Your Ideal Tax Code

[🐒Gods of Prosperity🔱🐲💸]

Antonio, under your plan there's no point in a wealth tax since no one will have more than a few thousand dollars left for themselves anyway.

[Antonio the Sixth]

Antonio, under your plan there's no point in a wealth tax since no one will have more than a few thousand dollars left for themselves anyway.

Not entirely. Unfortunately, even with the highly progressive rates I've set, the super-rich would still be able to amass wealth over the long run. For example, under current US income levels, an average-sized household making 10 million dollars a year could keep as much as 500,000 each year. If they can save around 400,000 of those, with high interest rates, they can probably get to 1 million net worth within a couple years.

Besides, at the point when the tax is implemented, there has to be a way to trim down the fortunes that are already formed. A wealth tax is the quickest way to achieve that.

[🐒Gods of Prosperity🔱🐲💸]

Antonio, under your plan there's no point in a wealth tax since no one will have more than a few thousand dollars left for themselves anyway.

Not entirely. Unfortunately, even with the highly progressive rates I've set, the super-rich would still be able to amass wealth over the long run. For example, under current US income levels, an average-sized household making 10 million dollars a year could keep as much as 500,000 each year. If they can save around 400,000 of those, with high interest rates, they can probably get to 1 million net worth within a couple years.

Besides, at the point when the tax is implemented, there has to be a way to trim down the fortunes that are already formed. A wealth tax is the quickest way to achieve that.

You wouldn't tax investment income?

[Antonio the Sixth]

Antonio, under your plan there's no point in a wealth tax since no one will have more than a few thousand dollars left for themselves anyway.

Not entirely. Unfortunately, even with the highly progressive rates I've set, the super-rich would still be able to amass wealth over the long run. For example, under current US income levels, an average-sized household making 10 million dollars a year could keep as much as 500,000 each year. If they can save around 400,000 of those, with high interest rates, they can probably get to 1 million net worth within a couple years.

Besides, at the point when the tax is implemented, there has to be a way to trim down the fortunes that are already formed. A wealth tax is the quickest way to achieve that.

You wouldn't tax investment income?

Sure, but I doubt that would be enough. A good share of these interests would still end up in people's pockets at the end of the day.

[🐒Gods of Prosperity🔱🐲💸]

Antonio, under your plan there's no point in a wealth tax since no one will have more than a few thousand dollars left for themselves anyway.

Not entirely. Unfortunately, even with the highly progressive rates I've set, the super-rich would still be able to amass wealth over the long run. For example, under current US income levels, an average-sized household making 10 million dollars a year could keep as much as 500,000 each year. If they can save around 400,000 of those, with high interest rates, they can probably get to 1 million net worth within a couple years.

Besides, at the point when the tax is implemented, there has to be a way to trim down the fortunes that are already formed. A wealth tax is the quickest way to achieve that.

You wouldn't tax investment income?

Sure, but I doubt that would be enough. A good share of these interests would still end up in people's pockets at the end of the day.

With money being taxed at those rates, both before and after investing, it would not be much. And if you tax annually the resulting wealth as well, people are probably not going to bother investing much. There are more fun and immediate things to do with money.

[Zezano]

Mine would be this

8%- Anyone making less the 25,000 dollars a year
16%-Anyone Making between 25,000-125,000 dollars a year
24%- Anyone Making between 125,000-250,000 dollars a year
32%- Anyone making above 250,000 a year

Tobin Tax on Speculation
15% Tarif on imports
Tax on Outsourcing
0% Taxes on under 50k
5% 50-100k
10% 100-150k
20% 150k-200k
30% 200-300k
40% 300-400k
50% 400k-500k
90% over 1Million

[Antonio the Sixth]

Antonio, under your plan there's no point in a wealth tax since no one will have more than a few thousand dollars left for themselves anyway.

Not entirely. Unfortunately, even with the highly progressive rates I've set, the super-rich would still be able to amass wealth over the long run. For example, under current US income levels, an average-sized household making 10 million dollars a year could keep as much as 500,000 each year. If they can save around 400,000 of those, with high interest rates, they can probably get to 1 million net worth within a couple years.

Besides, at the point when the tax is implemented, there has to be a way to trim down the fortunes that are already formed. A wealth tax is the quickest way to achieve that.

You wouldn't tax investment income?

Sure, but I doubt that would be enough. A good share of these interests would still end up in people's pockets at the end of the day.

With money being taxed at those rates, both before and after investing, it would not be much. And if you tax annually the resulting wealth as well, people are probably not going to bother investing much. There are more fun and immediate things to do with money.

Well, if that means the State will have the ability to directly control investment and direct it to the most productive and socially beneficial sectors of economy, all the better. Still, I feel that even with these high rates the rich would end up with a pretty copious amount of money to spare.