a subsidy for a corporation.

 

[Toddsterpatriot]

Excellent idea! As the middle quintile net effective tax rate is about 15%, that would mean a cut in corporate taxes.

He wants to tax revenue, not income.
He's an idiot.

Ack. Good catch. Yes, he is an idiot.

No, it's an equal comparison. Debts within a corporation are seen as a percentage of revenue. I'm simply showing an apples to apples comparison (corporations vs. workers). If workers had the same deductions/loopholes/subsidies as corporations, you'd be much better off.

If workers had the same deductions/loopholes/subsidies as corporations, you'd be much better off.

WalMart has COGS, their workers don't.
That's not a subsidy for WalMart.

The vast majority of Americans, even before the Trump tax cuts, used the standard deduction.
WalMart didn't get to use that loophole.

WalMart has COGS, their workers don't.
That's not a subsidy for WalMart.

Workers don't have costs? Workers should be able to deduct rent/mortgage, cost of transportation to and from work.

I don't think you want to get into a conversation and Walmart subsidies.....You NEVER do well.

The vast majority of Americans, even before the Trump tax cuts, used the standard deduction.
WalMart didn't get to use that loophole.

The vast majority of American Workers don't make enough money (even with the tRump tax cuts) to itemize.

Walmart as well as all corporations have much better tax benefits than the standard deduction.

The vast majority of American Workers don't make enough money (even with the tRump tax cuts) to itemize.


Thanks for admitting they get a larger tax deduction than corporations.

 

[AzogtheDefiler]

how is it moral for any government to confiscate 70% of your INCOME? Remember, income is not even "profit."

Well, where does your income come from? If you are a U.S. citizen living in the United States, it comes from the U.S. MARKET. Your income is based essentially on your market value. How much your house is worth is based on the MARKET. You were lucky to be born into the United States and its market. You are lucky to be able to take advantage of that market. The U.S. market was built long before you were born. It was protected, built, and grown by generations that came before you. In order for that market to continue, it needs a stable government that is able to protect it and maintain order. The government needs revenue to do that and the only way it can get that revenue is through taxes.

If I make $100mil and my tax bracket is 40% I pay $40mil. How much more do you want me to pay?! Wtf!?

If you make $100M, your people create a corporation in a tax friendly State such as Nevada, which reduces your federal tax liability to $1.5M. Bill gates is a Nevada corporation.

If you make $100M, your people create a corporation in a tax friendly State such as Nevada, which reduces your federal tax liability to $1.5M

Liar.

Prove Bill Gates isn't a Nevada corporation.

Bill Gates has donated billions to charity.

 

[Toddsterpatriot]

how is it moral for any government to confiscate 70% of your INCOME? Remember, income is not even "profit."

Well, where does your income come from? If you are a U.S. citizen living in the United States, it comes from the U.S. MARKET. Your income is based essentially on your market value. How much your house is worth is based on the MARKET. You were lucky to be born into the United States and its market. You are lucky to be able to take advantage of that market. The U.S. market was built long before you were born. It was protected, built, and grown by generations that came before you. In order for that market to continue, it needs a stable government that is able to protect it and maintain order. The government needs revenue to do that and the only way it can get that revenue is through taxes.

If I make $100mil and my tax bracket is 40% I pay $40mil. How much more do you want me to pay?! Wtf!?

If you make $100M, your people create a corporation in a tax friendly State such as Nevada, which reduces your federal tax liability to $1.5M. Bill gates is a Nevada corporation.

If you make $100M, your people create a corporation in a tax friendly State such as Nevada, which reduces your federal tax liability to $1.5M

Liar.

Prove Bill Gates isn't a Nevada corporation.

I'll be happy to talk about Bill Gates, right after you post proof that a Nevada Corporation cuts your federal income tax liability.

 

[boedicca]

how is it moral for any government to confiscate 70% of your INCOME? Remember, income is not even "profit."

Well, where does your income come from? If you are a U.S. citizen living in the United States, it comes from the U.S. MARKET. Your income is based essentially on your market value. How much your house is worth is based on the MARKET. You were lucky to be born into the United States and its market. You are lucky to be able to take advantage of that market. The U.S. market was built long before you were born. It was protected, built, and grown by generations that came before you. In order for that market to continue, it needs a stable government that is able to protect it and maintain order. The government needs revenue to do that and the only way it can get that revenue is through taxes.

