EE PatronFeb 2nd 2012, 15:49:44
nice post Oceana
90% of your income isn't taken from you...
first off, with our income tax system only the money falling within a tax bracket gets taxed at its rate... so in other words, if you make $1,000,001 only $1 gets taxed at the 90% rate... the rest at the subsequent lower rates.
secondly, to be subject to the 90% rate you'd have to be making enough money to enter that top bracket, ie over $1m or whatever, in which case you've already been successful. so, congrats! your venture you invested in was a success.
third, well, there's the marginal value of the dollar. if you're starving on the street, $1 buys you some food off the 99 cent menu. But if you have $10b in the bank, $1 means basically nothing to you, right? and yet, TY, they keep working, don't they? everyone doesn't retire as soon as they get rich. so don't think a 90% tax rate will stop them from trying to earn even more money either.
Originally posted by TY:
So if 90% of your income was taken from you, you would still risk the 10% on a venture where its possible you could fail and lose the 10% also? I wouldn't it would be stuck in the bank to collect whatever interest I could get out of it.
first off, with our income tax system only the money falling within a tax bracket gets taxed at its rate... so in other words, if you make $1,000,001 only $1 gets taxed at the 90% rate... the rest at the subsequent lower rates.
secondly, to be subject to the 90% rate you'd have to be making enough money to enter that top bracket, ie over $1m or whatever, in which case you've already been successful. so, congrats! your venture you invested in was a success.
third, well, there's the marginal value of the dollar. if you're starving on the street, $1 buys you some food off the 99 cent menu. But if you have $10b in the bank, $1 means basically nothing to you, right? and yet, TY, they keep working, don't they? everyone doesn't retire as soon as they get rich. so don't think a 90% tax rate will stop them from trying to earn even more money either.
Originally posted by Mr. Titanium:
Watch your mouth boy, I have never been accused of cheating on any server nor deleted before you just did right there.