Do you support a millionaires tax? - DFWstangs Forums
 
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post #1 of 28 (permalink) Old 07-15-2009, 10:22 AM Thread Starter
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Do you support a millionaires tax?

http://www.reuters.com/article/marke...EN055320090714

With the new health care plan, a tax on the successful is being considered. Millionaires would be hit with a 5.4% tax.

Why, in a free market economy would we tax the wealthy, successful, job providing individuals and lessen their incentive to expand and create new sources of income? Not only this, but do you think they will actually get a fucking dime from any of these folks? We will have more CEOs reducing salaries to a dollar, a mass hiring of tax lawyers to write off every possible expenditure, which I believe will result in less money being taken in by the govt.

My Dad for example in the past has never worried about writing anything off. He has paid his dues for years... but with the new admin he has begun downsizing his business, writing off items that he normally would have never messed with, etc. You would have to be batshit crazy if you believe that people with the means to protect their earnings will just hand that shit over to Uncle Sam. God damn, I never thought it would come to this. This goes against the capitalistic values that have propelled our nation into greatness... and I am certain that the founding fathers would whip our asses for allowing it to come for this.
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post #2 of 28 (permalink) Old 07-15-2009, 10:29 AM
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According to the latest data, the top 1% of wage earners paid 33% of total taxes, and the top 5% paid 52%. In 2006, the top 20% of earners paid 86.3% of all federal income taxes, which was an all-time high.
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post #3 of 28 (permalink) Old 07-15-2009, 10:35 AM
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Right now the top 10% earners makeup up 73% of the federal personal income tax collections. You can't keep taxing the wealthy like this and expect growth and recovery. The last thing we need to do is hurt the "trickle down" effect...

*edit - slow beat me to it

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post #4 of 28 (permalink) Old 07-15-2009, 10:36 AM
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Abolutely not.

As a banker, I actually have clients that own small and medium sized business that are closing up shop completely because of the inevitable tax rate hikes and surtaxes and penalties taht will be levied against them.

It kind of scares you when you see a profitable business with a few hundred employees shut their doors because from their own words "It's not worth it anymore"
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post #5 of 28 (permalink) Old 07-15-2009, 10:42 AM
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It won't be effective as there are ways around it, and it will stifle an already unpleasant business climate. But it will be an effective "I told you I'd tax the rich more!" vote getter. Depressing.
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post #6 of 28 (permalink) Old 07-15-2009, 10:46 AM
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People in Cali, and New York will have over 50% of there pay taken away from them (federal, and state tax). That is absurd.

I Need to start a business that I can send over seas, so I can keep myself safe of this crap.

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post #7 of 28 (permalink) Old 07-15-2009, 10:57 AM
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thats dumb,

time to pick up shop and head east.

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post #8 of 28 (permalink) Old 07-15-2009, 11:19 AM
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Dumb, dumb, dumb move. It will result in more unemployment when businesses abandon ship. The dems see taxes as a way to fix everything without understanding what effects taxes have on business and business decisions. I predict that if they enact this new tax the actual proceeds from it will be marginal, and you'll see the exodus of businesses moving out of the US pick up steam.

There is a fundamental lack of understanding of economic effects going on with the obama administration and the dems in general.
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post #9 of 28 (permalink) Old 07-15-2009, 11:22 AM
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Dumb, dumb, dumb move. It will result in more unemployment when businesses abandon ship. The dems see taxes as a way to fix everything without understanding what effects taxes have on business and business decisions. I predict that if they enact this new tax the actual proceeds from it will be marginal, and you'll see the exodus of businesses moving out of the US pick up steam.

There is a fundamental lack of understanding of economic effects going on with the obama administration and the dems in general.
Just to add...rich folks I know will not change their lifestyles at all. They just cut back on employee's and their perks to make up for the lost income. It's like "trickle down economics", except it's "trickle down income". They'll just pay everyone under them less money.

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post #10 of 28 (permalink) Old 07-15-2009, 11:27 AM
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Question:
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Originally Posted by DOHCTR View Post
[
Why, in a free market economy would we tax the wealthy, successful, job providing individuals and lessen their incentive to expand and create new sources of income? .


Answer: Obama and Democrats in office.
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post #11 of 28 (permalink) Old 07-15-2009, 11:33 AM
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Where's the poll?!??

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post #12 of 28 (permalink) Old 07-15-2009, 12:30 PM Thread Starter
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Where's the poll?!??
Tried to put one but had already submitted the thread
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post #13 of 28 (permalink) Old 07-15-2009, 12:34 PM
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I do not support any additional taxes on anyone. They need to cut spending not increase taxes to support their spending habits.
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post #14 of 28 (permalink) Old 07-15-2009, 12:53 PM
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X2 on every statement preceding this post.

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post #15 of 28 (permalink) Old 07-15-2009, 01:24 PM
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I read an article in the Wall Street journal yesterday saying that in California and New York, the highest tax bracket would be 60% with this new stuff in effect. It also explained that this would hit sole proprietorships the hardest since that is the vast majority of people who make this kind of money and are not incorporated.

