quite afraid US may impose million-dollar tax

Discussion in 'Economics' started by trend2009, Sep 28, 2012.

  1. I read the news that France has imposed 75% tax on income over 1 million euro. given that in 1970, the US tax for rich was as high as 70%, and democrats could possibly occupy white house for a long time in the era of economic depression, such high tax is very possible. what do you think?
  2. ammo


    think the dems and the reps are the same party,and everything caters toward the top 1 %
  3. You mean the 1% who pays 40% of the Federal Income Tax... everything caters to them (us)?

    Sounds like you're drinking Odumbo's cool aid.

    I'd rather not be catered to and not to be so unfairly taxed. I don't FEEL "catered to"... I pay TONS of taxes and don't get SHIT from the government... except demands for even more taxes.

  4. ammo


    good point,let's say .01%,the corporations,insurance drugs,medical
  5. zdreg


    why do you aggravate yourself by responding to posters who believe the leftist BS from their college teachers.
  6. From wikipedia; http://en.wikipedia.org/wiki/Distribution_of_wealth#Statistical_distributions
    According to the Congressional Budget Office, between 1979 and 2007 incomes of the top 1% of Americans grew by an average of 275%. During the same time period, the 60% of Americans in the middle of the income scale saw their income rise by 40%. Since 1979 the average pre-tax income for the bottom 90% of households has decreased by $900, while that of the top 1% increased by over $700,000, as federal taxation became less progressive. From 1992-2007 the top 400 income earners in the U.S. saw their income increase 392% and their average tax rate reduced by 37%.[15] In 2009, the average income of the top 1% was $960,000 with a minimum income of $343,927.[16][17][18]

    In 2007 the richest 1% of the American population owned 34.6% of the country's total wealth, and the next 19% owned 50.5%. Thus, the top 20% of Americans owned 85% of the country's wealth and the bottom 80% of the population owned 15%. Financial inequality was greater than inequality in total wealth, with the top 1% of the population owning 42.7%, the next 19% of Americans owning 50.3%, and the bottom 80% owning 7%.[19] However, after the Great Recession which started in 2007, the share of total wealth owned by the top 1% of the population grew from 34.6% to 37.1%, and that owned by the top 20% of Americans grew from 85% to 87.7%. The Great Recession also caused a drop of 36.1% in median household wealth but a drop of only 11.1% for the top 1%, further widening the gap between the 1% and the 99%.[19][20][21] During the economic expansion between 2002 and 2007, the income of the top 1% grew 10 times faster than the income of the bottom 90%. In this period 66% of total income gains went to the 1%, who in 2007 had a larger share of total income than at any time since 1928.

    If this is true then the 1% paying 40% (if this figure is correct) of the taxes is proportioned fairly.

    edit: should of said proportioned correctly, fair is subjective.
  7. i think its unlikely you will ever have to worry even if it was imposed.
  8. Well it's 70% tax for 1 million and 45% on 150,000.

    So they will go further down the line and squeeze the shit out of you. Don't think it won't affect you.
  9. True patriots all.
  10. Pot calling kettle...
    #10     Sep 28, 2012