Why do the tax brackets end at ~600k?

[Docscurlock]

The government doesn't have an income problem, it has always been a spending problem. I'm sick to death of people complaining that someone else gets a bigger piece of the pie. This is America, the land of opportunity, go out there, make something of yourself and cut your own piece as big as you want. Don't sit at home in mom's basement and cry about what someone else has.

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[BlackandBlue]

Income tax is unethical in my opinion. It's nobody's business how much money other people make.

If you are going to have an evil, unethical tax like income tax, everyone should pay the same amount. Not the same percentage, the same amount. If you want to have people pay more when they earn more, those people paying more should get additional votes. If someone pays 3x what you do and you get 1 vote, they should get 3 votes.

The better solution is that the only tax allowed should all be sales tax. Raise up sales tax. Then people who have a lot of money and buy a lot will pay a lot of tax. Those that don't buy anything don't pay any tax.

Truer words have not been spoken.

Sadly it is the rent seekers that end up paying 15% capital gains while the rest of us workers end up stuck with income taxes.

Dad always said “ Democracy dies when people realize they can vote themselves wealthy”. I think we are getting close.

 

[Timeless]

First, I get you feel that "the government does a terrible job with expenditures." Think of it like a pie. We are gonna pay one way or another and make the pie whole.

I believe you are failing to realize that there is no 'whole'. The more that comes in the more that gets spent. Government budgets are decided each year from the previous year. They are encouraged to spend every last cent so they can show the need for their budget and demand an increase for the next year. It does not stop until the money finally runs out. Only because of our tremendous wealth does this continue. Sometimes we elect conservatives into office that make changes to help slow the process but it is going to eventually run out at some point unless drastic changes which the majority of the population has been loathe to vote for actually happens.

Can you imagine how awesome it would be to take just the interest we pay on the deficit and use that for common good maintenance. Eventually that interest payment is going to truly crush us.

 

[BlackandBlue]

I believe you are failing to realize that there is no 'whole'. The more that comes in the more that gets spent. Government budgets are decided each year from the previous year. They are encouraged to spend every last cent so they can show the need for their budget and demand an increase for the next year. It does not stop until the money finally runs out. Only because of our tremendous wealth does this continue. Sometimes we elect conservatives into office that make changes to help slow the process but it is going to eventually run out at some point unless drastic changes which the majority of the population has been loathe to vote for actually happens.

Can you imagine how awesome it would be to take just the interest we pay on the deficit and use that for common good maintenance. Eventually that interest payment is going to truly crush us.

I agree completely.

The new thing now is call modern monetary policy. Look it up if you want a laugh.

The basic premise is deficits don’t matter. Only printing and spending. This is especially funny considering money was design not as a store of wealth but as a more efficient system for bartering good and services. Money is only the exchange platform. Revision to mean is eminent. The question is when. Next year, next decade or next Century.

 

[cib24]

All I know is I'm jealous of those tax brackets. Granted, I know every State has its own tax rate system and Americans have to pay for healthcare and education whereas healthcare in the UK is basically free and education is a fraction of the cost of the US. But on a basic tax level, we get hosed in comparison. You guys must have tons of extra money to blow on modifications!

 

[rick81721]

Under the current tax code you me and pretty much everyone except the 1% 'ers bare the full burden of the tax brackets.

10% $0 $0 $0
12% $9,700 $19,400 $13,850
22% $39,475 $78,950 $52,850
24% $84,200 $168,400 $84,200
32% $160,725 $321,450 $160,700
35% $204,100 $408,200 $204,100
37% $510,300 $612,350 $510,300

But what happens after 612,350? That's just it! It a break for the super rich.

Lets face it, we drive mustangs not mclarens, but if we had a tax system that didn't cap out like this, and linearly increased the % of tax owed as a function of the the income doubling, then heath care would be paid from by this 0.5% group alone.

The creative spirit is dying for most of us and I think we're too focused on having a job and not looking at the bigger picture. Are we happy? Are we doing what we love? Do we have opportunities in this country to follow our dreams? Something as simple as a heath care system would allow people to take that chance, but cooperate American, that pays for many politicians, would rather have us in the rat race and tell you "jobs jobs jobs." Trump being no exception here.

What do people think about this tax system?






.

Top 1% pays 37% of all taxes, top 10% pays 70%. You think it should be higher?

 

[LMS5400]

its really simple

Top 1% pays 37% of all taxes, top 10% pays 70%. You think it should be higher?

