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Forum » Can anyone explain why we should NOT tax the rich more?
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Thread: Can anyone explain why we should NOT tax the rich more?

post 1630694383 02-06-2021, 08:55 AM
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What's your proposal OP? How would you like to tax the rich?

For reference, if my total annual income was $10,000,000 and I live in NYC, then my estimated Federal Income Tax that I would have to pay is about $5,000,000, which means I take home the remaining $5,000,000. Is it still too much or fair?

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post 1630694573 02-06-2021, 08:59 AM
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Originally Posted By Shortfuze⏩
What's your proposal OP? How would you like to tax the rich?

For reference, if my total annual income was $10,000,000 and I live in NYC, then my estimated Federal Income Tax that I would have to pay is about $5,000,000, which means I take home the remaining $5,000,000. Is it still too much or fair?

link:https://smartasset.com/taxes/income-taxes#OGyBHlYud1
That's for ordinary income which as the posters above of you aresofond of reminding me, is not generally the type of income recognized by the rich. Taxes on capital gains and qualified dividends are 20% maximum (federal rate). So with 10m of investment income I only pay $2m tax, not $5m.

Even better, by holding and not selling my appreciated stock I can defer capital gains tax indefinitely. Then when I die and pass on those investments to my kids, they get a step up in basis which deletes all that capital gains tax.

So the only person paying a 50% tax is the guy working for a living. With investments you pay a much lower tax rate.
post 1630694623 02-06-2021, 09:00 AM
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Originally Posted By Anachron⏩
You rode the short bus to school, didn't you?
That's not a rebuttal
post 1630694743 02-06-2021, 09:03 AM
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It makes sense for the wealthy to pay more to better society, to build infrastructure and elevate the lower earners out of poverty. That in turn cuts down crime and drug use. And also makes the country better in the future with more money being spent by these low income individuals. I have no idea how conservative values degraded toward propping up oligarchies in the west but here we are. Miscers making 60k a year max are upset when you say millionaires should be taxed more.
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post 1630694843 02-06-2021, 09:05 AM
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Originally Posted By freshnevafrozen⏩
It makes sense for the wealthy to pay more to better society, to build infrastructure and elevate the lower earners out of poverty. That in turn cuts down crime and drug use. And also makes the country better in the future with more money being spent by these low income individuals. I have no idea how conservative values degraded toward propping up oligarchies in the west but here we are. Miscers making 60k a year max are upset when you say millionaires should be taxed more.
Better yet billionaire think tanks have convinced them it's "impossible" to tax the rich more. It just simply can't be done.

Meanwhile raising taxes on the poor for over 50 years straight is not only possible, it's necessary.
post 1630695313 02-06-2021, 09:14 AM
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Originally Posted By lockdev⏩
Because the government will just squander it.

If they really want to make a difference, they should pass fair IP laws, enforce monopoly laws, eliminate laws that decrease competition, remove corrupt politicians from office, change the way lobbying is done in this country, and encourage a smaller government.

Just LOL@that in this country though. The US has been an oligarchy for quite some time. Higher taxes only feed the oligarchy.
Originally Posted By Anachron⏩
Anyone who has any sort of substantial income makes it so as far as taxes are concerned, is not "income".
Originally Posted By wave_length⏩
bingo. income tax means absolutely nothing to rich people.
/threadddd
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post 1630695373 02-06-2021, 09:16 AM
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I think a better idea is to reduce Government size/spending.
post 1630695383 02-06-2021, 09:16 AM
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Do you want to have rich people or not? If not, how do you draw the line for "rich"? How can you ensure that line stays where it is, as the rich people lose their money/leave the country and you need new targets to take money from? How do you know you won't some day be the "rich" that is going to be getting taxed?
post 1630695443 02-06-2021, 09:16 AM
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Originally Posted By SoutheastBeast1⏩
Better question, why should those of you who are contributing a smaller percentage of your income to this country have your vote count as much as someone contributing a higher percentage of their income?

If you're only offering 15% of what you earn to this country, but someone else is offering 30% of what they earn to build and sustain this country, shouldn't that person's vote count twice as much as yours?

