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Forums - Politics Discussion - Millionaire tax! America only for now, so the rest of you millionaires in other coutries are safe!!!

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Hi Vgchartz millionairre! Do you want extra taxes?

Yes 31 54.39%
 
No 16 28.07%
 
I get paid in gum. 5 8.77%
 
(recycle) I am a meat popcycle. 5 8.77%
 
Total:57
vlad321 on 19 September 2011
Kantor said:
crissindahouse said:
Kantor said:
This will never pass a Republican congress.

It's populism at its very worst. Obama understands that he's done a pretty worthless job as President so far, and he needs to drum up support from the left so they don't go vote Nader or something.

Not everyone is as wealthy as Warren Buffett. The top 0.5% of America is significantly richer than the second 0.5%. Most of the money paid in by these people will never be seen by them again in any form.

You can't force the very wealthiest people to pay exorbitant tax rates, because they will just refuse. They'll move elsewhere, or hire yet more people to find loopholes. The only "solution" is to lump the entire middle class together and say they have become rich on the backs of the poor, to say that the majority of Americans are entitled to more than they currently get. It's a fantastic method of control.

Should he let the Bush tax cuts expire? Absolutely. Should he increase tax further? No. Should he go into this massive song and dance about it? No.


see, that's just wrong. best example are some european countries like denmark. as an european from an eu-country you can live where you like in the eu but rich people in denmark still didn't leave the country to pay lower taxes elsewhere. (someone from denmark just would have to live in germany so maybe 50-200km away from denmark's biggest cities to pay lower taxes)

sure some will leave the country to do this but most won't because they know that it's unfair and they know that they have to help their country and that they will still be rich as hell or at least have enough money for the rest of their life. most rich aren't assholes if it comes to them to help.

the rich in denmark have to pay a lot more than the rich in the usa would have to pay if this will become true and a lot of them will live in denmark till they die.

It's not really fair to compare the American government, an inefficient and corrupt organisation at the best of times, to the best-run countries in the world.

When you know that every kroner you spend is going towards a worthwhile cause, and you know that nobody harbours any resentment for you for having money, you don't feel reluctant to give money to the government. When it is going on foreign invasions, benefit cheaters and free healthcare that you don't receive, well, that's where problems start to appear.


So instead of fixing the actual problem, government corruption, let's just not do shit?



Tag(thx fkusumot) - "Yet again I completely fail to see your point..."

HD vs Wii, PC vs HD: http://www.vgchartz.com/forum/thread.php?id=93374

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Marks on 19 September 2011

I'm fine with closing all the loopholes and shit, but don't just straight up raise taxes on the rich.

American presidents can't just rely on raising taxes all the time. Eventually they'll actually have to cut some spending.



deskpro2k3 on 19 September 2011

just give everyone a million dollars, this way all the credit problems will be over with.



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Lord N on 19 September 2011
Kantor said:

You can't force the very wealthiest people to pay exorbitant tax rates, because they will just refuse. They'll move elsewhere, or hire yet more people to find loopholes.


I'm sorry, but this is bull.

First off, where are they going to go? Every other developed country on earth (as well as some of the underdeveloped countries) has far higher tax rates than the United States. Secondly, the rich had to pay a tax rate of 91% under Eisenhower, and before Reagan's tax cuts, it was 77%, and rich people certainly weren't leaving the country en masse.

This argument gets more ridiculous every time I see it.



 

Consoles owned: Saturn, Dreamcast, PS1, PS2, PSP, DS, PS3

osamanobama on 19 September 2011

eliminate tax loopholes, tax breaks, tax exemptions, etc (for everyone), and lower rates (for everyone).
thats the best solution.
raising taxes will just get rich people to move their money around, or just move out of this country.

its really simple, the more money you let you citizens keep the more they save,invest, spend, and inevitably create jobs.
uncertainty and higher taxes kill growth



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osamanobama on 19 September 2011
Lord N said:
Kantor said:

You can't force the very wealthiest people to pay exorbitant tax rates, because they will just refuse. They'll move elsewhere, or hire yet more people to find loopholes.


I'm sorry, but this is bull.

First off, where are they going to go? Every other developed country on earth (as well as some of the underdeveloped countries) has far higher tax rates than the United States. Secondly, the rich had to pay a tax rate of 91% under Eisenhower, and before Reagan's tax cuts, it was 77%, and rich people certainly weren't leaving the country en masse.

