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70 percent marginal tax rate

therock

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70 percent marginal tax rate
« on: January 25, 2019, 11:30:21 AM »
https://www.gq.com/story/70-percent-tax-rate-explainer

Now things to note its the marginal tax rate not just the tax rate. People being misleading on that part
And the first 10 millions dont get tax that much
Also tax rate use to be higher. And the enconmomy was in a boom. But note that was After world war 2...and that may have a little to do with the Boom. And where were they going to go after that. Also was a lot of ways to avoid paying that.


What do you think. I persoanly would of up the level of rich you got to be before you hit that rate. But not against drasticly changing the Tax code.

now some people say not only is not to much..its not enough should be 90 percent.  Which make be wonder what WOULD be to much. Where it like their rich but that a bit overboard

Do you think this would help or hurt growth is passed


There also been talks of a wealth tax

NeoGreenLantern

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Re: 70 percent marginal tax rate
« Reply #1 on: January 25, 2019, 12:06:50 PM »
I'm 100% on board with that marginal tax rate.

But I also think there should be additional tax credits and tax deductions for the rich directly tied to investments and business ownerships that lead to more jobs in the US.

ProjectCornDog

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Re: 70 percent marginal tax rate
« Reply #2 on: January 25, 2019, 12:08:57 PM »
Can only 'work' if you radically change the trade agreements and make it so businesses cant operate oversees, or if they do they will still be taxed the same way.

I personally believe it will kill innovation and what not but that's a different argument from my initial one.

NeoGreenLantern

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Re: 70 percent marginal tax rate
« Reply #3 on: January 25, 2019, 12:17:41 PM »
I absolutely disagree with it killing innovation. You don't get innovation from the rich in the US. It's all coming from start ups as it stands.

Also, and correct me if I'm wrong, the mariginal tax rates being discussed arent for businesses. It's for personal income. So I don't see how it would prevent businesses from operating over seas.

ProjectCornDog

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Re: 70 percent marginal tax rate
« Reply #4 on: January 25, 2019, 12:53:42 PM »
If their personal income was made overseas, taxes are impacted differently but I'm not sure how much.

But the idea of it killing innovation isn't from the people who are already getting taxed, but those that are trying to get rich. But if the more money you make the more exponentially you are going to get taxed, then there is less incentive to truly go for it. I know from experience from living in NJ that it's truly demoralizing to look at the "before" and "after" from taxes and see none of it going to good use.

Uhtceare

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Re: 70 percent marginal tax rate
« Reply #5 on: January 25, 2019, 01:03:53 PM »
They've done statistical analysis of that sort of thing, and found that taxes have to be truly outrageous before people stop trying to get rich. 

ProjectCornDog

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Re: 70 percent marginal tax rate
« Reply #6 on: January 25, 2019, 01:18:45 PM »
They've done statistical analysis of that sort of thing, and found that taxes have to be truly outrageous before people stop trying to get rich.

In my opinion, 70% gets close to outrageous.

MTL76

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Re: 70 percent marginal tax rate
« Reply #7 on: January 25, 2019, 01:26:53 PM »
A 70% tax rate is ridiculously high. I think we should concentrate more on the government not wasting the money it already extracts from citizens. Besides, the uber-wealthy will just shield their income in tax havens like they always do. I’d rather their money be in the economy than paying for a Representative’s pet project.


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ProjectCornDog

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Re: 70 percent marginal tax rate
« Reply #8 on: January 25, 2019, 01:49:23 PM »
A 70% tax rate is ridiculously high. I think we should concentrate more on the government not wasting the money it already extracts from citizens. Besides, the uber-wealthy will just shield their income in tax havens like they always do. I’d rather their money be in the economy than paying for a Representative’s pet project.

That's where I am at. The country is in 7 wars, has 150 bases around the world, gives financial aid to countries like China (yes we borrow money from China with interest and provide financial aid to China), and have endless bureaucratic waste throughout the system. I think before the government takes more from the American people it takes a hard look in the mirror and figures out it's priorities.

Imperial

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Re: 70 percent marginal tax rate
« Reply #9 on: January 25, 2019, 01:53:05 PM »
The top marginal rate should definitely be increased. It's just of where it should start, and what the rate should be.

I don't really buy the kills innovation argument, as a general rule, either. That is not the way it tends to work in America. If anything, the mega rich tend to funnel more and more of their resources into buying the political system. Frequently with an idea of preserving status quo, slanting rules more in establishment favor, and/or slowing/halting innovation.

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ProjectCornDog

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Re: 70 percent marginal tax rate
« Reply #10 on: January 25, 2019, 02:05:30 PM »
I don't really buy the kills innovation argument, as a general rule, either. That is not the way it tends to work in America. If anything, the mega rich tend to funnel more and more of their resources into buying the political system. Frequently with an idea of preserving status quo, slanting rules more in establishment favor, and/or slowing/halting innovation.


I actually agree with you there. My point was for people wanting to be like them, not for people like them. It's a fact that a lot of wealthy people rest on their laurels and aren't out there as engines of innovation. Its one reason why I am so skeptical of government monopolies, weird tax laws, and often questionable regulations. Its often to make sure the rich stays rich and to limit their would-be competition.

NeoGreenLantern

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Re: 70 percent marginal tax rate
« Reply #11 on: January 25, 2019, 03:12:17 PM »
The 70% marginal tax rate would hit people working their way up. It would be people already there. No one is saying I don't want to become too rich to the point I get taxed more.

MTL76

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Re: 70 percent marginal tax rate
« Reply #12 on: January 25, 2019, 03:21:05 PM »
That's where I am at. The country is in 7 wars, has 150 bases around the world, gives financial aid to countries like China (yes we borrow money from China with interest and provide financial aid to China), and have endless bureaucratic waste throughout the system. I think before the government takes more from the American people it takes a hard look in the mirror and figures out it's priorities.

Agreed. There is not enough money in the world to satisfy the people in our government who want to spend it, either or utopian socialist programs or bloated military contracts. Any addition money obtained through taxation will go right down the sinkhole. It’s always a case of “If we just tax a little more...”


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XerxesTWD

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Re: 70 percent marginal tax rate
« Reply #13 on: January 25, 2019, 04:11:18 PM »
Absolutely for it. Hilariously, the majority of people against it are the ones who will never make $10 million in a single year. Ever.


It definitely doesn't kill innovation and there is nothing to support the argument that it would.

Snake-eyes

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Re: 70 percent marginal tax rate
« Reply #14 on: January 25, 2019, 05:42:56 PM »
I think it should be lowered so that it starts hitting people at the 500,000 dollar mark.