Raise taxes on the rich?

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Redneck

Woodbine, GA

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#1
Dec 9, 2012
 

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Is it a good idea to raise taxes on the rich? Not being rich myself and not having wealth envy I don't think so.

My thoughts are that the wealth creators don't do it totally for the money. The money is the reward for being smart enough or capable of performing in such a manner as to receive huge sums of money for their talents.

Back to the question. It was tried in Britian and the results was they receive less revenue. The following is from Newsmax.

Lesson From UK: Tax Hike on Wealthy Lowers Revenue
One side wants to rein in entitlements to deal with the budget deficit. The other side insists that any such moves be accompanied by higher taxes on the wealthy.
That may sound like the ongoing fiscal battle in Washington, but actually describes the situation in Britain.
The difference is that Britain has already raised taxes on the wealthy, with a telling result: The government actually lost revenue.

"In the 2009-2010 tax year in Britain, more than 16,000 people reported annual income of more than 1 million pounds (equal to about $1.6 million today). Then in 2010, Prime Minister Gordon Brown, a member of the Labour Party, introduced a new 50 percent top income tax rate for high-income earners. After that, the number of people reporting income of at least 1 million pounds fell to 6,000.
“It is believed that rich Britons moved abroad or took steps to avoid paying the new levy by reducing their taxable incomes,” The Telegraph reported.
Harriet Baldwin, a Conservative member of Parliament, said:“Labour’s ideological tax hike led to a tax cull of millionaires.”
Instead of raising revenue, the tax hike cost the U.K. 7 billion pounds ($11.2 billion) in lost revenue — and that in an economy one-quarter the size of America’s.
Now the government of Conservative Party Prime Minister David Cameron has announced that it will lower the top rate from 50 percent to 45 percent, a move the Labour Party officials have called a “tax cut for millionaires.”
In ongoing budget talks, Conservatives want to freeze out-of-work benefits, which are set to rise with inflation, while liberals in the government “will only allow the benefits freeze if taxes on the rich are increased,” according to The Telegraph.
Democrats in the United States might note that since Cameron’s government announced the lower top rate, the number of Britons reporting income of at least 1 million pounds has risen to 10,000."

Note: Newsmax magazine is now available on the iPad. Find us in the App Store.

“The one and only! ”

Since: Oct 10

St. Marys, GA

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#2
Dec 9, 2012
 

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On the way to my next degre, I was forced to take a little silly-assed course (2hours)this semester called "Global Issues."

Last Wenesday night, we were talking bout economis in a very cursory wy. When the instructor asked all the young skulls full of mush if they thought a mandated balanced budget was a good idea, they all said yes.

When asked if they would be for any cuts in services, here was a unanimousw "No."

When asked if the "rich" should be taxed more heavily, there was an enthusiastic yes.

When we met the day AFTER the Ben Ghazi massacre, the instructor and I were the only ones who had a clue it had happened.

These kids are scary.
George

United States

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#3
Dec 9, 2012
 
I say tax welfare and foodstamps the same rate as any other tax increases.
Schoolmarm

Herndon, PA

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#4
Dec 9, 2012
 

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Moreno Jay wrote:
On the way to my next degre, I was forced to take a little silly-assed course (2hours)this semester called "Global Issues."
Last Wenesday night, we were talking bout economis in a very cursory wy. When the instructor asked all the young skulls full of mush if they thought a mandated balanced budget was a good idea, they all said yes.
When asked if they would be for any cuts in services, here was a unanimousw "No."
When asked if the "rich" should be taxed more heavily, there was an enthusiastic yes.
When we met the day AFTER the Ben Ghazi massacre, the instructor and I were the only ones who had a clue it had happened.
These kids are scary.
Where do I start? degre, Wenesday, economis, wy, and unanimousw..... Julian, what is the excuse this time? Is your glucose high? Is it low? Have you been drinking? Have you been taking Oxy? Did you spill your sweet tea on your key board? Did you get garlic in your gas? What gives?

Regardless, hold your stubby little hand out......whap, whap, whap. I hope that hurt Julian. You are just going to have to do better. An "F" for you today.

What are you going to do with all your worthless degrees, Julian?
You haven't worked a day since you started your college (if you call ASSU and CCGA college) career.
bubba 131

Kingsland, GA

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#5
Dec 9, 2012
 

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$250,000 a year is NOT rich....
Why do democrats hate the successful and wealthy Republicans and not wealthy Democrats?
Hypocrisy maybe..
Redneck

Woodbine, GA

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#6
Dec 9, 2012
 

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Better yet why do rich democrats complain about how little they pay in taxes? Just once I would like for a reporter interviewing Buffet to ask him "if you think you are not paying enough in taxes why don't you just write a bigger check to the US Treasury?"

Won't happen though.

