Poll: wealth more distributed or concentrated

[Matt1970]

No one is talking about 'getting rid of the 1%'. We're talking about making their share of wealth less extremely concentrated.

Well Craig, you have few choices from what I can see.

1. You can make it illegal to make more than a certain amont of money a year.

2. Raise taxes back to the Carter era 70%+ rates. That would make a pretty good dent in the 1%.

3. You can regulate the salary of every ocupation.

If you have any other ideas let me know.

 

[blackangst1]

Well Craig, you have few choices from what I can see.

1. You can make it illegal to make more than a certain amont of money a year.

2. Raise taxes back to the Carter era 70%+ rates. That would make a pretty good dent in the 1%.

3. You can regulate the salary of every ocupation.

If you have any other ideas let me know.

If I could add to this. Because Craig usually talks about the accumulation of wealth (usually), add 4. Limit the amount of wealth an individual can own. Also, you would have to do more than just raise taxes back to 70%. You would need to apply those rates to cap gains also.

 

[BurnItDwn]

Only by government perpetually seizing money from those who earned and redistributing it to others can society be fair.

Actually, I think the plan works if you take the money that wasn't earned .....

 

[Londo_Jowo]

I believethat those who support taxing the 1% at 70% rates should also be taxed at 70%.

 

[werepossum]

It's important we live in society that allows people to be rich. Everyone needs a "goal" to strive for and since our society and economy are so money-centric being rich is that "goal."

However, a natural consequence of people becoming rich is the hoarding of money by a select few. Those with money are more easily able to earn more money and protect it. As time goes by, their wealth will become more concentrated and stagnant.

To combat this, a progressive system of taxation is necessary. It shouldn't be outlandish, but it should clearly delineate rates between "normal" wage earners and the "rich." Say, for example, the highest tax rate shouldn't kick in until someone gets into the millions of dollars earned rather than $388,000 today. On top of that, all deductions and credits should be eliminated to completely simplify the tax system.

Something along the lines of:

Tax rate - Income taxed at rate
5% - $1-$29,999
10% - $30,000 - $49,999
15% - $50,000 - $99,999
20% - $100,000 - $149,999
25% - $150,000 - $249,999
30% - $250,000 - $499,999
35% - $500,000 - $999,999
40% - $1,000,000 - $1,999,999
45% - $2,000,000 - $4,999,999
50% - $5,000,000+

This would make the effective tax rate for someone earning $5M per year 41% -- a good deal higher than the 35% plus deductions and credits they would pay today, however it also makes lower income wage earners pay some modicum of taxes as well rather than getting a free EIC check every year. For example, a family earning $50,000 total would have an effective rate of 7% rather than some negative number once you factor in deductions and credits.

In this scenario, EVERYONE pays more and if we actually had responsible leaders, they'd use the extra money (along with spending cuts) to eliminate the deficit and begin paying down the national debt.

I don't think government should EVER be entitled to half of what one earns, even if you earn it by showing up at a party for 15 minutes and collecting twenty grand a la Paris Hilton, but I applaud your idea. Cut it by a third, exempt income to the poverty level for all earners, count ALL income sources, and I'm on board. Since cost of living varies wildly by state, city and even borough, let the states handle EIC if they think it's needed.

The chance that we'll have leaders who will pay down the debt when that same money could buy votes is of course nil.

To Craig's point, I'm completely in favor of government policies rewarding achievement and expanding opportunity to increase wealth distribution. And I'm completely against government policies increasing wealth distribution by seizure and redistribution. Wealth should be earned, not distributed; charity is distributed. And if we train our population that achievement is not a requirement, then the Occupiers will truly be the 99%.

 

[werepossum]

i believethat those who support taxing the 1% at 70% rates should also be taxed at 70%.

lol +1