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

[boedicca]

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.

Absolute nonsense.

Central planning has never worked and never will.

 

[Thinker101]

Corporations should pay the same percentage of revenue as the middle class pay's in percentage of income.

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.

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

Not to worry, if Democrats raise taxes you'll become their new best friend.

It doesn't matter. If Democrats raise taxes I'll still be a multi-millionaire.

Yup, aren't we all.

 

[OnePercenter]

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.

If you donated $1000.00, I'm willing to bet your donation is a greater percentage of your income than Gate's.

Plus the fact you can't deduct 1:1.

 

[OnePercenter]

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.

According to the US Supreme Court, both are corporations with the rights of people.

 

[OnePercenter]

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.

Absolute nonsense.

Central planning has never worked and never will.

Tax deductions are central planning? How so?

 

[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 most also apply to corporations, no deductions for people or corporations!!

Not going to happen.

Of course not, it would be fair!

 

[Oddball]

Tax deductions are central planning? How so?

Jimmying the tax code for the purposes of social engineering is chapter and verse central planning

 

[Oddball]

According to the US Supreme Court, both are corporations with the rights of people.

Wrong.

Bill Gates is an "individual", while corporations are "persons"....There are legal differences, which you are either too dense or too lazy to learn and understand.

BTW, gubmint is a "person" too.

 

[OnePercenter]

Bottom line; If you raised the corporate tax rate to 70%, with the available corporate deductions and subsidies, corporations would be PAYING anymore than they are today.

 

[OnePercenter]

Tax deductions are central planning? How so?

Jimmying the tax code for the purposes of social engineering is chapter and verse central planning

The tax code is Jimmied to the benefit of corporations and the rich, should it be a level playing field?

 

[Oddball]

Tax deductions are central planning? How so?

Jimmying the tax code for the purposes of social engineering is chapter and verse central planning

The tax code is Jimmied to the benefit of corporations and the rich, should it be a level playing field?

Irrelevant to the point....You just want Marxistic central planning that you favor, over that which you don't.

 

[Oddball]

Bottom line; If you raised the corporate tax rate to 70%, with the available corporate deductions and subsidies, corporations would be PAYING anymore than they are today.

Bottom line: YOU would be paying those taxes, under the guise of higher prices.

Businesses don't have magic money machines, fool.

 

[OnePercenter]

According to the US Supreme Court, both are corporations with the rights of people.

Wrong.

Bill Gates is an "individual", while corporations are "persons"....There are legal differences, which you are either too dense or too lazy to learn and understand.

BTW, gubmint is a "person" too.

Can't an individual be a person?

The Government IS a person as IT IS a municipal corporation which is a gathering of individuals.

Is traveling, driving?

 

[OnePercenter]

Tax deductions are central planning? How so?

Jimmying the tax code for the purposes of social engineering is chapter and verse central planning

The tax code is Jimmied to the benefit of corporations and the rich, should it be a level playing field?

Irrelevant to the point....You just want Marxistic central planning that you favor, over that which you don't.

It is relevant to the point as everything I've proposed IS the tax code.

 

[Oddball]

It is relevant to the point as everything I've proposed IS the tax code.

You asked if it's central planning, and the answer is yes....But you just want to run it slightly differently.

 

[OnePercenter]

Bottom line; If you raised the corporate tax rate to 70%, with the available corporate deductions and subsidies, corporations would be PAYING anymore than they are today.

Bottom line: YOU would be paying those taxes, under the guise of higher prices.

Businesses don't have magic money machines, fool.

If you raised the corporate tax rate to 70%, with the available corporate deductions and subsidies, corporations wouldn't be PAYING anymore than they are today.

 

[OnePercenter]

It is relevant to the point as everything I've proposed IS the tax code.

You asked if it's central planning, and the answer is yes....But you just want to run it slightly differently.

If my plan is slightly different that central planning, would it still be central planning as in Marxism? Or would it be controlled capitalism?

 

[boedicca]

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.

Absolute nonsense.

Central planning has never worked and never will.

Tax deductions are central planning? How so?

Look at your inane list. This hodgepodge would only work if you had absolute complete control over prices, cost structure and human nature....

Good luck with that.

 

[boedicca]

It is relevant to the point as everything I've proposed IS the tax code.

You asked if it's central planning, and the answer is yes....But you just want to run it slightly differently.

"Central planning hasn't worked because nobody's done it properly yet."

* snicker *

 

[boedicca]

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.

According to the US Supreme Court, both are corporations with the rights of people.

Bill Gates is not a corporation. He's a person. Any organization of his assets into a legal structure is not the same as him as an individual.