“The one and only! ”

Since: Oct 10

St. Marys, GA

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#8
Dec 10, 2012
 
Schoolmarm wrote:
<quoted text>
Where do I start? degre, Wenesday, economis, wy, and unanimousw..... Julian, what is the excuse this time? Is your glucose high? Is it low? Have you been drinking? Have you been taking Oxy? Did you spill your sweet tea on your key board? Did you get garlic in your gas? What gives?
Regardless, hold your stubby little hand out......whap, whap, whap. I hope that hurt Julian. You are just going to have to do better. An "F" for you today.
What are you going to do with all your worthless degrees, Julian?
You haven't worked a day since you started your college (if you call ASSU and CCGA college) career.
I'm going to have them bronzed, then melted down and molded into a large spike to drive through your brain via your hateful, but no doubt Christian, ass if I get the chance.
Anon

Saint Marys, GA

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#9
Dec 10, 2012
 

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Moreno Jay wrote:
<quoted text>
I'm going to have them bronzed, then melted down and molded into a large spike to drive through your brain via your hateful, but no doubt Christian, ass if I get the chance.
So you are homicidal. Terroristic too. This is not the first time.
Really

Kingsland, GA

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#10
Dec 10, 2012
 

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Anon wrote:
<quoted text>So you are homicidal. Terroristic too. This is not the first time.
Give Jay a break. He probably had another bad meal at his favorite place.
Republicans Are Stupid

Saint Marys, GA

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#11
Dec 10, 2012
 

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bubba 131 wrote:
$250,000 a year is NOT rich....
Why do democrats hate the successful and wealthy Republicans and not wealthy Democrats?
Hypocrisy maybe..
As yes, another Stupid Republican spouting off BS.

Here Stupid Republican, try some facts for a change: "The Tax Policy Center, a partnership between the Urban Institute and Brookings Institution, estimates that about 6.07 million Americans earned above $200,000 in 2011. They make up the top 4.2 percent of taxpayers. But their income, an estimated $3.5 trillion, represents 32.5 percent of all the cash income earned."

You're rich if you earn more than 95.8 percent of the population by any measure. Except, of course, for the Stupid Republican alternate reality universe they live in. Using their logic, if you only earn $250K, a paltry $20K per month, you're poor and should be looked down on accordingly.

Try getting an education. Until then, just STFU.
Redneck

Woodbine, GA

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#12
Dec 10, 2012
 

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Republicans Are Stupid wrote:
<quoted text>
As yes, another Stupid Republican spouting off BS.
Here Stupid Republican, try some facts for a change: "The Tax Policy Center, a partnership between the Urban Institute and Brookings Institution, estimates that about 6.07 million Americans earned above $200,000 in 2011. They make up the top 4.2 percent of taxpayers. But their income, an estimated $3.5 trillion, represents 32.5 percent of all the cash income earned."
You're rich if you earn more than 95.8 percent of the population by any measure. Except, of course, for the Stupid Republican alternate reality universe they live in. Using their logic, if you only earn $250K, a paltry $20K per month, you're poor and should be looked down on accordingly.
Try getting an education. Until then, just STFU.
Hey dumbo, heres some other facts. They worked for it, they earned it and its not their responsibility to take care of able body people who won't work.

Get a job and take care of the deadbeats yourself!
Democrats are stupid

Saint Marys, GA

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#13
Dec 10, 2012
 

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Republicans Are Stupid wrote:
<quoted text>
As yes, another Stupid Republican spouting off BS.
Here Stupid Republican, try some facts for a change: "The Tax Policy Center, a partnership between the Urban Institute and Brookings Institution, estimates that about 6.07 million Americans earned above $200,000 in 2011. They make up the top 4.2 percent of taxpayers. But their income, an estimated $3.5 trillion, represents 32.5 percent of all the cash income earned."
You're rich if you earn more than 95.8 percent of the population by any measure. Except, of course, for the Stupid Republican alternate reality universe they live in. Using their logic, if you only earn $250K, a paltry $20K per month, you're poor and should be looked down on accordingly.
Try getting an education. Until then, just STFU.
Where does Nancy Pelosi fit in here?
bubba 131

Kingsland, GA

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#14
Dec 10, 2012
 
Democrats are stupid wrote:
<quoted text>Where does Nancy Pelosi fit in here?
LOL good response..
bubba 131

Kingsland, GA

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#15
Dec 10, 2012
 
Redneck wrote:
<quoted text>
Hey dumbo, heres some other facts. They worked for it, they earned it and its not their responsibility to take care of able body people who won't work.
Get a job and take care of the deadbeats yourself!
Redneck you're wasting your breath my good man...in trying to change his mind...I think his mind may be closed to the facts.
Imagine the thought processes involved in thinking Obama (the inept) is the 14th best president of all time...LOL LOL...I prefer making my own judgements based of event rather than trusting what someone else thinks. Look at his lack of class in his comments and you will agree I am sure.
Republicans Are Stupid

Saint Marys, GA

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#16
Dec 10, 2012
 

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Redneck wrote:
<quoted text>
Hey dumbo, heres some other facts. They worked for it, they earned it and its not their responsibility to take care of able body people who won't work.
Get a job and take care of the deadbeats yourself!
Listen Stupid Republican, just where is it I said "they didn't earn it" or "it's not their responsibility to take care of able body people" or say I was unemployed?

