what are the detrimental effects of taxing the very wealthy at 60 or 70% of their income?

Answer 1

What detrimental effects? There aren't any!

Do you think CEOs making fourty or fifty million dollars a year will quit their jobs because of it?

And Why shouldn't people making over Five million dollars a years be subject to this kind of taxation?

Just how much do they need to live on anyway?

The Benefits and Wealth of this great country of ours was meant to be shared by everyone! Not just the select few as the wealthy contributors of any particular political party!

Answer 2

Why shouldn`t the very wealthy be involved in helping less fortunate and not by choice because most are greedy (that`s how they became so rich) Think of the difference it would make in many aspects of life if anyone that makes over a mill a year would have to put 1ooo bucks once a year into a fund to help poverty people that are really trying or have been forced into their situation by no fault of there own. The balance in America is so off. Of course there will always be poor that won`t help themselves and choose to live the way they do , And there will always be the rich that only 2 people live in 15 bedroom houses with10 cars and have more money than they will ever be able to spend .But this would help a big majority. I wouldn`t call this comm or socialistic or what ever . Americans have become very ME ME ME greedy and unfeeling. What`s wrong with making people do the right thing for humanites sake. Is making people pay taxes for schools and roads ant different?

Answer 3

With the government making that kind of money, what would be the motivation for anyone to work? We could all just sit back and let the wealthy pay for everything. No one would want to actually try and succeed in life to the point where they are forced to hand over the majority of their earned money. This country would become a country of losers stuck relying on a welfare state more than it is already.

Answer 4

Rather than take responsibility for our common future, Bush has shifted costs to states and communities, who then pass them on to you. Across the country, people are seeing their property taxes skyrocket. State college tuition at 4-year schools has increased this year by an average of $579 nationwide. Half a million children have been deprived of health coverage. States and local government have cut vital services, and we're all having to pay more for less. That's the Bush Tax.

Bush is largely to blame for the fiscal crisis that has forced states and communities to raise taxes and slash services. According to the non-partisan Center on Budget and Policy Priorities (CBPP), "A conservative estimate suggests that federal policies are costing states and localities about $185 billion over the four-year course of the state fiscal crisis." Bush has shifted health costs to states and forced states to pay for unfunded mandates for homeland security, election reform, and No Child Left Behind. As a result, states and communities have had no choice but to raise taxes and cut services. That's the Bush Tax.

Answer 5

It's never happened in the US and it never will. There will always be loopholes for the rich and upper middle, and the effective tax rate will be around 30%. Some wealthy pay no income tax.

Answer 6

RICH NEVER PAY TAXES.

RICH collect taxes from the poor for GOV since the end user pays all the taxes.

Example: if a company pays 10% taxes on a item ... it will need to raise the PRICE of that item by 10% to make a profit.

Answer 7

1) They would lose incentive to earn and thus the community would be deprived of their productive efforts to a certain extent.
Many self-made rich people are very useful members of the community and provide great services and products. if they lose the fruits of their labor. They may stop planting and tending their crops, whatever they be. This human fact is what killed communism and brought down the Berlin wall.

2) Poor people would lose incentive to work hard to make their life better and become rich. They would remain mired in mediocrity and we would have fewer accomplishments and improvements as the rewards for doing so would decrease.
many people born poor actually become very ambitious and strive to overcome when they see how well others like them have done. It is inspiring to see a formerly poor person living the good life from his efforts. This would diminish, but not disappear,

3) People born rich that are not ambitious but spoiled and lazy, (the rich we all hate and envy) would probably not take so many risks to offer their wealth to others who are bright and industrious as the return would decrease. One vital role the very rich children and grandchildren of the very rich has is to manage and run the large institutions of wealth that fund the improvements. it takes a lot of capital to do research and take chances and try new things. many inventions that benefit the world come from such industrial risks. Development and distribution of inventions takes a lot of money and a lot of risk and the lazy rich people will not risk it if the incentives are diminished. Better to just buy tax free bonds and clip coupons. This is really an advantage that America maintains over third world countries desperate for capital. We have accumulated capital and can use it to develop and take risks and make progress, but the rewards have to outweigh the risks. Even if the lazy rich use professional managers, the risks will not be taken as they do not want to lose the money and then get fired. We need the venture capital of the rich. Over-taxing this wealth makes it less accessible and then interest goes up and up and we all suffer. The money must flow to do any good.

