Should The Rich Be Required To Pay Higher Taxes In the US?

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Re: Should The Rich Be Required To Pay Higher Taxes In the U

Postby lnrw » Mon Aug 17, 2015 8:55 am

Spider wrote:Remove the SS cap.

Make capital gains tax steeply progressive. (Above $500,000 per year, say)

Give them extremely generous tax credits for the creation of each verifiable, non-seasonal, living wage, full time job on US soil. (In fact, I'm ok with them wiping out their entire tax liability with job creation rebates.)

Any foreign investment should be HEAVILY taxed.


How much does the gov have invested in iraq, mexico and Afghanistan?
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Re: Should The Rich Be Required To Pay Higher Taxes In the U

Postby Winchester » Mon Aug 17, 2015 9:01 am

lnrw wrote:
eynon81 wrote:
NAB wrote:
eynon81 wrote:all income over 1,000,000 should be taxed at 90% until the debt is under-control. Like after WW2.


Offshore banks would love for that to happen, their business would really start booming. I think that number is way over the top and unamerican. Theirs should be a higher rate, but not at levels like that. Maybe 50-60 if I had to float a number.



ok.

50% of every dollar over 1,000,000 in income gets taxed.


But they could still almost hide their money in Sweden at that rate.

The government just pisses it away regardless. They won''t pay down the debt and they will spend the extra.


Oh it ain't so easy to hide money offshore anymore. They've had great success with the OVDP program. http://www.irs.gov/uac/2012-Offshore-Vo ... re-Program

Combine that with severe criminal and monitory penalties if they catch you... and they will, tax evasion havens are/will be a thing of the past or vastly reduced.

http://www.bloomberg.com/news/articles/ ... on-endgame
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Re: Should The Rich Be Required To Pay Higher Taxes In the U

Postby lnrw » Mon Aug 17, 2015 9:07 am

Winchester wrote:
lnrw wrote:
eynon81 wrote:
NAB wrote:
eynon81 wrote:all income over 1,000,000 should be taxed at 90% until the debt is under-control. Like after WW2.


Offshore banks would love for that to happen, their business would really start booming. I think that number is way over the top and unamerican. Theirs should be a higher rate, but not at levels like that. Maybe 50-60 if I had to float a number.



ok.

50% of every dollar over 1,000,000 in income gets taxed.


But they could still almost hide their money in Sweden at that rate.

The government just pisses it away regardless. They won''t pay down the debt and they will spend the extra.


Oh it ain't so easy to hide money offshore anymore. They've had great success with the OVDP program. http://www.irs.gov/uac/2012-Offshore-Vo ... re-Program

Combine that with severe criminal and monitory penalties if they catch you... and they will, tax evasion havens are/will be a thing of the past or vastly reduced.

http://www.bloomberg.com/news/articles/ ... on-endgame



no, it's not so easy. but, really, who would hide money in sweden?

a little birdie told me as long as your accounts total under $50k, or use different banks to spread it out, it's not much sweat
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Re: Should The Rich Be Required To Pay Higher Taxes In the U

Postby Winchester » Mon Aug 17, 2015 9:18 am

Spider wrote:Remove the SS cap.


Sure, but won't do much as only 5-6% of workers earn over the max anyway. http://www.ssa.gov/policy/docs/policybr ... 11-02.html

Spider wrote:Make capital gains tax steeply progressive. (Above $500,000 per year, say)


Again, sure, but fairly meaningless in the scheme of things as 99% of people earn less than $500,000 and 75% of that is from wages. What we need to do is treat capital gains like any other ordinary income and subject it to those tax rates.

Spider wrote:Give them extremely generous tax credits for the creation of each verifiable, non-seasonal, living wage, full time job on US soil. (In fact, I'm ok with them wiping out their entire tax liability with job creation rebates.)


In theory this sounds good, in practicality a nightmare to implement.

Spider wrote:Any foreign investment should be HEAVILY taxed.


Investment abroad or foreign investment here? I'm assuming the latter but I really think we would see companies relocating.
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Re: Should The Rich Be Required To Pay Higher Taxes In the U

Postby Indy » Mon Aug 17, 2015 10:01 am

Give them extremely generous tax credits for the creation of each verifiable, non-seasonal, living wage, full time job on US soil. (In fact, I'm ok with them wiping out their entire tax liability with job creation rebates.)


