Is it time for the federal government to increase your tax rate?

As someone who has never lost $400,000,000, I can't speak to how it would impact my life, but I have no desire to take 80% of someone's wealth, just so I can save 2.5%.

 

Taxes are not a part of the problem or solution, at this point you can't stop the inevitable just borrow more money and enjoy the show.

Check out Spain's economy, tell them tax is the problem.

 

We'll eventually end up like Europe going this direction. Even higher taxes on fuel, horsepower of cars, VAT taxes, Income taxes and all of that will ultimately be passed to the consumers that will realize that everything is more expensive.

So while the people want their government to give them more they don't realize that it will end up with their lack of freedom of spending as they're liquidity above subsistence levels will be minimal.

That means higher costs and more government dependance while limiting the ability for people to pay off debts, save and then one day start a new business or become entrepreneurs and have mobility within the economic classes. Much of Europe has become like that where you have the aristocrisy and then most of the people who are lower middle class with no mobility. Why do you think many familiy's in Europe have one small car? Vat taxes on car purchases are almost 20% (versus 6.25% in texas) and fuel is substantially more expensive.

More government benefits means more taxes and the inability or freedom to choose where that money is allocated. The multiplier affect (money growing money) in government hands is much lower as governments are significantly less efficient deployers of capital than an individual.

I for one would rather have the choice of where I spend my money and decide what business deserves my funds instead of the government bureacracy and cronyism directing funds.

 

Tax reform, not increase. Too many loopholes for the uberwealthy.

 

Lets end up like Italy where they're pulling over nice cars to check if they've paid their taxes! Auto-profiling!

We've got a great system here and we need to unleash our creativity and people, not shackle them.

I don't think tax rates are too high now and a slightly progressive system is not bad. Most great wealth is gone in one or two generations anyway aside from a few super rare exceptions.

 

Spain ran budget surpluses prior to the economic collapse of 08...now they are undergoing harsh spending cuts that is depressing demand even further, and they are euro-shackled.

How does a discussion of their fiscal policy/tax rates relate to this?

 

Let's raise the taxes on the wealthy to close to what they were during the 1970's the last period of a great economy in the US. If that doesn't work then we can start talking about taxing the ordinary folks who post on this forum.

I'll even be generous and say don't increase the tax for the Bigtexx's, Trader Jorge's etc and other wannabees till the unlikely event occurrs that they get to the upper one percent.

 

I'd like the government to raise my capital gains tax, my income tax on the highest marginal bracket, my estate tax over $5m, luxury tax, and my real estate tax. All I ask in return is a modest reduction in sales tax and the elimination of tolls on highways.

 

I wouldn't mind paying extra taxes if I saw the results of taxation more - but in this country that is not the case.

 

With fifty percent of the population paying NO taxes, absolutely not. When every one is paying their fair share, then we can talk about it.

 

Fatalism does not become you; we can change course, not easily, but we can change course. We will not spend our way out of this painfully long recession, rather we must rev up our economic engines. Companies and businesses are holding billions, waiting for a more predictable and "favorable" business climate. I say let it rip.

 

Everyone pays sales taxes and if only indirectly, real estate taxes.

 

Yeah. The 1970's were an amazing time!

Rampant inflation, losses of GDP, Oil Shocks, horrendous employment levels.
The economy Reagan took over from Carter was in the dumps.

He lowered taxes across the board which contributed to the boom we had in the 1980's and 1990's.

 

And pumped billions into the economy through discretionary spending that was not supported by the tax base.

 

You are correct, but I assumed the question was about income taxes. Right now I am taxed into the ground, especially property taxes.

 

Your response is why we need to raise tax rates. The only way to significantly increase revenues is to raise tax rates in aggregate.

 

Budget surpluses is just double talk, debt is the problem in Spain, Greece, Italy and whoever is next to be exposed,

Low interest rates from central bankers in Spain fueled a huge debt bubble in real estate tripling prices from '96- 2007- when the debt bubble popped the economy began to constrict too rapidly like debt bubbles always do so wages got wrecked and unemployment shot up,

Debt is the problem, here there and everywhere it is impossible to borrow yourself to prosperity- debt and missiles are the 2 means to wreck an economy that is productive.
You cannot get out of debt using taxes once you are bankrupt it is a slow death but taxation will not do it without very extreme spending cuts that no government would implement.

US debt fed $16 trillion, state debt 1 trillion, 1.7 trillion local govt debt, 15.7 trillion personal debt, unfunded Medicare liability 83 trillion (source federal reserve), unfunded SS liability 15.8 trillion

Good luck increasing the current 1 trillion tax base once the baby boomer's Medicare and SS starts hitting the fan.

 

No, he specifically said his tax rates need to rise with everyone else's. YOU are the hypocrite, crowing about deficits and debt, but unwilling to accept revenue increases as part of the solution.

 

Why do you have to lie to try and make a point? Everyone in America pays taxes.

 

As well as payroll taxes, which have been a larger slice of federal revenue than corporate taxes for decades now, part of Reagan's tax cuts.