UK example of why high tax rates on the rich don't work

[Danzig]

Originally Posted by jms62

You forgot continually borrow from Social Security and then bemoan it when there isn't enough money left to pay.

i wish i could forget that.

[jms62]

Originally Posted by Danzig

i wish i could forget that.

And call it an entitlement when you have been putting money in your whole life.

[Danzig]

Originally Posted by jms62

And call it an entitlement when you have been putting money in your whole life.

yeah, i know. medicare too. they ought to call them benefits, not entitlements. we pay for them!

[GenuineRisk]

Originally Posted by dellinger63

The top 1% pay 30% of the income tax.

I'd say they're doing more than their fair share.

Except that the top 1 percent own 42 percent of the nation's wealth, so in fact, no, they aren't doing their fair share; they're living off the backs of the rest of us. There's nothing like being rich to make a person expect free stuff.

http://thinkprogress.org/economy/201...t-one-percent/

[Danzig]

Originally Posted by GenuineRisk

Except that the top 1 percent own 42 percent of the nation's wealth, so in fact, no, they aren't doing their fair share; they're living off the backs of the rest of us. There's nothing like being rich to make a person expect free stuff.

http://thinkprogress.org/economy/201...t-one-percent/

so they should pay 42% of the taxes, instead of 30! excellent point.

[joeydb]

If you charge enough in taxes for any group, they will use measures to decrease the tax collected: moving, not increasing their businesses, or "Going Galt" entirely.

You cannot collect what people decide not to earn in the first place.

[Danzig]

Originally Posted by joeydb

If you charge enough in taxes for any group, they will use measures to decrease the tax collected: moving, not increasing their businesses, or "Going Galt" entirely.

You cannot collect what people decide not to earn in the first place.

they do that either way. it's bs. and it's amazing the amount of growth we experienced in past eras, when the taxes were higher.

[Danzig]

http://www.slate.com/blogs/spitzer/2..._up_a_lot.html

on cap gain tax increases.


and note this excerpt:

A couple of data points: First, in 2010, 93 percent of the income that was added to our economy accrued to the top 1 percent of families. Second, corporate earnings as a percentage of GDP are at an all-time high—totaling 1.75 trillion in the third quarter of this year, while wages as a percentage of GDP are at an all-time low—just about 43 percent of GDP.

[GenuineRisk]

Originally Posted by joeydb

If you charge enough in taxes for any group, they will use measures to decrease the tax collected: moving, not increasing their businesses, or "Going Galt" entirely.

You cannot collect what people decide not to earn in the first place.

Have you read Atlas Shrugged?

[jms62]

Originally Posted by GenuineRisk

Have you read Atlas Shrugged?

I'll show you, I won't earn any money so you won't get any taxes from me.
Profound logic

[Danzig]

Originally Posted by GenuineRisk

Have you read Atlas Shrugged?

probably not.
but it's one of the current go to phrases. might as well use it.

[GenuineRisk]

Originally Posted by jms62

I'll show you, I won't earn any money so you won't get any taxes from me.
Profound logic

That wasn't the question I asked. I asked if you've read Atlas Shrugged. It's easy- the answer is:

A) Yes
B) No
C) Yes except I sort of just skimmed John Galt's speech in the third part because come on, it's 80 pages long.

[jms62]

Originally Posted by GenuineRisk

That wasn't the question I asked. I asked if you've read Atlas Shrugged. It's easy- the answer is:

A) Yes
B) No
C) Yes except I sort of just skimmed John Galt's speech in the third part because come on, it's 80 pages long.

Me No. I'm strictly Non Fiction. I read this yesterday and got a chuckle.

http://blog.ourfuture.org/20120209/J...and-so-are-you

[GenuineRisk]

Originally Posted by jms62

Me No. I'm strictly Non Fiction. I read this yesterday and got a chuckle.

http://blog.ourfuture.org/20120209/J...and-so-are-you

That was hilarious; thanks for the link!