What is the optimum tax rate on the wealthy?

[Swan Noir]

Mav, not taking anything away from your answer, it's a good one. But we all know that if a friend or even just a long time acquaintance is up against it we try to pick up the odd tab or send over a drink.

I realize that I am speaking of voluntary behavior here and that is worlds apart from the tax man putting his hand in our pockets making the question you pose more relevant than my example but when I hear about companies with openings posting that they will only interview those that are currently employed it makes me cringe.

It is truly amazing that the Western world has let things go this far. We have mismanaged and over spent ourselves into a truly perverse place.

BTW, I recall your participation in a Tape Reading thread here on ET some years back. You filled in some blanks that I had been curious about for years ... thanks!

Quote from Maverick74:

Here is an easy way to figure that out. Next time you go out to dinner with friends, ask the richest guy at the table what % of the dinner bill he would like to pay for. That is your answer.

 

[Scataphagos]

Quote from Maverick74:

Here is an easy way to figure that out. Next time you go out to dinner with friends, ask the richest guy at the table what % of the dinner bill he would like to pay for. That is your answer.

Richest guy pays 75% of the bill

Next richest guy pays 25%.

The other 2 eat for free.

That's how we do it in America.

And things won't be fixed until "the rich pay their fair share".

 

[Humpy]

Quote from Scataphagos:

Richest guy pays 75% of the bill

Next richest guy pays 25%.

The other 2 eat for free.

That's how we do it in America.

And things won't be fixed until "the rich pay their fair share".

A lot of the rich live in security gated communities well away from the poor. They don't invite the poor out to dinner unless they have something big to offer, which is rare indeed.
The poor always seem to have a "you owe me" attitude while the rich have a " don't sponge off me" attitude.
A lot of the poor have drink problems, drugs problems, mental problems, crime problems etc. which prevents them getting anywhere. They should learn self-discipline !!

 

[Scataphagos]

Quote from Humpy:

"...the rich...don't invite the poor out to dinner...

No need. The government FORCES the rich to "take to poor out to dinner"... EVERY DAY... in a manner of speaking.

America thrived while we were "the land of opportunity". We're going into the shitter now that we are "the land of entitlement"...

 

[MKTrader]

Quote from Swan Noir:


I realize that I am speaking of voluntary behavior here and that is worlds apart from the tax man putting his hand in our pockets making the question you pose more relevant than my example but when I hear about companies with openings posting that they will only interview those that are currently employed it makes me cringe.

On the flip side, there are plenty of job vacancies in certain industries and regions. Many are still holding out for a better job that isn't "beneath" them, especially if they can get unemployment, food stamps, SSI, etc. Not sure what happened to the "I'll take a job digging ditches or delivering pizzas if I have to feed my family" mentality.

 

[Mayhem]

Quote from MKTrader:

Many are still holding out for a better job that isn't "beneath" them, especially if they can get unemployment, food stamps, SSI, etc. Not sure what happened to the "I'll take a job digging ditches or delivering pizzas if I have to feed my family" mentality.

That mentality died when leisure suits, Plato's Retreat, and Studio 54 became stylish.

 

[StarDust9182]

While I don't care, since I can adjust given enough time, I do wonder why you refer to wealthy which is based on net worth or assets and talk about an income tax. Aren't income and wealth different things?

 

[peilthetraveler]

I like the idea of a 10% tax on everyone on anything you make (no tax loopholes for this) which goes to providing for the common good (roads, schools, military, ect) then another non-mandatory 10% to go to charity(welfare, food stamps, social security, medicare, ect) The non-mandatory 10% you only dont have to pay if you write a letter once per year explaining why you dont want to pay that 10% of which that letter will be public record that anyone can see it if they want. Otherwise it will be automatically deducted.

 

[piezoe]

Quote from Occam:

The real issue isn't so much the tax rate, but the byzantine and consumption-encouraging manner in which things are taxed (or not taxed, or subsidized). The US generally taxes productivity and profitability rather than consumption. Coupled with the pork-barrel politics of deductions/subsidies, we've got a problem that can't be fixed by simply raising rates.

Yes!

 

[Free Thinker]

Quote from Ghost of Cutten:

Should be identical to the tax rate on everyone else. Different tax rates for different earnings violates equal treatment under the law.

"Should be identical to the tax rate on everyone else."
the graduated income tax does exactly this. everyone pays the same tax at the bracket. a person making a million pays the same rate on the first 25k as a person making 50k.