Posted by bad_luck on 5/27/2018 9:59:00 PM (view original):

Posted by gomiami1972 on 5/27/2018 9:56:00 PM (view original):

Posted by bad_luck on 5/27/2018 9:42:00 PM (view original):

Posted by gomiami1972 on 5/27/2018 6:15:00 PM (view original):
Sorry, bad_luck, I wasn't ignoring you. By creating a hard cap on income, you create a hard cap on motivation to achieve (for most.) We live in a money economy. Only a saint would continue to reach upward once they reach that $10M level.

Most of us are not saints. What you propose is a great utopian ideal. In reality, it would breed retardation and mediocrity.

It doesn’t create a cap on motivation. $10m is an unbelievably large amount of money. Anyone starting a business would be happy to personally make $10m once, let alone more than $10m annually.

In reality, it would create an incentive to reinvest. We know, for a fact, that cutting upper income tax rates doesn’t encourage owners to reinvest the money back into the business.

But if, for example, you’re a business owner and you project $12m in personal income for a year, you have a choice. You can hang on to the additional $20k and give an extra $1.98m to the feds or you can put that entire $2m back into the company—pay your employees more, buy new equipment, etc. The tax caps the amount large shareholders can extract from the business.

No, it is not...depending on the state you live in.

Besides, a Bachelor degree will cost $10M in about a generation or so.

There are 330 million people in the US. ~18k file federal taxes with a TAXABLE income over $10m. It’s incredibly rare.

Posted by gomiami1972 on 5/27/2018 10:19:00 PM (view original):
No problem. For full disclosure, I am neither a Republican nor a Democrat. I think they are both equally worthless.

Posted by gomiami1972 on 5/27/2018 10:34:00 PM (view original):

Posted by bad_luck on 5/27/2018 10:27:00 PM (view original):

Posted by gomiami1972 on 5/27/2018 10:06:00 PM (view original):

Posted by bad_luck on 5/27/2018 9:59:00 PM (view original):

Posted by gomiami1972 on 5/27/2018 9:56:00 PM (view original):

Posted by bad_luck on 5/27/2018 9:42:00 PM (view original):

Posted by gomiami1972 on 5/27/2018 6:15:00 PM (view original):
Sorry, bad_luck, I wasn't ignoring you. By creating a hard cap on income, you create a hard cap on motivation to achieve (for most.) We live in a money economy. Only a saint would continue to reach upward once they reach that $10M level.

Most of us are not saints. What you propose is a great utopian ideal. In reality, it would breed retardation and mediocrity.

It doesn’t create a cap on motivation. $10m is an unbelievably large amount of money. Anyone starting a business would be happy to personally make $10m once, let alone more than $10m annually.

In reality, it would create an incentive to reinvest. We know, for a fact, that cutting upper income tax rates doesn’t encourage owners to reinvest the money back into the business.

But if, for example, you’re a business owner and you project $12m in personal income for a year, you have a choice. You can hang on to the additional $20k and give an extra $1.98m to the feds or you can put that entire $2m back into the company—pay your employees more, buy new equipment, etc. The tax caps the amount large shareholders can extract from the business.

No, it is not...depending on the state you live in.

Besides, a Bachelor degree will cost $10M in about a generation or so.

There are 330 million people in the US. ~18k file federal taxes with a TAXABLE income over $10m. It’s incredibly rare.

Does someone else want to take a shot? I can't seem to break through.

Strip those 18K of the monetary incentive to amass wealth and a nice chunk of our 330 million countrymen will be dying for a job.

Walk me through it. Someone owns a business and they are personally making tens of millions of dollars in income every year. The tax rates change and now they are essentially capped at $10m taxable (after deductions). Do they close the business?

It is illogical to assume that a society that taxes 99% of all personal income above $X would not also have a similar corporate tax code. There goes your ability and motivation to reinvest.

It is illogical to assume that a society that taxes 99% of all personal income at the federal level above $X would not also have a similar state tax code. There goes your ability and motivation to reinvest.

I could list more but I have a busy Memorial Day tomorrow.

Posted by strikeout26 on 5/27/2018 10:33:00 PM (view original):
Answer me this, what gives the government the right to take that much of any individuals money?