If I make $100mil and my tax bracket is 40% I pay $40mil. How much more do you want me to pay?! Wtf!?

If you make $100M, your people create a corporation in a tax friendly State such as Nevada, which reduces your federal tax liability to $1.5M. Bill gates is a Nevada corporation.

If you make $100M, your people create a corporation in a tax friendly State such as Nevada, which reduces your federal tax liability to $1.5M

Liar.

Prove Bill Gates isn't a Nevada corporation.

Actually the burden is on you to prove he is.

And good luck with that. In RealityLand, Bill Gates is a human being; not a corporation. He may have his financial assets organized into corporations (charitable), but that doesn't make him a non-person.

 

[OnePercenter]

If you want to live under a system where somebody else can vote to take away your earned money for their benefit then you are a moron.

If you want to live under a system where you think you are are entitled to get other people's money through government pressure then you are a slimy worthless greedy little piece of shit.

Corporate subsidies are much more than social subsidies which are created by corporate pressure and bowed to by Republican politicians. Corporate subsidies return close to zero to the economy, while social subsidies return 1.70:1. If American Workers made a living wage, there would be much less social subsidy, however, corporate investor returns would be less which would be a real bad thing.

 

[OnePercenter]

You believe in making me richer by fucking yourself? That's not very smart.

You're an idiot, I'm laughing at you.

I'm not the one voting against my own best interest, you are.

I would definitely vote against your moronic proposals.

All of my "moronic proposals" put more money in your pocket.

Your moronic suggestions would damage the economy and take money away from me and most other Americans.

By improving workers pay?

 

[OnePercenter]

He wants to tax revenue, not income.
He's an idiot.

Ack. Good catch. Yes, he is an idiot.

No, it's an equal comparison. Debts within a corporation are seen as a percentage of revenue. I'm simply showing an apples to apples comparison (corporations vs. workers). If workers had the same deductions/loopholes/subsidies as corporations, you'd be much better off.

If workers had the same deductions/loopholes/subsidies as corporations, you'd be much better off.

WalMart has COGS, their workers don't.
That's not a subsidy for WalMart.

The vast majority of Americans, even before the Trump tax cuts, used the standard deduction.
WalMart didn't get to use that loophole.

WalMart has COGS, their workers don't.
That's not a subsidy for WalMart.

Workers don't have costs? Workers should be able to deduct rent/mortgage, cost of transportation to and from work.

I don't think you want to get into a conversation and Walmart subsidies.....You NEVER do well.

The vast majority of Americans, even before the Trump tax cuts, used the standard deduction.
WalMart didn't get to use that loophole.

The vast majority of American Workers don't make enough money (even with the tRump tax cuts) to itemize.

Walmart as well as all corporations have much better tax benefits than the standard deduction.

Great! Then let's lower taxes for EVERYONE!

The better idea is to raise pay for American Workers.

 

[boedicca]

Ack. Good catch. Yes, he is an idiot.

No, it's an equal comparison. Debts within a corporation are seen as a percentage of revenue. I'm simply showing an apples to apples comparison (corporations vs. workers). If workers had the same deductions/loopholes/subsidies as corporations, you'd be much better off.

If workers had the same deductions/loopholes/subsidies as corporations, you'd be much better off.

WalMart has COGS, their workers don't.
That's not a subsidy for WalMart.

The vast majority of Americans, even before the Trump tax cuts, used the standard deduction.
WalMart didn't get to use that loophole.

WalMart has COGS, their workers don't.
That's not a subsidy for WalMart.

Workers don't have costs? Workers should be able to deduct rent/mortgage, cost of transportation to and from work.

I don't think you want to get into a conversation and Walmart subsidies.....You NEVER do well.

The vast majority of Americans, even before the Trump tax cuts, used the standard deduction.
WalMart didn't get to use that loophole.

The vast majority of American Workers don't make enough money (even with the tRump tax cuts) to itemize.

Walmart as well as all corporations have much better tax benefits than the standard deduction.

Great! Then let's lower taxes for EVERYONE!

The better idea is to raise pay for American Workers.

Which then leads to inflation, raising the cost of goods and services...resulting in nullification of the pay raise.

