Quote:
Originally Posted by bhutocracy
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.
Put it this way, I would still work and innovate at 50% top tier tax rates.
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That's very impressive.
I still stand 100% by my statement that NOBODY in the U.S. during the "glory years" ever actually paid those tax rates. It's impossible to pay the feds 90%, the city another percentage, pay property taxes, pay state income tax, etc. You would be paying in around 120% in taxes. It's impossible.
So your declaration of how great the "rich" did with 90% tax rates isn't correct. They never paid those rates.
And if you think you could pay 50% in just federal income tax and just keep right on rolling...I would say you haven't took the time to do the math on that.
Here in the U.S. that definitely wouldn't work.
If I had to pay an actual 50 cents of every dollar I earned just in federal income tax I would go broke.
Why? Because then I still have to pay Social Security tax. And then MATCHING funds for every employee.
And then property tax. And then city taxes. State taxes. Fuel tax every time I go get some gasoline. And of course sales tax on every last thing I buy.
It's insane how much you actually pay in taxes.
How much tax do we really pay?
According to that chart if you paid only 17% in federal income taxes...you are still ACTUALLY paying 43% in overall taxes to different govt. entities.
So quick math says that all taxes other than federal equal about 26% on average.
So if I had to actually pay 50% with no deductions to the feds...I would in reality be paying 76% in overall taxes.
Brother...I don't want to work every day of my life to only hold 24% of what I EARNED.
The govt. doesn't earn a goddamn thing. They take it from us.
That's the way I see it.
And every dollar the govt. takes from you is one less dollar that you could use to do things for yourself, your wife, your kids, your family, and to expand your business.
And what does the govt. do with the money?
Let's see, here in the U.S. they spy on us. They make defense contractors extremely wealthy. They use those weapons to invade other countries and kill people worldwide.
And of course funnel money back to their home states to their cronies in the form of pork barrel spending.
And the majority of the money that is earmarked to actually HELP people? It's mostly spent on...you guessed it: administrative costs. Which translates into more bureaucrats making a living sucking off of hard working people like you.
It's disgusting to me.
