Current Events > If someone makes $150,000+ a year, should they be taxed 45%?

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Nukleen
04/08/17 6:59:22 PM
#1:


If someone makes $150,000+ a year, should they be taxed 45%?


Topic
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no.
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electricbugs2
04/08/17 7:00:44 PM
#2:


Plz no.
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meingott
04/08/17 7:01:03 PM
#3:


No.
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alt_no_1_loves
04/08/17 7:01:24 PM
#4:


Nah, 30% is sufficient.
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#5
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_Goggalor_
04/08/17 7:03:31 PM
#6:


Fuck no.
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Darklit_Minuet
04/08/17 7:03:58 PM
#7:


No, they should be taxed more since they're rich
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Balrog0
04/08/17 7:04:46 PM
#8:


i think that we should stop taxing capital gains and dividends differently from earned income that way we can raise revenue without raising the nominal income tax rate at all
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meingott
04/08/17 7:04:55 PM
#9:


Darklit_Minuet posted...
No, they should be taxed more since they're rich


$150,000 a year isn't rich.
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Darklit_Minuet
04/08/17 7:05:33 PM
#10:


meingott posted...
Darklit_Minuet posted...
No, they should be taxed more since they're rich


$150,000 a year isn't rich.

Yes it is. Anything over six digits is
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FlashOfLight
04/08/17 7:05:38 PM
#11:


No, I do not agree with that.
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Logos
04/08/17 7:06:23 PM
#12:


Darklit_Minuet posted...
meingott posted...
Darklit_Minuet posted...
No, they should be taxed more since they're rich


$150,000 a year isn't rich.

Yes it is. Anything over six digits is


No it isn't.
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Ampelas
04/08/17 7:06:50 PM
#13:


Balrog0 posted...
i think that we should stop taxing capital gains and dividends differently from earned income that way we can raise revenue without raising the nominal income tax rate at all

Are there any reasonable arguments against this?
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The Admiral
04/08/17 7:07:13 PM
#14:


They already are, if you're counting state, local, and FICA taxes in addition to federal.
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Nukleen
04/08/17 7:07:26 PM
#15:


This is how much people in the UK pay BTW
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no.
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FlashOfLight
04/08/17 7:07:27 PM
#16:


Yeah, rich is $5 million plus.

$1,000,000-$4,999,999 is "well off".
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#17
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Darklit_Minuet
04/08/17 7:07:50 PM
#18:


Logos posted...
Darklit_Minuet posted...
meingott posted...
Darklit_Minuet posted...
No, they should be taxed more since they're rich


$150,000 a year isn't rich.

Yes it is. Anything over six digits is


No it isn't.

Explain how when median income in the US is $51,939

I'd say making DOUBLE the median income is rich
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FlashOfLight
04/08/17 7:07:57 PM
#19:


Nukleen posted...
This is how much people in the UK pay BTW


Literally highway robbery.
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meingott
04/08/17 7:08:27 PM
#20:


Darklit_Minuet posted...
Logos posted...
Darklit_Minuet posted...
meingott posted...
Darklit_Minuet posted...
No, they should be taxed more since they're rich


$150,000 a year isn't rich.

Yes it is. Anything over six digits is


No it isn't.

Explain how when median income in the US is $51,939

I'd say making DOUBLE the median income is rich


Making double the median income doesn't make you rich.
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The Admiral
04/08/17 7:08:40 PM
#21:


Ampelas posted...
Balrog0 posted...
i think that we should stop taxing capital gains and dividends differently from earned income that way we can raise revenue without raising the nominal income tax rate at all

Are there any reasonable arguments against this?


Yes, the tax break is to encourage investment, which spurs the economy and results in job growth. There is a higher multiplier effect on investment versus consumption in regards to GDP growth.
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Darklit_Minuet
04/08/17 7:09:03 PM
#22:


meingott posted...
Darklit_Minuet posted...
Logos posted...
Darklit_Minuet posted...
meingott posted...
Darklit_Minuet posted...
No, they should be taxed more since they're rich


$150,000 a year isn't rich.

