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Thread: Thought regarding a tax system

  1. #131
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    Re: Thought regarding a tax system

    Quote Originally Posted by GreenvilleGrows View Post
    I still don't understand why some want to punish others for making money. Seems like you'd want to punish people for not being productive. Produce or else! (only slightly sarcastic here)
    We currently tax people who earn wages at higher tax rates than people who have income taxed at reduced capital gain taxes. Why do we want to punish people for working?

    But the reason is more because on the high end of income liberals (well, at least myself) believe a lot of that income is not because someone is doing a great job, but because it's far easier to make money with money than it is to make money without money. Ignoring taxes, inflation, and choosing a low investment interest rate (5%) to make up for those assumptions, consider this scenario. You have no money, but you have a job and are able to save $10,000 a year. You invest at 5%. You'll have your first million dollars in the bank (well, investments) in 36.72 years. Your second million only takes an additional 12.43 years, about 1/3rd the time. Your third million only takes an additional 7.68 years. Your fourth million 5.57 years. You see, as your wealth goes up it's easier and easier to earn that million.

    Is the person with 3 million a better producer? I guess you could say they are, they're able to fund more businesses, etc... than the person who is investing their initial $10,000 in this scenario. Are they working any harder? No, they don't have to be. The interesting question, what happens when they die?

    Give that 4 million to their kid, assume no estate tax, and the kid can turn that 4 million into 5 in 4.38 years. What it took his parent to do in 37 years he has done in 4.

    Why people want to have progressive taxes, estate taxes, that sort of thing is because it's not perceived as fair that it's so much easier to make money, when you already have money. We like to believe if we work hard and have awesome skills we can climb the financial ladder. But it's a very difficult ladder to climb when you are at a financial disadvantage to others. Because it can take you 37 years to do what someone with a head start can do in 4 years, equal skill, equally good with money, equal in everything other than a starting point. (The actual years/difference will depend upon where you put inflation, the investment interest rate, taxes, etc.)

  2. #132
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    jasonxe's Avatar
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    Re: Thought regarding a tax system

    mine would be to cut about as much as possible govt agencies through attrition, freeze spending, end our empire, transition out of welfare stuff.

    Then my new tax code would be 0% on everything... 9% tax on groceries, 15% national sales tax on everything else. :3



  3. #133
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    Kandahar's Avatar
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    Re: Thought regarding a tax system

    Quote Originally Posted by GreenvilleGrows View Post
    I still don't understand why some want to punish others for making money. Seems like you'd want to punish people for not being productive. Produce or else! (only slightly sarcastic here)

    If someone's already producing very well, you might say "Good job! Here's a reward aka some money back!"

    When someone demonstrates that they are good with money and produce rewards for those around them, they should be given more money to work with so more money is made so more tax is collected. When someone demonstrates that they are bad with money and essentially a drain on society, they shouldn't be given any money - they should be encouraged to produce.
    That logic might make sense if we are at or near full employment, but with the official unemployment rate stuck at 9% (and the actual unemployment rate much higher), it isn't as important to encourage people to produce more. It's not like there are lots of jobs that are going unfilled while qualified people choose not to take them...it's an employer's market right now, and unfortunately there are far more job-seekers than jobs to be filled right now. As long as there are lots of people who want to find jobs but can't, there is no reason to penalize the unemployed/underemployed. Let's save that for economic climates when anyone who wants a job can find a job.
    Last edited by Kandahar; 10-22-11 at 04:51 PM.
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  4. #134
    Matthew 16:3

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    Re: Thought regarding a tax system

    Quote Originally Posted by apdst View Post
    if a person makes $100,000 a year, it costs them $80,000 a year to live and you hit him with a 28% tax and you're going to send them into the hole.
    If it costs someone 80K a year to live on 100K of income, they are living far beyond their means.

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