Would you start a company and work 14 hours a day, if you where taxed over 50% ?

Answer 1

Comes with the territory. I remember being astonished after hearing the overpaid musicians, such as the Beatles, while living in England, were taxed at >80%.

"When Kennedy came into office in 1961, the top marginal rate of individual income tax was 91%, compared with 39.6% today. The top corporate rate was 52%; today it is 35%, with much ampler depreciation allowances." See attached link


Then with entitlements, the tax rate crept up again, forcing companies to seek the free trade agreement.

Theorectically it's not a bad idea, but we weren't on a level playing field.

The trouble with life-time politicians, is that even those with best intensions, will take the expedient way; to either gain power or cash.

Absolute power currupts absolutely....

ADR: how is it that you feel it's not about taxes, suggesting it's net income instead?
If a company was not regulated and taxed so heavily, you could afford to hire the right number and qualty of employees, to take it to the next level, and in fact, just what the net will be
Personal satisfaction has to be your main driver, in any endevor, but reality also plays a huge part in whether in what level of sucess you'll have.

Fun Lovi...: I agree that term limits are needed. I'm frankly surprised theis issue has fallen from the radar screen.

Answer 2

It's not about the tax. It's about the net income. If you didn't know that, then I wouldn't suggest running a business at all.

Lettie, what are you talking about? The more income you make, the higher your tax bracket. I think there's a misconception about rich people paying less in taxes than others. I think collectively, rich people may pay less than others. It really irritates me when I hear someone say that rich people pay less taxes. That makes no sense at all. Have these people seen a tax schedule?

Answer 3

I at the instant get my $89 infinite one by way of way of a pre-tax deduction from my paycheck and that i save approximately $30. i do no longer understand what it will be whilst the charges bypass up yet on the 89 greenback one on my own, this would nicely be a mark downs of roughly $360 a 300 and sixty 5 days. i does no longer bypass that up.

Answer 4

That would depend on how much money my company is earning. If I'm making $120,000 then 50% wouldn't be too bad. Keep in mind that there are always many things to consider when thinking about economics.

Answer 5

That would depend upon the bottom line of the 50% that I was allowed to keep. If after taxes I could keep 5 million dollars then, yes. Middle class taxes are keeping the country afloat now and its been that way for years and years. To the point of where their backs are almost broken. Democracy wasn't intended for the rich to get richer and the poor to get poorer. The gap between classes has widened much too far. That is not productive and weakens Democracy. Let the elite rich do their fair share for a change.

Answer 6

If this were a state tax I would move to another state. If this was a federal tax I would hire a good accountant.

Answer 7

50% tax bracket means you are making a good income. Plus you will be writing things off at a 50% rate so it works both ways. I never feel sorry for people paying over $20,000 in taxes becasue they are not in need of sympathy.

Answer 8

I believe people would still own their own companies. Some people LIKE to be the boss, They cannot stand to work for others.

If you look at a lot of successful business owners, you see that they are people who dance to their own tune, and it is hard for someone like that to work at a company.

Some have very big egos, but are also very smart.

Answer 9

I guess so, since I already did that:) But remember, 50% of a buttload o' cash is still a buttload o' cash, and a good accountant can do wonders:)

Answer 10

To "Mr. Me" ... I fervently wish that Congress would impose 12-year-long term limits on BOTH Senators and Representative -- AND their **staffs**! They'd have nothing at all to lose by doing this, if they simply grandfathered in all those who currently were in office or Congrssional staffs. With nothing to lose, WHY don't they do America that huge favor??