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VonBonfire
Well-known member
JD won't get it until he's on a work farm paying for his crimes against the proletariat.
MadAsAHatter
Well-known member
Thing is, the people who own homes over $5M will end up getting rid of those assets and moving everything away from NY. These people didn't get "rich" by letting the local government tax thee shit out of them. They'll buy a new place in a state that's more tax friendly. That equates to abandoned buildings, loss of job for the people who attend and do upkeep, and loss of tax revenue for NYC.
JDs Couch
Well-known member
No, it's just a minor tax. They'll be fine.
When measured as a percentage of their total wealth or income (the "effective tax rate"), the ultra-wealthy often pay a lower rate than middle-class families.
A 2021 White House study found that the 400 wealthiest billionaire families paid an average federal tax rate of only 8.2% on over $1 trillion in income, far lower than the average American taxpayer.
Why Rates Are Low: The wealthy often pay lower rates because they derive income from assets (capital gains) rather than wages, which are taxed at lower rates than earned income. They can also use tax deductions, charitable donations, and "borrow-against-assets" strategies to avoid taxable income.
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VonBonfire
Well-known member
One thing I've learned about him is he is unable to defend his points. Ever.
JDs Couch
Well-known member
Make America Great Again!
The top marginal US federal income tax rate peaked at 94% during World War II (1944–1945) and stayed at or above 70% from 1965 to 1981. While statutory rates were high, effective rates were much lower, with top earners in the 1950s paying roughly 42-45% due to deductions and loopholes. The rate dropped significantly to 50% in 1982 and 28% in 1988.
The top marginal US federal income tax rate peaked at 94% during World War II (1944–1945) and stayed at or above 70% from 1965 to 1981. While statutory rates were high, effective rates were much lower, with top earners in the 1950s paying roughly 42-45% due to deductions and loopholes. The rate dropped significantly to 50% in 1982 and 28% in 1988.
JDs Couch
Well-known member
Says the guy who believes the earth is flat, moon landing is fake, space isn't real, and Sky Daddy controls everything.
Hey VB, let's hear your take on the age of the Earth and humanity.
MadAsAHatter
Well-known member
An 8.2% tax rate on a "wealthy" individual generates much more tax revenue than the effective 12% the average American generates. The loss of a single one of the "wealthy" people would be a substantial loss to the tax revenue of any city.
Omnipotent1
Well-known member
Ah Chit just found this place.. Must be where the grown ups come to catch fades. Didn’t know RT had a political warzone.. 
JDs Couch
Well-known member
So why should a wealthy person pay a lower percentage than a middle class person? It literally makes zero sense.
You're the bunch always shouting how things were better in the good old days. Well, looking back, in the good old days the rich were taxed way higher which helped pay for social services that benefited everyone.
Floyd Eye
Well-known member
It's easy to spend other people's money.
The top 10% pays 40% of all federal income tax. The bottom 40% pays none.
You can rationalize it however you want to but when it comes down to it it's jealousy and selfishness. No matter how much of other people's money you take, your taxes aren't going down.
And people are already abandoning NY for places like Florida. Hoeckel ( sp?) has been publicly begging rich people to talk their rich friends into moving to NY.
Socialism has never worked anywhere and if NY keeps doing the things they're doing now it's gonna look like Detroit in a few years.
The top 10% pays 40% of all federal income tax. The bottom 40% pays none.
You can rationalize it however you want to but when it comes down to it it's jealousy and selfishness. No matter how much of other people's money you take, your taxes aren't going down.
And people are already abandoning NY for places like Florida. Hoeckel ( sp?) has been publicly begging rich people to talk their rich friends into moving to NY.
Socialism has never worked anywhere and if NY keeps doing the things they're doing now it's gonna look like Detroit in a few years.
MadAsAHatter
Well-known member
^^^ This
IndyWS6
Well-known member
I’m all for closing loopholes that allow people - wealthy or otherwise - to sidestep their rightful taxes. Our tax code is horribly flawed. I’m also strongly opposed to taxing people at a higher rate simply because they are successful. Why should “I” fund someone else simply because I made better choices or worked harder? I donate to causes and charities that are important to me. No one has the right to donate my money on my behalf…
MadAsAHatter
Well-known member
It goes both ways. Why should a wealth person pay a higher percentage than a middle class person? It makes zero sense.
FYI, if we're going to have income tax I'm in favor of a flat rate across the board.
JDs Couch
Well-known member
Welcome!Ah Chit just found this place.. Must be where the grown ups come to catch fades. Didn’t know RT had a political warzone..
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Robostyle
Well-known member
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Robostyle
Well-known member
Then why don't you pay it if you "care so much"?
JDs Couch
Well-known member
I should pay a millionaire's property tax in a country I don't live in?
Weird take, but expected from RoNoStyle
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Robostyle
Well-known member
Should be a flat tax % for all imho
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Robostyle
Well-known member
Exactly as i thought.
You care enough to bitch and complain daily, but not enough to actually do anything.
Typical butthurt Canadian.
JDs Couch
Well-known member
Now, get in here and start swinging!Ah Chit just found this place.. Must be where the grown ups come to catch fades. Didn’t know RT had a political warzone..
