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The 'tax the rich' crowd loves to quote the top marginal rates from 50 years ago; but did anyone ever really pay those rates? Tax shelters were common in those

The 'tax the rich' crowd loves to quote the top marginal rates from 50 years ago; but did anyone ever really pay those rates? Tax shelters were common in those days with the rich paying accountants and tax attorneys to find ways of avoiding those astronomical rates.

analognoise 1y ago
Some people tried to evade the system - that’s why we have helicopters. We can just grab them and bring them to court, no problem. I don’t think “some people didn’t abide the rules” is reason not to make sensible laws.
- crossbody 1y ago
  Yeah, sure, helicopters is all you need to catch millions of sophisticated tax evaders using semi-legal loopholes developed and implemented by professional accountants and lawyers. Read about Laffer Curve for a start.
  - immibis 1y ago
    > Read about Laffer Curve Your comment lost all credibility right here
    - analognoise 1y ago
      Agreed; it’s an embarrassing argument.
  - analognoise 1y ago
    The Laffer Curve is frequently cited by the same people who refuse to see the failure of conservative-style economic policy over the last 40 years, for some reason. It’s clear all that “don’t tax the rich, they create jobs!” Is just trash. Noise. We have 40 years of data, it doesn’t work. But still, someone ignores all that to tell me the Laffer Curve, every time. What’s also amazing is that they don’t really understand it themselves. Wild.
    - didgetmaster 1y ago
      So we have 40 years of data that clearly shows that advocating for reasonable tax rates for the wealthy "doesn't work"? I world love to see the detailed analysis that proves that! Even the most staunch conservative wants the rich to pay their "fair share" of taxes. The only legitimate debate is about what constitutes 'fair'. The flat tax advocates will at least give you a real number (10%, 15%, or even 20%). Progressives will never give you a number. Why?
    - crossbody 1y ago
      So you disagree with the core principle behind Laffer Curve? Lots of totally baseless assumptions and accusations in your comment. I wonder where on Dunning-Kruger curve you are at regarding this topic.
- didgetmaster 1y ago
  There is a big difference between tax evasion (illegal) and tax avoidance (completely legal). Many of the tax shelters and loopholes utilized by the rich when top marginal rates exceeded 50% were completely legit.

analognoise 1y ago

Some people tried to evade the system - that’s why we have helicopters. We can just grab them and bring them to court, no problem. I don’t think “some people didn’t abide the rules” is reason not to make sensible laws.

crossbody 1y ago
Yeah, sure, helicopters is all you need to catch millions of sophisticated tax evaders using semi-legal loopholes developed and implemented by professional accountants and lawyers. Read about Laffer Curve for a start.
- immibis 1y ago
  > Read about Laffer Curve Your comment lost all credibility right here
  - analognoise 1y ago
    Agreed; it’s an embarrassing argument.
- analognoise 1y ago
  The Laffer Curve is frequently cited by the same people who refuse to see the failure of conservative-style economic policy over the last 40 years, for some reason. It’s clear all that “don’t tax the rich, they create jobs!” Is just trash. Noise. We have 40 years of data, it doesn’t work. But still, someone ignores all that to tell me the Laffer Curve, every time. What’s also amazing is that they don’t really understand it themselves. Wild.
  - didgetmaster 1y ago
    So we have 40 years of data that clearly shows that advocating for reasonable tax rates for the wealthy "doesn't work"? I world love to see the detailed analysis that proves that! Even the most staunch conservative wants the rich to pay their "fair share" of taxes. The only legitimate debate is about what constitutes 'fair'. The flat tax advocates will at least give you a real number (10%, 15%, or even 20%). Progressives will never give you a number. Why?
  - crossbody 1y ago
    So you disagree with the core principle behind Laffer Curve? Lots of totally baseless assumptions and accusations in your comment. I wonder where on Dunning-Kruger curve you are at regarding this topic.
didgetmaster 1y ago
There is a big difference between tax evasion (illegal) and tax avoidance (completely legal). Many of the tax shelters and loopholes utilized by the rich when top marginal rates exceeded 50% were completely legit.