Current Events > What's a fair income tax rate for people making >$300k?

(+) Yeah! (+)

Tax state's currently 39% and the country's going fucking broke. We obviously need to charge these moneybags more, the way we did in the 1940s, 50s, and 60s back when we were fiscally solvent, question is where should the top rate lie?

0%
---

GOOMFalse posted...

0%

Lol. Nice try, rich kid.

There should be multiple brackets above $300k. If we had to put it in a singular bracket, 60%.
---

Everyone should pay a same percent flat tax and consumption tax.

Fair for everyone.
---

42%
---

Bullet_Wing posted...

HypnoCoosh posted...

Everyone should pay a same percent flat tax and consumption tax.

Fair for everyone.

Include capital gains as income and remove deductions entirely and a flat tax becomes reasonable

Throw in estate tax and maybe we're talking, but everyone flat tax proponent I've talked to magically thinks that's double taxation, instead of the inheritor being taxed for the first time.

Also, what makes a flat tax fair? Why not a flat rate? What is objectively fair?
---

There's nothing fair about a flat tax, it's just a big gift to billionaires that will break our country's revenue like an egg.

Anarchy_Juiblex posted...

There should be multiple brackets above $300k. If we had to put it in a singular bracket, 60%.

this is what people say until they start making $300k and then wonder why they're only taking home $120k.
---

Fishy posted...

Anarchy_Juiblex posted...

There should be multiple brackets above $300k. If we had to put it in a singular bracket, 60%.

this is what people say until they start making $300k and then wonder why they're only taking home $120k.

Learn how taxes work, you only pay the bracket amount for the money made in that bracket.
---

Bullet_Wing posted...

HypnoCoosh posted...

Everyone should pay a same percent flat tax and consumption tax.

Fair for everyone.

Include capital gains as income and remove deductions entirely and a flat tax becomes reasonable

Agreed.

the first time we've ever agreed on anything.
---

Bullet_Wing posted...

Fishy posted...

Anarchy_Juiblex posted...

There should be multiple brackets above $300k. If we had to put it in a singular bracket, 60%.

this is what people say until they start making $300k and then wonder why they're only taking home $120k.

You don't understand how progressive taxation brackets work, do you...? That 60% would only be on income earned after the 300k mark.

Most people who are anti-taxes don't understand that TBH. They just see the number and say "omg ur taking away 60% of his total income, how will he surviiiiiive"

Taxation is theft
---

we should tax capital gains and dividends and earned income at the same rate
---

45% marginal rate for wages and salary above $300k
60% marginal rate for rental income, dividends, interest, and capital gains over $300k.
---

Malcolm_McGuffi posted...

Tax state's currently 39% and the country's going fucking broke. We obviously need to charge these moneybags more, the way we did in the 1940s, 50s, and 60s back when we were fiscally solvent, question is where should the top rate lie?

Until 51% of the country starts paying Federal taxes no ones taxes should go up
---

BuzzyTheCat posted...

Until 51% of the country starts paying Federal taxes no ones taxes should go up

much more than that do pay federal taxes

even if we are strictly talking about income taxes, more than half of the country pays those too
---

BuzzyTheCat posted...

Until 51% of the country starts paying Federal taxes no ones taxes should go up

Until 51% of the country owns more wealth than the top 6 people, fuck off.
---

Bullet_Wing posted...

You don't understand how progressive taxation brackets work, do you...? That 60% would only be on income earned after the 300k mark.

You're right I don't. How does it work before that? Do you just incrementally pay up to the max of each bracket?
---

Balrog0 posted...

BuzzyTheCat posted...

Until 51% of the country starts paying Federal taxes no ones taxes should go up

much more than that do pay federal taxes

even if we are strictly talking about income taxes, more than half of the country pays those too

Also, even if they get more back during tax season than they pay, they still gave the govt. a "free loan" which the internet so vehemently argues against, so they're contributing that way.
---

Fishy posted...

Bullet_Wing posted...

You don't understand how progressive taxation brackets work, do you...? That 60% would only be on income earned after the 300k mark.

You're right I don't.

Then why post?
---

Anarchy_Juiblex posted...

Then why post?

Why not?

Why are you arguing about tax brackets with a bunch of 17 year olds on a gaming forum?
---

Anarchy_Juiblex posted...

BuzzyTheCat posted...

Until 51% of the country starts paying Federal taxes no ones taxes should go up

Until 51% of the country owns more wealth than the top 6 people, fuck off.

Lol. If you taxed the rich at 90%, maybe they would stop pocketing corporate gains and start reinvesting the money in their companies, which would translate to more jobs and higher pay, which would enable people to rise out of poverty and start paying taxes. People started getting fucked in this country the second the robber barons realized they could write themselves a larger paycheck by outsourcing the jobs, take away a big chunk of their paycheck and disincentivize that shit and maybe things will start working the right way again. Fuck supply side economics for deluding you into thinking taxes should go down.

Fishy posted...

Anarchy_Juiblex posted...

Then why post?

Why not?

Why are you arguing about tax brackets with a bunch of 17 year olds on a gaming forum?

ce is geriatric for an internet forum, this isnt reddit
---

600%
---

Balrog0 posted...

BuzzyTheCat posted...

Until 51% of the country starts paying Federal taxes no ones taxes should go up

much more than that do pay federal taxes

even if we are strictly talking about income taxes, more than half of the country pays those too

Yes, this is about Federal income taxes, though the number is a bit lower. 44% of the country pays zero Federal income tax. 40% of the country, despite paying no Federal income tax at all, get checks from the government.

