How soon until this happens here? http://www.reuters.com/article/2013/05/18/us-france-tax-idUSBRE94H0AX20130518
I think for every dollar earned after a certain dollar amount- maybe something like $20 million- on a personal level, the tax rate jumps to something really high, like 80%. You could lower the tax rate for everyone below that number and for those above it, tough. I mean really, what can you not afford earning $20 million in ONE YEAR?! Assuming you live in Oregon and have $10 million taken out for income tax (conservative number), you still have enough to buy (with CASH): - Five $1 million dollar homes (or one $5 million dollar home) - A $2 million private jet - $2 million for every single dream car you've ever wanted - The last million should easily cover everything else- salary for your pilots & jet fuel, property taxes for your home(s), everyday living expenses, furnishings for your new home(s), maids, landscapers, and everything else. Whoops, forgot about the yacht. That might have to come next year. Gonna be rough.
Why does the question have to be, "What is enough"? It should be, "None of your business how much I make. I should pay a reasonable rate akin to what someone making $250K would make". Believe it or not, money made after that level is almost 100% invested. Most people that make those sums of money don't spend all of it on themselves or goods and services. Instead, after spending their money on whatever they wish to purchase that year, they invest the rest. Those funds create jobs for others. That money, which is return-driven, is more likely to be used effectively than monies dumped into the government.
Why do you think people use off shore accounts? One obvious answer is that it facilitates doing foreign partnerships and investments. The laws here are so punitive that the foreigners often don't want to deal with our banks. They're also so punitive that bringing money back into the country is discouraged. You know that you must declare all your worldwide income to the IRS... If you don't, it's tax evasion. A crime.
Who cares? They're not illegal. Bottom line, we care way too much about how other people do. I care about how much money I make. How much you do is none of my business.
Gets to a point where a certain amount of income is ridiculous and pointless. Take Christy Walton for example. Here's a woman who inherited her daddy's money and is now worth about $30 billion...yes, that's a "b", not an "m". In my opinion there's absolutely no reason any individual should be allowed to have that much wealth and not have to pay a motherload (percentage-wise) of taxes. God forbid she put her money back into her business and create thousands of new jobs, donate it to a charity, donate it to cancer research, give it to a homeless guy, I don't care. But it doesn't do anybody any good (including her) to have such a gargantuan amount stowed away in investments. Plus if you create these extremely high taxes for the mega-rich, that can only help everyone else, including those in the rich-but-not-ridiculously-rich category (which 50% of internet forum posters pretend to be in), businesses of all sizes, and the middle and lower class as well.
That may be, but I think it's slightly relevant to your argument that everything above 250k is invested and thus creates jobs. US companies put trillions of dollars into tax havens. That's hardly investing.
Everybody buy silver! http://www.investingchannel.com/art...APSING-ONTO-THE-FACES-OF-RETARDS#.UZqJIaU9l0s
Not all monies have to be invested in the US. It's no one's business where one invests their money. All I'm saying is that money invested by individuals is almost always used more efficiently than money taxed and spent by the government.
I'd like to repost this, but please replace the "$30billion" with whatever you made last year. It probably sounds ridiculous to you, like this post did to me. Those that think the government will somehow become more responsible with their spending because they've raised taxes on the rich, need a reality check.
I've presented this before, and nobody has ever presented a decent argument against it. I see that continues to to this day. And if you read what I said closely enough (obviously not the case), you'll recall I said for every dollar AFTER a certain amount. I picked $20 mil, but hey, I'm flexible. So if you really hate your government that much, feel free to take out that exact amount and pay a lower tax rate than what you otherwise would have, and the excess money that you would have earned can go toward whatever you want...charity, homeless, I really don't care. I feel like I've typed this before...oh wait, that's because I have.
Yeah, purchasing meth is more efficient than feeding hungry children. Just an example. Feel free to present yours.
You say that like Google is a good thing. It's a tool our government is using to track us, brainwash us, and ultimately control our very movements. And it's a financial leech on our country and most of the world. Google shaved $3.1 billion off its taxes the past three years with elaborate overseas tax shelters known as "the Double Irish" and "the Dutch Sandwich." That might sound kinky, but a tax professor says it's serious business: "They're perpetuating evil." That's what accounting expert Abraham Briloff told Bloomberg News after the wire service dug into Google's tax accounting and found the company pays a 2.4 percent overseas tax rate, lower that paid by even its more crafty competitors llike Microsoft, Oracle, IBM and Apple. The company achieves this by routing profits through Bermuda, the Netherlands and Ireland. Google's response: "Google's practices are very similar to those at countless other global companies operating across a wide range of industries." Google, as always, is just better at doing it. That's probably impressive work for a certain class of corporate accountant, but it's pretty far from "Don't be evil."
