Bring back the 91% tax rate

[okietool]

Hooterville. Or Gilligan's Island.

 

[okietool]

This is a payroll thing, as in your employer or payroll processor, not necessarily the government.

But, the government requires it be done that way, correct?

 

[LightningCrash]

And that sentence just discredited the entire thing.

How so? Would you like to contribute your thoughts to the discussion?

 

[Lurker66]

Having to pay a lot in taxes is a good problem to have. Typically, it's people who cannot manage their money who have problems. Lawyers in my field are some of the worst. For example, I settle a case and get a $200,000 fee and decide to take it out for myself. I have to be aware that really only about $125,000 of that money is mine. I better hold back $75,000 for my quarterly payments. A lot of guys don't do that and when it is time to pay taxes, they are in a world of hurt.

Growing up with grandparents who grew up during the Great Depression helped me a lot. I'm a compulsive saver. I've avoided the traps many of my friends fell into...lake houses, boats, airplanes, etc. Instead, I concentrated on having no debt (except on property), stocks and bonds, and real estate.

That being said, I sure as Hell would not want to pay 91% tax rates, and like tRdoc, I would reduce my productivity and my business ( resulting in my laying off many employees).

I kinda agree about having to pay alot in taxes is a good problem to have. Making money is good, and having it is good. But how much is enough? Theres really no difference between having 3million or 30 million or 300 million.

I think people that make lotsa money will find a way to pay the tax and still make a wealthy living.

Btw 91% is outta line but 25-50% is reasonable depending on how its earned.

 

[okietool]

Family time doesnt have anything to do with it.

I will disagree with the last when you get older. At least In my own case. I have the opportunity to increase my own salary by somewhere beteen 50 & 200%, depending on whether or not I want to and maximize my gross or stay where I am.
I'm staying.

 

[Lurkerinthewoods]

A person shouldn't have to pay more than 25% of their wage to the government. Regardless of your income. I have never earned enough to be considered a "high income earner", but I can tell you, I have never understood why someone should pay more taxes because they are more successful. By more taxes, I mean a higher percentage.

 

[freeranger]

The world is filled with socialist countries. The US was the sole exception. Sad that the progressives on this forum are hell bent on turning the US into Europe. I'd think it be easier to just move to where socialism already is the norm instead of attempting to destroy the Constitution and our freedom.

 

[Shootin 4 Fun]

I kinda agree about having to pay alot in taxes is a good problem to have. Making money is good, and having it is good. But how much is enough? Theres really no difference between having 3million or 30 million or 300 million.

I think people that make lotsa money will find a way to pay the tax and still make a wealthy living.

Btw 91% is outta line but 25-50% is reasonable depending on how its earned.

So you're willing to reduce the tax liability of the top earners?

 

[okietool]

A person shouldn't have to pay more than 25% of their wage to the government. Regardless of your income. I have never earned enough to be considered a "high income earner", but I can tell you, I have never understood why someone should pay more taxes because they are more successful. By more taxes, I mean a higher percentage.

By the time you factor in gasoline taxes, sales taxes and an assortment of fees. I think everyone in America is over the 25% rate as soon as they start spending money.

 

[farmerbyron]

I kinda agree about having to pay alot in taxes is a good problem to have. Making money is good, and having it is good. But how much is enough? Theres really no difference between having 3million or 30 million or 300 million.

I think people that make lotsa money will find a way to pay the tax and still make a wealthy living.

Btw 91% is outta line but 25-50% is reasonable depending on how its earned.

I highly disagree with this. There is precisely 27 million difference between 3 mil and 30 mil and 270 mil between 30 and 300. That is a lot of capital that could go towards new businesses or expanding current ones.