How about a 100% income tax on the rich? | TigerDroppings.com

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Zach
LSU Fan
Member since May 2005
63450 posts

How about a 100% income tax on the rich?


proposal in Germany






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Powerman
LSU Fan
Corpus Christi, TX
Member since Jan 2004
120422 posts

re: How about a 100% income tax on the rich?


I understand a high rate on income over that level but 100% removes all incentive to make more than that

Seems silly






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CITWTT
LSU Fan
baton rouge
Member since Sep 2005
31765 posts

re: How about a 100% income tax on the rich?


How about 100% in every country because our Lords and Masters are so much smarter than we lowly peons over our lives? That is basically the route of Marxist philosophy in the end.





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Zach
LSU Fan
Member since May 2005
63450 posts

re: How about a 100% income tax on the rich?


I love this quote...

quote:

no-one should earn over 40 times the societal minimum,”


So, 39 times would be OK?






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ColaTiger
LSU Fan
Louisiana
Member since Jan 2013
2193 posts

re: How about a 100% income tax on the rich?


The writer's inflammatory writing makes me question the credibility and/or context of this





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50Mullets
LSU Fan
A more civilized age
Member since Oct 2012
1433 posts

re: How about a 100% income tax on the rich?


Laffer curve fail





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Cold Pizza
Ohio State Fan
Member since Sep 2011
7639 posts

re: How about a 100% income tax on the rich?


quote:

I understand a high rate on income over that level but 100% removes all incentive to make more than that

Seems silly


So what rate doesn't seen silly? 99%? 98%? What?



This post was edited on 2/2 at 12:48 pm


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ohiovol
Tennessee Fan
Member since Jan 2010
14576 posts

re: How about a 100% income tax on the rich?


I can't imagine Germany wants to torpedo their economy like this.





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CamdenTiger
Member since Aug 2009
27141 posts
 Online 

re: How about a 100% income tax on the rich?


Wow, I'd assume all those wouldn't work asingle day longer, and yearly revenue would be almost zero, except for investment income. Are they going to take that, too? Wow, some scary times...I was thinking of moving overseas, at some point, but dang!





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HailHailtoMichigan!
Michigan Fan
Mission Viejo, CA
Member since Mar 2012
11452 posts

re: How about a 100% income tax on the rich?


Germany really has never recovered from the socialist thought that swept through that country before world war 1.





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Kraut Dawg
Mississippi St. Fan
Member since Sep 2012
149 posts

re: How about a 100% income tax on the rich?


FDR & his team proposed a "maximum income" or a 100% tax in early '42 I believe.

And in the link, Die Linke party is about the equivalent of the Green Party in the U.S. Way out there to the left, but in Germany, they actually win seats & have some influence. And they're even pushing to limit autobahn speeds in Baden-Wurttemberg to 130km/h, though I think they'll fail on that one.






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weagle99
Member since Nov 2011
11162 posts

re: How about a 100% income tax on the rich?


quote:

FDR


Would probably still be President if still alive. Closest thing we have had to a dictator.






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Lsut81
USA Fan
Member since Jun 2005
64192 posts

re: How about a 100% income tax on the rich?


quote:

I understand a high rate on income over that level but 100% removes all incentive to make more than that



The highest tax rate I could see anyone standing would be 51%... Why the frick would you be ok with the government taking more than you keep






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TigerPride10
Columbia Fan
Seoul, Korea
Member since Jul 2007
9486 posts

re: How about a 100% income tax on the rich?


quote:

I can't imagine Germany wants to torpedo their economy like this.


They don't. Die Linke is a fringe party in modern German politics.






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TrueTiger
LSU Fan
Chicken's most valuable
Member since Sep 2004
9992 posts

re: How about a 100% income tax on the rich?


quote:

51%... Why the frick would you be ok with the government taking more than you keep


As we just saw from the Phil Mickelson dust-up,
there are places where this is occurring right now,
after adding fed, state and local cumulatively.






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Powerman
LSU Fan
Corpus Christi, TX
Member since Jan 2004
120422 posts

re: How about a 100% income tax on the rich?


quote:

As we just saw from the Phil Mickelson dust-up,
there are places where this is occurring right now,

Right

If you believe the horrible math

He isn't paying over 50%






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TrueTiger
LSU Fan
Chicken's most valuable
Member since Sep 2004
9992 posts

re: How about a 100% income tax on the rich?


quote:

He isn't paying over 50%



We aren't his CPA so we don't know, but there are reports putting it at 51 to 53%.
This is backed off from the 62% he started with, sure.

If I was benevolent dictator it wouldn't be over 25%.






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eelsuee
LSU Fan
2B+!2B
Member since Oct 2004
3966 posts

re: How about a 100% income tax on the rich?


quote:

Right

If you believe the horrible math

He isn't paying over 50%


LINK

quote:

Mickelson's tax rate, however, is closer to 51%, according to the Tax Foundation and California tax experts. His winnings and endorsements, which Sports Illustrated pegged at nearly $61 million in its most recent annual estimate, subject him to the highest marginal rates for married couples. Here's what they consist of: -- A 39.6% top federal tax rate, up from 35%, on income above $450,000, thanks to the fiscal cliff deal passed by Congress on New Year's Day. -- A 12.3% top state tax rate, up from 9.3%, on income above $1 million. -- A 1% state mental health surcharge levied on incomes above $1 million. -- A 3.8% Medicare tax rate, which includes a new 0.9% Medicare surcharge on earnings above $250,000.


That is if you only consider income tax. Sales tax and property tax probably are also significant on top of all the other small taxes.






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Powerman
LSU Fan
Corpus Christi, TX
Member since Jan 2004
120422 posts

re: How about a 100% income tax on the rich?


quote:

We aren't his CPA so we don't know

Well you can figure out the max that he could possibly pay

And that is 53% assuming 0 deductions

So his real effective tax rate is probably a little lower than 50% (granted, that's still high, but not over 50%)






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Powerman
LSU Fan
Corpus Christi, TX
Member since Jan 2004
120422 posts

re: How about a 100% income tax on the rich?


quote:

That is if you only consider income tax

And neglect the state income tax deduction on federal taxes...






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