Economists Say We Should Tax The Rich At 90 Percent - Page 2 - GoFuckYourself.com

bhutocracy · 12-02-2014, 04:50 AM

Quote:

Originally Posted by Robbie

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.

Well for a start it wouldn't be 50% of every dollar, it would be 50% of every dollar over $400k. That's a big difference. If you earn $400k you only pay a bit over a quarter of every dollar in federal taxes assuming no deductions (and there always is). BTW I think they did a study a few years ago where they said the "money that buys happiness" level was around $350k/pa.

I also never said no deductions. I said no corporate loopholes, no Double Irish Dutch Sandwiches. I believe I do a good by employing people in my town, but I don't think the taxes they pay and the stimulus their wages provide should be the only benefit.

I will admit our tax system is different to yours though. We pay 45% at the top and 10% GST(like a sales tax on goods and services). Although I pay superannuation (9% social security contribution) for my employees and so on it doesn't add up to 70% or close to it.
But you also have insanely low capital gains rates - 15%! Ours is the top marginal rate you pay unless you've held the asset for more than 12 months in which case it's half the marginal rate. So if you're in the top bracket it's 45% or 22.5% if you've held it for 12 months which you often don't do share trading.