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. but that money will be more likely to be spent and put back into the economy if it's owned by someone with less money...
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. but that money will be more likely to be spent and put back into the economy if it's owned by someone with less money...
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.