Why do the tax brackets end at ~600k?

[cosmo]

https://www.investopedia.com/personal-finance/how-much-income-puts-you-top-1-5-10/

I didn't know so many people here make $700k+ annually to be a part of the 1%.

The suggestion is to increase taxes (and likely create a new bracket) on those above the current cutoff of $500k.

America needs a stronger middle class, not a stronger 1%. Rebalancing the brackets is the way this needs to be done apparently, since those in control of the wages at companies have already demonstrated their desire to increase their own pay by drastic amounts (157.3% growth) vs the working class going up by dramatically less. There is a money shift in America, where the wealth is funneling to the 1%.

With the 1% setting the wages, lobbying for their own laws, AND getting tax breaks it all points to nonsense. The left isn't looking to "steal" this money, they're looking to STOP the 1% from funneling money to themselves.

EDIT: I'd also like a study done on the 1%, are they actually paying what they should or are they utilizing tax shelters and loopholes? Panama Papers? These need to be shut down.

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[rick81721]

There is a money shift in America, where the wealth is funneling to the 1%.

With the 1% setting the wages, lobbying for their own laws, AND getting tax breaks it all points to nonsense. The left isn't looking to "steal" this money, they're looking to STOP the 1% from funneling money to themselves.

False narrative. Wealth ownership by the top 1% has changed little over the last 30 years - and is about 35%. It was significantly higher in the 1920s

 

[Docscurlock]

What we need to do is reign in government spending and stealing money from people that work hard becomes a mute point. If everyone would work for their own meals, we would all be better off. If you want to live in a socialist utopia, move to Canada. You can pass all the people on the bridge coming over to Detroit to work so they can make a living.

 

[cosmo]

False narrative. Wealth ownership by the top 1% has changed little over the last 30 years - and is about 35%. It was significantly higher in the 1920s

https://www.cbpp.org/research/pover...ics-on-historical-trends-in-income-inequality

I disagree. Please provide a source showing your claim. The yearly income and overall wealth has been trending towards the top 1%.

 

[Weather Man]

https://www.investopedia.com/personal-finance/how-much-income-puts-you-top-1-5-10/

I didn't know so many people here make $700k+ annually to be a part of the 1%.

The suggestion is to increase taxes (and likely create a new bracket) on those above the current cutoff of $500k.

America needs a stronger middle class, not a stronger 1%. Rebalancing the brackets is the way this needs to be done apparently, since those in control of the wages at companies have already demonstrated their desire to increase their own pay by drastic amounts (157.3% growth) vs the working class going up by dramatically less. There is a money shift in America, where the wealth is funneling to the 1%.

With the 1% setting the wages, lobbying for their own laws, AND getting tax breaks it all points to nonsense. The left isn't looking to "steal" this money, they're looking to STOP the 1% from funneling money to themselves.

EDIT: I'd also like a study done on the 1%, are they actually paying what they should or are they utilizing tax shelters and loopholes? Panama Papers? These need to be shut down.

What you don't get is that when tax rates become punitive, the wealthy concentrate on protecting that wealth. That means they are not putting the wealth to work lubing the gears of industry. That means when a guy with a small business idea goes looking for capital to start up, there is none. That means small business startups plummet. That spells disaster.

 

[rick81721]

https://www.cbpp.org/research/pover...ics-on-historical-trends-in-income-inequality

I disagree. Please provide a source showing your claim. The yearly income and overall wealth has been trending towards the top 1%.

You are confusing income with wealth. Unless you propose a communist confiscation of wealth it will never change.

https://whorulesamerica.ucsc.edu/power/wealth.html

 

[LMS5400]

https://www.investopedia.com/personal-finance/how-much-income-puts-you-top-1-5-10/

I didn't know so many people here make $700k+ annually to be a part of the 1%.

The suggestion is to increase taxes (and likely create a new bracket) on those above the current cutoff of $500k.

America needs a stronger middle class, not a stronger 1%. Rebalancing the brackets is the way this needs to be done apparently, since those in control of the wages at companies have already demonstrated their desire to increase their own pay by drastic amounts (157.3% growth) vs the working class going up by dramatically less. There is a money shift in America, where the wealth is funneling to the 1%.

With the 1% setting the wages, lobbying for their own laws, AND getting tax breaks it all points to nonsense. The left isn't looking to "steal" this money, they're looking to STOP the 1% from funneling money to themselves.

EDIT: I'd also like a study done on the 1%, are they actually paying what they should or are they utilizing tax shelters and loopholes? Panama Papers? These need to be shut down.

Well said, but I would also like to add that its not just the 1%. The lower 90% of just the 1% group feels poor relative to the top 10%, etc etc. Its' this stretching effect the starts with the 3 more wealthy people that own 50% of the entire country. This stretching effect have a gravity on the rest of us and its why my lunch is $15 every day in the bay area like WTF? Last year I was in the 2% for income. I'm not poor, but it doesn't feel like 2% at all. That's a scary thought. My boss 302 is paid off and so is my other car. I have no car payment! I'm scared how short my money goes. I just want some solution and I feel like a flat tax would exacerbate the problem but I like the idea of paying less taxes. The wealth has to be redistributed and we need to stop thinking that this is fair and square cuz they earned it etc etc. Jeff Bezos takes a shit and earns my entire salary during that time. <-- are you kidding me!

 

[LMS5400]

What you don't get is that when tax rates become punitive, the wealthy concentrate on protecting that wealth. That means they are not putting the wealth to work lubing the gears of industry. That means when a guy with a small business idea goes looking for capital to start up, there is none. That means small business startups plummet. That spells disaster.

