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re: Bannon reportedly calls for tax of 44 percent on those earning over 5 million a year
Posted on 7/26/17 at 10:37 pm to mizzoubuckeyeiowa
Posted on 7/26/17 at 10:37 pm to mizzoubuckeyeiowa
quote:44% may be low compared to historical highs, but it sure doesn't seem like "nothing," especially of a person has state and local taxes on top of that.
44% is nothing.
0
Posted on 7/26/17 at 10:40 pm to HempHead
quote:Yeah. Since its not going to make a dent in the deficit and debt, it seems like punishment. Bannon is a highly intelligent man, but he has some major grudges against the elite.
I am supportive of 90% of Bannon's ideas, but this one is not good. It just encourages more elaborate accounting and I don't imagine revenues would change much at all. Very, very few people make that kind of money from taxable income.
Posted on 7/26/17 at 10:41 pm to HempHead
quote:
Very, very few people make that kind of money from taxable income.
Athletes and entertainers. All those people supporting Hillary and higher taxes. Your wish is granted mf'ers.
Posted on 7/26/17 at 10:41 pm to buckeye_vol
The top 20% already shoulder so much of income revenues that it's almost disgusting. We have a spending problem, not a revenue problem.
Posted on 7/26/17 at 10:45 pm to Eurocat
Is the goal revenue or wealth distribution?
Posted on 7/26/17 at 10:47 pm to mizzoubuckeyeiowa
You are ignorant to the changes in the tax code. That's why yo bring up the 90 percent times. Do some research.
Posted on 7/26/17 at 10:48 pm to Eurocat
quote:
reportedly
quote:
person familiar with his thinking
For frick's sake
Posted on 7/26/17 at 10:49 pm to SmackoverHawg
quote:I'm going to guess that they make up a far smaller percentage than one would think. But who it impacts is irrelevant to the principle of it anyways.
Athletes and entertainers. All those people supporting Hillary and higher taxes. Your wish is granted mf'ers.
This post was edited on 7/26/17 at 10:51 pm
Posted on 7/26/17 at 10:52 pm to buckeye_vol
Almost everyone I know who makes that kind of money is taxed on capital gains and not on income. Other than aforementioned athletes and entertainers, the only folks I can think of who make that kind of salary are CEOs, and even then, I imagine their compensation is presented as "X a year" when a good portion of X is actually stock options.
Posted on 7/26/17 at 10:52 pm to HempHead
quote:
The top 20% already shoulder so much of income revenues that it's almost disgusting. We have a spending problem, not a revenue problem.
The top 20% already already make so much that it is almost disgusting.
Posted on 7/26/17 at 10:54 pm to Eurocat
quote:
The top 20% already already make so much that it is almost disgusting.
LOL do you even know what the top quintile bracket is?
Posted on 7/26/17 at 10:54 pm to BBONDS25
Posted on 7/26/17 at 10:55 pm to HempHead
quote:How many people do you know making that much? Maybe I should be nicer to you though.
Almost everyone I know who makes that kind of money is taxed on capital gains and not on income.
quote:Probably, but even though we are talking a small percentage, hundreds of thousands of people make over a million (couldn't find 5 million specifically).
Other than aforementioned athletes and entertainers, the only folks I can think of who make that kind of salary are CEOs, and even then, I imagine their compensation is presented as "X a year" when a good portion of X is actually stock options.
Regardless, it's small enough to not have an impact on the government's financial problems, so it would seem unnecessarily punitive. And it's just too Bernie-like.
Posted on 7/26/17 at 10:56 pm to Eurocat
Screw the income tax..wealth tax
Posted on 7/26/17 at 10:57 pm to buckeye_vol
quote:
How many people do you know making that much? Maybe I should be nicer to you though.
Maybe about a dozen or so. Don't worry, I'm not in their club yet.
quote:
Regardless, it's small enough to not have an impact on the government's financial problems, so it would seem unnecessarily punitive. And it's just too Bernie-like.
Yep. This isn't a fiscal idea, it's punitive.
Posted on 7/26/17 at 10:57 pm to bamafan1001
quote:
Screw the income tax..wealth tax
NO
Posted on 7/26/17 at 10:58 pm to Eurocat
Now this is my kind of tax reform.
Posted on 7/26/17 at 10:58 pm to bamafan1001
quote:Fixed it for you.
Screw taxes in generally unless they fund efficient, effective, and necessary services
Posted on 7/26/17 at 10:59 pm to Eurocat
Those earning over $5 million have means to adjust their taxable income to avoid this.
Posted on 7/26/17 at 11:01 pm to stout
quote:If they are still over 5 million already, I doubt they can finagle it much more. Regardless, it's still the principle of it all that's an issue.
Those earning over $5 million have means to adjust their taxable income to avoid this.
This post was edited on 7/26/17 at 11:02 pm
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