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What is a fair tax rate for people on over $1m?


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Poll: What is a fair tax rate for people who make more than $1 Million per year in revenue? (188 member(s) have cast votes)

What is a fair tax rate for people on over $1m?

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#181 vanx

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Posted 18 July 2012 - 08:54

Again, because this doesn't work. Flat rate taxes only causes disparity between the classes and furthers the poor get poorer and rich get richer scenario. Lower classes suffer the most while upper classes barely feel a hit. And you know what happens when the gap becomes too large? Complete collapse of economy and government. Go read your history.

Besides, the government has to make up this deficit somehow if they did a flat rate. This money won't come from out of no where.

How are the poor going to get poorer when using my idea? I'm not asking them to pay more taxes.

And, regarding your comment about government deficit, if it is a fiscally responsible government then it would either have no or very small deficit. People, no matter how rich or poor they are, should not have to pay for government's mistakes.

I can understand about having millions of dollars. There's meaningful freedom that comes with that, but once you get much beyond that I have to tell you, it's the same hamburger.

Bill Gates.

You keep quoting Gates. The dude is obviously rich and clearly very philanthropic. Good for him. If he is such a goody-goody and thinks rich should pay more, why doesn't he give his money to the government. Just because he finds no joy in having lots of money, there is nothing to say that the feeling applies across the board.


#182 ccoltmanm

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Posted 18 July 2012 - 19:52

Protip. The lower and middle classes make up the majority of people.


You do realize that 52% of americans pay no federal income tax right? (or get back enough in the refund to void out what they paid).

#183 Sandor

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Posted 13 September 2012 - 18:24

I tend to favour a flat tax rate of about 25% with some sort of tax free allowance built in at the bottom.

#184 SpyCatcher

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Posted 13 September 2012 - 18:31

The same amount you or I pay.

#185 1941

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Posted 13 September 2012 - 18:33

Everyone should pay the same rate no matter how much you make.

#186 ILikeTobacco

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Posted 13 September 2012 - 18:39

Everyone should pay the same rate no matter how much you make with no loop holes other than exceptions for people who would be taxed below the poverty line.

Fixed that for ya. :p

#187 bj55555

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Posted 13 September 2012 - 18:49

think about that. if people know making over 1 million, they're going to be taxed 90-100% like you voted, what motivation would anyone have to make over 1 million? sounds great until you realize CEOs and entrepreneurs who work hard to get where they are make a lot of what we have possible. sure, they make A LOT more than the average, but why should they be forced to pay more than anyone else? I say tax them the same 35% that is in place now, but require them to pay that tax regardless of investments, etc. 35% of all income is enough for anyone to be taxed


Because making $1 million is still better than making $999,999. But assuming your silly premise is true, if the potential $1 million becomes a quitter, you'd have other people being able to earn more because the quitter chose to quit. I'd rather have 10 people making only $100K than one person making $1 million and 9 people making $0. It's not like if everybody tried really, really hard they can all make $1 million. There's only a limited amount of money to go around, and it's going to be distributed--whether it's to 1 person or 10 persons. Those that try harder will make more, regardless of tax rate, and there's always incentive to try harder.

OK, flat taxers. Let's say all income above a predetermined allowance for cost of living (say, about $50K) is taxed at the same rate of 25% for EVERYBODY. AND we consider capital gains the same as regular income. How 'bout it?

#188 bj55555

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Posted 13 September 2012 - 18:57

You keep quoting Gates. The dude is obviously rich and clearly very philanthropic. Good for him. If he is such a goody-goody and thinks rich should pay more, why doesn't he give his money to the government. Just because he finds no joy in having lots of money, there is nothing to say that the feeling applies across the board.


Because the government isn't allowed to take donations. Gates pays his taxes as required by law, and I doubt he hides his personal money offshore to avoid paying them. Maybe Microsoft does something like this, but I highly doubt Gates does.

#189 bj55555

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Posted 13 September 2012 - 19:20

I'm not saying that poor should be punished more or punished at all. What I am saying, and have been saying, is that rich should not have to be paying higher percentage of tax on their income just because the government decided that they (rich) can absorb the cost.


