Why do the tax brackets end at ~600k?

[HoosierDaddy]

Getting tired of all this math/economics mumble jumble. It makes more sense to just take the amount of money the govt needs, divide by a billion, collect DNA from all multi-billionaires, clone enough of those multi-billionaires and tax them just 1 billion each.

That way only some billionaire clones pay taxes at all and even those pay less than 50%

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[Kep4]

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.

Our Boss 302 owning friend is from Berkeley which is the liberal bastion of the People's Republik of Kalifornia. I'm sure he loves Gavin Newsome...

 

[rick81721]

I don't get it.

f(x, y) = amount you pay.

x = income
y = cost of the total bill

So changed between 1. f(x, 100) and 2. f(x, 80) ?

Its same damn function!

Sounds like the only thing proven here are the 10 men are idiots. Also the greater flaw is this is the cost of goods rather than a tax on them. If we normalized the cost of goods per income it would eliminated weath entirely. I think we can all reject that idea.


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It's an analogy - the fact that you don't understand it is no surprise.

 

[BlackandBlue]

I don't get it.

f(x, y) = amount you pay.

x = income
y = cost of the total bill

So changed between 1. f(x, 100) and 2. f(x, 80) ?

Its same damn function!

Sounds like the only thing proven here are the 10 men are idiots. Also the greater flaw is this is the cost of goods rather than a tax on them. If we normalized the cost of goods per income it would eliminated weath entirely. I think we can all reject that idea.


:\

The sad part about this thread is the point is completely missed.

The billionaires on the country elect the president. It’s not the people. The rhetoric of this country is hate and finger pointing that only strengthens the position of the wealth and powerful. If you think any national politician has bough their own groceries since being elected you are as out of touch as them.

The reality is they serve the rich and will contine to do so untill the people unite on a common thread to unseat their power.

Lower taxes or raising taxes doesn’t matter if you write your own punishment. The optics may look good to either party but the people who will end up with the pain will be us.

The soon people realize the ends are the same for either Rs or Ds the better. We need to unite.

 

[LMS5400]

It's an analogy - the fact that you don't understand it is no surprise.

Its a really long story, and I suspect the point could be made more simply in terse form. But if I don't understand it, then it didn't work for me. Sorry.

 

[LMS5400]

Our Boss 302 owning friend is from Berkeley which is the liberal bastion of the People's Republik of Kalifornia. I'm sure he loves Gavin Newsome...

Rules say not to insult people. Please follow the rules like most ppl here.

 

[Docscurlock]

Rules say not to insult people. Please follow the rules like most ppl here.

I don't see an insult, he called you friend and says you must love Newsome.

To all the other people replying to this guy, he is trolling. I checked his threads and only 3 posts on cars and nothing of substance there. Everything else is promoting a ridiculous liberal agenda. Maybe he doesn't even have a car. You can't reason with people like this anyway. 40 posts, only 3 even remotely concerning cars. Everything else is a liberal talking point.

 

[HoosierDaddy]

Our Boss 302 owning friend is from Berkeley which is the liberal bastion of the People's Republik of Kalifornia. I'm sure he loves Gavin Newsome...

Rules say not to insult people. Please follow the rules like most ppl here.

Why would Gavin be insulted by you loving him?

 

[ctandc72]

Its really a function of demand and salary. SF Bay area pays the most and so you have a huge group of people driving the cost of up. Increasing the minimum wage is just an attempt to keep up with that for the working class. Its a side effect, not a cause.

Also, $15 in the minimum wage here, not 12.

"Demand and salary" ? What? The SF Bay area pays "the most" because they have to - to get quality people to take jobs. Because the cost of living in that area (and more and more the entire state) is ridiculous. In case you haven't been paying attention, people are fleeing CA in droves. Many end up in TX - because of the lower cost of living / taxes. Ironically - many of these people bring their political beliefs with them - the same political leanings that elected government officials in CA who consistently raise taxes and jack the cost of living.

