Schock and Awe - Can he be the face of the party?

[Torie]

Right, anyone that doesn't want >40% of their income gobbled up is a right wing extremist...

I am so old, that I can remember when the top rate was 70%.  50% is a good max figure as the top marginal rate provided it includes all taxes, not just federal income taxes. Obviously, that is a subjective opinion. If the top federal income tax rate is 50% however, by the time you add state and local income and sales taxes, you are up to maybe 63% in some states, and that is just too high. That has got to influence incentives to produce, and encourage efforts to not only defer recognizing income, but also to convert income into something less tax hostile, not to speak of just plain good old failure to report income.

[Torie]

Right, anyone that doesn't want >40% of their income gobbled up is a right wing extremist...

I am so old, that I can remember when the top rate was 70%.  50% is a good max figure as the top marginal rate provided it includes all taxes, not just federal income taxes. Obviously, that is a subjective opinion. If the top federal income tax rate is 50% however, by the time you add state and local income and sales taxes, you are up to maybe 63% in some states, and that is just too high. That has got to influence incentives to produce, and encourage efforts to not only defer recognizing income, but also to convert income into something less tax hostile, not to speak of just plain good old failure to report income.

When people make multi million dollars, do you think raising the tax rate by 5-10% is going to "influence incentives to produce"? It would be wrong to raise the tax rate to 50% on those making $200,000 a year, hell it would ruin the city of SF and Manhattan. But don't tell me it is unfair on someone making 2-3 mil a year, especially after "bonuses". Omg how much do I hate bonuses. Especially in the financial sector they are contractually obligated to give those out regardless of the companies performance.

A 5% raise would get us to about 50% in some states. If you go much higher, the distortions I think will start to kick in at an increasingly exponential rate. If you think fairness demands higher rates, that will be one of the costs. Fairness is in the eyes of the beholder. What do you think the top marginal rate should be on income, federal, state and local combined?

[Torie]

Right, anyone that doesn't want >40% of their income gobbled up is a right wing extremist...

I am so old, that I can remember when the top rate was 70%.  50% is a good max figure as the top marginal rate provided it includes all taxes, not just federal income taxes. Obviously, that is a subjective opinion. If the top federal income tax rate is 50% however, by the time you add state and local income and sales taxes, you are up to maybe 63% in some states, and that is just too high. That has got to influence incentives to produce, and encourage efforts to not only defer recognizing income, but also to convert income into something less tax hostile, not to speak of just plain good old failure to report income.

When people make multi million dollars, do you think raising the tax rate by 5-10% is going to "influence incentives to produce"? It would be wrong to raise the tax rate to 50% on those making $200,000 a year, hell it would ruin the city of SF and Manhattan. But don't tell me it is unfair on someone making 2-3 mil a year, especially after "bonuses". Omg how much do I hate bonuses. Especially in the financial sector they are contractually obligated to give those out regardless of the companies performance.

A 5% raise would get us to about 50% in some states. If you go much higher, the distortions I think will start to kick in at an increasingly exponential rate. If you think fairness demands higher rates, that will be one of the costs. Fairness is in the eyes of the beholder. What do you think the top marginal rate should be on income, federal, state and local combined?

Yeah some states, like California, have pretty high tax burdens to begin with. So I guess in California the tax rate would be close to 65% for those making millions of dollars. Again I don't know if that in itself would cause these multi millionaires to become hermits . And if they try the sleazy route and decide to "die" or whatever, I say the government complete their wish and send them to room temperature prematurely. As you can tell I am in a bit of a radical mood today.

Ya, you sound a bit like my nephew. I keep having to remind him, that it is not in his best interests for me to get what I "deserve" just yet. Sometimes justice delayed is best. 

[Torie]

The baby boomers were a very divided generation from the start.  They still are.  But most of all, it's all about them, all the time.  The hippie movement had nothing to do with freedom and love and peace and everything to do with ME ME ME!

Look at Norm Coleman back in the day.  Look at him now.  Two completely different people with one thing in common:  Self infatuation.

Then there's Generation X, the loser kids in between that got ignored and demonized by the baby boomers, who are pretty much like "OMG LETS GO HANG OUT AT THE ARCADE... I AM SO VOTING FOR GEORGE BUSH WHEN HE RUNS IN '88!"

Then there's us.  And just when Gen X thought they had rid themselves of the boomers, we'll come steamrolling over them showing off our shiny participation ribbons and poverty armbands all while sending a text message, showering, and driving to work at the same time.

You clearly read Generations. It was a fascinating thesis that was presented, no?