Acceptable registrations in the queue through March 16 at 11:00a ET have now been activated. Enjoy! -M.W.

Terms of Use have been amended effective October 6, 2019. Make sure you are aware of the new rules! Please visit this thread for details: https://www.mibuzzboard.com/phpBB3/view ... 16&t=48619

Billionaires headed for more taxes?

Debate and discussion of current events and political issues across the U.S. and throughout the World. Be forewarned -- this forum is NOT for the intellectually weak or those of you with thin skins. Don't come crying to me if you become the subject of ridicule. **Board Administrator reserves the right to revoke posting privileges based on my sole discretion**
Deleted User 8570

Re: Billionaires headed for more taxes?

Post by Deleted User 8570 » Tue Feb 05, 2019 10:42 pm

bmw wrote:
Tue Feb 05, 2019 2:45 pm
People who want to raise taxes on the super-rich obviously must think that the super-rich aren't already paying enough in taxes. How much of their income should they be required to donate back to society? Per taxfoundation.org, the top 1 percent of income earners make 20% of the income but pay nearly 40 percent of all the income taxes. And that latter number rose in 2015.

https://taxfoundation.org/summary-lates ... 16-update/

So the idea that the rich aren't paying their fair share is utter nonsense.

Image
Considering at one point it was 90% and has fallen steadily for 35 years I’d say they are doing better than ever...



bmw
Posts: 6729
Joined: Sun Dec 05, 2004 1:02 am

Re: Billionaires headed for more taxes?

Post by bmw » Tue Feb 05, 2019 11:02 pm

NS8401 wrote:
Tue Feb 05, 2019 10:42 pm
...at one point it was 90% and has fallen steadily for 35 years...
It hasn't been falling steadily for 35 years. It was slashed 3 times under Regan and is currently up 9 points from where it was in 1988.

1981 - cut from 70 to 50
1987 - cut from 50 to 38.5
1988 - cut from 38.5 to 28.

Since bottoming out 31 years ago at 28 percent, the top rate bounced between 31 and 39.6 percent (and arguably as high as 43.4% if you count the additional amount added to the top bracket in 2013 by Obamacare).

Also remember that in 1986, when the top rate was cut to 28%, lawmakers at the time promised that it would never need to be raised again.

So why do we need to raise the top rate to pre-1983 numbers?



Deleted User 8570

Re: Billionaires headed for more taxes?

Post by Deleted User 8570 » Tue Feb 05, 2019 11:50 pm

bmw wrote:
Tue Feb 05, 2019 11:02 pm
NS8401 wrote:
Tue Feb 05, 2019 10:42 pm
...at one point it was 90% and has fallen steadily for 35 years...
It hasn't been falling steadily for 35 years. It was slashed 3 times under Regan and is currently up 9 points from where it was in 1988.

1981 - cut from 70 to 50
1987 - cut from 50 to 38.5
1988 - cut from 38.5 to 28.

Since bottoming out 31 years ago at 28 percent, the top rate bounced between 31 and 39.6 percent (and arguably as high as 43.4% if you count the additional amount added to the top bracket in 2013 by Obamacare).

Also remember that in 1986, when the top rate was cut to 28%, lawmakers at the time promised that it would never need to be raised again.

So why do we need to raise the top rate to pre-1983 numbers?
Because tax cuts don’t stimulate economic growth... they just reduce revenue and widen budget deficits.. the “good old days” (50’s/60’s) that folks want to go back to had much higher taxes... since they have been cut things have gotten markedly worse... huh... just might be a correlation...



Post Reply Previous topicNext topic