58.68 percent in taxes coming your way

[OutHouse]

http://www.nypost.com/seven/07..._pill_in_ny_179525.htm


Granted this is NY but the question still is there. how much tax is too much? where does our government cross the line for taxes? at what point do we as Americans say enough is enough and throw the bums out? 60%, 70% 90% hell why even get paid at all!!! just get ration cards from the government to pay for and other livable expenses.... if we keep going the way we are and just tax tax tax we may end up that way.

DA COMRADE!!!

 

[Slick5150]

Originally posted by: Citrix
http://www.nypost.com/seven/07..._pill_in_ny_179525.htm


Granted this is NY but the question still is there. how much tax is too much? where does our government cross the line for taxes? at what point do we as Americans say enough is enough and throw the bums out? 60%, 70% 90% hell why even get paid at all!!! just get ration cards from the government to pay for and other livable expenses.... if we keep going the way we are and just tax tax tax we may end up that way.

DA COMRADE!!!

I think we need a new acronym here.

Yet Another Thread Serving As An Excuse To Make a Reference to Communism

YATSAAETMARTC

 

[CPA]

Be careful what you wish for, you may get it with this adminstration.

 

[OutHouse]

Originally posted by: Slick5150

Originally posted by: Citrix
http://www.nypost.com/seven/07..._pill_in_ny_179525.htm


Granted this is NY but the question still is there. how much tax is too much? where does our government cross the line for taxes? at what point do we as Americans say enough is enough and throw the bums out? 60%, 70% 90% hell why even get paid at all!!! just get ration cards from the government to pay for and other livable expenses.... if we keep going the way we are and just tax tax tax we may end up that way.

DA COMRADE!!!

I think we need a new acronym here.

Yet Another Thread Serving As An Excuse To Make a Reference to Communism

YATSAAETMARTC

lol so discuss the news article or are you a flaming commie?

 

[Slick5150]

Originally posted by: Citrix

Originally posted by: Slick5150

Originally posted by: Citrix
http://www.nypost.com/seven/07..._pill_in_ny_179525.htm


Granted this is NY but the question still is there. how much tax is too much? where does our government cross the line for taxes? at what point do we as Americans say enough is enough and throw the bums out? 60%, 70% 90% hell why even get paid at all!!! just get ration cards from the government to pay for and other livable expenses.... if we keep going the way we are and just tax tax tax we may end up that way.

DA COMRADE!!!

I think we need a new acronym here.

Yet Another Thread Serving As An Excuse To Make a Reference to Communism

YATSAAETMARTC

lol so discuss the news article or are you a flaming commie?

Oh wow.. You got me. You and your fancy talk.

I have no real comment on the article itself as I'm not familiar enough with the budget situation in NY. I know its bad, but I don't know the alternatives to what they're looking at. Though I do tend to take articles in the NY Post with a grain of salt or two.

So, I choose to reserve judgement instead of calling everyone communists like you apparently choose to do. So hey, kudos to you on that stellar argument.

 

[StageLeft]

Why would "Americans say enough is enough"? [most] Americans in the grand scheme will, at least short-term, benefit from these high taxes because of what they buy. If you are worth a million bucks and my friends and I are worth $10k each and our tax rate doesn't change much and yours goes through the roof, with benefits dispersed evenly among all of us, and we each (including you) have a single vote, what are the chances of you getting a break? We will bleed you dry. Your single vote is powerless, so we'll steal your money and feel ok about it because in the end you'll still have more than us.

Never mind additional government typically breeds ubiquitous inefficiencies and many small businesses (which maybe pay for my salary) are taxed similar to individuals.

I think it's crazy, but this is the progression of the West in general.

 

[SammyJr]

Originally posted by: Citrix
http://www.nypost.com/seven/07..._pill_in_ny_179525.htm


Granted this is NY but the question still is there. how much tax is too much? where does our government cross the line for taxes? at what point do we as Americans say enough is enough and throw the bums out? 60%, 70% 90% hell why even get paid at all!!! just get ration cards from the government to pay for and other livable expenses.... if we keep going the way we are and just tax tax tax we may end up that way.

DA COMRADE!!!

Marginal tax rates, much?

The top bracket used to be 90% during the 1950s and 60s, arguably the best financial times for the U.S. and a time of rapid middle class growth. Whether that happens because of or in spite of the 90% rate is up for a debate, but a high top rate obviously won't destroy America.

It still amazes me the amount of empathy poor folks show the absurdly wealthy. These guys would wipe their ass with your paycheck and not think twice about it.

