Should I raise taxes to 75% like we had in the 50's on the richist Americans with incomes over 10,000,000

Answer 1

This is a very simple explanation of taxes for all of you who don't quite get it:

Tax Cuts - A Simple Lesson In Economics

This is how the cookie crumbles. Let's put tax cuts in terms everyone can understand. Suppose that every day, ten men go out for dinner. The bill for all ten comes to $100.

If they paid their bill THE WAY WE PAY OUR TAXES, it would go something like this:

The first four men (the poorest) would pay nothing.
The fifth would pay $1.
The sixth would pay $3.
The seventh $7.
The eighth $12.
The ninth $18.
The tenth man (the richest) would pay $59.

So, the ten men ate dinner in the restaurant every day and seemed quite happy with the arrangement, until one day, the owner threw them a curve. "Since you are all such good customers," he said, "I'm going to reduce the cost of your daily meal by $20."

So, now dinner for the ten only cost $80. The group still wanted to pay their bill the way we pay our taxes.

So, the first four men were unaffected. They would still eat for free. What about the other six, the paying customers? How could they divvy up the $20 windfall so that everyone would get his 'fair share'?

The six men realized that $20 divided by six is $3.33. But if they subtracted that from everybody's share, then the fifth man and the sixth man would each end up being 'PAID' to eat their meal.

So, the restaurant owner suggested that it would be fair to reduce each man's bill by roughly the same amount, and he proceeded to work out the amounts each should pay. And so:
The fifth man, like the first four, now paid nothing (100% savings).
The sixth now paid $2 instead of $3 (33% savings).
The seventh now paid $5 instead of $7 (28% savings).
The eighth now paid $9 instead of $12 (25% savings).
The ninth now paid $14 instead of $18 (22% savings).
The tenth now paid $49 instead of $59 (16% savings).

Each of the six was better off than before. And the first four continued to eat for free. But once outside the restaurant, the men began to compare their savings.
"I only got a dollar out of the $20," declared the sixth man. He pointed to the tenth man "but he got $10!"
"Yeah, that's right," exclaimed the fifth man. "I only saved a dollar, too. It's unfair that he got ten times more than me!"
"That's true!!" shouted the seventh man. "Why should he get $10 back when I got only $2? The wealthy get all the breaks!"
"Wait a minute," yelled the first four men in unison. "We didn't get anything at all. The system exploits the poor!" The nine men surrounded the tenth and beat him up.

The next night the tenth man didn't show up for dinner, so the nine sat down and ate without him. But when it came time to pay the bill, they discovered something important. They didn't have enough money between all of them for even half of the bill!

And that, boys and girls, journalists and college professors, is how our tax system works. The ones who get the most money back from a reduction are those who paid in the most. Tax them too much, attack them for being wealthy, and they just may not show up at the table anymore. There are lots of good restaurants in Europe and the Caribbean.

Answer 2

In the 1950's those with incomes over $10,000,000 paid no taxes. That is when the idea of a flat tax of 15% came up. With a 15% flat tax, those with higher incomes would pay more tax but less than it cost to avoid taxes, so would save money, revenue would go up. Lowest income people would pay a tax that is affordable, and let them buy into the system as the rest of us must.

Answer 3

The last Democrat tax on the rich was for people that made $32,000 or more. Last I heard that was less than the national average income.

Answer 4

That was a WORLD WAR II tax, you numbskull. And no, it would have been sufficient just to freeze taxes to pay for the Iraq war, which was the right thing to do given the people's willingness to sacrifice for the 9/11 cause at the time.

Giving a tax cut to pay for Iraq war was beyond STUPID.

Answer 5

Why not? Those people have never worked for their money. They have poor slobs working for them so they can add more to their 10,000,000

Answer 6

The American Dream had nothing to do with wealthy venture capitalists and bucaneer outsourcers who had no roots in their own homeland or connection to their fellow citizens and neighbors.

You're probably too young to remember that.

Answer 7

Democrat should take 75% of all incomes over 15,000.
That's what they want to do.
That would mean that the rest of us Democrats would get bigger welfare checks.
Starve the working people while we Democrats get fat on bigger welfare checks.

Answer 8

Only if you ran on that idea and were elected by a majority of the American people. Fortunately the democrats didn't so we won't have to worry about that happening.

Answer 9

No-- that is a horrible idea and I doubt it would fly anyway. I'm sure even then, they had ways of skirting paying 75%.

Regan put an end to that nonsense.

Answer 10

why? whats the point? they earned it. and don't kid yourself thinking the Dem's will do it. the only people that Dem's tax are the middle class to support lazy bums and illegals.