In theory this sounds good, in practicality a nightmare to implement.


And example A of why these guys should stop screeching about tax increases by saying they're job creators. If it's a nightmare to prove it in order to get a rebate, it shows what a hollow claim it is when people use it to dodge taxation.
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Re: Should The Rich Be Required To Pay Higher Taxes In the U

Postby Winchester » Mon Aug 17, 2015 10:12 am

Indy wrote:
Give them extremely generous tax credits for the creation of each verifiable, non-seasonal, living wage, full time job on US soil. (In fact, I'm ok with them wiping out their entire tax liability with job creation rebates.)


In theory this sounds good, in practicality a nightmare to implement.


And example A of why these guys should stop screeching about tax increases by saying they're job creators. If it's a nightmare to prove it in order to get a rebate, it shows what a hollow claim it is when people use it to dodge taxation.


More of a nightmare to enforce it and trying to deal with the unintended consequences. Gawd the rules that would have to be in place to determine what exactly a created job was, what a living wage is and the whining about unfairness of no tax credit for all those non-seasonal, living wage jobs that were created in the past and continue to employ people. Then you'd have to have the enforcement personnel to verify if anyone calculated it incorrectly or is cheating... No thank you. There has to be easier ways to encourage/reward employers to create and keep jobs here. Removing employer health care coverage and replacing it with universal coverage/individual mandate would be a start. Employees get wages, period.
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Re: Should The Rich Be Required To Pay Higher Taxes In the U

Postby Indy » Mon Aug 17, 2015 10:24 am

Hey you already know I'm all for that.

Why in the hell in this country should employers be forced to be health care providers?
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Re: Should The Rich Be Required To Pay Higher Taxes In the U

Postby John Galt » Mon Aug 17, 2015 10:55 am

Indy wrote:I don't know about 90% but the fact that we've let the 1% literally horde the nation's wealth while the bottom 99% foot the bill for the nation is just embarrassing.

Rich people will still be rich even when you increase their taxes. Yet the moment you suggest it, they suddenly become "job creators" who now won't create jobs or, even beter, "small business owners" that will be hurt.


eynon suggested obscene amounts of wealth confiscation and indy balks.

just wanted to say, this post was surprising, and heartening
Americans learn only from catastrophe and not from experience. -- Theodore Roosevelt
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Re: Should The Rich Be Required To Pay Higher Taxes In the U

Postby John Galt » Mon Aug 17, 2015 11:02 am

Indy wrote:Hey you already know I'm all for that.

Why in the hell in this country should employers be forced to be health care providers?


well they weren't forced, but it was a quirk that came about because of FDR and wage caps. he capped how much wages could be paid to employees so employers came up with additional benefits to attract workers. eventually the caps went away, but the benefits didn't, especially because of the tax laws surrounding it which basically made it the cheapest way to get the benefits (for the people, anyway, not the government)
Americans learn only from catastrophe and not from experience. -- Theodore Roosevelt
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Re: Should The Rich Be Required To Pay Higher Taxes In the U

Postby John Galt » Mon Aug 17, 2015 11:13 am

VAT is a money making machine, and for that reason i am troubled supporting it (we should starve the beast) however, if e could phase out income taxes for all money under $100,000 while having a resaonable VAT (I've read about 12.5% would cover this) it would address issues of non-reporting, except for black market purchases. remove the drug war and that's most of the black market aside from like, stolen art, which is going to exist with or without VAT. and somewhere along the line that theif is going to buy a cheeseburger from mcdonalds and be hit with VAT anyway, whereas with income taxes that income is never reported

for those making over 100K, rates of today would be alright (remember, they also are paying the VAT), and capital gains should apply the same as any income

i think a lot of the problem with the tax system, regardles sif income tax stays (which it will) or a vat implemented (which it won't be) is that it's way too complex. winchester shouldn't be employed. yeah, maybe some person making a million or more needs a damn accountant to figure everything out for tax purposes, but no one under than should. it should be simple forms to understand
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