It's like investing half as much in a company but expecting equal voting rights at a shareholders meeting. That's entitlement. I'm all for taxing people differently if you'd like, but we should start weighting voting rights based on tax brackets if so. This would also at least slow the effectiveness of democrats flooding this country with immigrants to win over more votes every year.
JFL;

Completely unnecessary

Most of the time money makes money



as per lockdev's thinking passing good laws to allow motivated individuals to not be squashed by a scale that was there before they were even born



think about it if your father is a partner at a VC firm it is much easier to make money/start a business and be successful
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post 1630695583 02-06-2021, 09:19 AM
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Tax laws create incentives. Rich people act upon them. If you overtax them, you will get diminishing returns because in this case the incentive is to move capital out of the country.
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post 1630695773 02-06-2021, 09:23 AM
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Because taxing more is a slope you don’t want to go down, only idiots call for more taxes

Can you give me a good reason why we should give the inefficient government more tax money?
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post 1630695833 02-06-2021, 09:23 AM
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Originally Posted By 5x10⏩
Because taxing more is a slope you don’t want to go down, only idiots call for more taxes

Can you give me a good reason why we should give the inefficient government more tax money?
Because we are $28 trillion in debt and accelerating?
post 1630695883 02-06-2021, 09:24 AM
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What is it to achieve? Is it that you're mad someone makes a lot more than you? Do you think it solves a greater problem?

Trickle down economics doesn't work, but neither does wealth redistribution nor "make the rich pay".

I hear it a lot from the left. Tax the rich more for benefits to help "ALL PEOPLE'S" and it turns out they want to take the money and give it to people who already are getting their bills paid by the government. Now, why should I as a middle class working person want to something that may hurt the economy which will effect me so that those already getting a free ride can have an even better ride?

There is hardly no talk about how the middle class is taxed nearly 1/3rd of their income and have to pay for everything themselves.
post 1630695983 02-06-2021, 09:26 AM
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Originally Posted By SimpIeJack⏩
Because we are $28 trillion in debt and accelerating?
sounds like a spending problem
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post 1630696163 02-06-2021, 09:30 AM
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Originally Posted By SimpIeJack⏩
So you're saying the wealthiest people in the world have 0 (or minimal) income.
Bingo!! Any income simply gets deferred or put in trusts because unlike the middle class, the rich don’t need to live on paychecks.
post 1630696173 02-06-2021, 09:31 AM
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Taxing the rich just doesn't have much of an impact, there's not that many of them. Truth is, small changes on the middle class have a bigger impact. Increasing taxes on the rich is just political/moral issue depending on how you look at it.

Moderate inflation (1-3%) is probably the most effective "tax" there is without people complaining too much and it's essentially hidden until you look back 10-15 years.
post 1630696293 02-06-2021, 09:32 AM
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Originally Posted By BIGJIMSLADE22⏩
Bingo!! Any income simply gets deferred or put in trusts because unlike the middle class, the rich don’t need to live on paychecks.
You realize that income from a trust is still recognized as income, right? Trusts are still taxed, and often at a higher rate than other investment income.
post 1630696693 02-06-2021, 09:42 AM
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I would be fine with looking into raising taxes across the board once they reduce government size drastically and work to cut waste and inefficiencies. Enough tax revenue is already collected x100. The budget should be reduced by 10% per year
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post 1630696983 02-06-2021, 09:48 AM
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Because taxation is theft
post 1630697053 02-06-2021, 09:49 AM
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Originally Posted By BalognaNbeans⏩
Because taxation is theft
So it's ok so long as we only steal from the poor people?
post 1630697303 02-06-2021, 09:54 AM
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Originally Posted By wave_length⏩
Tax laws create incentives. Rich people act upon them. If you overtax them, you will get diminishing returns because in this case the incentive is to move capital out of the country.
This. Why do you think after NAFTA was adopted businesses in the US moved to Mexico and other places. If you own a massive business is it more convenient to have products built on another continent and shipped back to the states? Hell no it's not. But the tax rates and red tape liberals love to champion make that inconvenient process more profitable then having a factory in Texas or NY.

When Trump lowered taxes and cut regulations what happened? The economy (pre kung-flu) was on fire. Unemployment was at historic lowes and the people he supposedly hated (blacks, Hispanics, ect) were at record rates of employment. Did the rich get richer? They did. And median incomes rose for ALL, from the bottom to the top. Our economy was growing faster then those of our friends and enemies.

Excessive taxes choke economic growth. It doesn't fix anything. It keeps the poor poor, and makes it more difficult for everyone else to climb the economic ladder.

