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

[Tom]

Inspired by a news thread I thought this could be a very interesting subject to talk about. So... what do you think a fair tax rate for people over $1m.

[RichardK]

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.

[4CxbqFxVnstmA Veteran]

I think people should pay most of what they make over one million. It should be a progressive tax that helps the poor better their lot and the rich be more socially responsible. :yes:

[Glassed Silver]

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.

This.

Unfortunately, our economy works in a way that fair treatment to everyone automatically hinders the non-rich people making them lose out big time.

So I'd be for a fair tax system that is equal for everyone provided pay is fair, too - based on performance, social requirements and quality of work.

Weather you're very qualified or not - doesn't matter - education is for YOU to learn how stuff works, if you figured your way yourself, so be it.

Weather you're powerful and have the say to raise your wage whilst even firing people - shouldn't fly.

Glassed Silver:mac

[Astra.Xtreme]

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.

Agreed, but there are legitimate write-offs that everybody can take advantage of. Capital gains are taxed lower and donations are somewhat deducible.

Same applies to the lower class. Just because they don't make as much money, doesn't mean they shouldn't be paying their share in taxes.

[Astra.Xtreme]

I think people should pay most of what they make over one million. It should be a progressive tax that helps the poor better their lot and the rich be more socially responsible. :yes:

No, the poor shouldn't be entitled to anything like that. You deserve what you work for. Taking from the rich and giving to the poor doesn't solve anything. Actually it makes it an incentive to be in the lower class. Very very bad idea.

[tHaCuBe]

I think people should pay most of what they make over one million. It should be a progressive tax that helps the poor better their lot and the rich be more socially responsible. :yes:

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

[MindTrickz]

About 20 to 25% more than the middle class... So if the middle class pay 25 to 30% then millionaires pay 50 to 55%... Although I do not believe that people should pay more than 50% of their earnings to Government.

In an ideal world it would be a flat rate tax.. but as long the system benefits power rather than actual work it will have to be like this.

[Glassed Silver]

No, the poor shouldn't be entitled to anything like that. You deserve what you work for. Taking from the rich and giving to the poor doesn't solve anything. Actually it makes it an incentive to be in the lower class. Very very bad idea. [emphasis by me]

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

[BoredBozirini]

85%

[Astra.Xtreme]

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

Uh ok...

Lack of understanding, or arrogance?

[Rippleman]

I have always thought that perhaps there should be some kind of "wall" that you hit that limits you to a certain total cash amount to you in your lifetime. $5,000,000 cash then you are out of the game. 5 million gets you anything you want. After that point, keep working if you choose but you can't make anymore. Tons of "what if's" but that is not for me to work out, was just an idea.

[Glassed Silver]

Uh ok... Lack of understanding, or arrogance?

Neither ;)

It's hilarious that you genuinely think that people would favor being in the lower class, just because they get less than what they deserve from the company directly plus tax benefits or other forms of governmental support to make it "more" for "nothing". :p

Glassed Silver:mac

[SongHyeonDeok]

Doesn't even matter either way, they'll always get avoid it.

Can't even blame 'em. Who'd want to give money to those ****s in government if they didn't have to.

[HSoft]

I like the idea of a fixed tax rate for everyone but I also agree with a progressive tax rate. I do think poorer people should pay less taxes but everyone should pay some tax, get their feet in the game. As for the rich, I would say 25%, a quarter of what they earn. The biggest problem in the US is the tax code and the amount of loopholes there are. I think I read somewhere the current tax code is 12,800 pages long, that's just plain ridiculous.

[Astra.Xtreme]

Neither ;)

It's hilarious that you genuinely think that people would favor being in the lower class, just because they get less than what they deserve from the company directly plus tax benefits or other forms of governmental support to make it "more" for "nothing". :p

Glassed Silver:mac

So you choose "lack of understanding"?

What incentive does it give somebody that's poor or unemployed, if they will have a never-ending gravy train if they keeping doing what they are doing (nothing)? Why should somebody go find a job if they can get a similar amount in unemployment pay forever? Like I said, if the freebies are there, the poor class will just keep getting larger and larger. Not that hard of a concept...

[sammy2]

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.

This is a rather poor way to look at it..

So I make 40,000 and pay 20% = 10,000 ..you make 1m and pay 100gs ? .. I'm left with 30 to survive while you are left with 900gs without giving back anything to the society that's helping you get rich. Progressive tax system is the only way to go to maintain fair transfer of wealth and keep society stable... You can pay a higher percentage of pay security to keep your property and money safe because nobody is going to sit happily losing all their money while it's easier for the rich to keep their money.

[HSoft]

This is a rather poor way to look at it..

So I make 40,000 and pay 20% = 10,000 ..you make 1m and pay 100gs ? .. I'm left with 30 to survive while you are left with 900gs without giving back anything to the society that's helping you get rich.

eh what? So many things wrong with this post.

In your example they've just paid 100gs. Isn't that giving back to society?

By the way, how come in your example you pay 20% (and your figure is wrong, 20% of 40K is 8K, not 10!) and yet you only cite a 10% example rate for the 1m? Your example is just full of errors.

[Astra.Xtreme]

This is a rather poor way to look at it..

So I make 40,000 and pay 20% = 10,000 ..you make 1m and pay 100gs ? .. I'm left with 30 to survive while you are left with 900gs without giving back anything to the society that's helping you get rich. Progressive tax system is the only way to go to maintain fair transfer of wealth and keep society stable... You can pay a higher percentage of pay security to keep your property and money safe because nobody is going to sit happily losing all their money while it's easier for the rich to keep their money.

Err... what? I can't see any bit of sense in that. Fix numbers, please.

You sound like the person making $1M doesn't deserve that money. Please do explain why?

[Buttus]

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.

right, flat tax, no loopholes/exemptions...

bring the tax code back down to 2-3 pages instead of 2000-3000 pages!

[Open Minded]

A flat tax is the most fair way of taxing people. Take that and close some loop-holes would make everything much more fair than it is now. There's NO WAY that someone rich should pay less in taxes than someone who's middle class or lower.

[ArialBlue]

80 to 90%

[BoredBozirini]

right, flat tax, no loopholes/exemptions...

bring the tax code back down to 2-3 pages instead of 2000-3000 pages!

The only way a flat tax would work without screwing the majority of workers is by only taxing those who are in the upper class.

Like the example done before, if I live on $30K a year and I get taxed at flat 25% rate, and so does the person who earns $1M, I'll have to survive on $22.5K, while the millionaire has $750K to blow.

A flat tax only works if you tax those who earn considerably more than the poverty line, and let everyone else be untaxed.

[exotoxic]

It is the poor semi skilled workers that make the rich all the money so why should the rich not be taxed more??

[ArialBlue]

The only way a flat tax would work without screwing the majority of workers is by only taxing those who are in the upper class.

Like the example done before, if I live on $30K a year and I get taxed at flat 25% rate, and so does the person who earns $1M, I'll have to survive on $22.5K, while the millionaire has $750K to blow.

A flat tax only works if you tax those who earn considerably more than the poverty line, and let everyone else be untaxed.

Tax should range from receiving money from government for being damn poor to being taxed sky high.

That way those who are poor can receive social services such as food stamps and health care for free whereas those who are rich would be forced to pay for the poor and the services they provide, and everything in-between.