Kansas Crimson

twocoach wrote: ↑Tue Jun 16, 2020 12:29 pm

IllinoisJayhawk wrote: ↑Tue Jun 16, 2020 12:18 pm

PhDhawk wrote: ↑Tue Jun 16, 2020 12:11 pm 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".

zsn wrote: ↑Tue Jun 16, 2020 12:29 pm

PhDhawk wrote: ↑Tue Jun 16, 2020 12:11 pm 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.

ousdahl wrote: ↑Tue Jun 16, 2020 12:42 pm 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.

ousdahl wrote: ↑Tue Jun 16, 2020 1:06 pm Even if private jets are taxed at a higher rate than bread?

Sparko wrote: ↑Tue Jun 16, 2020 1:49 pm 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.

ousdahl wrote: ↑Tue Jun 16, 2020 4:06 pm the best part is how many among the marginalized working class wanna argue on behalf of the rich folks getting richer.

CrimsonNBlue wrote: ↑Tue Jun 16, 2020 4:49 pm Ok, so who's walrus?

Grandma wrote: ↑Tue Jun 16, 2020 4:54 pm

CrimsonNBlue wrote: ↑Tue Jun 16, 2020 4:49 pm Ok, so who's walrus?

Seems like it's....

ousdahl wrote: ↑Tue Jun 16, 2020 10:50 am 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...

sdoyel wrote: ↑Tue Jun 16, 2020 4:58 pm 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.