SaxMan's Tax Plan: Exponential Tax Brackets

[Shazam]

<< Please provide ONE reference to somebody with an income of 50 million dollars a year (I am presuming that we are referring to yearly incomes in this discussion). >>

One of the CEOs of a major Canadian bank got a bonus of $42 million dollars.

Why do you consider it &quot;impossible&quot; to think a person can make that much?

 

[Napalm381]

42 million dollars is still not 50 million dollars. Furthermore, that's a Canadian CEO. Is that Canadian or American dollars? BIG difference.

Why is it impossible? Not truly impossible...but last time I checked I had not heard of a single person with an income of anywhere CLOSE to 50 million dollars. Take a look at this chart from Forbes. There are only three people with a salary plus bonus level in the eight figure range. Stock gains don't count for income tax purposes (which is, after all, what we are debating).



Well put, Rio Rebel.

 

[Fingers]

thats a good generous idea, but i don't like the idea that someone who drops out of high school and is a lazy bum gets preferential treatment. granted it's not fair, but life isn't fair. I don't think there will ever be a perfect solution to this.

 

[8ball]

A flat tax is much better than the current system the US uses (the exponential tax). Why should people be penalized because they make more money than someone else? I currently am in the 28% Federal Tax bracket. A couple more raises, I'm paying 33% Federal PLUS the 7% State I already pay. That's almost half of my income.

 

[Cheapster]

We could do away with most of the IRS and save us all time and hassle if we had a luxury tax. You don't pay any income taxes, but if you go out and make a purchase (not food), then you pay your tax then. This way everybody pays, all those making money under the table, drug dealers etc. Then nobody could b*tch because if you're poor, then you shouldn't be buying things that you don't need. You could also save every dime you make if you choose not to spend it.

But to keep things good for us anandtechers, all online activity would have to be tax free LOL