tag:blogger.com,1999:blog-2179825327176724867.post8853224757871635781..comments2024-03-12T01:50:10.462-05:00Comments on Boogie Man Journal: Economists Say We Should Tax The Rich At 90 PercentAnonymoushttp://www.blogger.com/profile/02992188139461590689noreply@blogger.comBlogger2125tag:blogger.com,1999:blog-2179825327176724867.post-51627188420811385852023-05-21T19:18:21.936-05:002023-05-21T19:18:21.936-05:00Grateeful for sharing thisGrateeful for sharing thisCupcake Recipeshttps://www.cupcakefoodies.com/cupcakes/peanut_butter_and_bacon_icing_cupcakes_14348365505.shtmlnoreply@blogger.comtag:blogger.com,1999:blog-2179825327176724867.post-49001726381635793972014-11-23T09:40:02.556-06:002014-11-23T09:40:02.556-06:00Let's simplify it for a moment. Suppose there ...Let's simplify it for a moment. Suppose there are just two tax brackets. One at 30% for anything up to $400,000, and a second at 90% for anything over $400,000. Up until your 400,000th dollar, you get to keep 70 cents for every dollar you earn. You'll pay a total of 120,000 in taxes on that first $400,000.<br />For that 400,001st dollar, you have a choice. You can spend the entire dollar on a deductible business expense like payroll, or you can keep 10 cents.<br />Earn $410,000, you'll pay $120,000 on the first $400,000. You can spend the extra$10,000 in excess income on end-of-year bonuses for your employees. Or you can spend $10,000 on advertising and promotion. Or you can spend $10,000 researching new market opportunities. Or you can donate $10,000 to your favorite charity. Or, you can cut a check to Uncle Sam for $9000, and put another $1000 in your investment portfolio.<br />The purpose of a high marginal tax rate on the highest tax bracket isn't to increase tax revenue. It's to provide a disincentive on the hoarding of excess wealth. It simply says "You will be cutting a big-ass check. Are you going to send it to your workers directly, or are you going to send it to Uncle Sam to fund public assistance for underpaid workers?"<br />How would you enforce that? Break old and valuable trade treaties?<br />How valuable are our current treaties if they are the root cause for the concentration of 300,000,000 people's wealth in the hands of a few thousand? Yes, we might need to rewrite some of our trade treaties, particularly those treaties with nations that are most exploitative of their own workers. by rivalarrivalAnonymousnoreply@blogger.com