This, of course, ignores that in other places the taxes are less and they'll simply invest there instead of here.
More Taxes to Come
- Thread starter LadyT
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FUCK THE POLICE
911 EVERY DAY
Race to the bottom.
Little-Acorn
New member
So you will not vote for either Hillary or Obama?
How about a top COMBINED tax rate (that's Federal, State, and all local together) of 20%. That's enough to cover National Defense (incl. Vets Benefits and border security), International Affairs, Fed Employee retirement, mints, courts, and the rest listed in the Constitution. Plus some for states and local govts. Privatize the rest, gradually if you have to.
Current total taxes exceed 50% of the nation's Personal Income.
While you're at it, ban tax withholding from paychecks. And add a requirement at any later tax increases, Federal, state, or local, must be voted on by Congress during the period April 16-30, and at no other time. The see how many get proposed and passed, other than ones that are actually ABSOLUTELY NECESSARY.
Probably have to add a surtax for a while, to pay the interest on the National Debt (whose payments currently exceed the entire Defense budget) plus installments on the principal. When it's paid off (a long time), the surtax automatically goes away.
Since we're discussing wish lists and pipe dreams, I thought I'd throw mine in.
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I've never said they should be taxed at a lower rate than ordinary income.
uscitizen
Villified User
Not really we just tax their Profits when they bring it back in.
Let them move to China if they want to avoid the income taxes.
cawacko
Well-known member
Exactly as do working people. All my company does is invest pension fund money from public union workers. It is what pays their retirement. So while these workers may not have additional money in the market the money the union takes from their paycheck for there retirement is working in the market.
FUCK THE POLICE
911 EVERY DAY
So you will not vote for either Hillary or Obama?
How about a top COMBINED tax rate (that's Federal, State, and all local together) of 20%. That's enough to cover National Defense (incl. Vets Benefits), International Affairs, Fed Employee retirement, courts, and the rest listed in the Constitution. Plus some for states and local govts. Privatize the rest.
Current total taxes exceed 50% of the nation's Personal Income.
While you're at it, ban tax withholding from paychecks. And add a requirement at any later tax increases, must be voted on by Congress during the period April 16-30, and at no other time. The see how many get proposed and passed, other than ones that are actually ABSOLUTELY NECESSARY.
Probably have to add a surtax for a while, to pay the interest on the National Debt (whose payments currently exceed the entire Defense budget) plus installments on the principal. When it's paid off (a long time), the surtax automatically goes away.
Since we're discussing wish lists and pipe dreams, I thought I'd throw mine in.
There should be a flat national tax rate of 2%, and the rest of the money will just come from fairy dust.
Get rid of loopholes. There are ways to make sure that everyone pays their fair share.
"Fair share" is not 40%, though. When talking about universal healthcare, I hear a lot of calls to raise taxes on "the rich" to pay for it; to me, that's immoral. It's also a weird, kind of pathetic attitude to have to just say, "we'll come up w/ the ideas, and you wealthy folks can pay for 'em."
Also, investment is something that needs to be encouraged; I definitely put it on a different scale than regular earned income. People with that kind of money can easily go offshore w/ it, or invest abroad. It's important to encourage investment domestically; it's precisely that kind of investment that built America, and creates booms which help everyone, at every income scale.
I've never been comfortable with the "soak the rich" mentality that some on the left have. A top rate of 33% should be the goal. No more than one-third of anyone's income. If the government can't find a way to operate efficiently without that kind of revenue, than we need to re-think they way it does things, and make it happen.
"Fair share" is not 40%, though. When talking about universal healthcare, I hear a lot of calls to raise taxes on "the rich" to pay for it; to me, that's immoral. It's also a weird, kind of pathetic attitude to have to just say, "we'll come up w/ the ideas, and you wealthy folks can pay for 'em."
Also, investment is something that needs to be encouraged; I definitely put it on a different scale than regular earned income. People with that kind of money can easily go offshore w/ it, or invest abroad. It's important to encourage investment domestically; it's precisely that kind of investment that built America, and creates booms which help everyone, at every income scale.
I've never been comfortable with the "soak the rich" mentality that some on the left have. A top rate of 33% should be the goal. No more than one-third of anyone's income. If the government can't find a way to operate efficiently without that kind of revenue, than we need to re-think they way it does things, and make it happen.
uscitizen
Villified User
fearmongering.
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911 EVERY DAY
In the OECD, Damo. The OECD, coincidentally, is not "the world".
Except they haven't. Many still invest in the US because the tax cost doesn't negate the gains that they get higher than what they would get investing outside the US. However, we can change that if we make the tax rates too punitive. Chasing away investors is not good for the economy even if it seems "fair" to tax them very high indeed.
That's the official tax rate.
This country also has the highest number of tax loopholes and shelters for corporations to take advantage of. So, their effective net tax burden is nowhere even close to being second highest.
Right. When you predict something obvious it is soothsaying, when I point out the obvious it is "fearmongering". That's just disingenuous.
FUCK THE POLICE
911 EVERY DAY
Exactly, no universal healtchare, medicare, or medicaid, or foodstamps, and cut the military budget in half. Then we'll get there.
Cancel 2016.2
The Almighty
Avoid the insanity....
30k standard deduction for every adult. (adjusted annually for inflation)
Tax everything above that at 20%.
That is both fair and progressive.
No other deductions or loopholes to avoid taxes.
All sources of income taxed in this manner.
Special additional 10% tax on every dollar of income over $1mm (adjusted annually for inflation). This 10% will be dedicated exclusively to paying down the debt.
No more lobbyists bribing politicians to give them special tax breaks. No more bitching about hedge fund managers getting taxed at 15%. No more Buffetts getting their effective tax rates below that of their secretary's.
But best of all.... NO MORE IRS. (for the most part)
30k standard deduction for every adult. (adjusted annually for inflation)
Tax everything above that at 20%.
That is both fair and progressive.
No other deductions or loopholes to avoid taxes.
All sources of income taxed in this manner.
Special additional 10% tax on every dollar of income over $1mm (adjusted annually for inflation). This 10% will be dedicated exclusively to paying down the debt.
No more lobbyists bribing politicians to give them special tax breaks. No more bitching about hedge fund managers getting taxed at 15%. No more Buffetts getting their effective tax rates below that of their secretary's.
But best of all.... NO MORE IRS. (for the most part)
FUCK THE POLICE
911 EVERY DAY
The average amount of total money a person has taxed in the US is 30%. The lowest in the developed world. Maybe the investors will all move to Zimbabwe, I doubt it.
We should fix that so it will make it clear we don't want businesses here.
Cancel 2016.2
The Almighty
This just lends itself as further proof of your ignorance. Do you have any clue how many seniors live off of investment income? Given that retirement is now lasting upwards of 30 years +... your assertation is a poor one at best. Do you think they all live off of social security?