Would taxing the rich even work?
Wouldn’t they just make less since after a certain point is just not worth the hassle, or move income overseas, hide income, or something to evade excessive taxes?
Reality HALB: I should have been more explicit, but I was talking about the 70 to 90% that some people are talking about to "stick it to the rich".
- 9 years agoBest Answer
I hear many people say tax the rich, and make other un-thought-out class envy comments. As I see it, if someone’s tax rate went to 70% or so, why wouldn’t they just incorporate and get the lower corporate tax rate of ~35%? If the government raises the corporate tax rate to 70% then many businesses would cease to exist, people would be laid off and the US economy would collapse. I don’t see legislators being that stupid.
Many family businesses are incorporated (sub chapter S, LLC, etc.), so I don’t think this will be outlawed either.
- 9 years ago
We're talking 4 percentage points to 39.5%. The top rate under Eisenhower was 90%.
"Since 1980, median real household income has risen less than 15 percent. The only period of strong middle-class income growth during this time came in the mid- and late 1990s, which by coincidence was also the one time when taxes on the affluent were rising.
"For most of the last three decades, tax rates for the wealthy have been falling, while their pretax pay has been rising rapidly. Real incomes at the 99.99th percentile have jumped more than 300 percent since 1980. At the 99th percentile — about $300,000 today — real pay has roughly doubled."
Stats are from CBO and the Census.
- alanaLv 69 years ago
I do not believe in taxing the rich. that is a robin hood mentality. i do however feel that if some would like to offer help to the government it should be accepted graciously. We did not form this government to be unfair to those who have attained wealth through hard work in this nation. It behooves all who have a lot to share with those who have little but it should not be law or a tax upon them.
- Sumo BobLv 59 years ago
No it wouldn't work...its only a temporary fix for incompetent morons and neanderthal thinking politicians trying to get re-elected or elected into office by playing the general public.
We need accountability of our elected politicians to lead us into the Future, and it won't be done with this same old song and dance routine about raising taxes on the rich, or cutting Programs for our poor and needy fellow american citizens, our public education systems, nor cutting spending on our military. Our so called elected politicians...MUST re-boot our economy and increase the value of the American Dollar by paying off its debt with China, to achieve this the millions and billions of American Dollars being sent to the United Nations needs to be re-negotiated.
All this foreign strife in the World that the United Nations keep involving us in under the pretense of "Humanitarian Need, let them pay for such services; by allowing our State Government(s) to bid on the development of the African Continent and bartering for the mineral rights so that it is mutually beneficial...will take care of all our needs."
Remember your high school lesson about the building or connecting of the railways in the USA....well consider something similar underground for the African Continent with technology involving living, medical freshwater supplies, etc.Source(s): personal opinion.
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- gosam777Lv 79 years ago
We should have decided this about $10 trillion ago. We are at the point now, or soon will be, we all get taxed through inflation.
- Anonymous9 years ago
The answer is a flat tax...taxation on usage. What I don't understand is how anyone would think taxing the "rich" is a better option. Who is it that provides jobs, the poor, I don't think so. Another option is to get the washington thief's to pay their taxes, randel, giethner, etc.
- Anonymous9 years ago
no tax them, how much money do some ppl need, no person should have more than 5 million, i know that is alot but there guys with hundreds of millions.Source(s): imo