The subject of taxes and how the government spends them deserves it's own thread...but here's the rub with your theories and ideas...

If you have someone worth millions of dollars - and you start to tax them at much higher rates, what stops them from simply packing up and leaving the country? It's happened before.

Wealth redistribution is total garbage. It has never worked and will never work. Name one actual Socialist country where these financial ideas have worked? Please make sure you're actually talking about a Socialist country. Lots of people mention Denmark - Bernie Sanders railed on and on about Denmark and being Socialist when he ran for President in '15. Turns out the Prime Minister of Denmark got tired of the old blowhard Bernie talking out his ass:

https://www.thelocal.dk/20151101/danish-pm-in-us-denmark-is-not-socialist

The problem with this "utopian" idea of wealth distribution is the fact you're dealing with human beings. Why is someone going to work harder than the next person, when they know that they won't be financially rewarded for it?
Hell, we have people in this country right now who would actually lose money if they started working - compared to what they get from various social programs paid for by taxpayers.

And $15 an hour? Look at NY - look how well that's working. People lost their jobs. And a lot of people actually LOST their government benefits (food stamps etc) when they got their pay bumped to $15 and hour and they ended up actually earning LESS.

Many of the high income people you keep talking about are business owners. You don't think there comes a point - from a financial point of view - when you keep raising their taxes that it simply benefits them more to sell off / shutter the doors of their business and move out of the country?

The only way to deal with this is to DO AWAY with Federal Income Tax and institute a VAT tax - basically a national sales tax. The more you buy - the more you pay. But it will likely never happen here - because the repeated phrase of "it hurts the poor" will ring out. Which is crap. People who go out to eat? Taxed. Buy a car? Taxed. Pay for services? Taxed. The more disposable income you have, the more taxes you pay. But the difference is that it's not taken from you before you ever see it hit the bank.

As of 2018 - the top .1% (yes that's a DECIMAL point - NOT 1% but a TENTH of one percent) pay almost 40% of the Federal Income tax collected each year. The bottom 20% have NEGATIVE tax rates.

The biggest issue is that the people who we consider "poor" in the United States live better than the vast majority of people in the world.

Take that 1% theory and apply it to the WORLD. Odds are you'd be in the 1%.

I'll quote a legal immigrant from Kenya I met years ago when someone asked him about what drove him to come to the United States.

"Most poor people in the United States have a cell phone, a place to live, and they don't often go hungry, many of them even have cars. They don't realize that's not poor."

 

[BlackandBlue]

Rules say not to insult people. Please follow the rules like most ppl here.

I love when trolls complain about people not following the rules. It’s like you have green hair and you are 3 feet tall. Have you not realized life isn’t fair yet?

 

[LMS5400]

The only way to deal with this is to DO AWAY with Federal Income Tax and institute a VAT tax - basically a national sales tax. The more you buy - the more you pay.

Wealthy people spend less of their total % of income a year than poor. If we tax on what we buy as a flat rate, then the poorest people spend the largest % of their income on tax compared to the rich. How would you address that, or is that the point?

 

[Docscurlock]

Wealthy people spend less of their total % of income a year than poor. If we tax on what we buy as a flat rate, then the poorest people spend the largest % of their income on tax compared to the rich. How would you address that, or is that the point?

Another liberal talking point.

 

[Grintch]

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!

Do you know how math works? These rates are worse for the average UK worker ($35,000/year) and the average US worker (($45,000/year) and just get worse from there. The only people it would be clearly better for is a high school kid working part time at McDonald's. Now I know why rich British celebrities all leave Britain as soon as possible.

 

[Grintch]

Another liberal talking point.

Nothing liberal about it. Any basic Economics course or book will teach you that.

A sales tax is inherently regressive. A flat tax isn't, but given how many other taxes are regressive, you really need a progressive income tax to balance them out.

 

[Kep4]

Rules say not to insult people. Please follow the rules like most ppl here.

Well, being from or living in Berkeley is insulting so I do apologize for pointing out where you reside. Have a nice day trolling!

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