Rich people

Discussion in 'Politics & Current Events' started by superdave, Feb 28, 2012.

  1. superdave

    superdave Member+

    Jul 14, 1999
    Raleigh
    Club:
    DC United
    Country:
    United States
    http://www.wired.com/wiredscience/2...ign=Feed:+wiredscience+(Blog+-+Wired+Science)

    Rich people are psychologically damaged.

    The bending point of the Laffer Curve is apparently 84%, which means we could double the marginal tax rate without affecting economic activity.

    http://www.nber.org/papers/w17860
    http://www.slate.com/blogs/moneybox/2012/02/28/the_laffer_curve_bend_at_84_.html

    I think we should treat the rich much like a farmer treats any beast of burden. Harness his strengths and use them for the greater good.

    But for God's sake, keep that harness tight. Because you don't want the big, dumb, destructive beast ruining the farm.
     
  2. msilverstein47

    msilverstein47 Member+

    Jan 11, 1999
    Country:
    United States
    Nationally, borrowers with loans of at least $1 million were in default for an average 792 days last year before banks repossessed their homes, according to an analysis by data provider Lender Processing Services. For loans under $250,000, the wait stood at an average 611 days-a difference of about six months.

    http://gawker.com/5888923/foreclosures-on-the-top-1-sure-do-move-slowly
     
  3. JohnR

    JohnR Member+

    Jun 23, 2000
    Chicago, IL
    Honest to God, the right is going to keep playing the Laffer Curve argument until tax rates for the top 1% are at zero. We're halfway there with the consensus Republican proposals to eliminate capital gains and estate taxes. And marginal income rates will keep getting pushed down, in the name of enabling the "job creators."
     
  4. 96Squig

    96Squig Member

    Feb 4, 2004
    Hanover
    Club:
    Hannover 96
    Country:
    Netherlands
    It's only a matter of decades until you will have serfdom again in the US the way things are going.
     
  5. Crimen y Castigo

    May 18, 2004
    OakTown
    Club:
    Los Angeles
    Country:
    United States
    [ame="http://www.youtube.com/watch?v=twkh0YiInPM"]mo money mo problems (best quality) - YouTube[/ame]
     
  6. That Phat Hat

    That Phat Hat Member+

    Nov 14, 2002
    Just Barely Outside the Beltway
    Club:
    Liverpool FC
    Country:
    Japan
    Sad David Brooks is sad.

    [​IMG]
     
  7. Matt in the Hat

    Matt in the Hat Moderator
    Staff Member

    Sep 21, 2002
    Brooklyn
    Club:
    New York Red Bulls
    Country:
    United States
    Has any major candidate ever proposed progressive capital gains rates?
     
  8. Chris M.

    Chris M. Member+

    Jan 18, 2002
    Chicago
    No but me and dannytoone did back in the day. :D
     
  9. Matt in the Hat

    Matt in the Hat Moderator
    Staff Member

    Sep 21, 2002
    Brooklyn
    Club:
    New York Red Bulls
    Country:
    United States
    Me and Dave agreeing on healthcare. You and Danny agreeing on taxation. This place may truly be the world's greatest think tank.
     
  10. Chris M.

    Chris M. Member+

    Jan 18, 2002
    Chicago
    Yep. I was basically just for raising the CG tax back to Clinton levels which I think was 20% for long term? I can't remember for sure. We got to talking and ended up with a plan to eliminate CG for people who make less than 20 or 25% of their money through CG and then for the rest, just taxing it as income. For the great majority of the people out there, it would have eliminated some tax and truly would have encouraged investment. For the uber wealthy who have no real salaries (or very small ones) it would tax them the way they should be taxed. Seemed a reasonable outcome to me and one that I certainly didn't just think through on my own. It takes a real debate between people with differing views to get the right result in many instances.
     
  11. That Phat Hat

    That Phat Hat Member+

    Nov 14, 2002
    Just Barely Outside the Beltway
    Club:
    Liverpool FC
    Country:
    Japan
    The devil's advocate asks how we distinguish retirees who rely on investment income to pay for day-to-day expenses and a "retiree" like Mitt Romney? Is it safe to assume that the progressive rates would take care of this?
     
