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Should we have additional higher income tax brackets?

DCal430

Diamond Member
Feb 12, 2011
6,021
9
81
Right now the highest bracket is

35% on taxable income over $388,350 for single and Married

But I was thinking we should add a

50% on taxable income over $500,000 for single and married,

plus a 25% employor paid tax on compensation (income) over 1,000,000, and 50% tax on compensation (income) over 10,000,000.
 

DCal430

Diamond Member
Feb 12, 2011
6,021
9
81
No, that will only make the situation worse than it already is
No it won't it will stop the excess gains of wealth. People will think twice before making 500,000+ a year and companies will think twice before paying anyone more than 500,000 a year.
 
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Fern

Elite Member
Super Moderator
Sep 30, 2003
26,917
173
106
Right now the highest bracket is

35% on taxable income over $388,350 for single and Married

But I was thinking we should add a

50% on taxable income over $500,000 for single and married,
Your marginal rate would easily exceed 50%. I don't think that's a good idea.


plus a 25% employor paid tax on compensation (income) over 1,000,000, and 50% tax on compensation (income) over 10,000,000.
We tried that once. It just didn't work and Congress repealed it.

Fern
 
Apr 27, 2012
10,086
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No it won't it will stop the excess gains of wealth. People will think twice before making 500,000+ a year and companies will think twice before paying anyone more than 500,000 a year.
Why is being rich such a bad thing, this wouldn't work and makes no sense
 

DCal430

Diamond Member
Feb 12, 2011
6,021
9
81
Why is being rich such a bad thing, this wouldn't work and makes no sense
Why should someone make 5 million a year when so many are making a few thousands a year, and even worst many make nothing and are dying on the streets without shelter, food, and water.
 
Apr 27, 2012
10,086
58
86
Why should someone make 5 million a year when so many are making a few thousands a year, and even worst many make nothing and are dying on the streets without shelter, food, and water.
Why should you or the government be able to limit a transaction/deal between two parties

Are you suggesting that they would spend that money to help poor people?
 

Smoblikat

Diamond Member
Nov 19, 2011
5,185
107
106
No it won't it will stop the excess gains of wealth. People will think twice before making 500,000+ a year and companies will think twice before paying anyone more than 500,000 a year.
Thus meaning less people have MORE money if it wasnt distributed. Exacerbating the problem of uber wealthy.
 

Smoblikat

Diamond Member
Nov 19, 2011
5,185
107
106
Why should someone make 5 million a year when so many are making a few thousands a year, and even worst many make nothing and are dying on the streets without shelter, food, and water.
Why should someone drive a car while I take a bus to work? Why should someone have a two story house when I have a single floor? Why should some people be able to eat at a resturant once a week while I can only afford once a month? Lets limit EVERYONE to the same everything. Itll be sterodic suburbs. Same car, same job, same pay, same mental abilities, same physical abilities..........I mean...........its not fair that SOME people can hit a home run out of yankee stadium and I cant. Therefore the only logical thing to do is bitch about it and stop them from succeding, just because I cant.
 

DaveSimmons

Elite Member
Aug 12, 2001
40,736
669
126
Harrison Bergeron.

Let's tie weights to the dancers, and make the smart people wear noisemaker earplugs to bring them down to the median.
 

BoberFett

Lifer
Oct 9, 1999
37,587
9
81
No it won't it will stop the excess gains of wealth. People will think twice before making 500,000+ a year and companies will think twice before paying anyone more than 500,000 a year.
Really? Has punishing companies in such a fashion worked in the past or do they simply lay off more peons and offshore their jobs to maintain their profitability and executive income?
 

boomerang

Lifer
Jun 19, 2000
18,897
638
126
Why should someone make 5 million a year when so many are making a few thousands a year, and even worst many make nothing and are dying on the streets without shelter, food, and water.
I'd love to see some stats on how many die on the streets without shelter, food and water. Last calendar year would be fine, last decade, whatever you can come up with.
 

DCal430

Diamond Member
Feb 12, 2011
6,021
9
81
I'd love to see some stats on how many die on the streets without shelter, food and water. Last calendar year would be fine, last decade, whatever you can come up with.
Sadly no one keeps track of such things. No doubt it is in the hundreds of not thousands s year.
 

thelastjuju

Senior member
Nov 6, 2011
444
0
0
Why should someone make 5 million a year when so many are making a few thousands a year, and even worst many make nothing and are dying on the streets without shelter, food, and water.
Because the money is a reward. Without people making that much money, everyone from athletes to rockstars to Bill Gates probably wouldn't have had the incentive to follow through on doing whatever it was they dreamed of doing one day.

Its harder to dedicate yourself to something if you KNOW you will have half your wealth basically confiscated as a result of your success.

As for people dying on the streets, there just aren't enough people that really care enough to actually DO anything. Most people prefer to believe that all poor people are poor for a good reason.. its true a good amount of times, but its only a damned shame if these very poor don't have a WINDOW of opportunity to escape poverty.

We should have progressive tax rates, and get rid of silly deductions though, but we shouldn't raise taxes ever so slightly on the tippy top, just for symbolism.
 

ussfletcher

Platinum Member
Apr 16, 2005
2,570
2
81
Sadly no one keeps track of such things. No doubt it is in the hundreds of not thousands s year.
How many people die falling down staircases? Its insignificant when taken in proportion to the general population.
 

ivwshane

Lifer
May 15, 2000
28,818
8,990
136
Raising taxes on the wealthy will do absolutely nothing. As with the case with Romney, the high earners don't earn income like the rest of us, therefore a higher tax rate will do nothing.