We were discussing income comparisons, not disposition thereof.

Maybe you should try reading slower. Although you're obviously one of those Stupid Republicans we keep hearing and reading about, it might help with your comprehension skills.

Otherwise, JSTFU, you're boring.
Redneck

Woodbine, GA

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#17
Dec 10, 2012
 

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Republicans Are Stupid wrote:
<quoted text>
Listen Stupid Republican, just where is it I said "they didn't earn it" or "it's not their responsibility to take care of able body people" or say I was unemployed?
We were discussing income comparisons, not disposition thereof.
Maybe you should try reading slower. Although you're obviously one of those Stupid Republicans we keep hearing and reading about, it might help with your comprehension skills.
Otherwise, JSTFU, you're boring.
My My My, don't get your panties in a wad.

You really are dumb. The originating post was about how increasing the rate of taxes on the wealthy results in less revenue to the government. The article I posted was from the UK but it shows that no matter the nation when you punish the wealth creators excessively you get less tax revenue.

Most people who create a lot of wealth are very smart. Since they are smart they know when they are being screwed and will put their money where governments can't touch it. Thats what the Kennedys and the other rich democraps do.
bubba 131

Kingsland, GA

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#18
Dec 11, 2012
 

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Republicans Are Stupid wrote:
<quoted text>
Listen Stupid Republican, just where is it I said "they didn't earn it" or "it's not their responsibility to take care of able body people" or say I was unemployed?
We were discussing income comparisons, not disposition thereof.
Maybe you should try reading slower. Although you're obviously one of those Stupid Republicans we keep hearing and reading about, it might help with your comprehension skills.
Otherwise, JSTFU, you're boring.
Again with the name calling.
And,you expect anyone to pay attention to you?? LOL LOL
facts

United States

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#19
Dec 11, 2012
 
Republicans Are Stupid wrote:
<quoted text>
As yes, another Stupid Republican spouting off BS.
Here Stupid Republican, try some facts for a change: "The Tax Policy Center, a partnership between the Urban Institute and Brookings Institution, estimates that about 6.07 million Americans earned above $200,000 in 2011. They make up the top 4.2 percent of taxpayers. But their income, an estimated $3.5 trillion, represents 32.5 percent of all the cash income earned."
You're rich if you earn more than 95.8 percent of the population by any measure. Except, of course, for the Stupid Republican alternate reality universe they live in. Using their logic, if you only earn $250K, a paltry $20K per month, you're poor and should be looked down on accordingly.
Try getting an education. Until then, just STFU.
Wealth and income are two different things: you can have a relatively high income but little wealth. If you say someone is "rich", that implies wealth. There are lots of people making $200k+ with not a lot of wealth because they live in a high cost of living area. The total tax burden on people in that income class is staggering. Raising federal marginal tax rates by 5% on those folks brings in remarkably little additional tax - enough to fund the gov for about a week. Over the last 30 years, the federal tax rate has dropped by almost half for the 2nd and 3rd quintile of income and gone to effectively zero for the lowest quintile. The 4th and top quintile have had about a 20% drop. Clearly the tax burden has shifted to the higher income folks over the past 30 years and in a big way.
Redneck

Woodbine, GA

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#20
Dec 11, 2012
 
facts wrote:
<quoted text>
Wealth and income are two different things: you can have a relatively high income but little wealth. If you say someone is "rich", that implies wealth. There are lots of people making $200k+ with not a lot of wealth because they live in a high cost of living area. The total tax burden on people in that income class is staggering. Raising federal marginal tax rates by 5% on those folks brings in remarkably little additional tax - enough to fund the gov for about a week. Over the last 30 years, the federal tax rate has dropped by almost half for the 2nd and 3rd quintile of income and gone to effectively zero for the lowest quintile. The 4th and top quintile have had about a 20% drop. Clearly the tax burden has shifted to the higher income folks over the past 30 years and in a big way.
Facts - those are excellent points. Now if we can get the dumbocrats to understand it.
facts

United States

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#21
Dec 11, 2012
 
Redneck wrote:
<quoted text>
Facts - those are excellent points. Now if we can get the dumbocrats to understand it.
Unfortunately, we now live in a polarized country where intelligent discussions, based on facts, are nearly impossible. The worst example of this is the current administration, which has elevated lies, distortions, class warfare, fear mongering, and class envy to an art form. The only thing bright light is that the republicans still hold a large majority in the House and spending bills originate in the House. We have an electorate that is, on average, not very intelligent, incapable of objectively researching important issues, uncomfortable with financial issues and numbers, doesn't understand that debt matters, and believes the nonsense put forth by the left-wing media.

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