Yes it is. Anything over six digits is


No it isn't.

Explain how when median income in the US is $51,939

I'd say making DOUBLE the median income is rich


Making double the median income doesn't make you rich.

Yes it does
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Balrog0
04/08/17 7:10:18 PM
#23:


byron posted...
Ampelas posted...
Balrog0 posted...
i think that we should stop taxing capital gains and dividends differently from earned income that way we can raise revenue without raising the nominal income tax rate at all

Are there any reasonable arguments against this?

It reduces incentive to invest.


yes, this is the typical response

but I don't think it's a reasonable one, I'm not suggesting we get rid of carry forward or carry backwards rules so the only way it reduces the incentive to invest is the same way a payroll tax reduces the incentive to work
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meingott
04/08/17 7:11:31 PM
#24:


Darklit_Minuet posted...
meingott posted...
Darklit_Minuet posted...
Logos posted...
Darklit_Minuet posted...
meingott posted...
Darklit_Minuet posted...
No, they should be taxed more since they're rich


$150,000 a year isn't rich.

Yes it is. Anything over six digits is


No it isn't.

Explain how when median income in the US is $51,939

I'd say making DOUBLE the median income is rich


Making double the median income doesn't make you rich.

Yes it does


No it doesn't.
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Iodine
04/08/17 7:12:00 PM
#25:


Huh? This topic doesn't make any sense. The Federal Income Tax for someone making $150k is 28% and the highest state tax for that amount would be 9.3% in California.
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Xelltrix
04/08/17 7:13:58 PM
#26:


It's also not a flat tax so they're not actually losing 28% of their income.
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#27
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Balrog0
04/08/17 7:16:18 PM
#28:


The Admiral posted...
Yes, the tax break is to encourage investment, which spurs the economy and results in job growth. There is a higher multiplier effect on investment versus consumption in regards to GDP growth.


Right, but GDP growth is not a great indicator of economic health of the people, just the government. When your long-term unemployment rate is 40% higher than it was during the trough of the recession and your median income has been stagnant for decades there's clearly a case to be made that using GDP as an indicator here is misleading at best.
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Darklit_Minuet
04/08/17 7:19:03 PM
#29:


meingott posted...
No it doesn't.

Do you actually plan to back up your assertion with any statistics?
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meingott
04/08/17 7:19:42 PM
#30:


Darklit_Minuet posted...
meingott posted...
No it doesn't.

Do you actually plan to back up your assertion with any statistics?


Where are your meaningful statistics?
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Balrog0
04/08/17 7:20:13 PM
#31:


byron posted...
Well, investing is done with discretionary income not income that they need to have a place to live and eat. People don't choose to invest in BAC instead of eat for the week.


I'm not disagreeing that higher tax rates on investment income will disincentive investments, but the disincentive effect would probably be rather small, which is generally what the research shows

http://www.taxpolicycenter.org/briefing-book/what-effect-lower-tax-rate-capital-gains

I only bring up the payroll tax because I would argue that that is also a disincentive for economic growth, and I think it is more significant for most people than capital gains
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Darklit_Minuet
04/08/17 7:20:30 PM
#32:


meingott posted...
Darklit_Minuet posted...
meingott posted...
No it doesn't.

Do you actually plan to back up your assertion with any statistics?


Where are your meaningful statistics?

I used the statistic of the median income in the US, and rightfully stated that double that is rich. Half of it is poor, double it is rich, median is middle class because median means middle
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meingott
04/08/17 7:21:19 PM
#33:


Darklit_Minuet posted...
I used the statistic of the median income in the US, and rightfully stated that double that is rich. Half of it is poor, double it is rich, median is middle class because median means middle


You didn't prove that double the median income is rich. You merely asserted it. Making double the median income doesn't make someone rich.
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Darklit_Minuet
04/08/17 7:22:31 PM
#34:


meingott posted...
Darklit_Minuet posted...
I used the statistic of the median income in the US, and rightfully stated that double that is rich. Half of it is poor, double it is rich, median is middle class because median means middle


You didn't prove that double the median income is rich. You merely asserted it. Making double the median income doesn't make someone rich.