If you ask me all income should be taxed the same (that does not mean taxed at the same rate). Tell me why someone who makes their money selling stock pays less than someone working at the company whose stock they are buying? Income is income, earning it from one source or the other shouldn't matter one bit.

Get rid of capital gains all together and as a compromise lower the income tax at the high end. Simplify the tax code by getting rid of special deductions and only keep the basic ones (charity, expenses).

And if anyone thinks high taxes would destroy job growth or the economy I'll refer you to post WWII when taxes were in the high 70%
Profit is profit and anyone that says no profit is better than less profit is full of shit.
 
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Subyman

Moderator <br> VC&G Forum
Mar 18, 2005
7,876
32
86
Sadly no one keeps track of such things. No doubt it is in the hundreds of not thousands s year.
Hundreds? Lol 26 people died from lightning in 2011. Sounds like dying in the streets isn't much of a problem.
 

shira

Diamond Member
Jan 12, 2005
9,574
5
81
Your marginal rate would easily exceed 50%. I don't think that's a good idea.




We tried that once. It just didn't work and Congress repealed it.

Fern
In what way "didn't it work?" There's absolutely no correlation over time between the maximum marginal tax rate and the state of the U.S. economy. We had huge growth and also recessions when the highest rate was 70%. We've had huge growth and also recessions when the highest rate has been in the mid-thirties.

The supply-side myth of lower tax rates "lifting all boats" has been totally discredited. If you can't provide specific data supporting why higher marginal tax rates "don't work," don't make that vague claim.
 

Lithium381

Lifer
May 12, 2001
12,464
2
0
Raising taxes on the wealthy will do absolutely nothing. As with the case with Romney, the high earners don't earn income like the rest of us, therefore a higher tax rate will do nothing.

If you ask me all income should be taxed the same (that does not mean taxed at the same rate). Tell me why someone who makes their money selling stock pays less than someone working at the company whose stock they are buying? Income is income, earning it from one source or the other shouldn't matter one bit.
because there is RISK involved in the stock market. it's not guaranteed income like a salary
Get rid of capital gains all together and as a compromise lower the income tax at the high end. Simplify the tax code by getting rid of special deductions and only keep the basic ones (charity, expenses).

And if anyone thinks high taxes would destroy job growth or the economy I'll refer you to post WWII when taxes were in the high 70%
Profit is profit and anyone that says no profit is better than less profit is full of shit.
 

Michael

Elite member
Nov 19, 1999
5,281
0
76
You'll quickly find that there are fewer and fewer people that make the levels of pay you want to tax so highly. Most of them live in extremely high cost cities in the USA because that is where the opportunity to earn such pay exists. I lived in several different areas on the USA and $100K went a lot further in Kansas than it did in Slicon Valley, for example.

Your proposal for equal pay for every one is Marxist. The net effect of that practice in the countries that seem to care is to make almost everyone poor where you seem to be suggesting everyone should be made at least well-off. See Cuba and North Korea for good examples of the results of your proposal.

This is not the first time you have created such a thread with basically the same proposal. Did the logical rejection of this idea the other times wear off?

Michael
 

ivwshane

Lifer
May 15, 2000
28,818
8,990
136
because there is RISK involved in the stock market. it's not guaranteed income like a salary
So then movie stars or those involved with selling things should also get taxed lower because there is risk involved?

Did you know that a car salesman who works on commission has his commission taxed at 35%? his salary isn't guaranteed either but he doesn't pay a lower rate.

Doesn't risk also bring a higher reward, isn't that why it's called risk?

Risk should not be given special treatment.
 
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lotus503

Diamond Member
Feb 12, 2005
6,502
1
76
Why should someone make 5 million a year when so many are making a few thousands a year, and even worst many make nothing and are dying on the streets without shelter, food, and water.
We have a big enough tax base that folks can make 5 mil a year and provide for destitute people. Issue is we would rather be in perpetual war and fund a massive military. Along with all of the other useless crap we spend money on.

If we had any manufacturing jobs we could do welfare for work but no we would rather pay china for that.
 

bononos

Diamond Member
Aug 21, 2011
3,718
68
91
Right now the highest bracket is

35% on taxable income over $388,350 for single and Married

But I was thinking we should add a

50% on taxable income over $500,000 for single and married,

plus a 25% employor paid tax on compensation (income) over 1,000,000, and 50% tax on compensation (income) over 10,000,000.
Absolutely. The system needs more differentiation inside the top 1%. A small number made out big but they are treated similarly to a household of 2 working professionals.
 

Chiropteran

Diamond Member
Nov 14, 2003
9,811
110
106
Why should you or the government be able to limit a transaction/deal between two parties

Are you suggesting that they would spend that money to help poor people?
Are you suggesting they would quit trying to make money just because they were paying mroe tax?

"Hey John, if we make any more money this year we will only get to keep half of it, so that extra 5 million in potential sales? Lets just cancel them"

What a load of BS. Corporations & People like making money. Making less money because of a higher tax rate isn't going to change that, they will still make as much money as they can.
 

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