by Romalae » Wed Mar 25, 2015 6:37 pm
by Occupied Deutschland » Wed Mar 25, 2015 6:58 pm
by Atlanticatia » Wed Mar 25, 2015 6:59 pm
by The Black Forrest » Wed Mar 25, 2015 7:03 pm
by Romalae » Wed Mar 25, 2015 8:34 pm
Occupied Deutschland wrote:It seems to be rather common knowledge (at least, outside of some political circles that carve out exceptions for their donors) that corporations and more wealthy individuals tend to have a much easier time of it under the tax code as organized.
Anyone who thinks the US tax code doesn't benefit corporations and the rich is deluding themselves. The real rub comes in how to try and address that. The influence such corporations and/or donors have in the political system makes broad reform of the tax code to eliminate loopholes, even as some kind of deal that involves reducing rates, very unlikely (see: GE with regards to energy taxation/subsidy, the military-industrial complex in general, healthcare and drug companies with regards to healthcare/prescription-drug/Medicare/etc. reform, banks with what is probably the home-run example of this problem, et. al.).
Atlanticatia wrote:Also capital gains should be taxed the same as any other income - that's a huge giveaway to the wealthy. I'd cap the mortgage interest deduction, making it a 15% tax credit only up to mortgages of $500,000. I'd also remove the 'cap' on social security taxes so everyone pays the social security tax on all their income. I'd increase taxes on everyone earning above $200,000 and heavily on people earning above $500,000 and especially $1,000,000. The top marginal rate, including social security and medicare, would probably be around 55-60%.
The Black Forrest wrote:Well? The one percenters take in 40 percent of the national income and for whatever reason everybody thinks they need tax breaks.
by New Werpland » Wed Mar 25, 2015 8:38 pm
by Greed and Death » Wed Mar 25, 2015 8:39 pm
Occupied Deutschland wrote:It seems to be rather common knowledge (at least, outside of some political circles that carve out exceptions for their donors) that corporations and more wealthy individuals tend to have a much easier time of it under the tax code as organized. Particularly the very wealthy (and by this I mean those exceeding the tens of millions mark, not asset-'rich' 'millionaires') who can tie up a lot of assets in other things for tax break purposes and/or pay tax accountants/lawyers bookoo buckaroos to find loopholes for them. Which only becomes more true in the case of corporations.
Anyone who thinks the US tax code doesn't benefit corporations and the rich is deluding themselves. The real rub comes in how to try and address that. The influence such corporations and/or donors have in the political system makes broad reform of the tax code to eliminate loopholes, even as some kind of deal that involves reducing rates, very unlikely (see: GE with regards to energy taxation/subsidy, the military-industrial complex in general, healthcare and drug companies with regards to healthcare/prescription-drug/Medicare/etc. reform, banks with what is probably the home-run example of this problem, et. al.).
by Romalae » Wed Mar 25, 2015 9:10 pm
New Werpland wrote:How odd, I'm under the impression that Corporations pay a little too much, and that the Rich don't pay anything near enough. But the statistics in this say otherwise about what other people think. But then it isn't abnormal for other people to have different opinions.
by AiliailiA » Wed Mar 25, 2015 9:50 pm
Cannot think of a name wrote:"Where's my immortality?" will be the new "Where's my jetpack?"
Maineiacs wrote:"We're going to build a canal, and we're going to make Columbia pay for it!" -- Teddy Roosevelt
Ifreann wrote:That's not a Freudian slip. A Freudian slip is when you say one thing and mean your mother.
by Arkotania » Wed Mar 25, 2015 11:13 pm
by Romalae » Thu Mar 26, 2015 7:40 am
Arkotania wrote:Same goes for corporations. They complain US corporate tax is high while realistically paying a significantly lower rate. If they arent even paying at the rate they should be, how is it they can use it as a justification?
by Imperium of the Gliusor Species » Thu Mar 26, 2015 7:46 am
by 95X » Thu Mar 26, 2015 8:09 am
Nation not my RL views, etc.
Poe's Law. Nonpartisan.
by British Home Counties » Thu Mar 26, 2015 8:20 am
by Arkotania » Thu Mar 26, 2015 8:37 am
by Galloism » Thu Mar 26, 2015 9:19 am
British Home Counties wrote:> Too much tax
Wealthy people are completely barricaded with the amount of taxes, and I am completely not surprised that they flee to Bermuda, Cayman Islands and Panama. Good for them, I support them in their cause in widening the US budget deficit.
The thought that a corporation tax can, at maximum, amount to 52% of income, is horrible.
> Tax going the wrong way
Taxation has too much of a burden for the poorest, people within $3 / 4 of the state minimum wage shouldn't be paying taxes.
by Romalae » Thu Mar 26, 2015 9:25 am
British Home Counties wrote:> Too much tax
Wealthy people are completely barricaded with the amount of taxes, and I am completely not surprised that they flee to Bermuda, Cayman Islands and Panama. Good for them, I support them in their cause in widening the US budget deficit.
The thought that a corporation tax can, at maximum, amount to 52% of income, is horrible.