How doesn't it? Making a shitload of money makes one rich
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Ampelas
04/08/17 7:22:34 PM
#35:


meingott posted...
Darklit_Minuet posted...
I used the statistic of the median income in the US, and rightfully stated that double that is rich. Half of it is poor, double it is rich, median is middle class because median means middle


You didn't prove that double the median income is rich. You merely asserted it. Making double the median income doesn't make someone rich.

Rich is a very subjective term though. I don't think there's any actual numbers for it.
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meingott
04/08/17 7:23:13 PM
#36:


Darklit_Minuet posted...
How doesn't it? Making a s***load of money makes one rich


How does it? You made the claim, so prove it. Making double the median income doesn't make someone rich. And it isn't a "shitload" of money by any reasonable metric.
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Xelltrix
04/08/17 7:23:59 PM
#37:


Arguing about rich is dumb. Rich is different to different people... and different locations... and different expenses.
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Darklit_Minuet
04/08/17 7:24:40 PM
#38:


meingott posted...


Yes it is. It's more money than I will ever make in my entire lifetime, in a single fucking year.
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HydraSlayer82
04/08/17 7:25:02 PM
#39:


Double the median income in rural areas, yeah you're rich, double the median income in a big city? Um, no.
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meingott
04/08/17 7:25:13 PM
#40:


Darklit_Minuet posted...
meingott posted...


Yes it is. It's more money than I will ever make in my entire lifetime, in a single fucking year.


What you make is literally irrelevant. That doesn't prove it's "rich"
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meingott
04/08/17 7:25:55 PM
#41:


HydraSlayer82 posted...
Double the median income in rural areas, yeah you're rich, double the median income in a big city? Um, no.


Not even. No one who makes $150,000 is going to be able to retire any time soon or buy expensive shit. Rich people don't need to work and they can buy fancy shit. That's on a pretty reasonable and common definition of "rich"
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Darklit_Minuet
04/08/17 7:26:06 PM
#42:


meingott posted...
Darklit_Minuet posted...
meingott posted...


Yes it is. It's more money than I will ever make in my entire lifetime, in a single fucking year.


What you make is literally irrelevant. That doesn't prove it's "rich"

Prove that it's not rich
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Iodine
04/08/17 7:27:11 PM
#43:


My definition of rich is someone who's income is in the top 1%.
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meingott
04/08/17 7:27:29 PM
#44:


Darklit_Minuet posted...
Prove that it's not rich


You made the claim that it's rich. You didn't prove anything. Stop trying to shift the burden of proof. No sane individual agrees with you lmao
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Xelltrix
04/08/17 7:27:58 PM
#45:


I thought they were called the Super Rich.
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Darklit_Minuet
04/08/17 7:28:25 PM
#46:


meingott posted...
Darklit_Minuet posted...
Prove that it's not rich


You made the claim that it's rich. You didn't prove anything. Stop trying to shift the burden of proof. No sane individual agrees with you lmao

Just because you have a horribly skewed perception of rich doesn't mean it's normal
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Balrog0
04/08/17 7:30:13 PM
#47:


How has no one mentioned the variable costs of livng?
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Xelltrix
04/08/17 7:31:19 PM
#48:


Balrog0 posted...
How has no one mentioned the variable costs of livng?


Xelltrix posted...
Arguing about rich is dumb. Rich is different to different people... and different locations... and different expenses.

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MaverickXeo
04/08/17 7:32:50 PM
#49:


Increasing taxes a large amount only promotes the willingness to 'cheat' on taxes, which results in lesser tax revenue. The Laffer curve is a good example to follow to prevent this. An ideal amount of tax percentage will result in less tax evasion, more investment, and in turn, more tax revenue.
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MaverickXeo
04/08/17 7:33:13 PM
#50:


Iodine posted...
My definition of rich is someone who's income is in the top 1%.


So more than half of North America?
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