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Topic: OT-Politics Thread: please TRY to keep it civil, you damned dirty apes

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Cincydawg

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What do you think would be the "fair share" for a married couple earning a million a year in taxable income?

90%, 50, what?

847badgerfan

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Lots of people would say that's not their fair share.

I'm glad to say that I'm no longer an employer as of July 1.

Now I don't have to pay my unfair share anymore.
U RAH RAH! WIS CON SIN!

FearlessF

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I ran taxable income of $2 million in GA:

Your Income Taxes Breakdown

Tax TypeMarginal Tax RateEffective Tax Rate2024 Taxes*
Federal37.00%32.77%$655,320
FICA2.35%2.76%$55,203
State5.39%5.33%$106,506
Local0.00%0.00%$0
Total Income Taxes40.85%$817,029
Income After Taxes$1,182,971
Retirement Contributions$0
Take-Home Pay$1,182,971


some would say $500K is more than enough to live comfortably.  paying another $600K on top of the $800K would be helpful to your country and to your fellow man
"Courage; Generosity; Fairness; Honor; In these are the true awards of manly sport."

Cincydawg

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It's certainly enough to "live comfortably", as most of us think of the term.  I chatted once a bit with a rather high income individual who was open about what he spent money on and he claimed his income disappeared quickly, he laughed and agreed it was his fault.  These folks tend to live in "nice houses" with large yards needing expensive maintenance for the pool, landscaping, maids, etc.  Then they may belong to an expensive club or three, and donate to the local arts funds etc. (which would be deductable).  They drive expensive cars of course, might have three of them.  One wealthy person we knew in France had a personal chef. $$$$$ and a boat.

I think we live "comfortably" here but I'm watching our expenses and there are some things I'd like to do and don't.


FearlessF

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some people think helping to feed hungry children and house homeless mothers would be a better use of that money - amongst other things
"Courage; Generosity; Fairness; Honor; In these are the true awards of manly sport."

Cincydawg

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Some people think government solves problems, and at times, they do.

The core issue remains though, Hauser's "Law".  Raising rates doesn't mean more revenue, broadly speaking.  It's pretty obvious, and probably wrong, to think otherwise, "we should tax more to get more money for widows and orphans etc."

This is a VERY common belief not supported by decades of experience.  

FearlessF

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does lowering rates mean less revenue?

If not, we should lower rates a bunch!
"Courage; Generosity; Fairness; Honor; In these are the true awards of manly sport."

OrangeAfroMan

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We do these studies on happiness and well-being compared to income levels...then we ignore it.  Take those numbers and double or triple them, or even multiply them by 10, and then any monies beyond that are used for the social good.

I know it's pie-in-the-sky thinking, but it's better than saying additional monies coming in doens't increase revenue or oh it's not enough money to bother bringing in.

We need to change the system if the system is broken.  A paradigm shift.  Shrugging and suggesting there's nothing to be done isn't useful.
“The Swamp is where Gators live.  We feel comfortable there, but we hope our opponents feel tentative. A swamp is hot and sticky and can be dangerous." - Steve Spurrier

Cincydawg

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There is a "Laffer Curve", which suggests that at some midpoint in marginal  income tax rates, revenue is optimized, and going very far from that point in either direction obviously reduced rates, but it's not clear where the optimum exists.  And the "curve" has a fairly flat top, apparently (Hauser's Law).  Government changes the rates by a small amount and makes a big deal about it, but the revenue (%GDP) stays constant, within certain bounds.

We once had top marginal rates of 90% and the revenue as %GDP was the same as it is today.


Cincydawg

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I know it's pie-in-the-sky thinking, but it's better than saying additional monies coming in doens't increase revenue or oh it's not enough money to bother bringing in.
Saying higher rates don't increase revenue is a simple fact.  You can claim otherwise, but history shows you'd be wrong.

There is a simple reason this is true.

847badgerfan

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U RAH RAH! WIS CON SIN!


OrangeAfroMan

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Yep, and there's no actual answer to the optimal rate, so...
“The Swamp is where Gators live.  We feel comfortable there, but we hope our opponents feel tentative. A swamp is hot and sticky and can be dangerous." - Steve Spurrier

OrangeAfroMan

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It's weird that the US is so star-spangled awesome, that a few additional percentage points of taxes would drive all the successful people out.  

:96:
“The Swamp is where Gators live.  We feel comfortable there, but we hope our opponents feel tentative. A swamp is hot and sticky and can be dangerous." - Steve Spurrier

 

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