What Should Taxes on Millionaires Be?

Question

dynamicyandere · Accepted Answer

The purpose of taxes is for the government to have funding to fix problems.

The more taxes we pay, the more problems the government should be able to fix.

If the government isn’t doing a good job with using that money to fix problems, then the solution isn’t to give the government even MORE money in hopes that it will help with their problem solving strategies.

That being said, I believe taxes should be lower overall, and the government should be held more accountable to increasing efficiency in their allocation of financial resources.

But, as for the tax-payers…

A sliding scale makes sense.

Everyone can start off at 10% as a default and then that percentage can incrementally increase, up to 50% max, once their income enters the top 1% of income earners.

BUT…

I believe those top 1% income earners should receive tax breaks, based not on income, but based on how much income they are paying out to hire employees, aka how much income are they using to create more jobs?

A millionaire will be more reluctant to hire people when so much of their income is arbitrary confiscated by the government. More people would stay unemployed and more people will be going without incomes to feed their families.

But, the government can be like, “Hey, millionaire. The more families you help feed, the less I’ll tax you.”

Then that will incentivize businesses to offer jobs.

Let’s say there’s a millionaire that just inherited that money and is using it to help nobody. They will be taxed 50%.

Then, let’s say there’s a millionaire that’s using their income to provide jobs and feed 10 families. They should be taxed less, the more people they help.

If the government can’t provide enough financial relief to the masses, then they should incentivize and encourage businesses to offer more jobs.

The the government is struggling to feed families, then they should reward businesses that do. And they can do that by lowering the taxes of the millionaires who contribute the most to society.

AviatorTom · Accepted Answer

I'm in favor of a flat tax. Everyone pays the same 15% of their income, no deductions. Nice and simple. The more you earn, the more you physically pay, but the rate is the same for all.

Anonymous · Accepted Answer

I think if everyone under $100,000 had zero tax and everything over $100,000 was taxed at 25% things would work out fine and most people would have plenty of money to live comfortably. It would prevent huge amounts of waste and corruption in politics. There would be no welfare programs except for people who were physically or mentally unable to work.

In the 1950s everything over $70,000 was taxed at 91% and most people were able to work regular 9 to 5 jobs and have a house and a car and a nice life.

Aerissa_Jade · Accepted Answer

Same rate as everyone else, flat percentage based taxes with no deductions would be fair for any income class. Time to stop the discrimination based on income for both poor, middle, well off and rich.

NaultD · Answer

Everyone is scared shitless USA goes default on its debts. Let's look at history where we basically had a profit tax income. All the way back in late 1990s with Bill Clinton as president topping taxes at 40% flr the highest tax earnings.

Bush jr that lost the popular vote in 2000 also gave a tax rebate because government shouldn't be making profits but 9/11/2001 was also the catalyst of our current dedt. Then add 2008 financial crisis Obama inherited that he stabilized as president.

Then we have trump that double down on lowering taxes on his tax reform. But went into 2020 the year the pandemic was ramped costing the government more then its trillions of debt again.

Seeing how far we got from a profitable government 30 years ago might be a worthwhile investment.

Astarlessnightsky · Answer

The Problem is Milionaires usually don't have a sallary they live on like the avarage Joe, but live on Stock exchange, Rent they collect from the houses they own, their own company, just inherited their money, ...

So instead argueing wether it should be this or that percentage, of income they usually don't have.

I would simply tax every single bit of income one might have the same way.

or

add a "luxury tax" on items only millionaires can afford on a regular basis, like private jets and jet fuel, houses with more than ~40~60m² per person living there, and so on.

ChillaxingLove · Answer

The very reason America became a country is to get away from crazy taxes. Now we have become what we hate lol.. Do you know there’s an exit tax for renouncing your citizenship. And if you refuse that’s $10,000 fine lol it’s gotten ridiculous. Taxes are made complicated on purpose to create an industry out of it and make even more money. The game is rigged and only when you become rich can you escape the tax game.

there should be only 1 tax %10 of your gross income. Everything else is just legal robbery.

Valkyria · Answer

I'd say the same as everyone else who has to pay taxes. If you earn more you obviously get taxed more, even if the percentage is the same.

The problem with increasing the tax as your income increases actually persuades some people from getting promotions or higher paid jobs, because at the end of the day you may actually earn less with all of the tax you have to pay. People would try to earn as much as possible but won't go over a threshold that demands they pay a lot more tax.

FreyaRed · Answer

90%. I'm for progressive taxes which should encourage employers to pay higher wages.

Taxes are paid by employer and employee here. Employees who earn minimal wage shouldn't pay taxes at all but their employers should pay 150% or even more. People who earn 20+ times the minimal wage should pay 90% taxes while their employers pay nothing. Of course some adjustments in this progressive CIT taxation system would be necessary but it were easily to find the equilibrium for most optimal wages, where employees are motivated to work and butt hurt of employers doesn't cause their suicide.