They should because they get (and take) more out of the system. Think about this. The US government is essentially like a security guard for your money. It protects us from enemies traipsing in and plundering whatever we own. If I have only $5 to my name, I don't really give **** if somebody steals it. It's everything I have, but it's still only $5. But if I have $5 million, I have a lot to lose. The problem is that the government can't devote only enough resources to protect just $5,000,005. It's has to devote enough resources to protect ANY amount. So what good is charging the same flat rate for everybody? If I have $5, it's a rounding error compared to the guy with $5 million. Taxing somebody with so little money is nothing more than an token gesture to make it seem more fair to the wealthy. Let the guy with $5 keep his buck and a quarter. Maybe he'll go buy a McDouble and allow Ronald McDonald to be richer.

We can talk about making the tax system fair, but the main problem is that the economic system isn't fair to begin with. Is it fair that if one person starts with zero, it's nearly impossible for him to make $1 billion no matter how hard he works, yet if a person was gifted $1 billion by Daddy, he could easily double or triple that money? Right now it's too easy to make money by just having money. We're encouraging a society of idle rich and destitute poor with practically nobody in between.

#190 +Nik L

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Posted 13 September 2012 - 19:27

Percentage? The same as everyone else!

#191 seta-san

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Posted 13 September 2012 - 19:37

incentive to be in the lower class

incentive to be in the lower class

incentive to be in the lower class



:laugh:

Glassed Silver:mac



he's not saying that there is every incentive to keep your income LOWER than 1Mil. What a progressive tax rate really does is it imposes a light speed barrier to income. The closer you approach it the more you start to not gain velocity and start picking up mass.

#192 thealexweb

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Posted 13 September 2012 - 19:41

Flat 20% for every income, no income tax on the first $10,000

#193 Sir Topham Hatt

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Posted 17 September 2012 - 16:59

same rate as everyone else. Everyone should pay the same percentage. Just because you have more money, doesn't mean you should have to pay a bigger share of your money than everyone else. But, they should have to pay it, there should not be tax shelters or other loop holes that allows them to pay less.

The problem I have with this is the Fat Cats who run companies like British Gas (for example).
There was a report a few years ago that the company was disappointed they only made £14 Billion profit instead of their projected £16 Billion. If they are making billions of pounds in profit, I am paying far too much for gas.

The other issue is bankers / city traders earning bonuses and salaries over £1 million. Why? I don't think what they do for a living deserves that much money, not when people who save peoples lives (like firefighters and doctors) earn way loads less.

So when you get some executive earning loads for simply sending and receiving a few emails a day, I don't understand their mathematics.

If you are someone like Alan Sugar who got rich all by yourself with your own businesses, that's different and they should pay the same tax as everyone else. More things need to be in Government / Public ownership rather than shareholders.

#194 vanx

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Posted 23 September 2012 - 11:15

Because the government isn't allowed to take donations. Gates pays his taxes as required by law, and I doubt he hides his personal money offshore to avoid paying them. Maybe Microsoft does something like this, but I highly doubt Gates does.


If a government does not allow to take altruistic donations, it's their own fault. In times when they need every bit of help they can get to reduce the deficit, being fussy is not something that is a wise thing to do.

They should because they get (and take) more out of the system. Think about this. The US government is essentially like a security guard for your money. It protects us from enemies traipsing in and plundering whatever we own. If I have only $5 to my name, I don't really give **** if somebody steals it. It's everything I have, but it's still only $5. But if I have $5 million, I have a lot to lose. The problem is that the government can't devote only enough resources to protect just $5,000,005. It's has to devote enough resources to protect ANY amount. So what good is charging the same flat rate for everybody? If I have $5, it's a rounding error compared to the guy with $5 million. Taxing somebody with so little money is nothing more than an token gesture to make it seem more fair to the wealthy. Let the guy with $5 keep his buck and a quarter. Maybe he'll go buy a McDouble and allow Ronald McDonald to be richer.

We can talk about making the tax system fair, but the main problem is that the economic system isn't fair to begin with. Is it fair that if one person starts with zero, it's nearly impossible for him to make $1 billion no matter how hard he works, yet if a person was gifted $1 billion by Daddy, he could easily double or triple that money? Right now it's too easy to make money by just having money. We're encouraging a society of idle rich and destitute poor with practically nobody in between.


You're right, it is very difficult to make a billion when you start with nothing. That said, whatever you make can be taken by the next generations and grown gradually. So it is a lot easier to make the tax system fairer than the economic one.

#195 Fahim S.

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Posted 23 September 2012 - 11:38

Everyone should pay the same tax rate, and that should be a percentage of what you have left after living costs have been taken out - this should be 5% max.
The government should have interests in the country to ensure that they make money and don't have to tax the people other than to support the needy.