Fox News Poll - 54% of Republicans favour higher taxes on the wealthy

Historical lows my ass.

From the tax foundation, "Taxation in the United States in 1776 was incredibly different than what it is today. There were no income taxes, no corporate taxes, and no payroll taxes. Instead, the American Colonies (and to a larger extent, the British Crown) were primarily funded by tariffs and excise taxes. This means taxes primarily existed on imports of goods and services to the colonies, as well as on the sale of particular products."

 

I think you're all missing one point this is not 1950 if one wants to take ones resources and just go to another country to repatriate now one doesn't need much just the wish to do so, a country with lower or no taxes on personal income (Monaco is a good choice) and some time so what are you going to do if you jack up taxes and the rich just g and take the income taxes with them.

I can give a real example Dominica one can buy property or invest $100k and become a citizen and they have no meaningful taxes now say I was rich and decided I'm not going to pay the 70% or 90% and decided to go before the law took effect what would you do - I would be a Dominican citizen in a few months and all my wealth income largely would be untaxed. For some local investment in Dominica. Other nations like Monaco are also good choices but need some more commitments. If many wealthy just go say 80% of them what are you going to do complain, move to seize assets under other laws which might make the exodus complete. The only option is to tax everyone left a lot more.

New York raised income taxes on the rich and they lost money when the rich left the state. Leaving the country is just as easy nowadays.

 

No, you said that.
Using law to defend philosophical arguments is brainless

 

The problem is right there. In order to make it in the job market, people have to be more skilled and competant than ever, just to survive. Thats because technology is taking over those simple tasks, and this has created a skills gap which is going to get a lot worse. Humans are just souped up apes and can be very incompetent and irrational. Its going to be impractical for the entire population to rise to the level of competence the new jobs will require. If the number of high-skills jobs aren't enough, then we will have a situation where even competance won't be enough.

It used to be that a high school diploma was enough to get a decent job with decent wage growth, and getting a random degree meant you really had it made. Now, you have to go to college in a technical field or have a lot of technical training, or start a business to really make it.

 

Trump's increased GDP growth by 70% over Obama's nearest performance.

 

What you make in income isn't what you earn or your real value. If you made your real value to a company, it couldn't make any profits on your work. So companies will pay you less than your real value so they can make a profit and their executives can live the big life. That just the way it has to work. Problem is that when we have outsourcing, automation, skills gap, or sometimes a bad job market, employers can give people a lot less than their value and give most of those profits to people at the top.

Innovators and business people are great, but they are only one of many types of jobs in the economy and everyone can't be in business. 1% above inflation isn't very good especially when this should be the perfect market for amazing wage growth and wage growth was above 3.5% in the 2000s, and above 4% in the 90s. The real wage growth for the 1% is about 2.5% and for the very super-rich its about 6%. For the rest us its, its 1%.

 

They are not dropping.

 

expats are required to file federal tax returns, including all earnings and assets aquired while living abroad... tha laws are clear, however rarely enforced... obama enforced them and many got screwed...

one can never truly leave america, look it up i aint your google...

edit:

it is expensive & time consuming to denounce citizenship, it aint as simple as just packing up and moving...

 

IT'S A SPENDING PROBLEM.

Until that is addressed, there isn't enough taxes in the world.

 

I didn't say expatriates I said leave and repatriate elsewhere, and it might be a bit expensive and take time but for a 70 to 90% tax rate you don't think going won't be damned appealing. Dominica I noted you can buy citizenship for some minor investments and the costs and expense would be minor to paying millions in taxes a year if one stayed. The kind of wealth we are talking about gives many options common people don't have the kind of expertise that opens faster channels. Your not saying a person with say half a billion dollars can't fast track leaving if they decided to spend some more resources to do so you know I'm right.

If the French rich left for taxation then what is keeping Americans from doing so? Nothing. If they decide to just go they will go. So I suggest no one taxes too high say keep it where it is now or close you jack it up to 1950's levels your going to see people likely fleeing who can do so.

 

I would hope so, Obama inherited a recession

Trump didn’t.

We won’t know actual performance until several years after trumps administration ends.

 

Obama's second half of his second term was nearly six years after recession ended.

We can compare Trump's entire performance to date with Obama's comparative performance of the same length as proximate in time as possible and see that Trump's whipping Obama by nearly 70%.

 

If by wealthy they mean those with ordinary income of 1 million and up, I agree. They should pay a higher percentage of taxes on their income over 1million.

The problem will be they will invest their income and pay capital gains tax instead.

 

Except for the ones Trump caused on purpose.

 

Fox News Poll - 54% of Republicans favour higher taxes on the wealthy

It isn't rocket science to get people to favor the idea of someone else paying the taxes. The rocket science is in educating them how they benefit from lower taxes.

 

Income is taxed as income. After than tax is paid, one can invest what is left. Capital gains tax is paid, not on the value of the investment but on the increase in value over that investment. So investing and paying capital gains tax does not reduce income tax. Sorry.

 

Costs actually moderated under Trump. Obamacare made health care more expensive.

 

No surprise that they are saying that now that people are putting in their tax returns and discovering the massive reduction in taxes were not for them.

 

Actually, no. The people with zero understanding of their taxes and/or the higher income people who lost their SALT deductions are the only ones complaining. As far as SALT, why should the rest of us subsidize a higher income person who chooses to live in a state with ridiculously high taxes? Complain to your own elected officials if you think your state taxes are too high, but don't expect the rest of us to pick up your slack. As far as the people lighting their hair on fire because their tax refunds might be smaller than expected, I'd suggest asking your CPA how much you actually paid in taxes, if you want to compare apples and apples with previous years.

