new_morning_blank_slate wrote: >--- In FairfieldLife@yahoogroups.com, new_morning_blank_slate ><[EMAIL PROTECTED]> wrote: > > >>--- In FairfieldLife@yahoogroups.com, Bhairitu <noozguru@> wrote: >> >> >>>That's why a progressive income tax is a good thing. It is an >>>disincentive to accumulating excessive wealth. It is better to have >>> >>> >>more >> >> >>>millionaires than any billionaires. You would allow people to >>> >>> >>accumulate >> >> >>>an estate worth up to $12 million and then the progressive tax kicks >>> >>> >>in. >> >> >>>It's not there to make money for the government. Anyone who thinks >>> >>> >they > > >>>need more than $12 million has to be sick. >>> >>>(Just watch the resident righties -- rich wannabes but >>> >>> >never-gonna-bees > > >>>-- whine at this). >>> >>> >>Well I am not a resident rightie, but your conception of a progressive >>income tax is fine, but has nothing to do with the progressive income >>tax thats in place. Or the much more progressive one of the pre-80's. >>A problem with high marginal rates -- near 70% in pre-80's, is people >>spend an inordinate amount of time trying to shelter it or make it tax >>deductable via "clever" means -- elaborate business trips and meals, >>etc. Very unproductive energy for them and society. But understandable >>when sheltering $1000 saves you $700. And such systems lead to hugely >>complex tax codes, and an army of tax accountants -- all unproductive >>overhead on society. And such complex tax codes increases corruption >>in government where special interests are willing to pay a lot to get >>special tax breaks. And lots of research does indicate the strong >>correlation of low(er) marginal tax rates with economic growth. >> >>A flat tax (some say 17% would do it) with no or few deductions, >>starting at incomes over $30-50,000, (even a negative income taxfor >>incomes below say $15,000) would eliminate all the inefficiencies, >>overheads and drags on society from excessive tax accountants, >>searching for tax shelters and deductions, poor economic choices for >>tax reasons, etc. And would trigger greater economic growth -- which >>is the engine for productivity increases, and that being the driver >>for wage rate increases at all levels. >> >>Unless you are mistakenly saying "income" when you mean estate tax -- >>and want to tax estates above 12 million. A fair proposal in my view >>-- particularly if there are 3-5 kids, 20 grand kids etc. >>But then again, few with estates above 12 million pay much estate tax >>-- its all in sheletered trusts. >> >>I suggest a flat tax per above, with an estate tax kicking in at >>$10-20 million. >> >>Just watch the resident ultra-leftists -- poor wannabes but >>never-gonna-bees, whine at this :) >> >> >> > >The above does not address your greed issue. I am sympathetic to that. >Yet strong progressive taxation of the pre-80's did not put much of a >dent in that. Greed is not a trait well addressed by the tax code. Its >an ethic, set of values, and ethos. Thats what needs to be changed. > >There has always been strong tradition of giving large fortunes to >charitable causes. Increasing a lot of PC and net fortunes appear >headed that way. Strengthening that impulse in society is a good >thing. Public esteem and fame based on charitable works rather than >accumulations, houses, etc, needs to be nurtured. > >Its a matter of social and collective values. I dream of a day when >kids grow up wanting to make billions so they can make a transform >world health, nutrition, shelter, education, spirituality, the arts, >etc. (Some already do). I dread the day if/when all income and estates >are capped at some maximum with the largess going to feed a corrupt >political system. > You still don't understand, the tax is not to feed the political system but as a disincentive to concentrated wealth.
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