Want to fix the tax situation. Everyone pays 15% tax on any income they have, no deductions, and any refund you get can not exceed what you paid in taxes that year. IE, no $10,000 refund when you only paid $3,000 in taxes that year

http://nypost.com/2017/04/18/almost-half-of-americans-wont-pay-federal-income-tax/
---

Fishy posted...

Why not?

because posting about something you genuinely do not understand actively undermines a given discussion

BuzzyTheCat posted...

Yes, this is about Federal income taxes, though the number is a bit lower. 44% of the country pays zero Federal income tax. 40% of the country, despite paying no Federal income tax at all, get checks from the government.

Want to fix the tax situation. Everyone pays 15% tax on any income they have, no deductions, and any refund you get can not exceed what you paid in taxes that year. IE, no $10,000 refund when you only paid $3,000 in taxes that year

this would not 'fix' the tax situation unless your idea of a 'fix' is 'starving the beast and forcing massive cuts to federal programs and the military due to a massively increased deficit'
---

Why are you trying to bleed the poor? Buzzy
Or do you want this tax increase to pay for relevant services or just cut the billionaires another break?
---

Malcolm_McGuffi posted...

Anarchy_Juiblex posted...

BuzzyTheCat posted...

Until 51% of the country starts paying Federal taxes no ones taxes should go up

Until 51% of the country owns more wealth than the top 6 people, fuck off.

Lol. If you taxed the rich at 90%, maybe they would stop pocketing corporate gains and start reinvesting the money in their companies, which would translate to more jobs and higher pay, which would enable people to rise out of poverty and start paying taxes. People started getting fucked in this country the second the robber barons realized they could write themselves a larger paycheck by outsourcing the jobs, take away a big chunk of their paycheck and disincentivize that shit and maybe things will start working the right way again. Fuck supply side economics for deluding you into thinking taxes should go down.

Corporate taxes and personal taxes are 2 entirely different things.
---

Bullet_Wing posted...

Are we including capital gains, inheritance, gifts, everything here?

of course not, you can't double tax! earned income only! rabble rabble fuck the poor i got mine
---

ROD gonna ROD
---

BuzzyTheCat posted...

Yes, this is about Federal income taxes

Yeah, that is why I corrected your statement.

BuzzyTheCat posted...

40% of the country, despite paying no Federal income tax at all, get checks from the government.

Want to fix the tax situation. Everyone pays 15% tax on any income they have, no deductions, and any refund you get can not exceed what you paid in taxes that year. IE, no $10,000 refund when you only paid $3,000 in taxes that year

what is that supposed to fix, other than maybe your distress over refundable tax credits?
---

also lol @ an example of a $10,000 refund on $3,000 in income

here's a guy who has never been poor
---

Anarchy_Juiblex posted...

Why are you trying to bleed the poor? Buzzy
Or do you want this tax increase to pay for relevant services or just cut the billionaires another break?

Every man is equal. That should mean every man pays equally.

To each based on their need, from each based on their ability, flies in the face of capitalism which is the cornerstone of the economy.
---

i question whether buzzy has ever actually filed taxes

seems more likely to be a dependent
---

BuzzyTheCat posted...

Corporate taxes and personal taxes are 2 entirely different things.

Yes?
You realize if you own a company, you can set your wage and bonus, right? The point is, instead of giving themselves insane bonus they would keep that money in the company.
You're arguing a distinction without a difference.
---

Anarchy_Juiblex posted...

BuzzyTheCat posted...

Corporate taxes and personal taxes are 2 entirely different things.

Yes?
You realize if you own a company, you can set your wage and bonus, right? The point is, instead of giving themselves insane bonus they would keep that money in the company.
You're arguing a distinction without a difference.

the issue with corporate taxes is less related to executive compensation (although that's part of it) and more related to hoarding cash itself as a giant reserve that exceeds multiple years' operating costs
---

BuzzyTheCat posted...

Every man is equal. That should mean every man pays equally.

Oh, then I should pay $5000 and so should Bill Gates. That's equal.
---

GOOMFalse posted...

0%

---

Bullet_Wing posted...

BuzzyTheCat posted...

Want to fix the tax situation. Everyone pays 15% tax on any income they have, no deductions, and any refund you get can not exceed what you paid in taxes that year. IE, no $10,000 refund when you only paid $3,000 in taxes that year

Are we including capital gains, inheritance, gifts, everything here?

Capital gains yes. Inheritance and gift taxes are backward. Its not income if someone gives it to you after taxes have been paid on it already. However capital gains, dividends, etc most certainly are income once realized
---

Darkman124 posted...

i question whether buzzy has ever actually filed taxes

seems more likely to be a dependent

Im almost 40. I have dependents of my own these days
---

Bullet_Wing posted...

BuzzyTheCat posted...

Bullet_Wing posted...

BuzzyTheCat posted...

Want to fix the tax situation. Everyone pays 15% tax on any income they have, no deductions, and any refund you get can not exceed what you paid in taxes that year. IE, no $10,000 refund when you only paid $3,000 in taxes that year

Are we including capital gains, inheritance, gifts, everything here?

Capital gains yes. Inheritance and gift taxes are backward. Its not income if someone gives it to you after taxes have been paid on it already. However capital gains, dividends, etc most certainly are income once realized

What do you think a paycheck is?

...It most certainly isnt a gift from a family member
---

i've never understood why people take the 'ethics' position on taxes over the 'least harm' position

ultimately if your 'ethical' position is not the one that causes the least suffering to individuals, how ethical is it really?
---