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0 pointsscarface746y ago0 comments

Who should pay for it? The pizza shop owner with a net income of under $50K a year after working 70+ hours a week? Increase taxes on the household making an average of $70K a year so the government can subsidize his pay while he stays in a household making over twice the average household income?

Does the pizza owner also deserve an adequate return on investment to make his risk worthwhile or should he also work for minimum wage at a larger corporation?

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behringer6y ago

Why should we tax the poor? No, we should tax the rich, ramp that tax rate up to 90 percent for the highest brackets, and stop putting half our taxes to military. We'd suddenly have so much money we wouldn't know what all to spend it on.

scarface74OP6y ago

When you “tax the rich at 90%” it disincentivizes people from working - would you risk starting a business or working extra hours for only 10 cents to the dollar?

Also, how do you classify “the rich”? People in the 90th percentile of household income? That would be approximately $130K a year.

Finally, only 15% of federal spending goes to the military. Most of our spending is already for social security, Medicare, education, retirement benefits, etc.

https://www.cbpp.org/research/federal-budget/policy-basics-w...

seanmcdirmid6y ago

This is why capital gain taxes are generally different from income taxes (the previous are lower and can be offset by losses to prevent risk taking).

Social security and Medicare are funded directly via payroll taxes, they are not part of he general fund and you pay for them separately. Comparing them is like comparing medical insurance premiums or 401k savings to military spending.

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dragonwriter6y ago

> When you “tax the rich at 90%” it disincentivizes people from working

It reduces the incentive to sacrifice other things for additional income once you've already reached the level at which the increased tax kicks in, yes.

Why is this a bad thing?

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0 pointsscarface746y ago0 comments

Does the pizza owner also deserve an adequate return on investment to make his risk worthwhile or should he also work for minimum wage at a larger corporation?

0 comments

behringer6y ago

scarface74OP6y ago

When you “tax the rich at 90%” it disincentivizes people from working - would you risk starting a business or working extra hours for only 10 cents to the dollar?

Also, how do you classify “the rich”? People in the 90th percentile of household income? That would be approximately $130K a year.

Finally, only 15% of federal spending goes to the military. Most of our spending is already for social security, Medicare, education, retirement benefits, etc.

https://www.cbpp.org/research/federal-budget/policy-basics-w...

seanmcdirmid6y ago

This is why capital gain taxes are generally different from income taxes (the previous are lower and can be offset by losses to prevent risk taking).

1 more reply

dragonwriter6y ago

> When you “tax the rich at 90%” it disincentivizes people from working

It reduces the incentive to sacrifice other things for additional income once you've already reached the level at which the increased tax kicks in, yes.

Why is this a bad thing?

1 more reply

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