Really rich people are suddenly paying quite a bit more in taxes • Hacker News Board

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

#181

Post by [deleted] » Fri, Jan 01, 2016, 2:02 AM UTC

beeboop wrote: post #165

beaner wrote: post #131

Earlier quoted context omitted.

Maybe. I guess it depends on what you consider "super high". It'd take a few years to build up $1m from a $1m salary, and there's no guarantee the job is even kept that long.

A few years? More like 14 months if he's living reasonably.

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

#182

Post by gnaritas » Fri, Jan 01, 2016, 9:58 PM UTC

paulddraper wrote: post #175

gnaritas wrote: post #69

Earlier quoted context omitted.

It's a terrible idea, a sales tax taxes spending instead of earning which automatically is a huge tax cut to the wealthy who by definition spend a far smaller percentage of their income than the middle classes who basically spend it all. Taxes belong on income, not on spending; sales taxes are incredibly regressive.

My bad. At the time of posting I thought that FairTax was fairly well known. https://en.wikipedia.org/wiki/FairTax#Monthly_tax_rebate

And as with all things government, it's the opposite of what it's named. The fair tax is anything but fair. If you only tax spending, then the rich, who spend far less than their income, can effectively avoid taxation of most of their earnings by simply living below their means, which they do anyway because that's what being rich is. If I make a million a year but consume like someone making 100k a year, I only pay taxes on 1/10 of my income; hardly fair since the guy actually making 100k is paying taxes on 100% of his income.

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

#183

Post by beeboop » Sun, Jan 03, 2016, 5:57 PM UTC

beaner wrote: post #180

beeboop wrote: post #165

Earlier quoted context omitted.

A few years? More like 14 months if he's living reasonably.

You're leaving out taxes entirely.

My mistake

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

#184

Post by [deleted] » Wed, Jan 06, 2016, 3:55 AM UTC

muzz wrote: post #138

pmorici wrote: post #98

Earlier quoted context omitted.

"Similarly, if you were earning 7 figures and wanted to help society / people in need, would the government really be your best choice in terms of bang for your buck?" Under the current tax code, people already have the ability to donate up to 50% of their income to charity tax free. How many people do you know who donate 50% of their income to charity every year?

What is the 50% limitation? In theory, aren't all charitable contributions a deduction? I.e., even up to 100%?

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