LogFAQs > #946451432

As long as we don't tax much over 50% there isn't many places you can go really, which is why so many of the wealthy have their money here, because with loopholes etc, they were able to pay significantly less taxes in the US then most other places in the world.

The 12% increase over 400k would bring taxes up to about 52% which is a bit (very small) more than other places in the world (for amounts over 400k at least), but not really enough to uproot your life and move everything for. It just basically stops making the US a great place to make money and get interest on your money etc.

Honestly we don't REALLY need to raise taxes to 52% over 400k, we just need to close the Regan loopholes and ensure everyone is actually paying 35% or more on their income over 12k a year or so (heck raise it to 15 even). Any income you do make over that though can only be offset by direct money lost/spent from a buisiness (not re-investing money in new supplies, not investing money into anything other than 401k plans, not donations nothing, you pay the base flat tax on your net income period).

If that happened we would have WAY more tax revenue every year already, and could even lower taxes on the average citizen while still saving social security, and having excess money for other projects.

Other countries tax a very small amount on anything under 35k or so (in some cases basically nothing even), but everyone making over that gets taxed fairly close to the same amount. Something like that would be waaaay better in this country and you would probably pay less as long as you were not making more than 100k.

Problem is, if you are making more than 100k, you'll pay more, possibly alot more, and of course the people making that much have all the power in this country, so it's not gonna change.

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Tacobot 3000 "Saving the world from not having tacos."
Friends don't make their friends die Hanz. Psychopathic friends do.