Progressive income tax

[Deleted User 75]

How's that progressive income tax working out for New York?

Tax the rich. Tax the rich. Tax the rich....works well until the rich leave.

New Yorkers began this week with a dire announcement from Gov. Andrew Cuomo. Their state’s highly progressive income tax and a federal tax change combined to blow a $2.3 billion hole in the budget.

“[The revenue shortfall] at this point … is as serious as a heart attack,” Cuomo said in a press conference.

“Tax the rich, tax the rich, tax the rich. We did. Now, God forbid, the rich leave.”

[Deleted User 89]

so, they all gonna leave the US if the fed does the same?

[Deleted User 75]

so, they all gonna leave the US if the fed does the same?

I have no idea. But there will be negative impact. It's simple economics.

I'm witnessing/living in a state that is losing workers/jobs by the day. Large numbers...granted many IL problems are due to ridiculously high property taxes and disfunction in our state government.

I think there can be a happy medium.

What I do want is what AOC spoke about recently and that's GET THE MONEY OUT OF POLITICS. Stop letting big donors control the entire country....but we'd need another thread for that topic.

[jfish26]

I don't think it's meaningful to just have non-specific discussions about increased taxes on the rich. What does that mean? If it means adding tax brackets (and higher rates) well to the right of the current progression...something like 50% on income above $10 million and even more than that on income above $50 million? I do not think that would be disastrous.

[ousdahl]

For years I’ve said the tax rate should be an exponential curve. The more you make, the higher the rate becomes. Also no loopholes and shit.

[jfish26]

For years I’ve said the tax rate should be an exponential curve. The more you make, the higher the rate becomes. Also no loopholes and shit.

...and for years you've been right!

[DCHawk1]

so, they all gonna leave the US if the fed does the same?

Yes?

[DCHawk1]

I don't think it's meaningful to just have non-specific discussions about increased taxes on the rich. What does that mean? If it means adding tax brackets (and higher rates) well to the right of the current progression...something like 50% on income above $10 million and even more than that on income above $50 million? I do not think that would be disastrous.

The historical data are pretty clear: tax collections as a percentage of GDP vary little, regardless of the top rates.

The issue, therefore, is the GDP from which that percentage is collected.

[DCHawk1]

What I do want is what AOC spoke about recently and that's GET THE MONEY OUT OF POLITICS.

An impossibility.

Again, the question and the solution are mis-framed.

We'd all be better off getting the politics out of money.

[zsn]

I don't think it's meaningful to just have non-specific discussions about increased taxes on the rich. What does that mean? If it means adding tax brackets (and higher rates) well to the right of the current progression...something like 50% on income above $10 million and even more than that on income above $50 million? I do not think that would be disastrous.

The historical data are pretty clear: tax collections as a percentage of GDP vary little, regardless of the top rates.

The issue, therefore, is the GDP from which that percentage is collected.

Wasn't the make-up of the GDP and make-up of where the taxes came from (ie. individuals who paid them) very different back when?

[Geezer]

Don't worry the money that the rich get will trickle down to everybody.

Amazing how gullible the American public is.

[Deleted User 75]

I can only share my personal experiences. I can tell you that with the most recent tax cuts employees within my company all saw historic raises. We've also hired maybe 15 more employees or so....for a company of less than 200 that's not bad!

I agree about the gullible part. But that applies to you too in some instances.

[Deleted User 75]

I find memes, and I'm talking about the best memes, and even they tell me socialism doesn't work. I don't trust you crazy communists!

[Mjl]

I can only share my personal experiences. I can tell you that with the most recent tax cuts employees within my company all saw historic raises. We've also hired maybe 15 more employees or so....for a company of less than 200 that's not bad!

I agree about the gullible part. But that applies to you too in some instances.

Your company makes such a huge profit that the tax law affected your company that much, and they were able to hire 15 people that they otherwise would not have been able to hire, despite already being so profitable?

[Geezer]

You don't hire 15 people without an increase in demand. How much your profit margin is makes no difference.

[Mjl]

You don't hire 15 people without an increase in demand. How much your profit margin is makes no difference.

Shh, let him walk into it

[Deleted User 62]

I can only share my personal experiences. I can tell you that with the most recent tax cuts employees within my company all saw historic raises. We've also hired maybe 15 more employees or so....for a company of less than 200 that's not bad!

I agree about the gullible part. But that applies to you too in some instances.

Have they all filed their taxes?
If so, it would be really cool if you could record their " aw fucks" together.

[DCHawk1]

Don't worry the money that the rich get will trickle down to everybody.

Money that the rich get.

Good lard.

[Deleted User 75]

I can only share my personal experiences. I can tell you that with the most recent tax cuts employees within my company all saw historic raises. We've also hired maybe 15 more employees or so....for a company of less than 200 that's not bad!

I agree about the gullible part. But that applies to you too in some instances.

Have they all filed their taxes?
If so, it would be really cool if you could record their " aw fucks" together.

I don't know about anyone else, but I have filed mine. We made more money in 2018 than 2017 and I got $15 more back this year....so any changes impacted me very little.

[Deleted User 75]

You don't hire 15 people without an increase in demand. How much your profit margin is makes no difference.

Shh, let him walk into it

I do some of the monthly financial analysis for the entire bank...our profit margins are budgeted to be nearly identical to the last few years even though the tax burden is projected to be less. (Granted, I think our income projections are high because I do not personally think we will obtain the loan growth that's in the budget, but that's another topic entirely)

Pretty much all the tax savings got passed down to employees or went to boost liquidity while we are in the process of a bank acquisition....some of the new hires were due to changes in training methods for new employees (doing it in house instead of sending some to various banking "schools" or training seminars)...and some of the new hires were to help with the projected staffing gaps that will be caused by full time employees with 5+ years with the company getting 5 extra days off and 10+ years with the company having an option to get 10 extra days off (although a portion of that 10 days has to be declared before the year and is unpaid, but spread out over all 24 paychecks for the year so that the impact is almost unnoticeable on paychecks for those employees)...we can argue about whether you'd personally "purchase" extra days off (I wouldn't), but many in the company chose to take advantage of it because they thought it was a benefit they'd enjoy.

I'm not saying every company will do the same types of things, just sharing what my employer has done. Not sure why everyone is hell bent on discrediting it or making excuses about it. It's like you can't accept that there was a positive outcome for some of us.