General Discussion

Calista241

(5,633 posts)

72. I think they should pay higher taxes, but the percentages tossed around here are mind-boggling.

Wed Jul 15, 2015, 11:21 AM

Jul 2015

And both capital gains and income taxes should be raised.

How about a graduated capital gains tax increase, like 15% on all investors with less than $250k invested. 20% on $250k - $1m, and then regular income tax rates on on investors with > $1m invested assets.

I think the top tax bracket for the Feds should be around 50% on let's say $10m annual income. No loopholes. Add, State taxes on top of that, and the mega rich are still paying through the nose on their upper tier incomes. But I suspect it's also not enough for the rich to flee the country or just move the primary stock exchanges to a lower tax country.

Companies also should pay tax. How about a flat 15% or 20% tax rate on revenue. Big companies shouldn't be getting off scot free, and smaller companies shouldn't have to pay the price for large companies skating.

I do think the govt should NOT raise taxes to punish people for being wealthy. That funding should first and foremost be used to pay down our debt. The amount of debt we have and its upward trajectory is just scary. Yes, the debt is down around 450b this year, but that's a still a shitload of money.

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The case for higher taxes on the wealthy [View all] Scuba Jul 2015 OP

Start a movement madokie Jul 2015 #1

What is the purpose of taxes? 1939 Jul 2015 #2

We should tax and tax and tax them until they're only fabulously wealthy. Scuba Jul 2015 #3

In other words, to punish 1939 Jul 2015 #4

How are they punished if they remain fabulously wealthy? Do they have some inalienable ... Scuba Jul 2015 #10

Not inalienable.... daleanime Jul 2015 #52

That's garbage. PETRUS Jul 2015 #11

We do not punish the rich. They are rich and the law is for the commoners. hifiguy Jul 2015 #45

Oh, my, your stunning insight has forced me to change my mind.... daleanime Jul 2015 #51

Certainly, a progressive tax scheme would raise the percentage closeupready Jul 2015 #5

The purpose of taxes. PETRUS Jul 2015 #6

Was thinking of posting, but you beat me to it. Xyzse Jul 2015 #8

... PETRUS Jul 2015 #9

Then make the argument 1939 Jul 2015 #13

Here's a paper: PETRUS Jul 2015 #14

Not an expert on this subject at all but I do know that when Eisenhower had 91% taxation for the jwirr Jul 2015 #16

+1 daleanime Jul 2015 #53

+2 Enthusiast Jul 2015 #58

Please make your argument too. Gormy Cuss Jul 2015 #73

I don't have a paper, but here goes 1939 Jul 2015 #105

That is not an accurate characterization of the paper. PETRUS Jul 2015 #108

Unfortunately, there are no safeguards that limit the power Zorra Jul 2015 #15

I like this solution also. jwirr Jul 2015 #19

Nicely done. Thank you. Scuba Jul 2015 #63

Whereever that sweet spot is, we can tax quite a bit and not get near it. el_bryanto Jul 2015 #17

"punish people for being winners" lumberjack_jeff Jul 2015 #54

What A Load Of Rubbish ProfessorGAC Jul 2015 #65

Defending the rich on DU????? Hotler Jul 2015 #68

wrong TheFarseer Jul 2015 #91

Ah yes, the appropriately named Laffer curve Major Nikon Jul 2015 #93

Yeah the rich should be punished for their greed treestar Jul 2015 #97

No one knows where the 'sweet spot' is and there really isn't a good way to find out. PoliticAverse Jul 2015 #103

You had better hope they stay very wealthy hack89 Jul 2015 #7

The definition of rich is relative. And they have already stopped paying thier fair share of taxes. jwirr Jul 2015 #20

You miss my point hack89 Jul 2015 #22

Sorry. Yet we have to do something about the wealth inequality and the large corporations and jwirr Jul 2015 #23

You don't really have a point. PETRUS Jul 2015 #24

Making rich people indispensable is fine with me hack89 Jul 2015 #26

Higher marginal tax rates don't make rich people indispensable. PETRUS Jul 2015 #28

+1 a huge bunch! Very well said. Enthusiast Jul 2015 #59

Just an aside, other cities have their own income tax TacoD Jul 2015 #27

Even small communities can have a income tax. They add their percentage to the state tax and jwirr Jul 2015 #80

Quantify "fair share" NT 1939 Jul 2015 #79

Well you are correct about that. I guess that is why we have brakets. Given the profits the rich jwirr Jul 2015 #81

They didn't rebel, they just adjusted their investments 1939 Jul 2015 #83

So in a sense the Rs are right - they are the job creators. Only now they are creating those jobs jwirr Jul 2015 #85

In the hypothetical world that results from overtaxing the rich... *sniff*... lumberjack_jeff Jul 2015 #55

+1! Well said! Enthusiast Jul 2015 #60

The rich need to pay more hack89 Jul 2015 #61

"Gimme some money" nt clarice Jul 2015 #12

My usual arguement with a "Trickle Down Proponent" - paraphrased Xolodno Jul 2015 #18