 

[Jmman]

Well, I was listening to some talk show host this weekend who was advocating that we should have a constitutional amendment that taxes should never be over 49.9%. Why should the goverment take the majority of money that I earn? The founding fathers must be rolling over in their graves right now.......

And yes, I realize that taxes have been higher in the past. That doesn't mean it was or is the right thing to do.

 

[OutHouse]

Originally posted by: Slick5150

Originally posted by: Citrix

Originally posted by: Slick5150

Originally posted by: Citrix
http://www.nypost.com/seven/07..._pill_in_ny_179525.htm


Granted this is NY but the question still is there. how much tax is too much? where does our government cross the line for taxes? at what point do we as Americans say enough is enough and throw the bums out? 60%, 70% 90% hell why even get paid at all!!! just get ration cards from the government to pay for and other livable expenses.... if we keep going the way we are and just tax tax tax we may end up that way.

DA COMRADE!!!

I think we need a new acronym here.

Yet Another Thread Serving As An Excuse To Make a Reference to Communism

YATSAAETMARTC

lol so discuss the news article or are you a flaming commie?

Oh wow.. You got me. You and your fancy talk.

I have no real comment on the article itself as I'm not familiar enough with the budget situation in NY. I know its bad, but I don't know the alternatives to what they're looking at. Though I do tend to take articles in the NY Post with a grain of salt or two.

So, I choose to reserve judgement instead of calling everyone communists like you apparently choose to do. So hey, kudos to you on that stellar argument.

yip you worship Lenin

 

[Brainonska511]

Originally posted by: SammyJr

Originally posted by: Citrix
http://www.nypost.com/seven/07..._pill_in_ny_179525.htm


Granted this is NY but the question still is there. how much tax is too much? where does our government cross the line for taxes? at what point do we as Americans say enough is enough and throw the bums out? 60%, 70% 90% hell why even get paid at all!!! just get ration cards from the government to pay for and other livable expenses.... if we keep going the way we are and just tax tax tax we may end up that way.

DA COMRADE!!!

Marginal tax rates, much?

The top bracket used to be 90% during the 1950s and 60s, arguably the best financial times for the U.S. and a time of rapid middle class growth. Whether that happens because of or in spite of the 90% rate is up for a debate, but a high top rate obviously won't destroy America.

It still amazes me the amount of empathy poor folks show the absurdly wealthy. These guys would wipe their ass with your paycheck and not think twice about it.

The only people that ever paid 90% were retards who didn't know how to do their taxes and people that won large, one-time sums, like lottery winners.

 

[SammyJr]

Originally posted by: Skoorb
Never mind additional government typically breeds ubiquitous inefficiencies and many small businesses (which maybe pay for my salary) are taxed similar to individuals.

Any established small business that isn't incorporated has an idiot for an owner. Why would you risk your home and personal assets?

In any case, sole proprietorship taxes are taken on profit, so its money after you pay your workers and any expenses. So if your sole proprietorship is making $1 million after all your expenses, then the owner falls into the above mentioned idiot category and deserves to pay the higher individual rate.

 

[SammyJr]

Originally posted by: Brainonska511

Originally posted by: SammyJr

Originally posted by: Citrix
http://www.nypost.com/seven/07..._pill_in_ny_179525.htm


Granted this is NY but the question still is there. how much tax is too much? where does our government cross the line for taxes? at what point do we as Americans say enough is enough and throw the bums out? 60%, 70% 90% hell why even get paid at all!!! just get ration cards from the government to pay for and other livable expenses.... if we keep going the way we are and just tax tax tax we may end up that way.

DA COMRADE!!!

Marginal tax rates, much?

The top bracket used to be 90% during the 1950s and 60s, arguably the best financial times for the U.S. and a time of rapid middle class growth. Whether that happens because of or in spite of the 90% rate is up for a debate, but a high top rate obviously won't destroy America.

It still amazes me the amount of empathy poor folks show the absurdly wealthy. These guys would wipe their ass with your paycheck and not think twice about it.

The only people that ever paid 90% were retards who didn't know how to do their taxes and people that won large, one-time sums, like lottery winners.

Exactly. Everyone else reinvested their income in their business rather than pocketing it. If your business is reinvesting in itself, that means you're spending money on training, expansion, R&D, etc which creates jobs.

 

[shadow9d9]

NYC is expensive.

 

[ayabe]

It's not coming my way, I don't live in New York and that's way above my tax bracket.

Misleading OP.

