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US63 - Progressive Taxation At Higher Income Levels
| We should have additional income tax brackets above $388,350 | |
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Description
The personal income tax rate is currently flat above $388,350. This is an outdated top income bracket as many people now make many millions per year. We should have additional tax brackets, e.g., $388,350-$1MM, $1MM-$5MM, $5MM-$20MM, >$20MM to continue progressivity at higher levels.
Arguments
A new tax bracket would not 'make people want to succeed less' because just so long as the tax is less than 100% (which it should be) people would still earn more money. What this would do would be to give more money to people who need it more, for instance through tax cuts. This would make it a tax cut, not a tax increase.
Counterarguments
In times of economic uncertainty, politicians often spend their time attacking those at the top. They argue that the very wealthy aren’t paying their “fair share.” They say that if the rich would just pay more in income taxes, everything would be better. Instead, we should focus on trying to lift those at the bottom—a principal understood by great leaders across party lines like John F. Kennedy and Ronald Reagan.
When we try to pay for more by taking more, the people who get squeezed are doctors, lawyers and small business owners—people who provide valuable services that citizens need and want. These individuals were not all born with silver spoons. Many came from nothing, borrowed significantly to get through school or start their own business and are trying to live their version of the American dream. We need a tax code that doesn’t penalize success and also doesn’t punish the working poor. We should never punish hard work!
Source: seanforcongress.com
Thrusting more taxes on a group of people already responsible for paying a majority of the taxes will make people want to succeed less, and encourage tax havens.
* Taxes are still theft and are not appropriate for any government to force on anyone.
* Income taxes and employment taxes are already voluntary, but the IRS and others pretend that it's required by law, but anyone can read the law oneself online, Title 26 in the CFR, i.e. Code of Federal Regulations, and see that such taxes only apply to very few situations, mostly involving "income" on foreign businesses etc.
* The legal word for income itself doesn't mean what most people call income. Fascists or imperialists have pulled the wool over the sheeple's eyes, via the media and the miseducation system.
* Income taxes and employment taxes are already voluntary, but the IRS and others pretend that it's required by law, but anyone can read the law oneself online, Title 26 in the CFR, i.e. Code of Federal Regulations, and see that such taxes only apply to very few situations, mostly involving "income" on foreign businesses etc.
* The legal word for income itself doesn't mean what most people call income. Fascists or imperialists have pulled the wool over the sheeple's eyes, via the media and the miseducation system.
1 Topic
Discussion
Related Ideas
| Apply a minimum tax rate of 30% on individuals making more than $1 million a year More detail | |
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| 30 years of "supply-side" economics have concentrated wealth, reduced social mobility, and hurt the real economy. More detail | |
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| 45% tax rate on personal income over $1 million per year More detail | |
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| Raise taxes for those in the high class and decrease them for the middle class. More detail | |
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| Distribute taxation in proportion to ability to pay More detail | |
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"Need it more?"