I don't know about all of you but I wouldn't be working too hard once I got to that bracket.
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post #16 of 28 (permalink) Old 07-15-2009, 01:37 PM
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I read an article in the Wall Street journal yesterday saying that in California and New York, the highest tax bracket would be 60% with this new stuff in effect. It also explained that this would hit sole proprietorships the hardest since that is the vast majority of people who make this kind of money and are not incorporated.

I don't know about all of you but I wouldn't be working too hard once I got to that bracket.
On that note, why work that much harder any where if it'll move me into that bracket?

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post #17 of 28 (permalink) Old 07-15-2009, 02:19 PM
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On that note, why work that much harder any where if it'll move me into that bracket?
Exactly
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post #18 of 28 (permalink) Old 07-15-2009, 02:23 PM
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On that note, why work that much harder any where if it'll move me into that bracket?
Which means cutting production; which means lay-offs...

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post #19 of 28 (permalink) Old 07-15-2009, 09:06 PM
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The rich will continue to make money, they'll just sacrifice employees to keep their portion the same.

WTG assholes!

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post #20 of 28 (permalink) Old 07-15-2009, 09:36 PM
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i think we could all better ourselves if the goverment would get out of our ass's and drop 80% of existing taxes.

we've allowed them to stick there noses where they dont belong for to long now.

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post #21 of 28 (permalink) Old 07-15-2009, 09:51 PM
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I guess the New American Dream is to be lazy and have the govmt take care of you. Afterall, being successful and seeing the fruit of your labor will just be taken away. Why work for it any more. Fucking bullshit. YAY FOR SOCIALISM!

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post #22 of 28 (permalink) Old 07-16-2009, 12:44 AM
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ehhh i dont defend the rich because they will go to where the money is regardless and that is asia. Globalization remember? Businesses are dreaming of when they can go to china because its all pluses for them since we dont put tariffs on them bringing that shit back into the country, why would they stay in america? America is losing its economy to asia even with current tax rates cause over there they have slave wages, hardly any taxes, no safety standards to meet and no regulation at all. People here say that stuff is the main reason companies are leaving and that it is evil but the regulations were put in place for a reason. Why do you think europe has all the rules and stuff they have? Cause if they didnt their countries would be economically ruined. American was afterall, china to europe when we actually made stuff.

I dont think taxing the shit out of the rich is the answer but i think they need to discourage businesses from laying tens of thousands of americans off just so they can go make insane profits in asia. They will also have to protect american businesses from slave labor from other countries by taxing the hell out of them for access to the worlds largest economy. If they are in a unique market they will stull find buyers but for the most part america was capable of making what it needed itself. I know this isnt a popular belief but i keep asking, if we had the ability and respect before why not now? All i see is a once powerful country that has been able to get by on former glory finally settling into its true worth and it isnt good cause americans arent used to living like a third world country.

Basically my view is, sure you can do whatever you want to make money in the US aslong as its legal. If you wanna go get rich in other country, then expand but dont think you can just transfer your company and keep a skeleton crew here to keep your american business label. That shit needs to stop, either you are an american business and you help the country by providing jobs so people dont have to go on welfare or unemployment or you need to get the fuck out of my country. Plain and simple.

Either way, hurry up and ruin the fucking country. Keep sitting on your asses while americans get sold out to some lame ass country that hasnt done shit for the world. Then maybe people will realize it really isnt all about money and if it is then america truely is fucked.

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Last edited by Slammy; 07-16-2009 at 05:00 AM.
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post #23 of 28 (permalink) Old 07-16-2009, 01:23 AM
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I think all taxes should be more or less equal, percentage wise.

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post #24 of 28 (permalink) Old 07-16-2009, 09:59 AM
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I think everyones taxes are eventually going to go up, because we owe to much money.

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post #25 of 28 (permalink) Old 07-16-2009, 10:22 AM
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I Need to start a business that I can send over seas, so I can keep myself safe of this crap.
Guess you've never heard of tariffs. Before taxes were started here they were the feds sole source of income.

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post #26 of 28 (permalink) Old 07-16-2009, 10:35 AM
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Do you support a millionaires tax?

No.
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post #27 of 28 (permalink) Old 07-16-2009, 06:42 PM
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All this crap about the rich paying more taxes is B.S. at best.

Think about it. The "rich" These are your employers. They just pass the cost on to the consumer. <----- That would be us.

In other words, no matter where the initial tax is started, you and I pay for it in the end.

All I know is I have had just about enough of this communist crap!



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post #28 of 28 (permalink) Old 07-16-2009, 11:47 PM
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If I am paying to keep Jorge and his wife and 5 daughters healthy, I want my fucking yard mowed for free and to have his wife suck my dick every night.

If I am paying at tax, there MUST be a benefit for ME for it to be fair and reasonable... otherwise, I want my slaves delivered.


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