This argument gets more ridiculous every time I see it.


no they didnt



Rath on 19 September 2011
Kantor said:
This will never pass a Republican congress.

It's populism at its very worst. Obama understands that he's done a pretty worthless job as President so far, and he needs to drum up support from the left so they don't go vote Nader or something.

Not everyone is as wealthy as Warren Buffett. The top 0.5% of America is significantly richer than the second 0.5%. Most of the money paid in by these people will never be seen by them again in any form.

You can't force the very wealthiest people to pay exorbitant tax rates, because they will just refuse. They'll move elsewhere, or hire yet more people to find loopholes. The only "solution" is to lump the entire middle class together and say they have become rich on the backs of the poor, to say that the majority of Americans are entitled to more than they currently get. It's a fantastic method of control.

Should he let the Bush tax cuts expire? Absolutely. Should he increase tax further? No. Should he go into this massive song and dance about it? No.


They won't be paying exorbitant tax rates. Most of them currently pay lower tax rates than people who earn less than them.

 

I really do agree with Obama on this one, while cutting expenses is necessary (and lets face it, some areas of your government are bloated enough that there could be significant savings) but if you're going to be serious about cutting the deficit then you need to raise revenues too.



HappySqurriel on 19 September 2011
Salnax said:
spurgeonryan said:

Wait? Millionaires pay less of a percent of there income than poorer people do! Is that what I am reading?


Yep. Most taxes are based on income from wages. A lot of millionares instead get most of their money from investments and the stock market, which are taxed far more lightly. Therefore, a millionaire who makes most of their money from investments will get taxed somewhere from 15% to 20%, while most Americans have to pay over 30%.

U mad, middle class?


No, because that's how it works in many/most countries becuase it is a fairly effective way to encourage investment over spending ... In particular, venture capital investments which are the primary drivers to job creation. From 1980 to 2005 firms that were less than 5 years old accounted for 100% of the net job creation within the economy. For the most part, these firms can not get financing from banks because they're too high risk (roughly 70% of startups fail in their first year) and are too small to have an effective IPO, and their only option is to have people with capital invest in them.

The question you should be asking is what these millionares return on investment was, and whether new taxes on capital gains will just encourage them to invest their money into safer investments like large companies stocks ... Remembering (of course) that the long term trend for large companies is to shrink their (domestic) labor force to increase their profits from offshoring and efficiency.



Lord N on 19 September 2011
osamanobama said:
Lord N said:
Kantor said:

You can't force the very wealthiest people to pay exorbitant tax rates, because they will just refuse. They'll move elsewhere, or hire yet more people to find loopholes.


I'm sorry, but this is bull.

First off, where are they going to go? Every other developed country on earth (as well as some of the underdeveloped countries) has far higher tax rates than the United States. Secondly, the rich had to pay a tax rate of 91% under Eisenhower, and before Reagan's tax cuts, it was 77%, and rich people certainly weren't leaving the country en masse.

This argument gets more ridiculous every time I see it.


no they didnt

Then how might you explain this?

http://www.taxfoundation.org/publications/show/151.html

Seriously, if you're going to call me out, then at least do research and post sources.



 

Consoles owned: Saturn, Dreamcast, PS1, PS2, PSP, DS, PS3

osamanobama on 19 September 2011
Lord N said:
osamanobama said:
Lord N said:
Kantor said:

You can't force the very wealthiest people to pay exorbitant tax rates, because they will just refuse. They'll move elsewhere, or hire yet more people to find loopholes.


I'm sorry, but this is bull.

First off, where are they going to go? Every other developed country on earth (as well as some of the underdeveloped countries) has far higher tax rates than the United States. Secondly, the rich had to pay a tax rate of 91% under Eisenhower, and before Reagan's tax cuts, it was 77%, and rich people certainly weren't leaving the country en masse.

This argument gets more ridiculous every time I see it.


no they didnt

Then how might you explain this?

http://www.taxfoundation.org/publications/show/151.html

Seriously, if you're going to call me out, then at least do research and post sources.

you mistaking what the official tax rate was, 

and what people actually paid.

 

you said people paid 91%, they didnt. it was much much much lower than that.

and for the Reagan example do you really want to use the time of Jimmy carter, the time of stagflation as an example of why high tax rates are good?