That's what we did for many many years. The highest income tax rate was once over 90% and was 90% during the GOP Eisenhower Administration.
bradfordtaxinstitute.com/.../...ome-Tax-Rates.aspx
Don't get me wrong, some of the money that wealthy people make does go into investments and businesses that create jobs, but a lot of that money doesn't and is taken out of the domestic economy being put into foreign banks to avoid taxes.
So, yes, we should return to the high-income tax rates for the very wealthy. It forces money back into the domestic economy and this stabilizes the country (which is in the best interests of the wealthy anyway) and promotes the overall general welfare of the country... all of which are purposes of the Federal Government is per the Preamble of the US Constitution:
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We the People of the United States, in Order to form a more perfect Union, establish Justice, insure domestic Tranquility, provide for the common defence, promote the general Welfare, and secure the Blessings of Liberty to ourselves and our Posterity, do ordain and establish this Constitution for the United States of America.
HELL NO!
Your thinking is screwed up. There aren't enough rich people to d all the free shit Socialists want.
"The problem with Socialism is that you eventually run out of other people's money."
- Margaret Thatcher
The US Congress already spends a ridiculous volume of money on stuff we can't afford, and especially on social programs we don't need. Social programs are outside the purvue of our Constitution. I'm not against helping people, but you don't set up a system where people are slaves under it. List ONE program run well by the US Government? Just one?
You don't improve people's lives by letting the Gov't take care of them.
You cannot strengthen the weak by weakening the strong.
You cannot help small men by tearing down big men.
You cannot help the poor by destroying the rich.
You cannot lift the wage earner by pulling down the wage payer.
You cannot keep out of trouble by spending more than your income.
You cannot further the brotherhood of man by inciting class hatreds.
You cannot establish security on borrowed money.
You cannot build character and courage by taking away a man's initiative and independence.
You cannot help men permanently by doing for them what they could and should do for themselves. - William J. H. Boetcker, 1916 (often attributed to Lincoln)
That's discriminatory. Lol!
The rich do not even save money. They invest. They get rid of the cash, so you can't tax them. They also don't take a paycheck.
Instead of trying to change the rules because you don't understand the game. Why not just learn the rules?
The Rich will ALWAYS be rich because they read and learn the game. The Poor will ALWAYS be poor.
They did that back in the Fifties. Then tax lawyers and lobbyists got rid of it.
Opinion
27Opinion
Taxes - no matter if 'high' or 'low' - are extortion to me.
I do welcome though when a 'government' provides for roads, energy, water, safety and such. I do NOT welcome when the 'government' spends a citizen's contribution on stuff he (we) does not agree to, or withholds funds for things that are requested, wanted, or needed.
I'd prefer to see a solution where tax collection comes solely from actual consumption, not from 'income':
So an individual pays for what he gets, and also can control how much he spends (or has to spend). This further means that an over-accumulation of 'money' will become useless when it's not spent; wealth that isn't actively used is NO wealth, but just a number.
Also: wealth often isn't personal - you can hide it in corporate assets, investments and such - where it remains untouched until 'you' retrieve it by paying out i. e. bonusses or salary increases Until this moment you manipulate your book keeping by ways of legal tax evasion measures. I think, this can be (or must be?) adjusted: instead of 'making' a profit of 1,000,000,000,000 Dollars you just will have only 1,000,000,000 Dollars; that will cover costs until Christmas, too.
And if that means that the nation will need to do with two or three attack aircraft less - that won't make a war more likely anyway.
My main point: instead of looking for MORE tax revenue (to spend MORE as a government) we could as well see how we can keep (national) expenses in check, and how to evenly -and fairly- distribute the resulting burden of financing that.
I see no realistic reason where 1 dollar can have a tax worth of 50% for some, and 20% for others. Just make EACH dollar do its job - don't tuck it away.
No, the tax should be lowered and social programs cut back. Force the welfare people to work and contribute instead of leaching off everyone else.
As for education, Americans are becoming over educated. There are too many going to college, and the number is increasing. That's a big reason why costs are going up. There are so many people going that the available money is spread thin. That means each student is subsidized a smaller portion of the cost. It means the value of degrees is diluted and have less meaning. It means that in some areas, there is an over abundance of people with degrees. It's out of proportion and causing shortages in other areas, like skilled trades.
Yes. The sinfully rich own everything.
We need a 50% income tax on millionaires, AND a 1% property tax on all property over 1 million and a 2% property tax on all property over 3 million.
The accumulated wealth disparity in the U. S. is INSANE. The top 1% own like 200 times more accumulated wealth than the bottom 40% COMBINED.
That's just plain wrong. It makes the bottom 40% a SLAVE class. That's supposed to be illegal in this nation.
I remember when the income tax on income more than 100,000 was 90%. This was the 1970's and 80's. A hundred grand was a lot of money back then. 50% on income above 20 million does not seem excessive. Problem is that anyone in that income bracket has a bunch of accountants to hide the money.
There is the trickle down economy. My roommate argues that if a state raises taxes for the rich they will simply move and if the us raises them... They might even more to another country. I think a much better option is to encourage donation. There are many donations that rich people make already but find ways to encourage donation to the right places
I'm in favor of returning to the progressive income tax plan, similar to what existed during the Eisenhower administration, where the top marginal tax rate was over 90%.
If people reinvested their income in their businesses, they wrote it off. If they horded their money, they paid the taxes.
Lol, sounds good in general but they are the ones propping up the country and running the businesses that employ Americans. You raise their taxes they just take their business to a different country along with their money. Our taxes don't pay for our govt. We were never meant to be taxed. Taxes go to the people that own the federal reserve in Puerto Rico. Our country is run on the trading of the stocks, bonds and Notes.
Most "rich" people don't actually have access to a majority of the money they make. Take elon musk for example in total he has about 20 million in accessible cash, the rest is in stocks. You can't make someone go negative jn money and you can't require them to remove stocks in companies
You do that and you can wave them bye-bye as they disappear to another State or Country.
People with that kind of money can base themselves where ever they want, if you start hitting them with punitive tax rates they'll be gone so fast all you'll see is dust.
The USA certainly needs to get their fiscal deficit in order and that includes higher taxation. If this would be large enough, yeah you can spend it on social welfare while simultaneously providing more fiscal stability over the long-term.
Not while the Federal government pisses money away through waste and corruption.
You couldn't if you taxed them 90%., All you are doing is punishing the successful and giving it to the lazy. That is socialism distribution of wealth. It is the Churches role to help the needy , not Government. That is why US is being destroyed. Only liberals think this, no independents or middle road people.
Bud, the government will just find a way to waste it or to line their own pockets with the money. The rich will find new ways to avoid getting taxed or just move some place that taxes them less. The top 20% of earners already pay 95% of taxes.
soooo you want socialism to be brought to America but only forced upon the wealthy? No, a redistribution of wealth isn't the kind of answer that tickles my pickle. And I seriously doubt most wealthy people would be willing to give up even more money, in order to fund everyone's Gender Studies degree, and their degrees in Why White People Are The Spawn of Satan. I think people being responsible for their own debts is much better.
Get rid of all taxes. Leave roads and schooling to the states.
i think first take out the tax loop holes that favor rich use to not pay the fair share
Terrible idea. In that type of environment all the rich people are just going to leave 😂😂. You think that’ll actually work? 😂 And besides doesn’t the GOVT just WASTE our taxes anyway? What good does it ever bring?
No. The government should learn how to spend what if already gets before we waste any more from ANYone.
Raising minimum wage AND raise taxes on the ultrawealthly...
The super rich will move their earnings or companies offshore which will result in a significant lost of taxes collected.
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