  12. Chris M.

    Chris M. Member+

    Jan 18, 2002
    Chicago
    I believe that when you cash out money from your IRA or 401(k) it is taxed as regular income, no? You get the benefit of deferring tax for all of those years, but the money IS eventually taxed. And in retirement, it would likely fall in a lower bracket than during your working years, unless you are super wealthy.

    Are you talking about other investments than traditional retirement investments?
     
  13. cleansheetbsc

    cleansheetbsc Member+

    Mar 17, 2004
    Club:
    --other--
    You are correct about IRA/401K, but there are rules that you need to start cashing out of those accounts. Some of the tax-deferred income once out may be re-invested and generate capital gains. So there is the very real likelyhood that some capital gains can be achieved by the 'poor.'
     
  14. Grogtank

    Grogtank Member

    Sep 5, 2009
    Vegas Baby
    Country:
    United States
    Ho hum, more nebulous attacks on the "rich" from lefties trying to maintain outrage amongst the ignorant. Desperate to expand their dependent voting class and march us straight to the failed policies of the PIIGS, or worse. As if I haven't heard it all before.

    Just today another lie was proven to be false. This one shows the extent to which a leftist will go to decieve people. Here you go.
     
  15. Matt in the Hat

    Matt in the Hat Moderator
    Staff Member

    Sep 21, 2002
    Brooklyn
    Club:
    New York Red Bulls
    Country:
    United States
    Some of us are here to solve problems. Some of us are here to make noise.
     
  16. That Phat Hat

    That Phat Hat Member+

    Nov 14, 2002
    Just Barely Outside the Beltway
    Club:
    Liverpool FC
    Country:
    Japan
    I imagine non-wealthy people may have use means other than 401(k) and other tax-deferred methods to save for retirement. I'm thinking that for the most part, people who are "double taxed" can handle the hit, but I'm just guessing.
     
  17. Chris M.

    Chris M. Member+

    Jan 18, 2002
    Chicago
    Hey, I'm happy to make adjustments that are fair for retired folks. But there are a lot of "non-wealthy" people that have money in 401(k)s. They effectively took the place of pension funds for most working people.
     
  18. Grogtank

    Grogtank Member

    Sep 5, 2009
    Vegas Baby
    Country:
    United States
    I see, so the lies and decpetions of the left fall into the category of "solving problems" but pointing out these deceptions is "making noise". Gotcha!
     
  19. That Phat Hat

    That Phat Hat Member+

    Nov 14, 2002
    Just Barely Outside the Beltway
    Club:
    Liverpool FC
    Country:
    Japan
    I mean that the non-wealthy may use methods in addition to the standard 401(k)/traditional IRA where the contributions are tax-deductible, though I guess this distinction is beside the point.
     
  20. Auriaprottu

    Auriaprottu Member+

    AUFC
    Apr 1, 2002
    The back of the bus
    Club:
    Atlanta
    Country:
    --other--
    That grog is pretty well-spiked, ain't it?
     
  21. Chris M.

    Chris M. Member+

    Jan 18, 2002
    Chicago
    Well, if needed, this is a pretty easy problem to solve. You can exempt a portion for persons over a certain age, or make the whole thing progressive up to something like $50,000 in income and then tax it like normal income.
     
  22. Kobranzilla

    Kobranzilla Member

    Sep 6, 2001
    NY F'in City
    Club:
    FC Barcelona
    Country:
    United States
    forced deductions start at around 70.5 and decrease year after year based on a scale of life expectancy

     
  23. argentine soccer fan

    Staff Member

    Jan 18, 2001
    San Francisco Bay Area
    Club:
    CA Boca Juniors
    Country:
    Argentina
    Perchik: Money is the world's curse.
    Tevye: May the Lord smite me with it! And may I never recover!

    (From Fiddler on the Roof)
     
  24. ceezmad

    ceezmad Member+

    Mar 4, 2010
    Chicago
    Club:
    Chicago Red Stars
    Country:
    United States
  25. JBigjake

    JBigjake Member+

    Nov 16, 2003
    argentine soccer fan repped this.

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