4 ms·

Shocking how average people accept the salaries they make and tax rates they pay.. smart people know better.

toomuchtodo 10y ago
Indeed. Just think of the social safety net and universal healthcare we could have in the US if we taxed the highest marginal income rates appropriately. EDIT: And how much more holiday/vacation time we'd have if it was mandated at the federal level.
- antisthenes 10y ago
  You need to tax wealth as well, not just income. Accumulated wealth is what results and continues the inequality, not incomes.
  - aianus 10y ago
    What kind of wealth is currently untaxed? Stocks or bonds => income tax + capital gains tax Real estate => property taxes + capital gains tax Cash => taxed by inflation Metals => capital gains tax
  - barry-cotter 10y ago
    That will disincentivise investment and encourage consumption and emigration once you've made your pile.
  - saiya-jin 10y ago
    that's very socialist approach - excessive taxation on everything only gives rises to tax havens for wealthy ones. who would be targeted is not truly wealthy, but say upper middle class which isn't rich enough to use these kind of services, they are the ones spending most on services, which keep blue collar jobs, like it or not. This layer of citizens is necessary for healthy function of any society. If you strive to destroy them via excessive taxation (ie move them to low middle class over time), you are hurting economy in long run. Don't forget truly rich have plenty of completely legal companies that advise them how to 'optimize' their taxes. Companies smarter and better equipped than your average lawmaker. I mean look at the presidential candidates - obviously both are doing it. Everybody rich is doing it.
- cloverich 10y ago
  Raising the tax rates to 45% would (optimistically) generate 250 billion in the first year, which is ~20% of just medicare and medicaid. Which is only to say, improving access to health care and making it sustainable in this country is a much more complicated problem. EDIT: Links: - http://www.nytimes.com/2015/10/17/business/putting-numbers-to-a-tax-increase-for-the-rich.html?_r=0 http://www.nytimes.com/2015/10/17/business/putting-numbers-t... - https://www.cbo.gov/sites/default/files/cbofiles/images/pubs-images/50xxx/51111-Land_Mandatory.png https://www.cbo.gov/sites/default/files/cbofiles/images/pubs...
  - toomuchtodo 10y ago
    I agree that we'd also have to drive down healthcare costs using single payer.
- mrep 10y ago
  You do know that the US has one of the most progressive tax rates in the world right?
  - ionised 10y ago
    You mean progressively lower and lower for those with the most?

Indeed. Just think of the social safety net and universal healthcare we could have in the US if we taxed the highest marginal income rates appropriately. EDIT: And how much more holiday/vacation time we'd have if it was mandated at the federal level.

antisthenes 10y ago
You need to tax wealth as well, not just income. Accumulated wealth is what results and continues the inequality, not incomes.
- aianus 10y ago
  What kind of wealth is currently untaxed? Stocks or bonds => income tax + capital gains tax Real estate => property taxes + capital gains tax Cash => taxed by inflation Metals => capital gains tax
- barry-cotter 10y ago
  That will disincentivise investment and encourage consumption and emigration once you've made your pile.
- saiya-jin 10y ago
  that's very socialist approach - excessive taxation on everything only gives rises to tax havens for wealthy ones. who would be targeted is not truly wealthy, but say upper middle class which isn't rich enough to use these kind of services, they are the ones spending most on services, which keep blue collar jobs, like it or not. This layer of citizens is necessary for healthy function of any society. If you strive to destroy them via excessive taxation (ie move them to low middle class over time), you are hurting economy in long run. Don't forget truly rich have plenty of completely legal companies that advise them how to 'optimize' their taxes. Companies smarter and better equipped than your average lawmaker. I mean look at the presidential candidates - obviously both are doing it. Everybody rich is doing it.
cloverich 10y ago
Raising the tax rates to 45% would (optimistically) generate 250 billion in the first year, which is ~20% of just medicare and medicaid. Which is only to say, improving access to health care and making it sustainable in this country is a much more complicated problem. EDIT: Links: - http://www.nytimes.com/2015/10/17/business/putting-numbers-to-a-tax-increase-for-the-rich.html?_r=0 http://www.nytimes.com/2015/10/17/business/putting-numbers-t... - https://www.cbo.gov/sites/default/files/cbofiles/images/pubs-images/50xxx/51111-Land_Mandatory.png https://www.cbo.gov/sites/default/files/cbofiles/images/pubs...
- toomuchtodo 10y ago
  I agree that we'd also have to drive down healthcare costs using single payer.
mrep 10y ago
You do know that the US has one of the most progressive tax rates in the world right?
- ionised 10y ago
  You mean progressively lower and lower for those with the most?