I'm not going to disclose how much I make each year, but lets just say, whether its $500k or $150k, nothing would change for me. Make of that what you will.
If you included everyone making $150k and up in the top tier, you would kill the economy. Those are mainly small business owners and professionals, such as doctors. That's why I said $500k. They not only invest to make more money, but also to lessen their tax burden. Take away their ability to invest and you remove a huge section of economic growth. Go after what most people consider to be "small" investors, and you remove tens of billions of dollars from the economy. That tax money would then be wasted by the Federal govt., as the govt wastes most tax money.
Govt pork projects, redundant jobs (do we really need 20 people in the same office doing the same job when it would be more efficient to have 10, multiplied by hundreds of offices across the US?), Govt job overlaps, tens of millions wasted paying farmers not to raise crops, make-work jobs for "favors", etc., etc., etc. I could go on and on, list dozens, if not hundreds of ways the US govt. wastes taxpayer money, spending hundreds of billions of dollars wastefully.
Did you know you could seize every dollar, of every person making more than $50,000/yr, and still not make a dent in the deficit? The top 10% already pay more than 80% of all income taxes. The bottom 5% actually pay nothing. So, that leaves the remaining 85% of income earner paying only 20% of income taxes.
listen, if you make a lot of money, between 150000 and 500000 then you are at least in the top 8% of the US population, and we are talking about household income here, and you ARE SINGLE!
my idea of taxing the those who makes more the 150000 is not taxing the gross before tax income. In another word, I am not talking taking a 40% chunk out of that 150000. Rather, out the first, say 52000 ( roughly the average household income), they pay the same tax rate as those who makes this amount, and then the rest 98000 will be tax 40%
if you do it this way,
what tax burden?
so you are telling me majority of American are getting by on around 52000? and it will difficult for doctors and small business owners to get by if the government tax any income extra of those 52000?
not only that, when it comes to small business owners, the income we are talking about here is their take home pay, so that is the profit generated from their businesses after all the expenses have been deducted
again,
burden, what burden?
as for investing? that is cool aid being feed to Fox News watchers!
it is the consumer spending that keeps the economy up
and 40% for any extra amount anyone who are making 150000 and above is hardly going to make them live pay check to pay check!
bottom line, Luke 12 48 But the one who does not know and does things deserving punishment will be beaten with few blows.
From everyone who has been given much, much will be demanded; and from the one who has been entrusted with much, much more will be asked
if God bless us more,
then we should be more generous.
as for government wasting tax money
well, I am not saying government are most efficient at spending tax money, but I find it really weird you are proposing to spend all those extra money militaries instead of diverting those money to help the needy?
honestly, spending more to fund the militaries and keep those companies that produce arms very happy, does not sound like wise spending to me.