I'm not rich, but I do pretty well. I also don't have a victim mentality. I am where I am based on things I did or didn't do. My younger brother is FAR wealthier then I am and I want him to keep as much of his earnings as possible. Success should be looked at with praise, not with jealousy and bitterness.

The liberal mentality when it comes to taxation is so backward looking. They want to use taxes as a form of punishment. It's wrong, unfair, and un-American.
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post 1630697353 02-06-2021, 09:55 AM
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Originally Posted By SimpIeJack⏩
So it's ok so long as we only steal from the poor people?
post 1630697363 02-06-2021, 09:55 AM
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Originally Posted By 5x10⏩
sounds like a spending problem
Right, there is a list of all the different kinds of taxes and when you add it up, the government already is taxing us on top of taxing us on top of taxing us. Why do they need more?
Originally Posted By turdburglar9021⏩
Taxing the rich just doesn't have much of an impact, there's not that many of them. Truth is, small changes on the middle class have a bigger impact. Increasing taxes on the rich is just political/moral issue depending on how you look at it.
And the politicians know this. Funny how when they say something won't effect the middle class it ends up effecting us the most?

Meanwhile there are areas where there is gross profits being made across the board and the government allows it. Why do you think finance is such a good paying job. They have so much money flying around they make sure everyone involved is getting rich. Such as brokering a loan, does it really take that level of skill or amount of work to yield tens of thousands of dollars? Does a law office really need thousands of dollars to basically be in the middle of the sale of a house?
post 1630698073 02-06-2021, 10:07 AM
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Originally Posted By Anachron⏩
Say what?

The top 1% pays more taxes than the bottom 90% combined - and you think that is taxing only poor people?
whilst I agree with this, wouldn't it be fair to say that after paying the largest share of taxes you are left with still so much that you might call it a "distraction"; so one set of peasants, who are not that peasant on the peasant spectrum, fight the other peasants over it




no commie btw, I legit think this is the only solution:
Originally Posted By lockdev⏩
Because the government will just squander it.

If they really want to make a difference, they should pass fair IP laws, enforce monopoly laws, eliminate laws that decrease competition, remove corrupt politicians from office, change the way lobbying is done in this country, and encourage a smaller government.

Just LOL@that in this country though. The US has been an oligarchy for quite some time. Higher taxes only feed the oligarchy.
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post 1630698313 02-06-2021, 10:15 AM
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we should tax them more but there has to be a smarter way of taxing them rather than just simple income tax which is way too easy to manipulate.
post 1630698443 02-06-2021, 10:18 AM
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-Taxes need to be reviewed to close loopholes that benefit the rich/corporations.
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post 1630698913 02-06-2021, 10:26 AM
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Originally Posted By basedcap⏩
we should tax them more but there has to be a smarter way of taxing them rather than just simple income tax which is way too easy to manipulate.
Originally Posted By Fozzy13⏩
-Taxes need to be reviewed to close loopholes that benefit the rich/corporations.
There are no loopholes. There are incentives.
You guys do realize that ultra rich people are needed for a great economy.
With higher taxes you will always only get the ones that are already paying all the taxes anyways.
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post 1630699143 02-06-2021, 10:30 AM
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Originally Posted By wave_length⏩
There are no loopholes. There are incentives.
You guys do realize that ultra rich people are needed for a great economy.
With higher taxes you will always only get the ones that are already paying all the taxes anyways.
but also competition and scale need to be addressed

you can't become the next BMW family

their wealth can be traced from the war which the biggest wealth creator of hasn't been tried for


just more laws to give little guys a better chance
communist until you get rich
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post 1630699623 02-06-2021, 10:36 AM
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Originally Posted By atgbrahsrs⏩
but also competition and scale need to be addressed

you can't become the next BMW family

their wealth can be traced from the war which the biggest wealth creator of hasn't been tried for

just more laws to give little guys a better chance


https://www.businessinsider.com/elon...-bmw-i3-2013-8
How to lose fat for Noobs: http://forum.obnoxiousbrutes.com/showthread.php?t=129247741
post 1630699733 02-06-2021, 10:37 AM
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Originally Posted By ExPatriot⏩
It.will.never.happen.

The US tax code is complex by design to benefit the friends of the House and Senate and to encourage corporate investment...

https://review.chicagobooth.edu/publ...plify-tax-code
There's a whole white collar industry funded from the retardation that is the tax code, funded by the beneficiaries of the code.
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