Tax the rich at 70%

[hislegacy]

I've been thinking about this.

Say you have a 1%'re making 1,000,000 a year living in Manhattan:

1,000,000 gross
700,000 federal
135,000 state
40,000 city

leaves the person with 125,000 after taxes.

You really think that is fair?

 

[MariaJLM]

Tax the heck out of the rich. They can afford to contribute more to the social programs we need to make a better society for everybody.

 

[GodsGrace101]

No. It's not fair.
I work for MY money and I'd like to KEEP it.
I'd like my FAMILY to use it,,,NOT the U.S.
I have to learn to use the money I have...
The U.S. also has to learn to use the money IT has and not bleed us dry.

 

[hislegacy]

Tax the heck out of the rich. They can afford to contribute more to the social programs we need to make a better society for everybody.

What do you do when they leave? Like Apple holding 350,000,000 off shore because of the tax structure, or just taking residence in another country and working from there?

 

[LoAmmi]

I've been thinking about this.

Say you have a 1%'re making 1,000,000 a year living in Manhattan:

1,000,000 gross
700,000 federal
135,000 state
40,000 city

leaves the person with 125,000 after taxes.

You really think that is fair?

Who is proposing a tax like this?

Not trusting an honest answer, the real answer is NOBODY.

 

[essentialsaltes]

You really think that is fair?

Is anybody proposing such a thing?

 

[LoAmmi]

Is anybody proposing such a thing?

Nope. It's a deliberate misrepresentation of the marginal tax rates being proposed.

 

[essentialsaltes]

Just hypothetically, if the OP was obliquely referring to AOC, her plan only adds a 70% marginal rate at $10 million, so the millionaire in the OP would be entirely unaffected by her plan.

 

[FenderTL5]

I've been thinking about this.

Say you have a 1%'re making 1,000,000 a year living in Manhattan:

1,000,000 gross
700,000 federal
135,000 state
40,000 city

leaves the person with 125,000 after taxes.

You really think that is fair?

You do know that the top rate of 70% doesn't work like that, right? It's not a flat percentage but a marginal rate. The 70% would only apply to the amount OVER that rung.
see this page for explanations

 

[GodsGrace101]

Just hypothetically, if the OP was obliquely referring to AOC, her plan only adds a 70% marginal rate at $10 million, so the millionaire in the OP would be entirely unaffected by her plan.

Right.
But the guy making 10 mil would be affected.
It's still HIS MONEY.

 

[hislegacy]

Who is proposing a tax like this?

Not trusting an honest answer, the real answer is NOBODY.

How Much Revenue Would a 70% Top Tax Rate Raise? An Initial Analysis

How a 70 Percent Tax Rate on the Rich Would Actually Work

Opinion | Alexandria Ocasio-Cortez's wealth tax scares billionaires. But it's a great idea.

Council Post: A 70% Income Tax Rate For The Super-Rich? There May Be A Better Way


If you are not trusting and honest answer, than just don't waste your time -

 

[chevyontheriver]

I've been thinking about this.

Say you have a 1%'re making 1,000,000 a year living in Manhattan:

1,000,000 gross
700,000 federal
135,000 state
40,000 city

leaves the person with 125,000 after taxes.

You really think that is fair?

No. Not at all. 40K is plenty.

 

[hislegacy]

You do know that the top rate of 70% doesn't work like that, right? It's not a flat percentage but a marginal rate. The 70% would only apply to the amount OVER that rung.
see this page for explanations

So run the numbers on 10,000,000

What is their income after taxes and what would stop them from just moving to a lower tax country?

 

[whatbogsends]

I've been thinking about this.

Say you have a 1%'re making 1,000,000 a year living in Manhattan:

1,000,000 gross
700,000 federal
135,000 state
40,000 city

leaves the person with 125,000 after taxes.

You really think that is fair?

Your example is totally flawed.

If we're taxing the "rich" at 70%, the 70% taxation only occurs in that higher tax bracket. Income generated below that amount is taxed at the applicable rate. My understanding is that these "tax the rich" proposals don't begin 70% taxation until over $1 million. The rate for the first million remains much, much lower, probably closer to 30-40%, if that.

Also, since your federal tax piece was wildly incorrect, where did you get the numbers for state and local? I suspect they're not real numbers either.

 

[LoAmmi]

How Much Revenue Would a 70% Top Tax Rate Raise? An Initial Analysis

How a 70 Percent Tax Rate on the Rich Would Actually Work

Opinion | Alexandria Ocasio-Cortez's wealth tax scares billionaires. But it's a great idea.

Council Post: A 70% Income Tax Rate For The Super-Rich? There May Be A Better Way


If you are not trusting and honest answer, than just don't waste your time -

I love when you self-own. The articles all show what you wrote in the OP is incorrect.

 

[hislegacy]

No. Not at all. 50K is plenty.

50K - oh, and where would they live? Certainly not NYC

 

[GodsGrace101]

How Much Revenue Would a 70% Top Tax Rate Raise? An Initial Analysis

How a 70 Percent Tax Rate on the Rich Would Actually Work

Opinion | Alexandria Ocasio-Cortez's wealth tax scares billionaires. But it's a great idea.

Council Post: A 70% Income Tax Rate For The Super-Rich? There May Be A Better Way


If you are not trusting and honest answer, than just don't waste your time -

Is Alessandria Cortez a Democrat?
I think I know the answer.

 

[hislegacy]

Your example is totally flawed.

If we're taxing the "rich" at 70%, the 70% taxation only occurs in that higher tax bracket. Income generated below that amount is taxed at the applicable rate. My understanding is that these "tax the rich" proposals don't begin 70% taxation until over $1 million. The rate for the first million remains much, much lower, probably closer to 30-40%, if that.

Also, since your federal tax piece was wildly incorrect, where did you get the numbers for state and local? I suspect they're not real numbers either.

I love when you self-own. The articles all show what you wrote in the OP is incorrect.

You really need to use your source material. The plan described in those articles doesn't tax at 70% until over $10 million. The guy making $1 million in your example doesn't even fall under the category of the "rich", and, again, that 70% is only for the marginal taxation on income over $10,000,000. The first $9,999,999 is taxed at current rates.

OK all you tax experts -

show what their net is after Federal, State and local taxes on 10,000,000 and then please explain why they would not simply move.

Please cite sources

 

[super animator]

Raising the tax is pointless, unless you tackle legal tax evasion and other legal loop holes.

 

[whatbogsends]

How Much Revenue Would a 70% Top Tax Rate Raise? An Initial Analysis

How a 70 Percent Tax Rate on the Rich Would Actually Work

Opinion | Alexandria Ocasio-Cortez's wealth tax scares billionaires. But it's a great idea.

Council Post: A 70% Income Tax Rate For The Super-Rich? There May Be A Better Way


If you are not trusting and honest answer, than just don't waste your time -

You really need to use your source material. The plan described in those articles doesn't tax at 70% until over $10 million. The guy making $1 million in your example doesn't even fall under the category of the "rich", and, again, that 70% is only for the marginal taxation on income over $10,000,000. The first $9,999,999 is taxed at current rates.