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Thread: The Tax Thread

  1. #79
    BamaNation Hall of Fame rolltide_21's Avatar
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    Re: The Tax Thread

    Quote Originally Posted by CharminTide View Post
    I think there are two conversations going on, and one is far more abstract/difficult than the other. I think we'd do better to uncouple the question, "how much money does the government need/deserve?" from the question of tax bracket structure.

    So, assuming that the net tax revenue doesn't change, do people think that the current tax bracket architecture is fair/acceptable, or would folks advocate a return to a more progressive system, where each tier in someone's overall income is taxed at progressively higher rates. All things being equal, this should result in a tax reduction for most current tax brackets, although the degree of tax relief at each level would depend on whether your tax curve is linear, logarithmic, whatever.

    Here's a cool interactive calculator that shows the historic inflation-adjusted tax rates throughout the 1900s and early 2000s.

    https://qz.com/74271/income-tax-rates-since-1913/
    After doing some thinking on this while driving today, I would be in favor of a more progressive tax plan. Like someone said earlier, it would get us back to what income tax started out to be. I would also add that I would like to see some breaks for the middle class if we raise the amount on the most wealthy. Regarding the percentage for the most wealthy, I'm not sure what the percentage should be. I would ask a few follow up questions, how large of a percentage do they actually pay on average right now? How much is adjusted for write offs, credits, etc? How much would raising the percentage change how much they pay? I would expect the adjusted percentage to be substantial, but Ive not researched it to find out so I could be wrong.

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    Re: The Tax Thread

    Quote Originally Posted by rolltide_21 View Post
    After doing some thinking on this while driving today, I would be in favor of a more progressive tax plan. Like someone said earlier, it would get us back to what income tax started out to be. I would also add that I would like to see some breaks for the middle class if we raise the amount on the most wealthy. Regarding the percentage for the most wealthy, I'm not sure what the percentage should be. I would ask a few follow up questions, how large of a percentage do they actually pay on average right now? How much is adjusted for write offs, credits, etc? How much would raising the percentage change how much they pay? I would expect the adjusted percentage to be substantial, but Ive not researched it to find out so I could be wrong.
    Well, Trump bragged he didnít pay any in 2017; does that help?


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  3. #81
    BamaNation Hall of Fame rolltide_21's Avatar
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    Re: The Tax Thread

    Quote Originally Posted by twofbyc View Post
    Well, Trump bragged he didnít pay any in 2017; does that help?


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    True, but I would like to see what honest people in that tax bracket actually pay. Well, you know, if these people actually exist .


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  4. #82
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    Re: The Tax Thread

    Iíll say this; there isnít a single ďwealthyĒ person in this country that pays the standard rate for their bracket (before they start taking deductions), and what they actually end up paying is much less. Much less.


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  5. #83
    BamaNation Hall of Fame CharminTide's Avatar
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    Re: The Tax Thread

    Quote Originally Posted by rolltide_21 View Post
    After doing some thinking on this while driving today, I would be in favor of a more progressive tax plan. Like someone said earlier, it would get us back to what income tax started out to be. I would also add that I would like to see some breaks for the middle class if we raise the amount on the most wealthy. Regarding the percentage for the most wealthy, I'm not sure what the percentage should be. I would ask a few follow up questions, how large of a percentage do they actually pay on average right now? How much is adjusted for write offs, credits, etc? How much would raising the percentage change how much they pay? I would expect the adjusted percentage to be substantial, but Ive not researched it to find out so I could be wrong.
    Hard to answer. I was able to locate this data from the CTJ. The federal taxes column gives you an idea of effective rates for the listed percentiles. Basically 25% for millionaires versus 20% and 16% for those making 81k and 48k, respectively.

    Not a perfect resource, but better than nothing. LINK


  6. #84
    BamaNation Hall of Fame rolltide_21's Avatar
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    Re: The Tax Thread

    Quote Originally Posted by CharminTide View Post
    Hard to answer. I was able to locate this data from the CTJ. The federal taxes column gives you an idea of effective rates for the listed percentiles. Basically 25% for millionaires versus 20% and 16% for those making 81k and 48k, respectively.

    Not a perfect resource, but better than nothing. LINK

    Thanks for posting, wasnít in a position to research it.


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  7. #85

    Re: The Tax Thread

    Quote Originally Posted by CharminTide View Post
    Seems like we'd save a lot of money if there were an agency that reviewed itemized expenses from previous years, accounted for use and excess, and then audited the itemized budget proposal for the following year. Enact some form of punishment for over- or under-budgeting beyond a certain threshold and allow these auditors to request justification for unusual purchases, especially in Q4. A lot of work, but this kind of thing seems like a necessary step. Bet it would more than pay for itself.
    Great idea here.

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    BamaNation Hall of Fame 92tide's Avatar
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    Re: The Tax Thread

    Quote Originally Posted by rolltide_21 View Post
    True, but I would like to see what honest people in that tax bracket actually pay. Well, you know, if these people actually exist .


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    i would guess that his tax dodges are mostly legal. it's the source of his income that is where the dis-honesty is.
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  9. #87

    Re: The Tax Thread

    Quote Originally Posted by crimsonaudio View Post
    Great idea here.

    We need people like you in politics. Time for you to do your civic service!
    Just wanted to make the point that I'm not kidding. I don't necessarily agree with everything Charmin believes, but he's obviously a very intelligent, compassionate person who really wants what's best for people. We need people like him in office, as opposed to just about everyone in DC.
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    Re: The Tax Thread

    https://apple.news/AkO1NiL70QUmCC7CXWv5iig


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  11. #89
    BamaNation Hall of Fame CharminTide's Avatar
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    Re: The Tax Thread

    Intriguing. This is something new from her.

    Elizabeth Warren's wealth tax proposal is constitutional, experts say — and necessary

    Sen. Elizabeth Warren (D-Mass.), a newly declared presidential candidate, has turbocharged the progressive attack on income inequality with a proposal for a “wealth tax” aimed at Americans with net worth of more than $50 million.

    Warren herself hasn’t issued many details of her plan. But according to UC Berkeley economists Emmanuel Saez and Gabriel Zucman, who advised her on the proposal, the tax would be 2% on net worth above $50 million and another 1% on net worth above $1 billion. They say it would affect about 75,000 U.S. households, or less than 0.1% of the total, and raise $2.75 trillion over 10 years. That’s about 0.1% of gross domestic product per year.

  12. #90

    Re: The Tax Thread

    $275 billion annually (on average) seems like a drop in the proverbial bucket.

    And I don't want honestly to hear anything about raising more money until it's attached with fiscally responsible cuts in overall spending.
    Oderint dum metuant - Lucius Accius

  13. #91
    BamaNation Hall of Fame Tidewater's Avatar
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    Re: The Tax Thread

    The highest margin tax rate in United States history was 100% (on incomes over $25,000/year).

    FDR's Executive Order 9250, October 03, 1942

    Quote Originally Posted by FDR
    no salary shall be authorized under Title III, Section 4, to the extent that it exceeds $25,000 after the payment of taxes allocable to the sum in excess of $25,000.
    I love pointing out that historical tidbit. I did not believe it when I first heard it, but, bigger'n Dallas, there it is.

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