When Have You Made Enough Money?

[Cecilie1200]

I voted “Depends” because I hold the view that in some circumstances limiting a person’s income is entirely the right thing for the government to do. Despite 1st amendment challenges, I am most certainly for “Son of Sam” laws that restrict criminals from profiting from their crimes through book and movie deals.

That isn't really "limiting a person's income", though. That's limiting WHAT a person can profit from, not HOW MUCH one can profit in general.

Got any other examples of when the government can appropriately cap someone's income?

 

[Bern80]

no bern, I am not.... because now, you will be taxing some of that 20k that couple or that family earned in replacement of the income tax system where that couple or family would NOT have been taxed at all....while still taxing them on their full amount of income for SS and while still having a cap on NOT TAXING the income over =/- $100k....

The couple will be taxed based on whatever they choose to spend money on. Just like every single other citizen of the country. I know you're a woman but a grow a pair and just say it; You believe some people should be able to derive benefit from taxes but not actually have to pay them.

And ss and medicare? All I can say is stop conforming to the conventional thinking. No wonder nothing changes. It's because no one can actually think out of the box anymore. Stop just assuming we have to provide for those things in the way we are now. Hell stop assuming the government needs to force people to participate in them at all.

If you said this National sales tax plan, replaced both income tax and ss tax and medicare tax and the separate cigarette tax and gas tax, and liquor tax if there is a federal one, etc and incorporated one sales tax for all of those taxes, combined with exempting all food and necessities, and all medicines or prescriptions and probably all health care services as well.....I might consider it!

care

I am saying exactly that. Our tax code is ridiculously over complicated. A national sales tax on the final transaction of every good an service. THAT'S IT. That's one big giant pool is the money congress has to work with and it would be their responsibility to figure out how they want to divide it up.

 

[Tech_Esq]

When is the last time we had a major tax cut that wasn't immediately followed by a significant increase in the deficit?

The Bush tax cuts were effective in generating revenue that was bringing the deficit down significantly each year despite financing two wars and a Congress that was spending like druniken sailors. Had the housing bubble not burst in late 2008, and that trend continued, the budget would have eventually balanced at least in the near term. The more sinister culprits of massive entitlements continue to grow however and sooner or later will have to be addressed.

The Reagan tax cuts were effective in generating revenue that would have brought the deficits down significantly every year had the Congress not increased spending more than the amount of new monies that were coming into the treasury.

Some tax cuts would certainly reduce national revenues. Those tax cuts, however, did not.

.

That is the conservative tax myth of all tax myths, in a nutshell. The nonsensical idea that you can cut taxes and increase revenues is the equivalent of an 'eat all you want and still lose weight' fad diet.

What ridiculous nonsensical statement!

Did you feel the need to expose how little you understand about economics?

 

[theDoctorisIn]

Meaningless garbage without add the historical perspective of what the tax system was like in all of those by-gone days. People today only recognize the system after TFRA of 1986. A review of what the tax system was before it was simplified in 1986 is what needs to go along with that picture.

And, remember that a federal tax rate of 40% means that just under 60% of a person's income goes to federal and state income and payroll taxes. (If they aren't self employed, then it would be 67.5%).

At what point does job creation stop altogether?

Your math is pretty damn wrong.

A top tax rate of 40% means that all money you make ABOVE the bracket is taxed at 40%. Say for instance the bracket is a million dollars. If you make 1,200,000 dollars, only 200,000 of it is taxed at the highest bracket, etc.

 

[theDoctorisIn]

The Bush tax cuts were effective in generating revenue that was bringing the deficit down significantly each year despite financing two wars and a Congress that was spending like druniken sailors. Had the housing bubble not burst in late 2008, and that trend continued, the budget would have eventually balanced at least in the near term. The more sinister culprits of massive entitlements continue to grow however and sooner or later will have to be addressed.

The Reagan tax cuts were effective in generating revenue that would have brought the deficits down significantly every year had the Congress not increased spending more than the amount of new monies that were coming into the treasury.

Some tax cuts would certainly reduce national revenues. Those tax cuts, however, did not.

.

