What should be the highest marginal federal tax rate? (user search)
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  What should be the highest marginal federal tax rate? (search mode)
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Poll
Question: What should be the highest marginal federal tax rate?
#1
over 60%
 
#2
55%-60%
 
#3
50%-55%
 
#4
45%-50%
 
#5
40%-45%
 
#6
35%-40%
 
#7
30%35%
 
#8
less than 30%
 
Show Pie Chart
Partisan results

Total Voters: 42

Author Topic: What should be the highest marginal federal tax rate?  (Read 4904 times)
Verily
Cuivienen
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Posts: 16,663


Political Matrix
E: 1.81, S: -6.78

« on: July 30, 2008, 05:20:08 PM »

50%. I voted for 50-55%. Removing the highest tax brackets has not made any substantial difference in the economy in the past twenty years or so.
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Verily
Cuivienen
Atlas Icon
*****
Posts: 16,663


Political Matrix
E: 1.81, S: -6.78

« Reply #1 on: July 30, 2008, 05:22:18 PM »

Why not keep it at our levels and toss out the deductions?

What do you think the current level is?

It's 35%. It's really absurd that the top bracket is at around $300,000/yr, too. There's an enormous difference between someone earning $300,000/yr, who lives well but not opulently, and someone earning $1,000,000/yr, beyond which increased income is essentially meaningless in terms of lifestyle.
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Verily
Cuivienen
Atlas Icon
*****
Posts: 16,663


Political Matrix
E: 1.81, S: -6.78

« Reply #2 on: July 30, 2008, 05:35:11 PM »

Why not keep it at our levels and toss out the deductions?

What do you think the current level is?

It's 35%. It's really absurd that the top bracket is at around $300,000/yr, too. There's an enormous difference between someone earning $300,000/yr, who lives well but not opulently, and someone earning $1,000,000/yr, beyond which increased income is essentially meaningless in terms of lifestyle.

No, it isn't actually. We have that medicare tax, and itemized deduction phase outs. 

Medicare is only 1.45%. Deductions have nothing directly to do with the tax rate itself, so they're irrelevant for this discussion. (And, in any case, you can't go over the tax rate with deduction eliminations.)
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Verily
Cuivienen
Atlas Icon
*****
Posts: 16,663


Political Matrix
E: 1.81, S: -6.78

« Reply #3 on: July 30, 2008, 05:39:13 PM »
« Edited: July 30, 2008, 05:41:05 PM by Verily »

A really vague guideline for what I'd like to see:

0% - <$10,000/yr
10% - $10,000-50,000/yr
20% - $50,000-100,000/yr
30% - $100,000-350,000/yr
40% - $350,000-1,000,000/yr
50% - >$1,000,000/yr
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Verily
Cuivienen
Atlas Icon
*****
Posts: 16,663


Political Matrix
E: 1.81, S: -6.78

« Reply #4 on: July 30, 2008, 05:41:53 PM »


The normal case cited in favor is Russia...but I wouldn't be surprised to see oil wealth propping up that tax scheme.

I'm not sure we should be looking to Russia as a model for much of anything anyway, frankly, nor would I trust the numbers put out by the Russian government.
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Verily
Cuivienen
Atlas Icon
*****
Posts: 16,663


Political Matrix
E: 1.81, S: -6.78

« Reply #5 on: July 30, 2008, 05:42:36 PM »

A really vague guideline for what I'd like to see:

0% - <$10,000/yr
10% - $10,000-50,000/yr
20% - $50,000-100,000/yr
30% - $100,000-350,000/yr
40% - $350,000-1,000,000/yr
50% - >$1,000,000/yr

Single, or joint return?

Single. Obviously you'd have to tweak things around for joint files, widow(er)s, heads of household, etc.
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