Man Wins $2M Lottery and Still Receives Food Stamps

[noah way]

not sure
List of United States presidential vetoes - Wikipedia, the free encyclopedia

He vetoed one (1) spending bill, $288 billion for farm subsidies (I support the veto). Congress OVERWHELMING overrode the veto in a bipartisan vote.

On the other side he incurred some $2 trillion in direct debt and close to $3 trillion in future debt with tax cuts for gazillionaires.

In other words Bush did NOTHING to restrain congressional spending and HIS budgets - approved by congress - doubled the deficit.

 

[mdram]

dont worry you may get your wish

Stephen Moore: A 62% Top Tax Rate? - WSJ.com

is that high enough for you? or do you want more?

 

[noah way]

dont worry you may get your wish

Stephen Moore: A 62% Top Tax Rate? - WSJ.com

is that high enough for you? or do you want more?

Those number are BS, the guy even includes state income taxes in his calcs.

 

[mdram]

Those number are BS, the guy even includes state income taxes in his calcs.

but he points out what the fed will be
basically returning to the same levels we had under carter for the rich

should it be higher? maybe up the fed so that the overall total is 75%? 80%
whats a good number?

 

[ElasticNinja]

but he points out what the fed will be
basically returning to the same levels we had under carter for the rich

should it be higher? maybe up the fed so that the overall total is 75%? 80%
whats a good number?

Firstly, let me say my heart tells me a flat tax is fair
However my head sees income inequality, increasing plutocracy and the death of egalitarianism that a flat tax, or even low rate of tax on the rich causes

A higher tax rate perhaps is needed to make up for the past of low tax rates
The US has an awful Gini index, and has progressed to the state where only the wealthy create value and drive the economy (unlike the EU ex Italy and UK, and Japan)

 

[noah way]

First, understand the way a progressive tax works.

Taxes on $100,000 in earnings:

($8,025) x .10 = $802.50
($32,550 minus 8,025 ) x .15 = $3,678.75
($65,725 minus 32,550 ) x .25 = $8,293.75
($100,000 minus 65,725 ) x .28 = $9,597.00

Total = $ 22,372.00

$100k is the 28% tax bracket, since that's the highest rate applied to this level of income; but as a percentage of the whole $100,000, the tax is only 22.37%.

So tossing around % tax rates is meaningless. The questions is what rate at what level.

 

[mdram]

First, understand the way a progressive tax works.

Taxes on $100,000 in earnings:

($8,025) x .10 = $802.50
($32,550 minus 8,025 ) x .15 = $3,678.75
($65,725 minus 32,550 ) x .25 = $8,293.75
($100,000 minus 65,725 ) x .28 = $9,597.00

Total = $ 22,372.00

$100k is the 28% tax bracket, since that's the highest rate applied to this level of income; but as a percentage of the whole $100,000, the tax is only 22.37%.

So tossing around % tax rates is meaningless. The questions is what rate at what level.

ok i'll take that question
max rate at any level, of all combined taxes, should never exceed 50%, but should be closer to 33%

 

[noah way]

ok i'll take that question
max rate at any level, of all combined taxes, should never exceed 50%, but should be closer to 33%

Right now the average tax rate on the 400 wealthiest Americans is 16%. That's probably less than you pay.

 

[mdram]

Right now the average tax rate on the 400 wealthiest Americans is 16%. That's probably less than you pay.

thats the federal rate, not the total
and its higher then my bracket average

 

[lordofthereef]

Fantastic discussion, but when did this turn into a tax bracket debate?