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

[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?

Could you be a bigger disingenuous ass?

Look at your list and try to consider the unintended consequences of centrally controlling your hodgepodge of Prog control wet dreams

 

[Toddsterpatriot]

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?

Your moronic, economically damaging suggestions would increase unemployment and lower worker's pay.

 

[Toddsterpatriot]

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.

Yes, you lied about Nevada Corporations lowering your Federal Income tax.

 

[Toddsterpatriot]

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.

That's a long list of stupid ideas.

 

[boedicca]

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.

That's a long list of stupid ideas.

Here's the Cliff Note version of his plan:

1. Suspend the laws of economics and free will of humans
2. ???
3. Utopia

 

[Toddsterpatriot]

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.

Liar.

 

[Toddsterpatriot]

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.

That's a long list of stupid ideas.

Here's the Cliff Note version of his plan:

1. Suspend the laws of economics and free will of humans
2. ???
3. Utopia

If you took out the economically damaging portions, the unconstitutional portions and the lies, he'd have nothing left.

 

[boedicca]

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.

That's a long list of stupid ideas.

Here's the Cliff Note version of his plan:

1. Suspend the laws of economics and free will of humans
2. ???
3. Utopia

If you took out the economically damaging portions, the unconstitutional portions and the lies, he'd have nothing left.

Well, there's always the punctuation.

 

[boedicca]

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.

It is a truth universally acknowledge that anonymous people on obscure message boards who brag about their income and/or wealth are in reality Losing Losers Who Lost.

 

[U2Edge]

With a 21 trillion dollar debt it is inevitable that tax rates will rise. Trickle down economics has never worked. 70% tax rate seems over the top, but raising the top marginal rate to between 45 to 50% may be in the offing if the national debt continues to spiral out of control.

Why is it over the top? Americans were just fine with a top federal tax rate of between 70% and 94% from 1940 to 1980. The United States was a superpower without all the funding and debt problems we have today.

no one paid those rates back then, there were exemptions and deductions that allowed high earners to write off much of their income, so no one actually ever paid 70% or 94%, no one, ever.

I must concede that I have been wrong on this issue. I did so after looking at each year of revenue collection and level of spending from 1940 to 1980. Over those 41 years, only 8 of them actually saw a surplus. For most years, the country was still running a deficit. This to me strongly suggest that few people were actually paying 70% to 94% at the top federal tax rate.

But the deficits are smaller. Several of the surpluses, years 1951, 1956, 1957, 1960, occurred when the reported top federal rate was above 90%. But still, those surpluses were small.

Someone else posted in here a while back a site that said the "effective top federal tax rate" back then was more like 42% or 43%. That's higher than today, but not by a lot, and not nearly as much as 70% or 94%.

So the question is what is the maximum rate you can tax higher incomes, before you start to see negative economic effects or the flight of capital out the country?

I don't think spending can really be cut, in any significant way. I actually think that the defense budget needs to be increased to adequately meet our national security priorities around the world. I don't think there is anyway to cut Social Security and Medicare, unless you raise the age at which you can receive such benefits.

I still think there is room for some tax increases on the rich. But probably more in the range of 45% to 50% for the top federal tax rate.

The other way of course to solve these financial and funding problems is through some sort of economic miracle where the economy was growing at a steady 5% every year. But the average since the year 2000 as been a rather anemic slightly below 2% rate. The tax cuts for the wealthy under Bush and Trump have not led to any real increase in GDP. Its only made U.S. debt and funding problems more difficult.

Bottom line, I think I was wrong about the 70% top federal tax rate, but I still think there is room to raise the top federal tax rate from where it is now, without hurting the economy. I think a top federal tax rate of between 45% to 50%, could bring in more revenue to help with the country's budget problems without hurting the economy.

 

[danielpalos]

[Q

We have Government and Tax. Only in right wing fantasy is there no correlation.

Fuck government and taxation. It is an evil. Necessary to a limited degree but not this filthy bloated debt ridden welfare state we have now.

Only an idiot would advocate a system where greedy assholes get to vote to take away your money to pay their bills.

we have a general welfare clause not a general warfare clause.

 

[easyt65]

Why is anyone even considering the little idiot socialist's idea?

 

[easyt65]

Snowflakes / Democrats / AOC believe the old socialist saying:

"From each according to his ability, to each according to his needs"

TAKE from those who have what they HAVE to fund what you WANT...

They believe you actually have no money of your own - it is all THEIR money...what you have is just what they have not gotten around to taking and spending yet..

...but they continue to try to come up with new ways to get it...like California's recent failed (thank God) RETROACTIVE PER-TEXT TAX....

 

[danielpalos]

Why is anyone even considering the little idiot socialist's idea?

we have a general welfare clause not a general warfare clause.

 

[danielpalos]

Snowflakes / Democrats / AOC believe the old socialist saying:

"From each according to his ability, to each according to his needs"

TAKE from those who have what they HAVE to fund what you WANT...

They believe you actually have no money of your own - it is all THEIR money...what you have is just what they have not gotten around to taking and spending yet..

...but they continue to try to come up with new ways to get it...like California's recent failed (thank God) RETROACTIVE PER-TEXT TAX....

raising tax revenue by raising the minimum wage is more market friendly.

 

[easyt65]

Why is anyone even considering the little idiot socialist's idea?

we have a general welfare clause not a general warfare clause.

Ok...so I ask again...

Why is anyone even considering the little idiot socialist's idea when she doesn't even know Israel is NOT building settlements in PALESTINE and unemployment is NOT low right now because people are working up-hour work weeks?

 

[easyt65]

Snowflakes / Democrats / AOC believe the old socialist saying:

"From each according to his ability, to each according to his needs"

TAKE from those who have what they HAVE to fund what you WANT...

They believe you actually have no money of your own - it is all THEIR money...what you have is just what they have not gotten around to taking and spending yet..

...but they continue to try to come up with new ways to get it...like California's recent failed (thank God) RETROACTIVE PER-TEXT TAX....

raising tax revenue by raising the minimum wage is more market friendly.

"Ellis Island"

 

[danielpalos]

Why is anyone even considering the little idiot socialist's idea?

we have a general welfare clause not a general warfare clause.

Ok...so I ask again...

Why is anyone even considering the little idiot socialist's idea when she doesn't even know Israel is NOT building settlements in PALESTINE and unemployment is NOT low right now because people are working up-hour work weeks?

she got elected and has the delegated authority to help create law.

 

[danielpalos]

Snowflakes / Democrats / AOC believe the old socialist saying:

"From each according to his ability, to each according to his needs"

TAKE from those who have what they HAVE to fund what you WANT...

They believe you actually have no money of your own - it is all THEIR money...what you have is just what they have not gotten around to taking and spending yet..

...but they continue to try to come up with new ways to get it...like California's recent failed (thank God) RETROACTIVE PER-TEXT TAX....

raising tax revenue by raising the minimum wage is more market friendly.

"Ellis Island"

Capitalism; What is That, Sayeth the Right Wing.

 

[easyt65]

Why is anyone even considering the little idiot socialist's idea?

we have a general welfare clause not a general warfare clause.

Ok...so I ask again...

Why is anyone even considering the little idiot socialist's idea when she doesn't even know Israel is NOT building settlements in PALESTINE and unemployment is NOT low right now because people are working up-hour work weeks?

she got elected and has the delegated authority to help create law.

No, she is ignorantly flapping her ignorant socialist mouth.

You really think a 70% socialist tax is going to get passed, through the House and Senate?