4) A lot of capital will flow out to other less tax burdensome areas of the world and America will suffer. There will be fewer homes built and fewer lenders to help people buy homes so we will all become renters with greedy slumlords runnning the housing market. There will be fewer jobs as investment is driven away from our shores.

5) We can all live just fine with light and enlightened tax policies that take what is needed and use it wisely . This means the government must be miserly and spend frugally .( like my wife) It cannot fund millions to pay for bridges to nowhere as pork for selfish congessmen of self-interested areas. We all have to pay our fair share and insist on wise fiscal policy and punish the legislators that ignore this rule to benefit a few. We need to avoid costly war as solutions to emotional problems and use strong diplomacy to acheive our ends of security. Being a Bully is expensive and it only encourages more opposition. If people are so angry with us as to use suicide bombers to get our attebtion, we need to address their complaints and not just strike back blindly at the nearest thing that looks like them. We have to ask WHY are they doing this and WHO and maybe we can respond to any legitimate complaints better and save our money for the illegitimate complainers ( N. Korea?) to use expensive force upon. We cannot kill everybody who does not like us. There would be nobody left except us and we cannot even get along. After we kill the entire world, the republicans and democrats would start killing each other until we are all dead.

The power to tax is the power to control. We must insist or governemt use this power to guide us to favorable results for the whole country. Not just to advance the special interests of a few wealthy political money donaters.
We can tax what we do not want and subsidize what we do want. it is that simple. If we want good education, we subsidize it. if we want good medicine for all, we subsidize it. if we want good roads and dams, we subsidize it.
If we do not want industrial pollution, we tax it. If we do not want earth to be poisoned, we tax it. If we do not want our water poisoned, we tax it.( or give tax breaks to those who comply but not let them tarde these breaks like stocks and never stop the pollution)
Taxes can help control our society but are not the answer to everything. Morals must be taugfht by example, not by laws. Drug abuse can be decreased by offering alternatives to the poor suffering fools that get led into it from despair or ignorance.
Abortions can be decreased by offering birth control and education and good economic lives to alleviate some of the poverty and ignorance and immoral behavior that feeds this monster. We cannot eliminate unwanted pregnancies by making abortions illegal. it will not work. we have to stop the pregnancies. ( abstinence, birth control etc) I would rather see some frequent offenders sterilized than see abortion made illegal for everyone. Just like we toss repeat offenders of DUI or DWI into prison,( which temporarily stops them) we could sterilize anyone who gets more than one aborion ( or 2 or 3) SET a number and then act to stop it.
Believe it or not I am liberal but fed up with solutions that do not work. maybe i am becoming a libertarian. Who is the libertarian candidate for president anyway?
If we have an independent judiciary, a republican senate, a democratic congress and a libertarian executive, we may have the best of all worlds. less would get done but more compromises would be made. besides, in government, less is more. the less those fools do the less we get hurt. leave us alone to each lead and live our own lives and we will find ways to cope with our differences in the community. we do not need federal alws for everything, especially morality. Let GOD handle justice for the immoral. The government has to make sure the trains run on time.

Answer 8

As long as it's fair, I don't see any problem. I believe rich is defined as 250,000 dollars a year now.70% would be what? 175,000 dollars? That still leaves them 75,000 dollars.

Answer 9

The wealthy create jobs.
Take their money away, and they won't take risks to start factories and create jobs.

Answer 10

They would move their holdings offshore like George Soros did and eventually the economy would crash & burn.