How Much Should Income on Those Making Over $250k be Taxed?

[mojobo]

With all the debate over the tax cuts and whether they should be raised or lowered and on which income classes, what percent of the income on the rich should go towards the public? If you want to take it further what percent of income should be taxed on different income groups as well. I know the argument that "taxes have been going down on the rich for decades now" and this isn't about raising or lowering taxes, but picking an actual number and defending why that number is beneficial.

[SnyderShrugged]

With all the debate over the tax cuts and whether they should be raised or lowered and on which income classes, what percent of the income on the rich should go towards the public? If you want to take it further what percent of income should be taxed on different income groups as well. I know the argument that "taxes have been going down on the rich for decades now" and this isn't about raising or lowering taxes, but picking an actual number and defending why that number is beneficial.

I think the same rates as everyone else. I realize that gives the rich more disposable income, but I also believe in actually equality and skewed taxation rates.

[chipwhich]

How much should those making under 250K be taxed?

You can't simplify it to this level.

[Corcaigh]

The tax code is horribly complex (and broken). Having higher tax rates for higher incomes is one way of having the wealthy pay a similar percentage to those earning less. Yes, one argument for the wealthy to have higher rates is so that they actually pay the same percentage.

It's relatively easy for the wealthy to structure part of their remuneration in a way that minimizes tax exposure. At my own little company we involve attorneys and tax professionals in advising us how various incentive schemes for senior staff and management should be implemented in order to reduce the amount we pay in taxes while meeting the company goals. Favorable pricing of options and lower rates on capital gains mans that those in such positions pay lower taxes on certain earnings than straight cash compensation.

[JimboDaMan]

I think the same rates as everyone else. I realize that gives the rich more disposable income, but I also believe in actually equality and skewed taxation rates.

I'm confused. Do you think the wealthy use different tax schedules?

[gsliberty]

I tend to laugh these arguments off.

So long as we have elastic currency, and the ability to debase the currency, you aren't going to manage a progressive tax scheme anyway.

when we inflate the money supply, those well connected benefit from the system, while the majority of America see's their purchasing power eroded from inflation.

[SnyderShrugged]

I tend to laugh these arguments off.

So long as we have elastic currency, and the ability to debase the currency, you aren't going to manage a progressive tax scheme anyway.

when we inflate the money supply, those well connected benefit from the system, while the majority of America see's their purchasing power eroded from inflation.

Ahhhh, another kindred spirit!

Nice to know ya!

---------- Post added December-18th-2010 at 03:53 PM ----------

I'm confused. Do you think the wealthy use different tax schedules?

No, I've just heard the common debate point that in a egaul taxation system, the rich make out better because they have more disposable income.

I'm a little confused why you would ask me that though?

[mojobo]

I tend to laugh these arguments off.

So long as we have elastic currency, and the ability to debase the currency, you aren't going to manage a progressive tax scheme anyway.

when we inflate the money supply, those well connected benefit from the system, while the majority of America see's their purchasing power eroded from inflation.

Oh I agree completely and I think inflation is going to be insane within the next 2 years as the demand for credit by governments to stay solvent is going to be huge. I was just trying to get a feel for what people thought the income above $250k should be taxed since I was hearing so much about how taxes keep going down for the rich and how much damage it would do to the economy by giving them a tax break. I didn't really get the response I wanted from anyone, I was looking for something like a range and why they think it would be beneficial.

[JimboDaMan]

No, I've just heard the common debate point that in a egaul taxation system, the rich make out better because they have more disposable income.

I'm a little confused why you would ask me that though?

Because I keep hearing that we soak the rich, somehow we're unfair to those who make more than, say, $250K. When the truth is that the rich pay exactly the same rates you do. When we get to income levels that you don't reach, some times the rich pay a greater rate on the excess. But when you and the rich neighbor down the street have each earned say $10K for the year, you each owe the same in taxes (assuming nobody is playing tax shelter games). When I hear that the rich should pay at the same rates as the rest of us, I think, but they already do.

Its like the business of the Bush tax cuts, how I hear that Democrats must hate the wealthy because they won't give them the same tax cuts we under-$250K earners get. Baloney. They get exactly the same tax cut we do. Democrats are bad people because they won't give the rich an additional tax cut for their earnings over $250K.

[isle-hawg]

How much should those making under 250K be taxed?

You can't simplify it to this level.

Right and how much government spending (read printing money and taking out loans on our behalf) should it do? I would be in favor of a balanced budget amendment.

Not holding my breath though as it is politically incorrect universally to increase taxes and cut government spending.

[Hubbs]

Exactly 43.8175095%. :pfft:

[DarrellsMyHero28]

Exactly 43.8175195%. :pfft:

Fixed.

[JimboDaMan]

I saw what you did. You raised taxes on the wealthy! How is that not communism?

[DCSaints_fan]

0%.

They should tax property and sales instead.

[Kosher Ham]

I want an equal tax across the board without all of the tax breaks and loopholes.

I go buy a pack of gum and pay the same tax as everyone else income tax should be the same and not more or less.

[Seabee1973]

The tax code is horribly complex (and broken). Having higher tax rates for higher incomes is one way of having the wealthy pay a similar percentage to those earning less. Yes, one argument for the wealthy to have higher rates is so that they actually pay the same percentage.

It's relatively easy for the wealthy to structure part of their remuneration in a way that minimizes tax exposure. At my own little company we involve attorneys and tax professionals in advising us how various incentive schemes for senior staff and management should be implemented in order to reduce the amount we pay in taxes while meeting the company goals. Favorable pricing of options and lower rates on capital gains mans that those in such positions pay lower taxes on certain earnings than straight cash compensation.

The way it is scheduled now they are paying more if the tax on 100,000 is 15 percent and the tax on the next 100,000 is 20 percent and the tax on the next 100,000 is 25 percent then anyone makeing below 100,000 is getting taxed at 15% under 200,000 = 17.5% 300,000 and below = 20 percent.

[Fergasun]

I dunno but I wanna hear the "rich" quit ****ing. I'm gonna start complaining that its not fair those making $30k don't pay as high of a tax rate as me, making $75k.

[Phantasm]

0%.

They should tax property and sales instead.

+1

http://www.fairtax.org

[alexey]

+1

http://www.fairtax.org

http://www.fairtax.org/site/PageServer?pagename=about_fairtax_four#regressive

"The FairTax is regressive and shifts the tax burden onto lower and middle income people"

The truth: The FairTax actually eliminates and reimburses all federal taxes for those below the poverty line. This is accomplished through the universal prebate and by eliminating the highly regressive FICA payroll tax. Today, low and moderate income Americans pay far more in FICA taxes than income taxes. Those spending at twice the poverty level pay a FairTax of only 11.5 percent -- a rate much lower than the income and payroll tax burden they bear today. Meanwhile, the wealthy pay the 23 percent retail sales tax on their retail purchases.

Does that have you convinced? How much of their income do the rich actually spend?

[88Comrade2000]

How about this:

5% for those making under 500,000 and 25% over 500,000.

You also have a 5% National Sales Tax.

Also, no deductions whatsoever.

[Thiebear]

I'd prefer: Everyone over 50k pay 30% on all income.

reality: to make REAL "PayGo" and beginning fiscal responsibility you have to have more income for the moment to pay for all of these trillion dollar deals.

We should put more skin in the game.