That is the conservative tax myth of all tax myths, in a nutshell. The nonsensical idea that you can cut taxes and increase revenues is the equivalent of an 'eat all you want and still lose weight' fad diet.

What ridiculous nonsensical statement!

Did you feel the need to expose how little you understand about economics?

The Laffer curve is thrown around by conservatives constantly, even though there's no evidence that it is a.) correct, or b.) relevant to the tax brackets we're talking about.

 

[Modbert]

Man, this sure is a fun trolling thread. Especially since the majority of Corporations don't pay any taxes at all, meanwhile the rich pay as much in taxes % wise as their workers due to loopholes and write-offs. Add that to the fact that federal taxes are at their lowest levels in 60 years.

 

[hjmick]

When Have You Made Enough Money?

When Obama says so...

 

[CMike]

Man, this sure is a fun trolling thread. Especially since the majority of Corporations don't pay any taxes at all, meanwhile the rich pay as much in taxes % wise as their workers due to loopholes and write-offs. Add that to the fact that federal taxes are at their lowest levels in 60 years.

How do you know ?

In 2009 my taxes were more than double my entire income in 2007.

 

[Mr Natural]

To have enough to never have to fly commercial airlines again.

That's be enough for me.

 

[CMike]

Obamas biggest mistake is that he is arrogant enough to think that he is smarter than the free market, and he isn't .

That's how he is screwing up the economy so bad.

 

[Modbert]

Man, this sure is a fun trolling thread. Especially since the majority of Corporations don't pay any taxes at all, meanwhile the rich pay as much in taxes % wise as their workers due to loopholes and write-offs. Add that to the fact that federal taxes are at their lowest levels in 60 years.

How do you know ?

In 2009 my taxes were more than double my entire income in 2007.

Well this depends on a variety of factors:

1.) I don't know if you're being honest.

2.) How much was your income vs 2009.

3.) What were your write-offs in 2007 compared to 2009?

There are a whole variety of things of why that could be. But then again, you could just be completely bullshitting me too.

 

[CMike]

My income was about 12 times higher.

 

[theDoctorisIn]

My income was about 12 times higher.

I think you're missing something on the math there.

If what you said was true, you only paid around 17% in taxes.

 

[Modbert]

I think you're missing something on the math there.

If what you said was true, you only paid around 17% in taxes.

Exactly.

I'd need the raw numbers to check, but I'm pretty sure he got off pretty good to the IRS.

 

[CMike]

I think you're missing something on the math there.

If what you said was true, you only paid around 17% in taxes.

Exactly.

I'd need the raw numbers to check, but I'm pretty sure he got off pretty good to the IRS.

This may come as a grave shock but I'm not sharing how much my income is or has been.

What did the government do to help me earn this money?

 

[CMike]

Since I'm not going to tell you my income you won't know.

I do know the government did nothing for this increase and I supply livelihoods for a number of people.

Do you?

 

[Againsheila]

I think there should be a limit. No CEO should make 500 to 1000 times what their employees make. Especially when they are driving the company into the ground as they are today.

 

[CMike]

I think that if obama goes on vacations he should be required to disclose how much money it cost the taxpayers.

Also if he entertains the Mexican stooge at about half a million he should have to disclose exactly how much and justify it to the taxpayers.

 

[Modbert]

This may come as a grave shock but I'm not sharing how much my income is or has been.

What did the government do to help me earn this money?

I know you're not going to say, but let's compare.

We'll use this for our brackets:

Tax Brackets (Federal Income Tax Rates) 2000 through 2009 and 2010

You said:

Your income was about 12 times higher

In 2009 my taxes were more than double my entire income in 2007.

Let's say you made $40,000 in 2007 and $480,000 in 2009.

At $40,000 you would be in the 25% bracket.

So you would pay $10,000 in taxes.

In 2009, you would of paid 35% of $480,000 which is $168,000.

Or let's take 400,000 in 2007 which would be $140,000 in the 35% bracket.

In 2009, you would of paid 35% of $4,800,000 which is $1,680,000.

This is not taking in allowances, dependents.

For it to be more than double like you said, it would have to be around 800,000 or so. Which means you would of paid around 17.5%. So Doctor was right.

 

[CMike]

Your not good at math