4 ms·

The combined state and federal top marginal tax rate is 75% or more? Is capital gains taxed at the same rate as income? Then we aren’t taxing the fuck out of

The combined state and federal top marginal tax rate is 75% or more? Is capital gains taxed at the same rate as income? Then we aren’t taxing the fuck out of the rich. Does the Federal government and the State of California provide stable housing to every homeless person in the state? Well, then, what’s why the problem is getting worse. Actually tax the rich, and actually provide housing first. Until then, we haven’t tried my proposal.

WalterBright 4y ago
Good thing we haven't, as it would crash the economy. https://www.caltax.org/caltax-resources/california-tax-facts/ https://www.caltax.org/caltax-resources/california-tax-facts... https://taxfoundation.org/publications/federal-tax-rates-and-tax-brackets/ https://taxfoundation.org/publications/federal-tax-rates-and... BTW, the government has built housing for the poor many times. They're called "The Projects". Usually they wound up being demolished after a few years. https://en.wikipedia.org/wiki/Subsidized_housing_in_the_United_States https://en.wikipedia.org/wiki/Subsidized_housing_in_the_Unit...
- ncallaway 4y ago
  Which is why the economy collapsed in the 1950s when the top marginal tax rate was 91%, and we’ve been living in a Mad Max wasteland ever since.
  - WalterBright 4y ago
    Very few people ever paid 91%. The reason was there were all sorts of tax shelters available at the time. This resulted in a lot of misallocation of resources. A lot of personal expenses could also be written off as a business expense, the most infamous of those was the "three martini lunch". Reagan, in his deal to reduce the top marginal tax rates, also eliminated a vast swath of tax shelters and tax deductions. More generally, the government consumed much less of the GDP in the 50s than it does today.

4 ms·

The combined state and federal top marginal tax rate is 75% or more? Is capital gains taxed at the same rate as income? Then we aren’t taxing the fuck out of

by ncallaway 4y ago

WalterBright 4y ago
Good thing we haven't, as it would crash the economy. https://www.caltax.org/caltax-resources/california-tax-facts/ https://www.caltax.org/caltax-resources/california-tax-facts... https://taxfoundation.org/publications/federal-tax-rates-and-tax-brackets/ https://taxfoundation.org/publications/federal-tax-rates-and... BTW, the government has built housing for the poor many times. They're called "The Projects". Usually they wound up being demolished after a few years. https://en.wikipedia.org/wiki/Subsidized_housing_in_the_United_States https://en.wikipedia.org/wiki/Subsidized_housing_in_the_Unit...
- ncallaway 4y ago
  Which is why the economy collapsed in the 1950s when the top marginal tax rate was 91%, and we’ve been living in a Mad Max wasteland ever since.
  - WalterBright 4y ago
    Very few people ever paid 91%. The reason was there were all sorts of tax shelters available at the time. This resulted in a lot of misallocation of resources. A lot of personal expenses could also be written off as a business expense, the most infamous of those was the "three martini lunch". Reagan, in his deal to reduce the top marginal tax rates, also eliminated a vast swath of tax shelters and tax deductions. More generally, the government consumed much less of the GDP in the 50s than it does today.