 

[Aldo Raine]

A flat tax that applied to all income is the fairest kind of tax, all income, no deductions, applies to everyone. Make it 5% or 20%, but apply it equally to everyone and every penny of income. You could even have a floor below which no tax would be due in order to help low income people. But the floor should be quite low, maybe 10K/year.

Agree, but it must also apply to corporations, no deductions for people or corporations!!

 

[GWV5903]

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.

It's still amazing how so many have no clue!

If you want to solve the issue, let's start with 100% participation first when it comes to Federal Income Taxes, until then you'll continue to blame high wage earners for being too successful...

 

[OnePercenter]

Well, where does your income come from? If you are a U.S. citizen living in the United States, it comes from the U.S. MARKET. Your income is based essentially on your market value. How much your house is worth is based on the MARKET. You were lucky to be born into the United States and its market. You are lucky to be able to take advantage of that market. The U.S. market was built long before you were born. It was protected, built, and grown by generations that came before you. In order for that market to continue, it needs a stable government that is able to protect it and maintain order. The government needs revenue to do that and the only way it can get that revenue is through taxes.

If I make $100mil and my tax bracket is 40% I pay $40mil. How much more do you want me to pay?! Wtf!?

If you make $100M, your people create a corporation in a tax friendly State such as Nevada, which reduces your federal tax liability to $1.5M. Bill gates is a Nevada corporation.

If you make $100M, your people create a corporation in a tax friendly State such as Nevada, which reduces your federal tax liability to $1.5M

Liar.

Prove Bill Gates isn't a Nevada corporation.

Bill Gates has donated billions to charity.

It's also a 1:1 deduction. For you, not so much.

 

[OnePercenter]

Well, where does your income come from? If you are a U.S. citizen living in the United States, it comes from the U.S. MARKET. Your income is based essentially on your market value. How much your house is worth is based on the MARKET. You were lucky to be born into the United States and its market. You are lucky to be able to take advantage of that market. The U.S. market was built long before you were born. It was protected, built, and grown by generations that came before you. In order for that market to continue, it needs a stable government that is able to protect it and maintain order. The government needs revenue to do that and the only way it can get that revenue is through taxes.

If I make $100mil and my tax bracket is 40% I pay $40mil. How much more do you want me to pay?! Wtf!?

If you make $100M, your people create a corporation in a tax friendly State such as Nevada, which reduces your federal tax liability to $1.5M. Bill gates is a Nevada corporation.

If you make $100M, your people create a corporation in a tax friendly State such as Nevada, which reduces your federal tax liability to $1.5M

Liar.

Prove Bill Gates isn't a Nevada corporation.

I'll be happy to talk about Bill Gates, right after you post proof that a Nevada Corporation cuts your federal income tax liability.

Quit editing my posts. I stated that Nevada is a tax friendly State which would reduce a corporations tax liability.

 

[AzogtheDefiler]

If I make $100mil and my tax bracket is 40% I pay $40mil. How much more do you want me to pay?! Wtf!?

If you make $100M, your people create a corporation in a tax friendly State such as Nevada, which reduces your federal tax liability to $1.5M. Bill gates is a Nevada corporation.

If you make $100M, your people create a corporation in a tax friendly State such as Nevada, which reduces your federal tax liability to $1.5M

Liar.

Prove Bill Gates isn't a Nevada corporation.

Bill Gates has donated billions to charity.

It's also a 1:1 deduction. For you, not so much.

And? He still donated billions.

 

[OnePercenter]

Well, where does your income come from? If you are a U.S. citizen living in the United States, it comes from the U.S. MARKET. Your income is based essentially on your market value. How much your house is worth is based on the MARKET. You were lucky to be born into the United States and its market. You are lucky to be able to take advantage of that market. The U.S. market was built long before you were born. It was protected, built, and grown by generations that came before you. In order for that market to continue, it needs a stable government that is able to protect it and maintain order. The government needs revenue to do that and the only way it can get that revenue is through taxes.

If I make $100mil and my tax bracket is 40% I pay $40mil. How much more do you want me to pay?! Wtf!?

If you make $100M, your people create a corporation in a tax friendly State such as Nevada, which reduces your federal tax liability to $1.5M. Bill gates is a Nevada corporation.

If you make $100M, your people create a corporation in a tax friendly State such as Nevada, which reduces your federal tax liability to $1.5M

Liar.