 

[Genx87]

Originally posted by: SammyJr

Originally posted by: Citrix
http://www.nypost.com/seven/07..._pill_in_ny_179525.htm


Granted this is NY but the question still is there. how much tax is too much? where does our government cross the line for taxes? at what point do we as Americans say enough is enough and throw the bums out? 60%, 70% 90% hell why even get paid at all!!! just get ration cards from the government to pay for and other livable expenses.... if we keep going the way we are and just tax tax tax we may end up that way.

DA COMRADE!!!

Marginal tax rates, much?

The top bracket used to be 90% during the 1950s and 60s, arguably the best financial times for the U.S. and a time of rapid middle class growth. Whether that happens because of or in spite of the 90% rate is up for a debate, but a high top rate obviously won't destroy America.

It still amazes me the amount of empathy poor folks show the absurdly wealthy. These guys would wipe their ass with your paycheck and not think twice about it.

Funny enough that 90% never really happened due to tax shelters, deductions, and loopholes. And at the same time the working poor paid 22% income tax rate. Where today they pay 10%.

 

[K1052]

Originally posted by: SammyJr

Originally posted by: Brainonska511

Originally posted by: SammyJr

Originally posted by: Citrix
http://www.nypost.com/seven/07..._pill_in_ny_179525.htm


Granted this is NY but the question still is there. how much tax is too much? where does our government cross the line for taxes? at what point do we as Americans say enough is enough and throw the bums out? 60%, 70% 90% hell why even get paid at all!!! just get ration cards from the government to pay for and other livable expenses.... if we keep going the way we are and just tax tax tax we may end up that way.

DA COMRADE!!!

Marginal tax rates, much?

The top bracket used to be 90% during the 1950s and 60s, arguably the best financial times for the U.S. and a time of rapid middle class growth. Whether that happens because of or in spite of the 90% rate is up for a debate, but a high top rate obviously won't destroy America.

It still amazes me the amount of empathy poor folks show the absurdly wealthy. These guys would wipe their ass with your paycheck and not think twice about it.

The only people that ever paid 90% were retards who didn't know how to do their taxes and people that won large, one-time sums, like lottery winners.

Exactly. Everyone else reinvested their income in their business then paid themselves huge cash dividends which are taxed at a far lower rate.

fixed

 

[her209]

Originally posted by: shadow9d9
NYC is expensive.

So move to the sticks.

 

[Engineer]

Originally posted by: ayabe

Misleading OP.

Agreed (more the story is misleading than the OP). Taxes are historically low right now at the federal level and have only been lower at one point in the last 50 years (or more) and that being during the early 1990's, IIRC.

 

[SammyJr]

Originally posted by: K1052

Originally posted by: SammyJr

Originally posted by: Brainonska511

Originally posted by: SammyJr

Originally posted by: Citrix
http://www.nypost.com/seven/07..._pill_in_ny_179525.htm


Granted this is NY but the question still is there. how much tax is too much? where does our government cross the line for taxes? at what point do we as Americans say enough is enough and throw the bums out? 60%, 70% 90% hell why even get paid at all!!! just get ration cards from the government to pay for and other livable expenses.... if we keep going the way we are and just tax tax tax we may end up that way.

DA COMRADE!!!

Marginal tax rates, much?

The top bracket used to be 90% during the 1950s and 60s, arguably the best financial times for the U.S. and a time of rapid middle class growth. Whether that happens because of or in spite of the 90% rate is up for a debate, but a high top rate obviously won't destroy America.

It still amazes me the amount of empathy poor folks show the absurdly wealthy. These guys would wipe their ass with your paycheck and not think twice about it.

The only people that ever paid 90% were retards who didn't know how to do their taxes and people that won large, one-time sums, like lottery winners.

Exactly. Everyone else reinvested their income in their business then paid themselves huge cash dividends which are taxed at a far lower rate.

fixed

What were the dividend rates in the 1950s and 1960s?

 

[her209]

Originally posted by: Engineer

Originally posted by: ayabe

Misleading OP.

Agreed (more the story is misleading than the OP). Taxes are historically low right now at the federal level and have only been lower at one point in the last 50 years (or more) and that being during the early 1990's, IIRC.

http://en.wikipedia.org/wiki/I..._in_federal_income_tax

 

[Engineer]

Originally posted by: her209

Originally posted by: Engineer

Originally posted by: ayabe

Misleading OP.

