Really rich people are suddenly paying quite a bit more in taxes

Post by tawnie » Thu, Dec 31, 2015, 12:35 PM UTC

SlowComputer wrote: post #11

gopi wrote: post #8

Most of the these articles never consider state/local level income taxes. For a person in California the total top capital gain tax rate is more than 33%. This is actually the second highest in the world. If you consider the regular income tax its even much worse, currently the combined income tax rate in California is more than 50%

I live in California. I'm not "super rich" but we earn more than $1MM/year. For every additional dollar I earn, I only get to keep 47 cents of it, just counting _income_ taxes. In reality, only high earners pay taxes. And high-salaried people are getting screwed under Obama's war against the most productive citizens.

Post by beachstartup » Thu, Dec 31, 2015, 2:41 PM UTC

muzz wrote: post #145

beachstartup wrote: post #43

Earlier quoted context omitted.

uh, you should probably move, instead of complaining about who's president.

the fact that they haven't moved speaks volumes about how much more income they can generate in California versus elsewhere

Post by JackFr » Thu, Dec 31, 2015, 3:09 PM UTC

voynich61 wrote: post #68

JackFr wrote: post #60

Earlier quoted context omitted.

> You earn $1MM per year. That means that someone valued my time, ability and labor enough to pay me for it. That is, the exchange took place because given the circumstance of my employer, my time, ability and labor were worth more to them than $1MM. I was just able to capture the $1MM portion. The idea assertion 'I spend too much' absent any context is as meaningless as the assertion that 'the government spends too…

There are myriad ways to make obscene sums without doing anything for the world, as there are myriad ways to make an incredible impact while making relatively little. PS: the 'spend too much' situation is the one where the poster spends $500,000 on Bengal Tigers and blow.

Post by harryh » Thu, Dec 31, 2015, 4:42 PM UTC

newman314 wrote: post #149

harryh wrote: post #121

Earlier quoted context omitted.

If you eliminate corporate taxes then the shareholders of the corporation would make more money(1). You can then make up for the lost corporate tax revenue by taxing those shareholders more. It would be a simpler and more efficient system overall. 1. Probably also the employees would make more and the customers would pay less for products as well. This has to do with something called tax incidence.

Thanks. I'll have to read more about tax incidence. But naively speaking, what's the incentive for a corporation to increase employee pay in this scenario rather than just maximize shareholder value?

Post by gnaritas » Thu, Dec 31, 2015, 4:57 PM UTC

Mikeb85 wrote: post #128

gnaritas wrote: post #114

Earlier quoted context omitted.

Nor am I, and implying progressives are communists is quite intellectually dishonest.

Nor are you what? I said I agree with Piketty and Marx. Anyhow, the example was just rhetoric. The point is that communism started because people thought it was unfair that there was a rentier class who essentially monopolized wealth because they had inherited wealth. And communism fell because people thought it was unfair that people who were lazy made the same as people who worked hard. Studies have shown that most…