There should be a cap on income fadedrose Jul 2015 #21

"There should be a cap on income". That's insane. nt clarice Jul 2015 #25

Says you. PETRUS Jul 2015 #29

So, by what moral mandate do you consider yourself entitled to someone else's money? nt clarice Jul 2015 #31

You should ask the corporations and oligarchs PowerToThePeople Jul 2015 #40

No, I am asking a direct question...by what moral mandate.....nt clarice Jul 2015 #42

That is a silly and shallow question. PETRUS Jul 2015 #49

as soon as you put it that way treestar Jul 2015 #99

waiting. nt clarice Jul 2015 #38

You seemed so eager to have this conversation. PETRUS Jul 2015 #86

They pay people, even kids, 20 cents an hour fadedrose Jul 2015 #48

Is that the extent of your argument? Or is there a "Because...." lumberjack_jeff Jul 2015 #56

Tax all wealth over 5 million @ 100%. PowerToThePeople Jul 2015 #30

lol.nt clarice Jul 2015 #32

Ok, sorry. Tax all wealth over 1 million @ 100%. PowerToThePeople Jul 2015 #33

That would CERTAINLY make YOUR life easier. If you have .... clarice Jul 2015 #34

It is only their money PowerToThePeople Jul 2015 #36

You know..... clarice Jul 2015 #37

And what do you call hiding behind a corporate entity that does the upward redistribution? PowerToThePeople Jul 2015 #39

I would look at the number of people that they employ..... clarice Jul 2015 #41

So corporations allow us to live now? PowerToThePeople Jul 2015 #43

My goodness, I don't know where to start with you.....I will try to help you tomorrow.nt clarice Jul 2015 #46

No thanks, I do not need any help PowerToThePeople Jul 2015 #47

You have it backwards. lumberjack_jeff Jul 2015 #57

The "equal income crowd"??? HughBeaumont Jul 2015 #62

Anyone over $1milion? Elmergantry Jul 2015 #98

Not all earning is criminal treestar Jul 2015 #101

Many of the people drawing that level of income have no moral qualms about Gormy Cuss Jul 2015 #76

True, Elmergantry Jul 2015 #110

There's a wide gap between effective tax rates for them now and taxing 'the snot out of them.' Gormy Cuss Jul 2015 #111

Well there are post here Elmergantry Jul 2015 #112

Those are marginal tax rates, not effective tax rates Gormy Cuss Jul 2015 #113

Yes I know your position, and I not referring to moderate tax increases. Elmergantry Jul 2015 #116

See the thing is PowerToThePeople Jul 2015 #115

Dont think it would be constitutional Elmergantry Jul 2015 #117

It certainly could be written into the tax code. PowerToThePeople Jul 2015 #119

Sure it could... Elmergantry Jul 2015 #120

If it is the tax law (not that it is likely to pass soon) treestar Jul 2015 #100

Guess we've got some Milton Friedman Democrats around. Starry Messenger Jul 2015 #35

Some aromas are unmistakable. nt PETRUS Jul 2015 #50

Thanks for all the work up there. :) Starry Messenger Jul 2015 #75

Thanks. PETRUS Jul 2015 #77

Way overdue. HughBeaumont Jul 2015 #90

Eat the rich! hifiguy Jul 2015 #44

I propose a flat tax Orrex Jul 2015 #64

gibberish Lurker Deluxe Jul 2015 #66

Even Hollande in France stopped at 75% over �1 million DFW Jul 2015 #67

Not familiar with hyperbole, I take it? Orrex Jul 2015 #69

OK Lurker Deluxe Jul 2015 #70

Reply where you wish; I can't speak for that other poster. Orrex Jul 2015 #71

I think they should pay higher taxes, but the percentages tossed around here are mind-boggling. Calista241 Jul 2015 #72

Taxing the wealthy is not "punishing the wealthy" Orrex Jul 2015 #74

+1 Scuba Jul 2015 #78

A flat 15% or 20% tax on revenue is way way way too high taught_me_patience Jul 2015 #82

Sounds reasonable. Calista241 Jul 2015 #84

Why have a Federal income tax at all? Elmergantry Jul 2015 #87

See post #6 PETRUS Jul 2015 #88

Disagree with #6 Elmergantry Jul 2015 #95

That's odd. PETRUS Jul 2015 #106

Well yes, I think there is a better way to fund govt. Elmergantry Jul 2015 #109

government shouldn't "pick winners or losers" PETRUS Jul 2015 #114

"Abraham Lincoln did it" NYC Liberal Jul 2015 #94

Yes he did, but that doesnt change the fact Elmergantry Jul 2015 #96

Because inflation is a tax on everyone and distorts economic activity and decisions. PoliticAverse Jul 2015 #104

The rich should pay the vast majority of taxes. Jetboy Jul 2015 #89

+ Eighty Gazillion Scuba Jul 2015 #92

They do. Meanwhile, European countries fund their social spending with a much more regressive VAT Recursion Jul 2015 #107

Our tax rates are much more progressive as they stand compared to Europe Elmergantry Jul 2015 #118

Hardly a revolution PATRICK Jul 2015 #102