Yup, which means I pay less or at least having more services for me to use (i'll take what I can get). Do you like paying less or do you like sicking up for the rich?

its cool if you do, we seem to have a lot of temporally embarrassed millionaires in this country.

 

[Hack]

its really simple


Yup, which means I pay less or at least having more services for me to use (i'll take what I can get). Do you like paying less or do you like sicking up for the rich?

its cool if you do, we seem to have a lot of temporally embarrassed millionaires in this country.

Why should a rich person pay more than you do? They don't use more services.

Why do you think it's ok to steal someone else's money?

I guess for me it's all about fairness. Of course I prefer to have more money in my pocket just like everyone else. But it seems really unfair to me to take someone else's money. I just can't justify it. I couldn't live with myself if I did that.

That's why I like sales tax and I hate income tax. A person with a lot of wealth can still choose not to buy things. No loss of freedom and nobody has to know private personal information like how much money they make. With sales tax it doesn't matter how much the person earns. It only matters what they spend.

Also, if sales tax were used, the IRS could go away. I really don't like the IRS, especially after Obama weaponized them against the TEA party. The IRS has too much power in my opinion.

 

[rick81721]

its really simple


Yup, which means I pay less or at least having more services for me to use (i'll take what I can get). Do you like paying less or do you like sicking up for the rich?

its cool if you do, we seem to have a lot of temporally embarrassed millionaires in this country.

Funny thing is, Trump cut your taxes. All the dems running now with their ludicrous giveaways and idiotic new green deal will raise your taxes.

And what other "services" do you want - think they'll be free? I didn't bother to respond to your typical lib error of conflating health insurance with health care...

 

[Hack]

Funny thing is, Trump cut your taxes. All the dems running now with their ludicrous giveaways and idiotic new green deal will raise your taxes.

And what other "services" do you want - think they'll be free? I didn't bother to respond to your typical lib error of conflating health insurance with health care...

It's so true. It always amuses me how people with good jobs, nice houses and relatively new cars think they will be better off if taxes go up. Everyone seems to think they are poor and it's someone else who is rich that will get taxed.

If you have a good job you will be worse off with more liberal policies.

 

[Docscurlock]

its really simple


Yup, which means I pay less or at least having more services for me to use (i'll take what I can get). Do you like paying less or do you like sicking up for the rich?

its cool if you do, we seem to have a lot of temporally embarrassed millionaires in this country.

Wow, just wow. Long gone are the days of the Kennedy democrats. "Ask not what your country can do for you but what you can do for your country" Nice set of wheels in your avatar, how about selling that and feeding the homeless? I'm not embarrassed a bit for being successful. I worked hard, you should try it sometime, it can be fulfilling. I hope I'm dead before your generation is running this great country.

 

[Weather Man]

Income inequality is the latest big lie the left has latched onto. As if the act of creating wealth steals it from Joe Smoe on main street. Once the left gets >50% of voters on the dole, we too can become just like Venezuela.

What lefties NEVER understand is that when you remove the incentive to create wealth by taxing it into oblivion, you shut down America.

 

[rick81721]

Income inequality is the latest big lie the left has latched onto. As if the act of creating wealth steals it from Joe Smoe on main street. Once the left gets >50% of voters on the dole, we too can become just like Venezuela.

What lefties NEVER understand is that when you remove the incentive to create wealth by taxing it into oblivion, you shut down America.

Yep. They finally couldn't get away with the gender pay inequality lie anymore so they move on to the next one.

 

[Docscurlock]

What lefties NEVER understand is that when you remove the incentive to create wealth by taxing it into oblivion, you shut down America.

Which is why I sold my business now and am enjoying collecting mustangs. I'm not going to continue to work my ass off just have it taken away and redistributed to a bunch of bums. Now, I just get a smallish salary and stop working at 40 hours. When we end up, and we will, going to socialist medicine, these millennials can go to work to pay taxes to pay for it because I'm not going to.

 

[BlackandBlue]

Income inequality is the latest big lie the left has latched onto. As if the act of creating wealth steals it from Joe Smoe on main street. Once the left gets >50% of voters on the dole, we too can become just like Venezuela.

What lefties NEVER understand is that when you remove the incentive to create wealth by taxing it into oblivion, you shut down America.

History may not repeat but it rhymes.

I think we are approaching 1928 at this moment. Get ready for FDR

The future has already been written.

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