I disagree with Obama on taxes

[gopiscrap]

he said if you make a million or more a year you should be taxed at 30% I say if you make a million or re you should be taxed at 75% above the million mark.

[muntrv]

1. I believe that was the rate when Nixon was in office.

[phleshdef]

2. We don't NEED to tax 75%. We can pay down the debt and pay for the things we need without all that.

[BadgerKid]

3. Obligatory historical top tax rate graph

Obama's 30% is still very low, historically speaking. Still double of unearned rate of 15%.

[joshcryer]

8. Loopholes make effective tax rate for 1% closer to 25%.

Crooks like Romney get away with closer to 15%.

[muriel_volestrangler]

10. I took it to mean the overall level, not the top rate

I think a single person earning $1 million would in 2011 pay about $300,000 in income taxes.

[MrSlayer]

4. 75 is a bit high.

40 is plenty.

[Ravens Light]

5. Lets turn America into Scandinavia

It would work out great for our country of 300 million people with millions of immigrants and visa workers every year who come here to accomplish the American dream and bring tons of jobs back to the industrial wastelands that used to have working manufacturing factories... oh wait...
Also you do know the millionaires aren't the ones getting bailed out with tax dollars after crashing the market and out sourcing jobs right? I think you mixed that m up with a b.

[davidpdx]

6. I agree that taxes should be much higher

75% seems excessive. I agree 30% seems a tad low. More like high 30's

[jel]

7. Why stop there

Why not just confiscate all the wealth of the 1%ers. Wouldn't that solve the problem?

Seriously, the tax rate is not the problem, it's spending. Look up the stats - regardless of the top tax rate, the US gov only collects anywhere from 18% to 22% of GDP. As taxes go up, people's behavior changes and they find ways to pay less taxes. It's just reality.

http://www.taxpolicycenter.org/taxfacts/displayafact.cfm?DocID=200&Topic2id=20&Topic3id=23

[muriel_volestrangler]

11. No, it was not 'a farce'

for basically the same reasons you then go on the state. You say "people making that much money are generally not taxed on their income, but from other revenue streams and ventures". They are taxed on their income, but their income consists of earnings (ie salaries or revenue for work by the self-employed) taxed at 35%, but unearned income like interest, dividends and capital gains taxed at the 15% rate. The outrageous treatment of 'carried interest' for those who run hedge funds (like Romney) might be classed as a 'loophole', but it's so well known that it seems more like a feature designed into the system for those rich people who can use it (and it was specifically lobbied for by Romney). But the lower rate for unearned income is definitely not just a 'loophole'; it is a principal of the tax system, at present, and is why Buffett pays a lower rate than his secretary, and it needs changing. And Obama bringing it up is not a 'farce'.

[joshcryer]

12. We've been at war for over a decade and Bush's tax cuts exploded the deficit.

[gopiscrap]

13. I actually wouldn't have

a problem with that...FUCK THE RICH!!!!

[Bob32]

14. Great viewpoint

Stances like that would definitely contribute to a successful America.

[gopiscrap]

15. The reason why I say fuck the rich is:

They vote far over whelmingly rupublican and rupublicans are the scum of this nation..selfish, racist and sexist aholes who drag everybody else down!!!!

[Kwarg]

16. Wont happen

If you try to tax all income above 1m/yr

1) not that many people have income of 1m/yr most high income exec types take their compensation as stock or some lower taxed income.

2)lets pretend you could tax at 75%... Jonny Depp signs up for Pirates 6 and earns 20 million dollars. The first million is taxed at 35% with 19 million taxed at 75%. So his 20 million dollar payday becomes 5.4 million dollars. You would see Depp retire or accept his compensation in a different form.

[gopiscrap]

17. then let him retire

eventually somebody would be willing to work under those conditions... 5.4 million is nothing to sneeze at. Also I think all forms of compsentation..defrerred, stock, divideds etc should be taxed at 75% when over a million.