What's wrong with this picture?

[grahamhgreen]

This tax structure is unconscionable.

End of story.

Let's return to the 94% Eisenhower rate on income over 10 million until we balance our budget.

[flvegan]

1. With THIS Congress?

:rofl:

Oh...the tears from laughing so hard.

Thanks for that laugh.

[daleanime]

2. Good graph....

now excuse me while I get some painkillers.:banghead:

[gateley]

3. I think the 94% is excessive - I don't think ANYBODY should have to pay their

government almost !00% of income regardless of how much they make. If the government didn't piss away so much money, it could be more equitable.

They DO need to pay a LOT more than the rest of us, that I'll grant you.

[BootinUp]

5. There is probably a balance between

pre-Reagan times and post Reagan times that would work better for the country and everyone. I am thinking 50% range perhaps with additional levels so the 50% doesn't hit until earnings get obscene enough.

[gateley]

8. I think that sounds pretty fair - not that I'll ever have to worry about it! nt

[walldude]

6. I agree with that. 50% of everything over a million is fine...

Hell I could deal with 40% over a million. As long as they get rid of all the loopholes. Frankly as little hard work as these white collar guys do they should be glad to pay out half just to avoid having to do anything that might mess up their manicure.

[gateley]

10. Yeah it's the loopholes that really skew it. Even then there are certain people

who would figure out ways around it, but it would be more fair to people who were honest and hard working and wanted to pay their fair share.

[Bigmack]

15. Please... not 94% of their income...

94% of their income above a certain level

In 1959.. the top marginal rate was 90%... That meant that the tax rate on anything you made over $400,000 was taxed at 90% In 2010 dollars, that would be about $2.94 million bucks.

And that's on the adjusted gross income, so all the deductions and loopholes apply.

I could go with that today.

[grahamhgreen]

19. Well said. Nt

[grahamhgreen]

16. It worked for the

Republicans under Eisenhower, but i could settle for the pre- Reagan rate of 74%!

[Luminous Animal]

20. Nobody paid 94% of their income in taxes.

The 94% rate is levied only on income over a specific amount. That is what is called a progressive tax.


An extremely simple example. Let's say you earn $1,200,000 and the top tax rate for $1,000,000 is 25% and everything over $1,000,000 is taxed at 94%. That means that the first million that you make will be taxed at 25% but the next $200,000 will be taxed at 94%.

1st million at 25% = $250,000
Next 200,000 at 94% = 188,000
Actual taxes paid = $438,000 which is a 36% tax rate on $1,200,000.

[jeff47]

23. That's not how graduated income taxes work

If they're in the 94% bracket, they don't pay 94% on all income.

I'm gonna use round, made-up numbers for this example.

They pay 0% on the first $20,000
They pay 10% on 20,000 to 30,000
They pay 20% on 30,000 to 60,000
They pay 30% on 60,000 to 100,000
They pay 34% on 100,000 to 10,000,000
They pay 94% on everything over 10,000,000

[walldude]

4. Hartmann said today that the top 25 hedge fund managers

average salary for this year, and this is this year only, was 2.2 BILLION. Poor guys, I bet their hands are all calloused, I bet their backs ache terribly, I mean to work hard enough to make 2.2 billion in a year you gotta be fucking Superman.. or LEX FUCKING LUTHOR!

[jgraz]

12. That's not a salary, that's a cut of the loot from their global pillaging.

I'm beginning to think we not only need a maximum wage, we need a lifetime cap on earnings.

[walldude]

13. You gotta wonder about these people

That level of greed has to be a disease or something, I mean, how fucking much do you need? And how can you be so greedy and watch others suffer because of it? How does a person live with themselves knowing that the cost of adding those gold faucets to their yacht could have fed 1000 people for 6 months? I can't even fathom it.

I'm all for people getting rich and living comfortably but there should be limits.

[glitch]

14. Sociopaths are genuinely incapable of considering others.

It's a gravely serious disability and those who have it should not be allowed power over others, including access to other peoples' money.

[grahamhgreen]

18. Good points all!

[jgraz]

7. And then after we balance our budget.

Let's lower it to 91%.

Am I not merciful?

[Zywiec]

9. What are the top 25 doctors earning? n/t

[Incitatus]

21. A hell of a lot less than that.

Cardiology and plastic surgeons are the highest paid and usually don't go over 1 million a year. Less than 1 thousandth of the top hedge fund managers.

[maryf]

11. "We don't pay taxes. Only the little people pay taxes..."

Leona Helmsley spoke for her class...

94% of ten million? still leaves 600,000 after taxes...sounds like more than enough to me...

[applegrove]

17. Crazy.

[lonestarnot]

22. Bastards!