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Author Topic: Tax the rich? Millionaire tax? $500k+ tax? Why?  (Read 1895 times)

Offline ManicMaurice

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Tax the rich? Millionaire tax? $500k+ tax? Why?
« on: March 26, 2009, 09:54:40 PM »
Why should someone who makes more than say $500k a year pay a larger percentage of their income in taxes than someone who doesn't?

Why does this make sense? Why should people who have a larger yearly income pay for services and goods for people who don't make as much?
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Offline NYCMacUser

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Re: Tax the rich? Millionaire tax? $500k+ tax? Why?
« Reply #1 on: March 26, 2009, 10:05:00 PM »
I guess it's the same reason people who don't have children pay school taxes; or putting tolls on bridges to help pay for the folks who use the subway and buses; or . . . who am I kidding?

They shouldn't pay more. We should finally have a flat tax. No damned write offs; no deductions; no dependents . . . every one pays the same percentage of their income as taxes. No special rates for singles, seniors, disabled, married couples, people with children. No capital gains tax. No inheritance tax. It's income. It's all taxable at the same rate. We should all pay individual taxes of, let's say, 24.873% of gross income.

When everyone pays the same, no-one can complain.
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Offline thanos27

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Re: Tax the rich? Millionaire tax? $500k+ tax? Why?
« Reply #2 on: March 27, 2009, 01:27:40 AM »
The person making 25-30k a year cant afford to pay the same as some making 500k a year can . 25k u are barely hanging on while the guy making 500k is deciding on what lambo to buy next .

I personally think they should make cigarettes 20 dollars a pack with all the extra taxes being collected . I know smokers will hate that but its just what i think . I bet tons would stop smoking .

Offline Sweeper

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Re: Tax the rich? Millionaire tax? $500k+ tax? Why?
« Reply #3 on: March 27, 2009, 07:33:03 AM »
I guess it's the same reason people who don't have children pay school taxes; or putting tolls on bridges to help pay for the folks who use the subway and buses; or . . . who am I kidding?

They shouldn't pay more. We should finally have a flat tax. No damned write offs; no deductions; no dependents . . . every one pays the same percentage of their income as taxes. No special rates for singles, seniors, disabled, married couples, people with children. No capital gains tax. No inheritance tax. It's income. It's all taxable at the same rate. We should all pay individual taxes of, let's say, 24.873% of gross income.

When everyone pays the same, no-one can complain.

Amen


Quote
The person making 25-30k a year cant afford to pay the same as some making 500k a year can . 25k u are barely hanging on while the guy making 500k is deciding on what lambo to buy next .
But at 25K you only pay $6218 while at 500K you pay $124365.

The best part about this would be the death of the special interest groups, lining up to pay for the own personal tax exemption. Home owners and renters would be treated equally. Married couples and single people would be treated equally. No special favors to flavor of the month industries. Sounds good to me.

Offline merm

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Re: Tax the rich? Millionaire tax? $500k+ tax? Why?
« Reply #4 on: March 27, 2009, 08:36:57 AM »
I used to be a big supporter of the flat tax, but I've since become a supporter of the elimination of income taxes altogether, and replacing them with a national consumption tax called the Fair Tax.

Offline Sweeper

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Re: Tax the rich? Millionaire tax? $500k+ tax? Why?
« Reply #5 on: March 27, 2009, 09:51:11 AM »
I used to be a big supporter of the flat tax, but I've since become a supporter of the elimination of income taxes altogether, and replacing them with a national consumption tax called the Fair Tax.

I would absolutely get behind that too. Great site BTW.

Offline mcgowan

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Re: Tax the rich? Millionaire tax? $500k+ tax? Why?
« Reply #6 on: March 27, 2009, 10:22:01 AM »
There are a handfull of states that do not have a sales tax, and they are hurting more now than even New York most other states to provide the same level of services (education, roads, police, fire, children services etc).  The reason?  The sales tax is more at the whim of the economy than income tax.  Which means the states were rolling in the $ a the hight of the spending two years ago and politicians being politicians, started handing out the $ to the various groups that supported them or they want the support of in the future, or commited the state to large expensive projects that they cannot afford now that the state revenues have droped by over 25%.

Oh, and this would also mean that those who make MILLIONS in bonuses and other income and hoard it, not putting it back into the economy to stimulate growth would then not be taxed at all on the income. 
-Chris

Offline ManicMaurice

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Re: Tax the rich? Millionaire tax? $500k+ tax? Why?
« Reply #7 on: March 27, 2009, 12:05:59 PM »
Gothamist: Tax For Wealthy Seems Headed For State Budget
http://gothamist.com/2009/03/27/tax_for_wealthy_seems_headed_for_st.php

All signs point to the new NY State budget including new tax brackets for earners making more than $300,000. According to the Daily News, whose website offers a Robin Hood-ed Governor Paterson, "Assembly Democrats are pushing a three-tier plan that would raise the top rate - 6.85% - on people earning more than $300,000 a year."

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Maybe NYC needs to figure out how to lower the number of residents depending on welfare and public housing, instead of implementing even more tax brackets. If I was making enough to qualify for any of these brackets I would just make sure I spent enough time in LA, Miami, or Palm Beach so I wouldn't have to pay any taxes in NYS or NYC. Have you ever walked past any of the many housing projects in NYC? The people living there get parking spaces with their apartments and they own Cadillacs, SUVs, and other expensive automobiles ... give me a break ...
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Offline TRX

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federal spending and more more more Re: Tax the rich? Millionaire tax?
« Reply #8 on: April 03, 2009, 04:20:42 PM »
I understand this thread is likely more about NYS budgets and state taxing considerations.
But for the Federal.

http://www.latimes.com/news/nationworld/nation/la-na-congress-budget3-2009apr03,0,7225190.story

How does a Bill get enacted again, School House Rock?
I believe this budget is near final.
So far, a fairly strong vote in the House. Senate gave 55 votes.
Now they reconcile?

3.5? Trillion
 :-o   :-o   :-o


ps Our Congressional Rep has an e-update with notes for more transparency on the bailout, and to consider an interesting proposal to make the 2010 census effort apolitical. Good wishes.
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Offline jims0626

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Re: Tax the rich? Millionaire tax? $500k+ tax? Why?
« Reply #9 on: March 27, 2010, 10:59:47 PM »
I think much of the problem with our high taxes, lies with local and state governments that have to many employees, in many case low productive and a pension fund, instend of a 401k (like most of the private sector). Our elected government officials typically never rock the boat when it comes to unionized labor, so we the suckers aka the taxpayers must pay, and pay and pay. Thus my wife and I for tax year 2009, have paid over 50% of our gross income to taxes, this includes federal, state, city, real estate taxes, sales taxes, surcharges on our utility bills. This does not take into consideration that i must cross the Whitestone bridge for work and pay a toll for a bridge that was built in the 1930's and has been paid for 20 times over, to subsized the MTA, a government agency without accountability to the taxpayer. Remember the Boston tea party and England, someone should call me for the next party.


 

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