Jdjfjcjj · Answer

Flat tax for everyone and give credits to reduce tax for EITC, and other handouts that have no chance of being taken away. When you paying more in taxes then the average household annual income, and realize you working 2 months out of the year just to pay the government you'll agree

zagor · Answer

People like Elizabeth Warren keep touting how the top marginal tax rate was 70% or 90% in the past, but they fail to mention that almost EVERY expense was deductible back then so almost no one actually paid that. The rates were lowered after a lot of deductions were eliminated to simplify the code.

exitseven · Answer

Taxing somebody an exorbitant amount of taxes will only drive the off shore. Why do you think the Beatles decided to live in America, It was because the taxes in England were crazy.

HighValue · Answer

Taxes on all working people should be 15% with no possible deductions. No child tax credits/deductions, no different rates for financial gains compared to working for income, etc. Just a flat 15% tax for everyone so it is fair.

KrisKris81 · Answer

The sheer quantity of millionaires is helping to drive inflation. They are free to buy up ungodly amounts of consumer items because their disposable income is so high. This creates an artificial metric of higher demand and prices go up. It is capitalism consuming itself. Taxing them the same amount as everyone else makes the problem worse. I think their taxes shoupd be, at least, 10-15% higher than the tax rate on the average, middle class, salary.

NamerOfStars · Answer

The same as everybody else- taxes are based on  income , not wealth.

OfMiceandMen · Answer

I think a portion of the taxes (not sure how much) should go directly to the homeless. It would be considered a tax deduction just like a charity. It could go into housing, food and mental illness awareness and clinics.

worldscolide · Answer

Same as everyone else pays. These leftist pukes are too stupid to understand that the top 10% of earners in this country pays 90% of the income tax.

Daniela1982 · Answer

I pay 28%. I doubt most of them pay even that as they can afford the best tax attorneys.

Anonymous · Answer

It depends. We can't have those millionaires leaving the country so the taxes have to be on a level that they are willing to bare. I think 50 percent is fair but I'm not an expert. They should certainly pay more than the rest of us. As you get wealthier you should be paying a larger and larger percentage of your income.

Stoner710 · Answer

How about we get rid of taxes except for sales

Juxtapose · Answer

A little more than the rest of us but it should certainly not come close to 50% of what you earn because that is ridiculous.

Fuentes · Answer

The government makes a lot of money already I don't know why they feel they need to tax anyone higher or less. Just quot taxong people so high when they generate massive amount of income.

Sixgunsound · Answer

The exact same rate as everyone else. You are still getting more money out of them as higher earners without punishing them for reporting income or providing jobs.

Kaneki05 · Answer

While it could be more. Honestly it would fine where it is if giving to charity and other stuff didn't allow them to skirt around taxes.

Adam1978 · Answer

Over 50% they should divide the spoils because it's not their efforts but their employees effort that makes the money.

Kathie93 · Answer

Under 50. It is difficult to tax the rich anyway, I know from my partner

Agape93 · Answer

Nothing, same as it should be for everyone. But if I had to give a number, 15% across the board

AimeeKyle · Answer

A flat tax for all is the only fair method of taxation.

Paris13 · Answer

Fair and Square on How many Millions. Like anyone Else with an Income. xxoo

KrakenAttackin · Answer

No one should have to give half or more of his/her income to the government.

slatyb · Answer

A million dollars is barely enough to retire on these days.

Anonymous · Answer

0%. Individuals shouldn't be taxed, only business interests and transactions.

Twalli · Answer

As they have more than 50% of the wealth, they should pay over 50% of the total taxes, but that doesn't mean they should pay over 50% of their income.

Jltakk · Answer

I believe in a land value tax and nothing else. Taxation doesn't make up for irresponsible spending.

Anonymous · Answer

if you make over 50% of the population, which obviously you do, then yeah you should have to be taxed on over 50%. done deal.

Anonymous · Answer

Corporate rate, set it higher and they'll loophole that lower rate

Jay3344 · Answer

I have to cut the govment a hefty check this year and I earned under 100,000k….$7,200…hope they spend it wisely

Hispanic-Cool-Guy · Answer

Should be base on income. Income of 1 to 9 million should be taxed at 45% Income of 10 million or more at 50% tax rate.

Mangospacho · Answer

147%. Anything less is just the millionaire being greedy.

Anonymous · Answer

It's seems a bit creepy when a person is forced to be a minority stakeholder in their own productivity. . .

notwoke · Answer

we have a spending problem not a revenue problem. The size of the government is crushing us

MrShaun · Answer

Other -- 0. They're successful and should be rewarded.

midnightmoon05 · Answer

Same as everyone else.

TrueConfection · Answer

Same percentage as everyone else.

gorydetails · Answer

The same rate as everyone else.

LiamJHayden · Answer

The income tax should be abolished.

888theGreat · Answer

10% I would say

Pterodon · Answer

What they are. They already pay the most

msc545 · Answer

Way over 50%. Fuck all of them.

Luopio27 · Answer

Why should there even be millionaires?

Anonymous · Answer

A lot God Damn higher than it is now.

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