Posted on 04/20/2025 4:40:59 AM PDT by karpov
There’s no point doing this. Government won’t get more revenue increasing the top rate. Time and time again, raising the rates reduces the incentive to work and increases the shift to legal tax avoidance. Of course Wall Street knows there’s less money for investment in equities.
Good point.
The article is about emotions, not facts.
Yah got it backwards. Demos are all millionaires. My assets are up past $1M and I am not a Demo. Especially a CaCaLand Demo. Don’t be insulting. :)
To fight this issue every conversation must include a referral to “millionaires like BernieSanders”. Make him the poster boy for this whole issue. That will promptly shut up every commie trash within hearing.
A (delighted) mainstream media several weeks ago started writing stories about a new Republican interest in raising taxes on “the rich”
They don’t have any idea. They always talk about paying a fare share, but they never say what fare share is.
Wrong, wrong, wrong. It is over an 8% increase.
40-37 / 37 X 100=3/37 X 100=8.108%.
I believe it is a serious bid to raise their income tax by 3% in order to pay for the bottom classes for no taxes on tips, overtime & SS recipients to provide them more disposable income to either save or purchase goods & services. It’s still less than the 94% in 1944 & 1945 during the WWII era. Once the economy is clicking on 24 cylinders, then along with all other income tax rates it can be lowered to their lowest percentiles ever.
There should be a flat tax. Everyone should have skin in the game.
There are some tax policies that could be adjusted without causing great pain in the world.
But moving a “millionaire’s” tax up just a couple of points would be a problem for me. That would be the proverbial “slippery slope.” It would be a “win” for the tax and spend crowd.
I would be more interested in seeing significant progress on reducing the national debt. Stop spending and then we can talk about whether or not we need more money for debt reduction.
We all know at some point the Dems are going to be back in charge. The system needs to be fundamentally changed before THAT happens. We know that they will see revenues coming in and they will want to spend 150% of their income. And then cry about “cuts.”
No thanks.
Net worth above one million is not uncommon. A million dollars isn’t what it used to be.
I read that and laughed. A couple of years ago our net worth eclipsed the magic number. I went in and told my wife. She asked me why we are still eating hamburger for dinner, instead of steak.
I told her that we hit the number BECAUSE we at hamburger and not steak.
We both got a good laugh about it.
You are right of course.
I love when politicians and journalists try to do math.
In the end, it’s not about “rates”. Taking percentages of percentages will always screw up those folks.
It’s about the money. On $100, the rate goes from $37 to $40.
‘managing President Trump?’
Good luck with that.
Correct. The WSJ is just another NYT or WPO but with a slight finance focus, but it ranks right down there with the National Enquirer — although the NQ is sourced better.
“Income disparity” in the US has resulted in great part from globalization, which deprived many US workers of “middle class” blue-collar jobs, while the Wall Street financiers of off-shore production/importing finished goods grew fat on the much lower wages of foreign workers. This situation did not happen by itself. It required what only politicians can provide when it is in their own “interests”: legislation, diplomacy, treaties, favorable tariff and income tax treatment, monetary policy, etc.
Taxing “millionaires” merely gives the government a cut of the action and an incentive to continue the death spiral, while doing NOTHING to produce US jobs and restore the middle class. That is not a proper solution.
Good question. We (wife andI )have million in net worth, maybe 2 but cash in retirement accounts only make up half that. So I’m not keen on paying more than the 85K in federal taxes, 20k in payroll, 15K in state, 2K in property and then 9% on everything I buy.
Ok, how do you feel about the tariff?
Loud and proud since 1969!
Add in bracket creep due to inflation.
Subtract loopholes.
Haha good point!!
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