COVID-19 numbers

[ousdahl]

I’ve advocated before for a progressive tax based on an exponential curve. The more you make, the more you’re taxed. Simple as that. No loopholes and shit. Everyone pays a share proportionate to their income.

Heck, and/or a national sales tax, so that we’re taxed not just on income, but on consumption too. And tax vacation homes and private jets more than you tax bread and eggs.

[Deleted User 310]

In 1916, there were 14 tax brackets, and more importantly, the highest bracket started at $2 million dollars, which in today's money is $47 million.

Today, with 7 tax brackets, the highest bracket starts around $500,000 this means that someone making say $650,000 is taxed at the same percentage as someone making $60,000,000. I'm not advocating bringing back 70% income taxes or anything. But how does it make sense that the guy making $540,000 can pay 13% points higher taxes than a guy making $90,000, or 25% points higher than a guy making $45,000, but the guy making 10X or 20X or 30X more than $540,000 has no additional burden? If we're going to have a progressive tax, why cap it out at a salary that is upper-middle class and not something that's truly wealthy.

Oh, and we gotta find a way to tax someone like Warren Buffet more than just his $100,000 annual salary. I don't want crazy high taxes on someone who has their money in investments but give me a fucking break, if a guy is worth $75 billion dollars his income tax burden ought to be more than $24,000.

I'm not a socialist, and I'm not someone who likes redistribution of wealth, and as you said I don't want to de-incentivise anyone, but geezus, we have some fucked up things when it comes to who pays what share of our collective tax burden.

POTD.

100% agree.

But when someone like Elizabeth Warren or Bernie Sanders says it, it's "socialism".

I won't speak for PhD, or assume what he means too much. He did mention NOT bringing back 70% income taxes.

There is a difference between wanting to "fix some things that are fucked up when it comes to who pays what share of our collective tax burden" and some/much of what Sanders and Warren propose doing.

There is a diffeence between reasonable tax reform and redistribution of wealth that disincentivizes.

My guess is if PhD made the reforms I would agree with the changes a lot more than I would if Warren or Sanders made the reforms....but that is just a guess based on what little I know about PhD.

[PhDhawk]

Oh, and we gotta find a way to tax someone like Warren Buffet more than just his $100,000 annual salary. I don't want crazy high taxes on someone who has their money in investments but give me a fucking break, if a guy is worth $75 billion dollars his income tax burden ought to be more than $24,000.

I'm not a socialist, and I'm not someone who likes redistribution of wealth, and as you said I don't want to de-incentivise anyone, but geezus, we have some fucked up things when it comes to who pays what share of our collective tax burden.

Actually you are looking at the wrong end of the regressive tax burden. The biggest culprit is the Social Security employee contribution. With a cap at around $133k someone making $266k is paying 3% of his/her income whereas someone making $26k pays 6%. For the latter that $1500+ is worth a lot more than the $8k for the former.

If you want to make the tax system fairer that's the place to start. Exempt the first $30k (or $25k), raise the full 6% amount to $200k and then start a gradual phaseout to $500k, 1% for each $50k.

I do agree that we have to ensure that the gaming of the system by lowering salary and paying "other income" is stopped.

Social security goes to social security.

The amount you pay in is regressive but benefits being paid out are progressive so it mostly corrects itself other than for factors like decreased life expectancy for poorer people.

Like I said, I'm not interested in re-distribution of wealth. For this conversation I'm interested in people being able to differentiate between upper-middle class, the rich, and the super-rich.

You're focusing on people making $250,000 paying in more. That's exactly what I'd argue against. What's upsetting to me, isn't the notion that people making a few hundred thousand aren't paying in enough, it's that people making a few hundred million or people with hundreds of billions of dollars aren't paying in enough.

The person making $40,000 and the person making $400,000 are a lot more similar to each other than the $400,000 earner is to the billionaire.

[PhDhawk]

I’ve advocated before for a progressive tax based on an exponential curve. The more you make, the more you’re taxed. Simple as that. No loopholes and shit. Everyone pays a share proportionate to their income.

Heck, and/or a national sales tax, so that we’re taxed not just on income, but on consumption too. And tax vacation homes and private jets more than you tax bread and eggs.

sales taxes are considered regressive, fyi.

[ousdahl]

Even if private jets are taxed at a higher rate than bread?

[PhDhawk]

Even if private jets are taxed at a higher rate than bread?

It's incredibly snobbish of you to assume poor people don't need private jets too.

Take your elitist white privilege somewhere else.

[ousdahl]

bro but without a private jet, then how else am I supposed to go pick up my unemployment check?

A yacht? A fucking limo? Who do you think I am, Ol’ Dirty Bastard?!

[Sparko]

It is a bait and switch regressive tax system right now. I fully support some form of flat tax rate. The middle class are stuck with almost the whole bill as it is.

[Deleted User 62]

It is a bait and switch regressive tax system right now. I fully support some form of flat tax rate. The middle class are stuck with almost the whole bill as it is.

Plano family taxes have increased by an alarming amount.

[Geezer]

Do you think that a 90% top bracket had an adverse effect on John D. Rockefeller, J.P. Morgan, Andrew Carnegie etc. etc.?

[ousdahl]

the best part is how many among the marginalized working class wanna argue on behalf of the rich folks getting richer.

[twocoach]

the best part is how many among the marginalized working class wanna argue on behalf of the rich folks getting richer.

Just in case they win the Powerball.

[CrimsonNBlue]

Ok, so who's walrus?

[Deleted User 289]

Ok, so who's walrus?

Seems like it's....

[ousdahl]

was there was a poster called half lemon?


nm

[sdoyel]

Texas was doing well until the Governor said fuck it and just kept with the original dates for phased opening. And let’s be honest. That was always going to be the case regardless of positive cases. Now Texas is in some seriously shitty shape.

[CrimsonNBlue]

Ok, so who's walrus?

Seems like it's....

Ah, yes. Might as well add it to the freak show.

[HouseDivided]

Psych, if I may respectfully ask, have you considered maybe you’re the one being duped?

Fuck it. Never mind.

I’ll just play along:

Did you know you can rearrange the letters in “Dr. Anthony Fauci” and it spells “deep state?”

It makes sense if you don’t think about it...

Good one! Did you know if you say "orange" slowly enough, it sounds just like "gullible"? Seriously. Try it.

[HouseDivided]

Texas was doing well until the Governor said fuck it and just kept with the original dates for phased opening. And let’s be honest. That was always going to be the case regardless of positive cases. Now Texas is in some seriously shitty shape.

I know, right? Hafta have laws in place to make people do what fear tactics will no longer accomplish. We'll just have the police arrest them if they don't wear . . . oh, wait . . . we hate the police now and want them abolished, so we'll just have mobs of angry people beat the hell out of them, I guess.

[Geezer]

Where are you confined?