- This topic has 4 replies, 2 voices, and was last updated 10 months ago by Mike Kelly.
December 24, 2018 at 2:31 pm #261mkellyKeymaster
Add thoughts about the budget and our economy.February 5, 2019 at 1:09 pm #326Jon BeasleyGuest
Everybody is flipping out about the 70% tax rate. Wow, how many people earn more than $10 million a year?
The tax rate during the time President Trump refers to as when America was great was 91%.February 6, 2019 at 9:32 pm #333mkellyKeymaster
Jon, You have been drinking the Kool-Aid again. It is complicated stuff for sure. However, nobody ever paid that rate. Who would? Anyone that had that kind of money would simply move to a more friendly country. Besides, it is a myth that this article might clarify for you. You can find many other articles on this long before Trump was President.February 7, 2019 at 11:02 am #337Jon BeasleyGuest
If no-one paid the 90% rate, how many will pay the 70%? Around 10,000 paid the 91% rate. According to Forbes, only around 30,000, 0.01% of the population would pay the new rate. This is an insignificant increase compared to the tax rolls. Yes, it is very a complicated subject. But doesn’t it boil down to raising the taxes on people who can afford to pay them.
One argument people make is that it will discourage investment. What investment are they making with it now? Wasn’t that the deal with President Trump’s tax break for the rich? That they would start investing in job making projects since they weren’t doing it now? If they are not now, why would it change what they do in the future?
So, are we going to have an enmass exodus of billionaires? Moving to countries with lower tax rates like is threatened? NO. The only countries with lower tax rates are Ireland, Chili, Mexico, Korea and Turkey according to the OECD.
How much money would they actual end up paying? According to the Tax Institute, it would only be $1.7M each. That is insignificant compared to the billions they are worth.
What would actually change if we had this rate? The number of people affected, even with secondary spending the economy would not be affected noticeably.
Why do billionaires say that they should pay more? Warren Buffet is one of the many people calling for a higher rate on the rich. 58% of the country says the rich should pay more.
Besides, why is this a problem? Are people really going to struggle to make ends meet if they pay that rate? Are we going to have people pull up in the Bentlys and pan-handle by the freeway?February 7, 2019 at 1:14 pm #338Mike KellyGuest
1. I can’t verify some things you say without reference links.
2. Billionaires do and will offshore their money. Here are the top ten places.
3. You could take all the money from all the richest people in the USA and it still would not fund what the left is proposing. The top 10% individuals earn $75,000 per year and above. The top 10% household income is $118,200 per year. Again, take all that and you still can’t pay for the left’s proposals. You can even do away with the entire military and you cannot pay for it. I just do not understand why people cannot do the math.
4. Warren Buffet and others are allowed to give as much as they want to the IRS. Even you can do that if you want to do so. Someone once asked if you could give away a million dollars who would you rather give it to, the IRS or a Charity, which would you give to? Nobody ever said the IRS.