Should millionaires pay the same % of tax as middle income taxpayers?
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Re: Should millionaires pay the same percentage of tax as middle income taxpayer?
It'll trickle down, hey?
It'll trickle down, hey?
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I agree. I think it's completely stupid to tax us on our wages, then tax the interest we receive on the wages we put in the bank! It's double taxation. What the F do they expect us to do with our money, put it under our bed?!?!
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How's it double taxation? The principal isn't taxed only the interest.
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Yes, but it should not be taxed at a "guaranteed" rate being the average of Joe Bloggs or whatever.
If I choose to invest this and generate passive income, I should be able to minimise it in any way that anyone else could. Just because marginal rate is higher, does not mean that passive income should be taxed at that if a vehicle is available to get it taxed at a lower rate.
So, what I am saying is, yup, keep taxing high income earners more for their incomes, but let high income earners do what they please with their investments..
I just cannot believe that the lower class whine about this, most of them pay zero tax or get a net benefit, whereas people in the highest marginal bracket get drilled.
The system is fine as it is, Labor just needs to spend our $$$ more wisely.
tech/a
No Ordinary Duck
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Re: Should millionaires pay the same percentage of tax as middle income taxpayer?
????????????
It'll trickle down, hey?
????????????
What I was questioning was your assumption that millionaires beget millionaires ... the old Republican 'trickle-down effect' which says that if you cut taxes for the rich, they will create jobs and the benefits will 'trickle-down' to the lower classes.
It was the mantra of the 1980s, became somewhat out of fashion in the 1990s, and has been shown to be completely ridiculous post-2008.
It only plays among Republican audiences in the United States now. Its like one of those last little doctrines among the rich and the aspirational rich.
It was famously sneered at by a New Zealand politician recently (I forget who) as the 'rich pissing on the poor'
Brad
It was the mantra of the 1980s, became somewhat out of fashion in the 1990s, and has been shown to be completely ridiculous post-2008.
It only plays among Republican audiences in the United States now. Its like one of those last little doctrines among the rich and the aspirational rich.
It was famously sneered at by a New Zealand politician recently (I forget who) as the 'rich pissing on the poor'
Brad
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Yes but we must put our money somewhere - and for most people that is in banks.
Imagine if you're the triad, you go to all the restaurants and say you're going to take a % of their earnings. Then you pretty much force them to store any leftover money in your safe, and you charge them a fee for doing so.
wayneL
VIVA LA LIBERTAD, CARAJO!
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Because they are effectively taxing inflation.
wayneL
VIVA LA LIBERTAD, CARAJO!
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Yeah, sure was, Damian O'Conner IIRC. But you forgot to add that it was a Labour politician practicing the politics of envy. Pure socialist rhetoric.
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Put the money in the bank, tell them you don't want any interest. You won't need to worry about tax. Simple.
wayneL
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That reasoning is along the same lines of declining a pay rise because it would otherwise move you into a higher tax bracket.
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That's not double taxation, that's a stealth tax.
Ooops. Labour politician. Ouch.
:Trickle down must have worked a treat then!
Sorry for any misunderstanding
Brad
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Yes, it's as bizarre as claiming taxing passive interest earned is "double taxation". I'm still unsure of how you reached the conclusion that it is double taxation.
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With regard to your top marginal rate, it wouldn't suprise me if after taking means tests into acount that there are taxpayers both above an below above your $100k income threahold that heve EMTR's of over 50%.
Out of curiosity, what do you consider is an appropriate corporate tax rate ?
If materially different to your top marginal income tax rate, how would you manage tax minimisation strategies ?
Glen48
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it is not millionaires you should worry about it is the 1% of the 1% who thrive in bad times and have the ear of rules.
They can make the rules and tell those in power what they want, the Colombian dug lord pushed the feds into not hounding them or they would withdraw their loot they by closing banks.
Drugs kept Miami afloat during the 80 depression and created a boom in building, luxury cars sales and condo's.
This is were the problem lies people with this much money and power.
USA is stopping overseas banks from dealing with the rich from USA.
They can make the rules and tell those in power what they want, the Colombian dug lord pushed the feds into not hounding them or they would withdraw their loot they by closing banks.
Drugs kept Miami afloat during the 80 depression and created a boom in building, luxury cars sales and condo's.
This is were the problem lies people with this much money and power.
USA is stopping overseas banks from dealing with the rich from USA.
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The difference between those two stats is that the first includes total tax burden (even indirect taxes), the second only includes income tax.
FWIW, from your link in Wikipedia, the top 1% pay on average 20% in federal income tax, the 4th quartile (60-80%) pay 16%. That is very, very flat.
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