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No offence, but as a mathematician, you should have realised that US tax revenues have never reflected tax rates of 90%...ever.
It's all smoke and mirrors. Jack the advertised rate up to make all the lower incomes feel better, but, at the same time, increase all of the sheltering capabilities.
The facts are pretty simple. US tax code has been over complicated intentionally, to allow those that know how, to abuse those that do not.
Throw out US tax code.
Implement a simple, progressive tax structure (low-10%, high 30%).
Treat all income (regardless of source) as income.
Set business tax rates as progressive based on company size.
Institute fixed budgets to each branch based on GDP/capita.
Originally posted by jibeho
reply to post by Kali74
Interesting notion!! But, will that tax stop the spending? Every new tax, tax increase etc just seems like another revenue stream for the govt. to spend. D.C. has a spending problem and the credit cards are maxed out!
if corporations payed their traditional rates the problem would reverse itself in no time,
Originally posted by seeker1963
reply to post by Kali74
How ridiculous this whole thread has become............
Arguing over how we are ALL being screwed, WHILE AT THE SAME G.D. TIME STICKING UP FOR THE CRIMINAL ELEMENTS IN DC WHO MADE IT ALL POSSIBLE!
None of you have a damn clue..........
Originally posted by XPLodER
Actually 90% top tax rates were used in the us for certain reasons, for certain sectors and earners,
no error it was the top tax rate during ww1 for some sectors of the population in some areas of production,
war goods is one example.
actually if you did the exact opposite of the bush tax cuts and raise the rates instead of dropping them you would see a boom in industry and consumption. see the sixties for an example, the largest growth in the middle class happened during times of high taxes on the top teir of earners
just look at history
including income from bonds shares and dividends?
tradition is important in this debate,
america has traditionally sought higher tax rates from the wealthy because they are the ones benefiting from finance and manufacture for consumption,
when the lower tier pay to much in taxes they have no discretionary money to spend on consumption,
this is a cycle that effects everyone.
if you tax the poor in proportion to their earnings, they will not buy goods,
that lowers demand and the producers and manufacturers suffer,
thats why countries like Australia with a high minimum wage are very prosperous ATM
if corporations payed their traditional rates the problem would reverse itself in no time,
How?
When half of this country has zero tax liability?
Whose cutting their throats?
Tax those evil corporations so people can go out any buy more corporate products!!!!
Only they won't have a job to.
2 trillion dollars is parked in the kaymen islands tax free
hat puts people to work and gives them money to spend (ie a healthy economy)
Originally posted by neo96
No that is the US federal government who will do anything to destroy anyone or anything that gets in its way.
I am aware of when and why advertised tax rates were set at 90%. That doesn't change the fact that the US government has never actually received that income...ever.
As I am sure you are aware, in 1944-45 (when tax rates at the highest bracket were 94%), the actual paid taxes were closer to 40% on earned income. Less for those that invested heavily.
Granted, I am of the thought that the US government did it intentionally to spur large investment.
Hard to say. I personally believe that taxes paid (versus tax rates) are socially driven, not economically.
To use your example of the 60's, that is also the period of greatest patriotism inside the US. A very strong social motivator to pay more towards the betterment of your society as a whole.
That also explains why certain countries will tolerate higher taxation levels then others.
If the people this effects (myself included) do not like it, they can always keep the money in the investment by not removing it as income.
Note my use of a progressive tax basis. In Canada we define progressive taxes as burdening all equally. By that definition, you can not take 30% of a low income and 30% of a high income, as you would have created unequal burden through equal taxation.
Cross country comparisons on singular institutions (like comparing minimum wage between two countries) is never accurate.
There is just too many differences between the entire economic environments to compare them equally.
You can say it is Australia's minimum wages, and I can say it is their level of taxes, education spending, defence spending, etc.
Originally posted by jacobe001
Originally posted by neo96
No that is the US federal government who will do anything to destroy anyone or anything that gets in its way.
So I take it you are going to protest or go after the politicians in DC that hail from the likes of the Big Wall Street Banks and Big Multi National Corporations?
Originally posted by seeker1963
reply to post by Kali74
How ridiculous this whole thread has become............
Arguing over how we are ALL being screwed, WHILE AT THE SAME G.D. TIME STICKING UP FOR THE CRIMINAL ELEMENTS IN DC WHO MADE IT ALL POSSIBLE!
None of you have a damn clue..........
Originally posted by neo96
reply to post by XPLodER
You pay more in taxes than corporations-LIE.
www.cbsnews.com...
money.cnn.com...
www.forbes.com...