 

You should pay higher tax.

 

That makes no sense. Its the value of THE JOB. If you didn it well you can be paid more but only as much value it brings the company. Yes if the company pays its employees more than the value of THE JOB they will not stay in business very long. What are you saying is you "real value" to the company?

The executives the owners hire to run the company is paid on the value of the job he performs AND the success of the company based in his decisions he/she makes that determine the course of that company and the protection and growth of the assets.

We are at 3.1% and growing which is far better than 2008-2015. And OF COURSE income at the top will increase faster, those people are being paid for a 40 hour wage, its totally incomparable and certainly not tied at the hip. They make huge important discoveries, they come up with new important products, they manage huge sums of money for other people, they bring new services to people which people use and desire. Why should a person who simply fries french fries expect their wage to go up at the same rate?

 

He had a good political adviser in Dick Morris who convinced him to work with the Republicans and sign their budgets and tax reform and welfare reform. What is really ironic is the modern liberals give Clinton sole credit, the "Clinton economy!", and the great results even though they were and are things they oppose.

 

I am not from the US Libby and have no idea what 'SALT' is. My information came from one of your programs on YouTube and suggested Americans were discovering that Trumps's tax relief was only being given to the richest, which is what I have heard in the UK all along. They gave examples of people who had lost money and people who had stayed much the say - most seemed to have lost. I got the very strong impression they were not helping the MC and most certainly not going to the WC. I would have thought these reductions in taxes which Trump gave would be for the whole of the US, not changeable by state. Trump supporters were expecting a good reduction in taxes to make their money go further. This does not seem to have happened.

Why should those with more give more? - to give back to the society which has served them well and for everyone to live in a better society with less crime. What you could do if you wanted those with less to pay the same taxes as yourself would be to pay them more so that they have enough to pay more. I hear that 40% of American's do not even have one months salary for emergencies. As far as your infrastructure is concerned I understand that as you were all such misers in paying tax, it is now crumbling - something it is going to be far harder for you to do anything about once the dollar stops being the reserve currency.

I understand though I don't know if this was the same in the US, that tax used to be on land. You did not get charged for working. Maybe changing back to that is a way forward

 

1. You have been misled by liberal/progressive/Democrat propaganda.

2. You can't rely on youtube propaganda programs to provide you with accurate information

You seem reasonable enough so I won't be snarky and I'll try to shed some light on the subject.

"SALT" stands for State And Local Taxes. (Remember that the US is made up of 50 states.) Some states in the US have much higher State And Local Taxes (SALT) than other states. Previously, people living in states with high State And Local Taxes (SALT) could deduct their State And Local Taxes (SALT). This essentially meant the rest of the states were subsidizing the states with high SALT.

The new "Trump tax plan" limits the SALT deductions to $10,000. This means you now can only deduct $10,000 of SALT. Do you see where this is going......? Middle class and working class people are unlikely to be paying enough in SALT to even be effected by the change. Higher income taxpayers were hit the hardest.

If the subject interests you, I'd suggest googling, but for now here are two sources:

"High-income filers are much more likely to itemize and therefore more likely to take the SALT deduction. The higher your income, the more valuable tax deductions are to you in general because you’re taxed at a higher rate.

With the deduction for state and local taxes, the federal government is effectively subsidizing high earners in high-productivity states and cities. (Any deduction the federal government offers is a subsidy.) As you might expect, wealthy residents of wealthy states are most likely to pay state and local taxes [SALT]. They also tend to have the highest average SALT deductions. According to the Tax Foundation, people with incomes over $100,000 receive more than 88% of SALT deduction benefits."
https://smartasset.com/taxes/trumps-plan-to-eliminate-the-state-and-local-tax-deduction-explained

"One such provision is the $10,000 cap on the state and local tax (SALT) deduction. The benefits of the SALT deduction overwhelmingly go to high-income taxpayers, particularly those in high-income and high-tax states. In 2016, 77 percent of the benefit of the SALT deduction accrued to those with incomes above $100,000; only 6.6 percent went to taxpayers with incomes below $50,000."
https://taxfoundation.org/salt-deduction-benefit/

That is primarily because of people irresponsibly living beyond their means instead of responsibly setting money aside. It has nothing to do with Trump, the economy (which is booming), political affiliation, or the tax code.

"Nearly half of today's workers are living paycheck-to-paycheck, with no financial cushion whatsoever, and a big part of the reason boils down to living beyond our means."
https://money.cnn.com/2017/09/19/pf/living-beyond-your-means/index.html

I'm not sure what you are saying. Here we are taxed both on "land" (via property taxes) and "working" (via income taxes.)

 

Agreed, Distaff, but I have more confidence than you in people's ability to adapt to a changing environment.

Whn he Indutrial Revolution first arrived there were riots in irder to prevent automation and the argument was the same, that people would be forced out of work and all woulld suffer as aresult.

But that never happened, and yet same groundless fear has been going on ever since. Now we have a great deal of automation, including robots, and the unemployment rate is less that 4%. In fact there is a labor shortage. I know that unskilled workers may have a problem but they'll adapt also. I don't know how because we all act as individuals and use our own skills and imagination accordingly but history shows that these negative prophecies, which have been going on for centuries, have come to naught and that life just keeps getting easier and better. Of course contemporaries may not recognize this, people always live in 'troubled times', but that doesn't make it any less true.