Quote:
Originally Posted by Robbie
Do you honestly believe that ANYBODY actually PAID that tax rate?
The reason it didn't "stifle innovation" was because nobody paid that much.
Back in the days of people like Carnegie, Biltmore, and Rockefeller...they were actually richer than the federal govt. (which is as it should be). Not one of those gentlemen ever paid income taxes...because Federal income tax didn't exist.
Neither did Howard Hughes...income tax did exist in his lifetime, but you can bet your ass he NEVER paid that high of a rate...ever. Didn't matter what the rates were, people just never paid that.
The period of "unquestioned American glory" had a federal govt. that wasn't a giant overbloated monster.
Surely to God you don't think they need even MORE money do you?
Right now Bill Gates is the richest man in America. He is worth 81.8 billion dollars.
The United States Federal Govt. spends that much in less than 8 days!!!!!!
Why the hell would you want to take money from people and give it to the Feds????
So they can bomb and kill even more people around the world? Don't they take enough of people's money already?
The U.S. govt. doesn't earn any money. It TAKES it from people.
And how would YOU like it if every dollar you earned...the Federal govt. took 90 cents of it. And THEN the city tax, county tax, property tax, and sales taxes...you would literally be working to LOSE money.
It's a joke. Nobody COULD pay 90% federal taxes. The math just wouldn't add up after all those other taxes (and don't forget the Obama Care "tax" either...plus paying all of your employees matching taxes and of course Social Security taxes)
If you've ever made any real money...you know what I'm saying.
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Oh Robbie, your poor reading skills are coming to the fore again. I've already said several times 90% is too high and I wouldn't want to pay it. Don't know how you missed it. I can however appreciate how it might work on a hypothetical (and historical) level without slobbering about communism and the 'gubmint which was my original issue with the comments in the thread.
Robbie, I was in the top tax bracket in my country when I was TWENTY. I've run several businesses for well over a decade, I have employees and multiple properties, unlike some I'm not talking out of my hat.
I would support marginally higher taxes if the money was spent on infrastructure, education and anything with a decent return on investment for the country. A lot of that though would be closing corporate tax loopholes that has allowed them to shift the tax burden onto ordinary people and getting money out of politics.
Put it this way, I would still work and innovate at 50% top tier tax rates. I'd still look at doing everything I could to minimise my tax though, I wouldn't be HAPPY about it. but if I could see a long term benefit to the country, with less people trying to steal my car and more people buying my products, I don't mind a bit of welfare. My guiding principle is enlightened self interest. I'm not so strapped for cash that I see every dollar lost as some sort of crime. I have the ability to be a bit financially comfortable and above the fray to look at the big picture.