Posted by cleon on 9/6/2011 8:32:00 AM (view original):
ONLY APPLIES TO 250K + UP
MY CUTS TO MILITARY, CORPORATE WELFARE AND FORCED REPATRIATION OF ALL FOREIGN ASSETS SHOULD OFFSET THAT
You obviously expect all other activity to remain the same and no reactions to your proposed policies. How 'bout a simple look.
I just made (hypothetically) 980,000 this year. At 40% TI rate, my tax would be 392,000.
I decide to expand my small business, which I count as personal income, to make 1,020,000, or 40,000 more. I now pay 510,000 in taxes, or 118,000 more. So I get to pay the government
all of the money I just made with the additional effort PLUS another 78,000 on top of that.
Why would I do that?
I would also ask how is it possibly fair that someone making $240,000 per year can deduct $20,000 in mortgage interest, yet someone making $255,000 can deduct ZERO. There's nothing inherently just or fair about that. If the only justification is that the rest want more in services and deserve more of other people's money, then you are advocating living in tyranny.
By the way, what makes anyone think 'forced repatriation of foreign assets' would help here?