Prove Bill Gates isn't a Nevada corporation.

Actually the burden is on you to prove he is.

And good luck with that. In RealityLand, Bill Gates is a human being; not a corporation. He may have his financial assets organized into corporations (charitable), but that doesn't make him a non-person.

Citizens United v. Federal Election Commission, 558 U.S. 310 (2010), The U.S. Supreme Court made a ruling opposite of your opinion.

 

[boedicca]

If I make $100mil and my tax bracket is 40% I pay $40mil. How much more do you want me to pay?! Wtf!?

If you make $100M, your people create a corporation in a tax friendly State such as Nevada, which reduces your federal tax liability to $1.5M. Bill gates is a Nevada corporation.

If you make $100M, your people create a corporation in a tax friendly State such as Nevada, which reduces your federal tax liability to $1.5M

Liar.

Prove Bill Gates isn't a Nevada corporation.

Actually the burden is on you to prove he is.

And good luck with that. In RealityLand, Bill Gates is a human being; not a corporation. He may have his financial assets organized into corporations (charitable), but that doesn't make him a non-person.

Citizens United v. Federal Election Commission, 558 U.S. 310 (2010), The U.S. Supreme Court made a ruling opposite of your opinion.

Citizen United is not Bill Gates.

 

[OnePercenter]

No, it's an equal comparison. Debts within a corporation are seen as a percentage of revenue. I'm simply showing an apples to apples comparison (corporations vs. workers). If workers had the same deductions/loopholes/subsidies as corporations, you'd be much better off.

If workers had the same deductions/loopholes/subsidies as corporations, you'd be much better off.

WalMart has COGS, their workers don't.
That's not a subsidy for WalMart.

The vast majority of Americans, even before the Trump tax cuts, used the standard deduction.
WalMart didn't get to use that loophole.

WalMart has COGS, their workers don't.
That's not a subsidy for WalMart.

Workers don't have costs? Workers should be able to deduct rent/mortgage, cost of transportation to and from work.

I don't think you want to get into a conversation and Walmart subsidies.....You NEVER do well.

The vast majority of Americans, even before the Trump tax cuts, used the standard deduction.
WalMart didn't get to use that loophole.

The vast majority of American Workers don't make enough money (even with the tRump tax cuts) to itemize.

Walmart as well as all corporations have much better tax benefits than the standard deduction.

Great! Then let's lower taxes for EVERYONE!

The better idea is to raise pay for American Workers.

Which then leads to inflation, raising the cost of goods and services...resulting in nullification of the pay raise.

Not necessarily;

-Base Federal tax for corporations at 30% of revenue.

-Raise minimum wage to $23.50/hr. Based on where minimum wage should be using 1970-2019 rise in food, shelter, and transportation.

-Eliminate all business subsidies (deductions/write-offs/write-downs) except for employee expenses which are deducted dollar-for-dollar on all city, state, and Federal taxes and fees with the Feds refunding city, State, and fees.

-Companies with unlimited employees; employee expenses above the deduction are subsidized at 100% with funds usually give back to the States.

-Adjust Social Security and private/public retirement and pension payments using 1970-2019 price structure.

-Remove the FICA limit.

-Back down ALL costs, prices, fees, to January 1, 2009 levels and hold them for 15 years which will eliminate inflation.

-Recall ALL off-shore investments tax free, and disallow any further off-shore investments.

-Make inversion illegal.

My plan would reduce business costs for employees and taxes to 30%. That's a 15%-30% drop.

My plan would put BILLIONS into the economy daily.

My plan would put the $100 trillion plus currently owned by corporate America back into the economy.

My plan would end all welfare.

My plan would significantly increase social security and pension payments.

My plan would hold prices for 10 years, thus eliminating inflation.

Then of course you have Chick-fil-A which raised their starting pay to $18.00/hr WITHOUT increasing prices.

 

[OnePercenter]

A flat tax that applied to all income is the fairest kind of tax, all income, no deductions, applies to everyone. Make it 5% or 20%, but apply it equally to everyone and every penny of income. You could even have a floor below which no tax would be due in order to help low income people. But the floor should be quite low, maybe 10K/year.

Agree, but it most also apply to corporations, no deductions for people or corporations!!

Not going to happen.