More taxes coming? You betcha...

Nikko said:
39% tax brackets, 3,000-page tax code that not even guys with a Masters of Taxation degree (my CPA has one of those) can comprehend.

Trillions in taxpayer dollars disappearing straight into oligarch bankster pockets under the label 'bailout'.

This is what you call a "marginal tax system".

Dude, just email me your PIN and bend over.
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^^ I'm not really understanding what your point is? There is corruption in government? The rich take advantage of the system? I think we pretty much agree on most points.

My only point was taxes have been much higher in the past and America did just fine so to say a tax increase would cause economics problems simply based on the argument "taxes can't go that high without causing problems" is untrue.

This doesn't mean I want, support or think it would benefit America to have higher tax rates. I just think the topic warrants more intelligent discussion then "HURR-DURR that's to high me no want to pay FUCK!" but I guess that isn't exactly something an online forum like this will produce.

Also I doubt many "oligarch banksters" want the top tax rates to increase, do you?

Also FYI the total tax codes in this country far exceed 3,000 pages and any CPA worth paying money to most certainly understands the section they specialize in. That's like saying no lawyer understands all laws or no doctor understands all medicine and no programmer understands all code - so those things must be to complicated!
 


guerilla said:
As taxes rise, receipts fall. Taxes reduce entrepreneurship and productivity. They are a disincentive to produce.
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They also always create economic efficiency and net losses.

I didn't know this was a discussion about miketpowell liking higher taxes and saying it's a smart thing to do. I must have written my posts very poorly.

I also threw in the point about how the top 1% paying 35% of the taxes might just be justifiable based on the amount of wealth/income they control. I don't really know what the top 1% controlling more wealth in the past has to do with that though?

I was only pointing out taxes have been higher in the past and the country prospered, they rose throughout the 90's and we prospered. I for one think there are all sorts of tax problems in this country, don't get me started on tariffs put in place to protect certain industries...

I was just trying to provide some historical perspective about what actually is a "high" tax rate. I think you and I would agree on most points tax related.
 
guerilla said:
As taxes rise, receipts fall. Taxes reduce entrepreneurship and productivity. They are a disincentive to produce.
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Hey, you make some really good points. I guess the problem is both sides do make a few good points here and there, but there seems to be no way of compromising or fixing it in the real world. Doesn't seem to matter who we vote for lately, they all increase government and spend money on needless wars and other BS.

I disagree with the common claim that taxes reduce entrepreneurship and productivity. I don't think a single bank, company, or industrious American sits around saying "well we COULD make more money, or start a new business, but those taxes are going to get us, so nevermind". It sounds logical, but I don't see it happening in the real world. People want to make money no matter what. People find ways to get around the obviously silly taxes and still try to make money.
 
jboogie said:
Way to go, you're as dumb as Joe the Plumber and probably half of Americans.

Understand how our tax system works, 90% is the marginal rate, not the effective rate:

Tax rate - Wikipedia, the free encyclopedia

If you're too dumb or opinionated to read the Wikipedia entry, I'll summarize:

Marginal rate affects the last dollar you earned. If there were two tax brackets, 25% on the first $500k of income and 50% thereafter, you would
be taxed 125k on the first half of your $1mm income and $500k on the second half, leading to an effective tax rate of 62.5%. You don't make "less" when you get to the higher bracket.

It's ignorance like this that makes me wish we had an intelligence test before people could vote. Teabaggers run around screaming all day about taxes and healthcare and clearly don't begin to understand even basic issues surrounding them. If you're bad at math, science and economics, you're not smart enough to decide how our country should be run.

Educate yourselves, dumbasses.
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Your math is off but yes.

125k on the first half, 250k on the second half (50% thereafter), effective tax rate of 37.5%
 
jboogie said:
Marginal rate affects the last dollar you earned. If there were two tax brackets, 25% on the first $500k of income and 50% thereafter, you would
be taxed 125k on the first half of your $1mm income and $500k on the second half, leading to an effective tax rate of 62.5%.
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conv3rsion said:
Your math is off but yes.

125k on the first half, 250k on the second half (50% thereafter), effective tax rate of 37.5%
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This.
 
Moxie said:
Military 42.2%
Health Care 22.1%
Interest on Debt 10.2%
Anti-Poverty, Foster Care, Adoption Services 8.7%
Education & Training 4.4%
Federal Government & Law Enforcement 3.9%
Housing & Community Development 3.3%
Science, Environment, Energy 2.6%
Agriculture, Commerce & Transportation 1.5%
International Affairs & Assistance 1%
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The only thing the Federal Government should be spending money on is Military/Defense. It's the only thing they are good at.
Let the states handle the rest and allow privatization to increase quality and efficiency.
 
Solution = move to a state with no income tax + incorporate so you dont pay self employment tax
 
tjcocker said:
Fucking idiots in this thread.

FIRST of all, it's METALS, not medals, you fucking home-schooled retards. Medals are what you win in the Olympics, and metals are the shiny things.

Second, the most extreme analysts think gold will go to $1500, not $15000. LOL! Good luck with your investing. Maybe you should contact Charles Schwab or something before you lose everything... seriously. Learn before you open your idiot mouths.
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Well if hyper inflation set in then were fucked and silver and gold will reach those prices.

You obiously dont understand when people like bob chapman go on alex jones radio show say

"2010 is the colaspe of the united states dollar" That is a big fucking deal.
 
tjewsky said:
Solution = move to a state with no income tax + incorporate so you dont pay self employment tax
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That's not how you will escape paying self employment tax. Employers usually pay part of the social security tax while the other half comes out of your check. The self employment tax is designed to make you pay all of it because you are both the employee and the employer.

Having a corp won't keep this from happening obviously.
 
One thing we're forgetting here is the typical American worker thinks their tax refund is free money from the government. When they take directly from your paycheck, you don't notice it because you get "free money" back. Make it so nothing it automatically withheld, then watch how many people suddenly are thrown into an uproar over taxes when they find out every April they have to pay the feds. It won't just be business owners then.

It used to be that way, and when withholding was introduced the first time, there were riots. It was rescinded, but later snuck in during the depression, so it went unnoticed.
 
evelynds said:
Add 12.5% sales tax and you're there.

Salex tax indicates he's doing more than just commission-income affiliate marketing. I feel with him because I'm in the very same position, and have to let perfectly healthy revenue generators drop because they become unprofitable due to sales taxes and related fees (customs duties on top, etc.). 62% is very possible.
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Um, what?

If you're buying things in wholesale to resell, you're not going to be paying sales tax on those goods, and then having your customers pay sales tax on those too.
 
papajohn56 said:
One thing we're forgetting here is the typical American worker thinks their tax refund is free money from the government. When they take directly from your paycheck, you don't notice it because you get "free money" back. Make it so nothing it automatically withheld, then watch how many people suddenly are thrown into an uproar over taxes when they find out every April they have to pay the feds. It won't just be business owners then.

It used to be that way, and when withholding was introduced the first time, there were riots. It was rescinded, but later snuck in during the depression, so it went unnoticed.
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^^^
This.


It's the old "how do you cook a live frog" riddle. The answer is you put he frog in a pot of cold water and sloooowly bring it to a boil. By the time the frog notices the temperature change, it's too cooked to jump out of the pot.
 
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