> Tax going the wrong way
Taxation has too much of a burden for the poorest, people within $3 / 4 of the state minimum wage shouldn't be paying taxes.
by Kelinfort » Thu Mar 26, 2015 9:34 am
by British Home Counties » Thu Mar 26, 2015 9:49 am
Romalae wrote:British Home Counties wrote:> Too much tax
Wealthy people are completely barricaded with the amount of taxes, and I am completely not surprised that they flee to Bermuda, Cayman Islands and Panama. Good for them, I support them in their cause in widening the US budget deficit.
You support widening the US budget deficit? How is this a good thing?
Romalae wrote:Also, if wealthy people are "completely barricaded" with taxes at this point in time, then what would you say about the pre-Reagan era top marginal tax rates? There is certainly little comparison to today.
Romalae wrote:The thought that a corporation tax can, at maximum, amount to 52% of income, is horrible.
Source?
Romalae wrote:> Tax going the wrong way
Taxation has too much of a burden for the poorest, people within $3 / 4 of the state minimum wage shouldn't be paying taxes.
So if you believe that taxation has too much of a burden on the poorest and the richest, then who is supposed to pick up the slack? Are you proposing that taxes be raised significantly on the middle class?
by Galloism » Thu Mar 26, 2015 10:21 am
British Home Counties wrote:Romalae wrote:You support widening the US budget deficit? How is this a good thing?
It is not, no one said it is. But it's a nice sign of protest.Romalae wrote:Also, if wealthy people are "completely barricaded" with taxes at this point in time, then what would you say about the pre-Reagan era top marginal tax rates? There is certainly little comparison to today.
That they were too high andstifled growth.Romalae wrote:Source?
Seems I was wrong, taken directly out of Wikipedia, or I just misunderstood it. Either way a 35% tax rate is already one of the highest on Earth.Romalae wrote:So if you believe that taxation has too much of a burden on the poorest and the richest, then who is supposed to pick up the slack? Are you proposing that taxes be raised significantly on the middle class?
I am proposing that spending is cut. Debt + Inflation = Prosperity is not a long-term economic plan. You don't need to replace revenue with more revenue to continue absurdly high spending levels.
by AiliailiA » Thu Mar 26, 2015 10:26 am
Cannot think of a name wrote:"Where's my immortality?" will be the new "Where's my jetpack?"
Maineiacs wrote:"We're going to build a canal, and we're going to make Columbia pay for it!" -- Teddy Roosevelt
Ifreann wrote:That's not a Freudian slip. A Freudian slip is when you say one thing and mean your mother.
by Sanctissima » Thu Mar 26, 2015 10:33 am
Atlanticatia wrote:I think a huge problem is deductions and tax breaks. We need to make it so tax rates are more closely aligned with what people actually pay effectively.
Also capital gains should be taxed the same as any other income - that's a huge giveaway to the wealthy. I'd cap the mortgage interest deduction, making it a 15% tax credit only up to mortgages of $500,000. I'd also remove the 'cap' on social security taxes so everyone pays the social security tax on all their income. I'd increase taxes on everyone earning above $200,000 and heavily on people earning above $500,000 and especially $1,000,000. The top marginal rate, including social security and medicare, would probably be around 55-60%.
by Kelinfort » Thu Mar 26, 2015 10:37 am
Sanctissima wrote:Atlanticatia wrote:I think a huge problem is deductions and tax breaks. We need to make it so tax rates are more closely aligned with what people actually pay effectively.
Also capital gains should be taxed the same as any other income - that's a huge giveaway to the wealthy. I'd cap the mortgage interest deduction, making it a 15% tax credit only up to mortgages of $500,000. I'd also remove the 'cap' on social security taxes so everyone pays the social security tax on all their income. I'd increase taxes on everyone earning above $200,000 and heavily on people earning above $500,000 and especially $1,000,000. The top marginal rate, including social security and medicare, would probably be around 55-60%.
Wouldn't that just make people not want to succeed?
Because if I was rich, and was losing half my income to taxes, I wouldn't bother keeping my high-paying job.
by Atlanticatia » Thu Mar 26, 2015 10:48 am
Romalae wrote:Atlanticatia wrote:Also capital gains should be taxed the same as any other income - that's a huge giveaway to the wealthy. I'd cap the mortgage interest deduction, making it a 15% tax credit only up to mortgages of $500,000. I'd also remove the 'cap' on social security taxes so everyone pays the social security tax on all their income. I'd increase taxes on everyone earning above $200,000 and heavily on people earning above $500,000 and especially $1,000,000. The top marginal rate, including social security and medicare, would probably be around 55-60%.
Historically, it's been much higher than 55-60%, especially in the 1950s. I like your suggestion of 55-60% but I might find it apropos to take it even farther.
Sanctissima wrote:Wouldn't that just make people not want to succeed?
Because if I was rich, and was losing half my income to taxes, I wouldn't bother keeping my high-paying job.
by Sanctissima » Thu Mar 26, 2015 10:51 am
Kelinfort wrote:Sanctissima wrote:
Wouldn't that just make people not want to succeed?
Because if I was rich, and was losing half my income to taxes, I wouldn't bother keeping my high-paying job.
Right...so you'd choose to make less money overall why? Remember it's all just marginal rates, so you're losing half of the income you make above $500,000. This makes no sense.
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