Republicans plan massive tax code overhaul

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pewresearch.org/fact-tank/2013/12/05/u-s-income-inequality-on-rise-for-decades-is-now-highest-since-1928/
Americans aren’t unaware of these trends. More than half (61%) of Americans said the U.S. economic system favors the wealthy, while just 35% said it’s fair to most people, according to a Pew Research Center survey conducted in March. A similar share (66%) of Americans said the gap between rich and poor had increased in the past five years; nearly three-quarters of respondents said the rich-poor gap was either a “very big” (47%) or “moderately big” (27%) problem.
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Michael68 said:
Yeah? What is fair about that? How bout we take 50% of your income? You can do with less right?

Jealousy is never a good idea.
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It’s amazing how much more generous we with other people’s money than we are our own.
 
ucfengr said:
It’s amazing how much more generous we with other people’s money than we are our own.
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** ‘I have never understood why it is greed to want to keep the money you have earned but not greed to want to take somebody else’s money.’ ** - Thomas Sowell

Jon
 
JonNC said:
** ‘I have never understood why it is greed to want to keep the money you have earned but not greed to want to take somebody else’s money.’ ** - Thomas Sowell

Jon
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I don’t understand it either. I have never understood class warfare.
 
Michael68 said:
Benefitted? Hmmmmm no work was involved? They were just lucky at the lottery of life?
Jealousy is not attractive!
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It is not an either/or situation. Hard work can pay off in the US economy. It can also not pay off, depending on the skill set one has. For example, someone who is gifted in mathematical ability and becomes an actuary is likely to be rewarded handsomely by the market. Someone whose skills are in theology and works just as hard is likely to be rewarded much less by the market.
 
If anyone is interested this is the President-elects proposed tax plan.

A few highlights it proposes, repatriation of corporate cash held overseas at 10% tax, eliminating corporate loopholes, 15% for married up to 300k cap gains tax, 20% cap gains tax over 300k married, eliminates the death tax.

The site federal-tax-rates.insidegov.com/ offers past years tax info.

For example;

YEAR PRESIDENT—Top Rate–Top Cap Gain–Highest Income tier
2015 Barack Obama 39.6% 25.0% $464,850
2014 Barack Obama 39.6% 25.0% $457,600
2013 Barack Obama 39.6% 25.0% $450,000
2012 Barack Obama 35.0% 15.0% $388,350
2011 Barack Obama 35.0% 15.0% $379,150
2010 Barack Obama 35.0% 15.0% $373,650
2009 Barack Obama 35.0% 15.4% $372,950
2008 George Bush 35.0% 15.4% $357,700
2007 George Bush 35.0% 15.7% $349,700
2006 George Bush 35.0% 15.7% $336,550
2005 George Bush 35.0% 16.1% $326,450
2004 George Bush 35.0% 16.1% $319,100
2003 George Bush 35.0% 16.1% $311,950
2002 George Bush 38.6% 21.2% $307,050
2001 George Bush 39.1% 21.2% $297,350
2000 Bill Clinton 39.6% 21.2% $288,350
1999 Bill Clinton 39.6% 21.2% $283,150
1998 Bill Clinton 39.6% 21.2% $278,450
1997 Bill Clinton 39.6% 21.2% $271,050
1996 Bill Clinton 39.6% 29.2% $263,750
1995 Bill Clinton 39.6% 29.2% $256,500
1994 Bill Clinton 39.6% 29.2% $250,000
1993 Bill Clinton 39.6% 29.2% $250,000
1992 G HW Bush 31.0% 28.9% $86,500
1991 G HW Bush 31.0% 28.9% $82,150
1990 G HW Bush 28.0% 28.0% $32,450
1989 G HW Bush 28.0% 28.0% $30,950
1988 Ron Reagan 28.0% 28.0% $29,750
1987 Ron Reagan 38.5% 28.0% $90,000
1986 Ron Reagan 50.0% 20.0% $175,250
1985 Ron Reagan 50.0% 20.0% $169,020
1984 Ron Reagan 50.0% 20.0% $162,400
1983 Ron Reagan 50.0% 20.0% $109,400
1982 Ron Reagan 50.0% 20.0% $85,600
1981 Ron Reagan 69.125% 23.7% $215,400
1980 Jimmy Carter 70.0% 28.0% $215,400
1979 Jimmy Carter 70.0% 28.0% $215,400
1978 Jimmy Carter 70.0% 39.0% $203,200
1977 Jimmy Carter 70.0% 39.9% $203,200
 
stinkcat_14 said:
Even Reagan’s proposals included a progressive income tax. So there is nothing necessarily immoral about a progressive income tax.
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I understand this though I don’t agree with a graduated income tax. What I would say is possibly immoral are the rates at the higher brackets.
 
Michael68 said:
I understand this though I don’t agree with a graduated income tax. What I would say is possibly immoral are the rates at the higher brackets.
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Would you also agree that it is “possibly immoral” for an economic system to enable an investment banker to earn $23,000,000 while someone working two full time jobs (sanitation worker plus night office cleaner) earns less than $65,000? If people are to be rewarded for how hard they work, what can justify the investment banker earning over 350 times as much as this other person who undoubtedly works harder than him, working 80 hours a week. The investment banker would have to work 28,000 hours a week to justify that ratio. But there are only 168 hours in a week, so that is clearly impossible. So is he working 350 times as hard as the sanitation worker? I can’t imagine investment banking being more trying on a person than spending all day out in all sorts of weather, collecting other people’s trash.

Clearly an investment banker who earns 23,000,000 in a year is doing so because the economic system is rigged in his favor to make that possible. The economic system put in place by the government. So this investment banker owes a huge debt of gratitude to the government that gave him this windfall. Even if we taxed 99% of his income, that would still leave him with a sizeable $230,000 after taxes. The sanitation worker could only dream about getting such an income from his job.

No, it is hard to see how taxing the very rich at a higher rate is immoral.
 
The real problem is people want government services now, but they don’t want to pay now. This includes money for defense, interstate highways, national parks, training programs, flood, fire, tornado help, clean water, clean air, mortgage relief, etc. We are more than happy to take, but when it comes to paying, all of a sudden we all say, hey, it’s my money.
 
LeafByNiggle said:
Graduated income tax need not involve class warfare.
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I agree, but every four years we hear that the rich need to pay their fair share. The fact is the top 10% of earners pay nearly 3/4 of the income tax. That is more than a fair share, and progressive candidates claiming they don’t is disingenuous.

** "But let me offer you my definition of social justice: I keep what I earn and you keep what you earn. Do you disagree? Well then tell me how much of what I earn belongs to you - and why? **- Walter E Williams
 
ProVobis said:
For what it’s worth, the cap on Social Security tax will be raised next year. And that’s an added tax there.

wsj.com/articles/social-security-taxes-to-rise-for-higher-income-americans-1476807486

And SS tax revenue forms about a third of the government’s total revenue.

taxpolicycenter.org/briefing-book/what-are-sources-revenue-federal-government-0
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Yeah, and the promise was that these contributions (not taxes) were supposed to be placed in a trust (how ironic) fund.
 
JonNC said:
Yeah, and the promise was that these contributions (not taxes) were supposed to be placed in a trust (how ironic) fund.
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That is what happens when the government creates a welfare program and pretends it’s not a welfare program.
 
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