Awe. the old trickle down reaganomics trope. If the rich are not rich, then it won't come my way! Does not work that way and has never worked that way. The best capital to start a company is to save it it yourself. If you were able to save money its a lot more direct than hoping some old rich fart will give it to you with interest.

Take a tip from google

 

[LMS5400]

You are confusing income with wealth. Unless you propose a communist confiscation of wealth it will never change.

https://whorulesamerica.ucsc.edu/power/wealth.html

income is just the vector, we can talk about the Warren 2% wealth tax which I fully support.
If you have 50 million or more, you have to pay 2%. Sounds pretty fooking reasonable to me.

 

[Docscurlock]

Well said, but I would also like to add that its not just the 1%. The lower 90% of just the 1% group feels poor relative to the top 10%, etc etc. Its' this stretching effect the starts with the 3 more wealthy people that own 50% of the entire country. This stretching effect have a gravity on the rest of us and its why my lunch is $15 every day in the bay area like WTF? Last year I was in the 2% for income. I'm not poor, but it doesn't feel like 2% at all. That's a scary thought. My boss 302 is paid off and so is my other car. I have no car payment! I'm scared how short my money goes. I just want some solution and I feel like a flat tax would exacerbate the problem but I like the idea of paying less taxes. The wealth has to be redistributed and we need to stop thinking that this is fair and square cuz they earned it etc etc. Jeff Bezos takes a shit and earns my entire salary during that time. <-- are you kidding me!

Your lunch is $15 in the Bay Area because you have liberal taxing policies and a $12 minimum wage for low experience jobs. Just wait until min wage is $15, your lunch will then cost $18. I still don't understand why you won't donate your Boss to feed all the homeless there when a Ford Fiesta will provide you with all the transportation needs that you require (and be better for the environment to boot).Jeff Bezos net worth is $110 bil dollars, the US government spends $6.85 mil every minute. If we hang bezos and give his entire net worth to the government it will be gone in 11 days.

 

[Timeless]

The best capital to start a company is to save it it yourself. If you were able to save money its a lot more direct than hoping some old rich fart will give it to you with interest.

Take a tip from google

That's cute but also shows your lack of real world knowledge. Might be your age, dunno.

Small businesses by in LARGE borrow which means capital has to be available.

 

[2018OFPP1?2]

Well said, but I would also like to add that its not just the 1%. The lower 90% of just the 1% group feels poor relative to the top 10%, etc etc. Its' this stretching effect the starts with the 3 more wealthy people that own 50% of the entire country. This stretching effect have a gravity on the rest of us and its why my lunch is $15 every day in the bay area like WTF? Last year I was in the 2% for income. I'm not poor, but it doesn't feel like 2% at all. That's a scary thought. My boss 302 is paid off and so is my other car. I have no car payment! I'm scared how short my money goes. I just want some solution and I feel like a flat tax would exacerbate the problem but I like the idea of paying less taxes. The wealth has to be redistributed and we need to stop thinking that this is fair and square cuz they earned it etc etc. Jeff Bezos takes a shit and earns my entire salary during that time. <-- are you kidding me!

You spend $15 a day on lunch and complain about being broke? No offense, but you don't need a tax cut or a redistribution of wealth, you need better fiscal management skills. Just like our bloated government.

 

[Weather Man]

Awe. the old trickle down reaganomics trope. If the rich are not rich, then it won't come my way! Does not work that way and has never worked that way. The best capital to start a company is to save it it yourself. If you were able to save money its a lot more direct than hoping some old rich fart will give it to you with interest.

Take a tip from google

Just keep spitting out the lefty talking points, you'll feel all warm and fuzzy. Your grasp of real world business economics is a funhouse mirror look at what actually happens. It is really simple actually, as long as their are more of people like me than you, America does fine. When there are more people like you than me, we get to see how long the zoo's can keep their animals off the menu. Took ten years in Venezuela to go from prosperous to no toilet paper.

 

[rick81721]

income is just the vector, we can talk about the Warren 2% wealth tax which I fully support.
If you have 50 million or more, you have to pay 2%. Sounds pretty fooking reasonable to me.

Drop in the bucket. Won't begin to pay for all the proposed lib giveaways

https://www.washingtonpost.com/opin...rens-wealth-tax-could-generate/?noredirect=on

 

[cosmo]

What you don't get is that when tax rates become punitive, the wealthy concentrate on protecting that wealth. That means they are not putting the wealth to work lubing the gears of industry. That means when a guy with a small business idea goes looking for capital to start up, there is none. That means small business startups plummet. That spells disaster.

You're proposing trickle down economics, that when taxes rise the 1% won't invest.

We aren't anywhere near the effective points of trickle down tax cuts. The original theory based on the Laffer curve said that this theory only works if the tax brackets are between 60 (debatable between 50-70) -100%. Trickle down economics was proposed at a time with the highest bracket was 70% cutting to 50%, then to 38.5%. The highest bracket today is 37%. There's room to go up and not infringe upon trickle down economics.

It was also simultaneously introduced with a massive tax-payer funded spending spree by the government jump starting the economy.

You are confusing income with wealth. Unless you propose a communist confiscation of wealth it will never change.

https://whorulesamerica.ucsc.edu/power/wealth.html

My website and discussion included both. The numbers are off between your source and mine. It appears they both scale them per different metrics.

I'm not proposing confiscation of wealth. I'm proposing closing loopholes, taking down tax shelters, and creating a new bracket for income above $500k annually of around 45%.

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