Agreed (more the story is misleading than the OP). Taxes are historically low right now at the federal level and have only been lower at one point in the last 50 years (or more) and that being during the early 1990's, IIRC.

http://en.wikipedia.org/wiki/I..._in_federal_income_tax

I was thinking of this.

It's interesting to note on that graph that the middle and upper middle class are the only two graph lines that have an actual increase in % of tax over the time frame of the graph. Every other group has seen a decrease since 1960.

 

[K1052]

Originally posted by: SammyJr

Originally posted by: K1052

Originally posted by: SammyJr

Originally posted by: Brainonska511

Originally posted by: SammyJr

Originally posted by: Citrix
http://www.nypost.com/seven/07..._pill_in_ny_179525.htm


Granted this is NY but the question still is there. how much tax is too much? where does our government cross the line for taxes? at what point do we as Americans say enough is enough and throw the bums out? 60%, 70% 90% hell why even get paid at all!!! just get ration cards from the government to pay for and other livable expenses.... if we keep going the way we are and just tax tax tax we may end up that way.

DA COMRADE!!!

Marginal tax rates, much?

The top bracket used to be 90% during the 1950s and 60s, arguably the best financial times for the U.S. and a time of rapid middle class growth. Whether that happens because of or in spite of the 90% rate is up for a debate, but a high top rate obviously won't destroy America.

It still amazes me the amount of empathy poor folks show the absurdly wealthy. These guys would wipe their ass with your paycheck and not think twice about it.

The only people that ever paid 90% were retards who didn't know how to do their taxes and people that won large, one-time sums, like lottery winners.

Exactly. Everyone else reinvested their income in their business then paid themselves huge cash dividends which are taxed at a far lower rate.

fixed

What were the dividend rates in the 1950s and 1960s?

I'd have to look it up but certainly no higher than the 20-25% long term capital gains rate at the time.

 

[Harvey]

Originally posted by: Citrix

Topic Title: 58.68 percent in taxes coming your way

Oh, please!!! I hope so. Oh, please, oh, please, oh please, let it be me!!!! :thumbsup:

Ummm... You do realize that it's a progressive taxation system, and the 58.68% tax rate applies ONLY to income ABOVE the threshold amount, and income below the threshold would be taxed at the rate applicable to progressively lower tax brackets. Of course, I wouldn't expect a Rupert Murdoch rag like the New York Post to play it any way other than pimping the fear factor. :roll:

If I were fortunate enough to be earning that much, I'd be crying all the way to my accountant's office. :sun:

 

[Fern]

Originally posted by: SammyJr
-snip-
Marginal tax rates, much?

The top bracket used to be 90% during the 1950s and 60s, arguably the best financial times for the U.S. and a time of rapid middle class growth. Whether that happens because of or in spite of the 90% rate is up for a debate, but a high top rate obviously won't destroy America.

It still amazes me the amount of empathy poor folks show the absurdly wealthy. These guys would wipe their ass with your paycheck and not think twice about it.

Tax law was much different then.

In the early part of of the 50's we had very old tax law (Internal Revenue Code of 1939). Then we had the IRC of 1954.

Back then there were TONS of "loopholes" (not really loopholes per se, but all types of intentional ways to reduce taxes due to many exemptions/deductions Congress inserted into tax law). Because of the huge amount of 'loopholes' the wealthy didn't pay taxes, this is way (and when) the Alternative Minimum Tax was created - so at least they'd pay some minimum amount of tax.

That was changed under Reagan and these loopholes were abolished, we now have the IRC of 1986

In effect, we've never had that high a rate of tax.

Originally posted by: Brainonska511
-snip-
The only people that ever paid 90% were retards who didn't know how to do their taxes and people that won large, one-time sums, like lottery winners.

Correct (except for the lottery comment, I'm not sure it existed back then). Tax professionals like myself and others were very busy before the 1986 code doing tax planning to reduce rich peoples' taxes. Essentially, we found every benefit Congress granted and made sure our clients too advantage of them.

To the main point - generally a rate above 50% is considered counter-productive as it encourage non-recognition of income (whether by legal or illegal methods) and results in reduced revenue for the government (compared to what it could have otherwise gotten).

Fern

 

[RyanPaulShaffer]

I have a challenge for all of the tax and spend liberals who love big government confiscating more of your wealth:

Why don't you all move back to California, New York, Massachusetts, Michigan, etc. and tax and spend yourself into oblivion with wasteful big government programs? Let the rest of us stay productive and keep more of our hard-earned money instead of having it taken and given to people who do nothing or wasted on big government interference in our everyday lives.

Thanks!