Report: New York and California Implements 50% Top Tax Rate on Wealthy

[sayyestothis]

Who would live in NY that are wealthy? They all have means to move. Businesses as well..

 

[Gold]

TheColi loves high taxes

 

[LordDeathwatch]

There are 10 million millionaires in the USA. Not the majority but a very significant minority. They have rights too.

Aaaaand this is why I don't take nikkas like this serious. Caping for a demographic you don't & never will belong to & whose percentage of AA is nearly negligible. Flip to another thread and call the next man c00ns for doing the same thing when it comes to some broad or the next mainstream headline. fukking clowns.

Negged.

 

[BlackJesus]

so do you. Let’s see how fast your rights get violated when you walk inside their communities

Walking into someone’s private community without permission is called “trespassing”. Heard of it? It’s a thing

 

[BlackJesus]

Aaaaand this is why I don't take nikkas like this serious. Caping for a demographic you don't & never will belong to & whose percentage of AA is nearly negligible. Flip to another thread and call the next man c00ns for doing the same thing when it comes to some broad or the next mainstream headline. fukking clowns.

Negged.

It’s not hard to make a million dollars over a lifetime. Most millionaires are over the age of 55. So that is incorrect.

But carry on with your pro-bum attitude. I’m sure that will get you far in life

 

[UberEatsDriver]

Walking into someone’s private community without permission is called “trespassing”. Heard of it? It’s a thing

Funny cause last time I checked sidewalks and roads were for the public?





I don’t think you know the definition of trespassing

 

[The M.I.C.]

Disappointed with this thread.

 

[BlackJesus]

The 1% has finessed y’all again to cape for them. Please looks at the tax rate during Americas golden era. It was 91% in the 50s and 60 to 90 in the 70s. And guess what the rich still came out insanely wealthy and most didn’t complain.

This is because they knew their money contributed to the American infrastructure and workers who in turn were able to afford their products and services. They got their money back through capitalism. But all that shot changed with Reagan.

The rich are lucky it’s only 50% and not 90. That tax rate helped America become the wealthiest nation alwith the strongest economy. We forget that because of how well the greedy rich lobby.

You honestly think the rich actually paid that? There were numerous loopholes, tax shelters and deductions they could take to get it down to a much lower rate.

 

[BlackJesus]

Funny cause last time I checked sidewalks and roads were for the public?





I don’t think you know the definition of trespassing

No not all side walks are public. If it’s inside a gated, private community it’s considered HOA (ie private) property.

 

[banner34]

They will just move out of NY and CA

 

[NSSVO]

I miss when California was California.

 

[-G$-]

Focus on closing loopholes and reducing deductions...

Whoa whoa whoa let’s not get too crazy there, pal

 

[Piff Perkins]

1:25


The "Glorious 1950s" ya'll talk about when the tax rate was 91% is when the United States SUFFERED FOUR RECESSIONS

- 1949 Recession
- 1953 Recession
- 1957 Recession
- 1961 Recession
- Unemployment went up to 8%

4 Recessions in a span of 11 years

During that time Millionaires hired Lobbyists to give them statutes and exemptions to the Tax Code

That Tax Rate increases the Millionaire's pockets and increased the Tax burden to the Middle Class and Upper Middle Class. But when someone tries to break it down for ya'll, it turns into "We love millionaires"

Alot of ya'll are really clueless to Tax Policy

Let's delve into this, because your argument is poorly constructed. The US economy has a recession about every ten years. That's an expected occurrence in our system. Your argument seems to be that because there were four recessions in years when the highest marginal rate was 91%, the tax rate was the cause.

1949: Post WWII spending was down, and the subtraction of federal spending led to an inevitable slowdown of the US economy. This has nothing to do with the tax rate.

1953: Another post war (Korean War) spending decrease, on top of the fed expecting an inflation rise and thus raising rates. The rate raise caused people to spend less. Buy less cars, houses etc. This recession was one of the shortest in US history and was immediately followed by a huge recover as rates were lowered/spending increased. Remember last year around this time when Trump was saying he expected the economy would see a V-shaped recovery? This is the type of recovery he was talking about. Again, not tax rate influenced.

1958: This was a GLOBAL recession, not just a US recession. But in the US it was largely driven by a sharp decline in auto sales and housing sales. People stopped trading in their old cars for new ones. Consumer behavior was expected to go one way and didn't. This isn't about taxes, again.

1961: A mixture of inflation and a reduction in car purchases. This time, likely due to Americans beginning to purchase more foreign-produced cars than previously. Mixed in with Eisenhower not spending enough to spur the econony.


Nixon privately said the recession cost him the election. Notice the beginning of the debate is focused on whether the recession was actually happening or not, and why. JFK carefully says he doesn't believe a recession is happening yet, but is on the way due to auto and housing sales being down. In 1961, the recession ended after JFK passed his stimulus bill.

 

[The Fukin Prophecy]

You honestly think the rich actually paid that? There were numerous loopholes, tax shelters and deductions they could take to get it down to a much lower rate.

nikkas literally seen Trump paid $750 to the tax man over 15 years and still think these rich fukks gon pay up...

 

[UpAndComing]

Let's delve into this, because your argument is poorly constructed. The US economy has a recession about every ten years. That's an expected occurrence in our system. Your argument seems to be that because there were four recessions in years when the highest marginal rate was 91%, the tax rate was the cause.

1949: Post WWII spending was down, and the subtraction of federal spending led to an inevitable slowdown of the US economy. This has nothing to do with the tax rate.

1953: Another post war (Korean War) spending decrease, on top of the fed expecting an inflation rise and thus raising rates. The rate raise caused people to spend less. Buy less cars, houses etc. This recession was one of the shortest in US history and was immediately followed by a huge recover as rates were lowered/spending increased. Remember last year around this time when Trump was saying he expected the economy would see a V-shaped recovery? This is the type of recovery he was talking about. Again, not tax rate influenced.

1958: This was a GLOBAL recession, not just a US recession. But in the US it was largely driven by a sharp decline in auto sales and housing sales. People stopped trading in their old cars for new ones. Consumer behavior was expected to go one way and didn't. This isn't about taxes, again.

1961: A mixture of inflation and a reduction in car purchases. This time, likely due to Americans beginning to purchase more foreign-produced cars than previously. Mixed in with Eisenhower not spending enough to spur the econony.


Nixon privately said the recession cost him the election. Notice the beginning of the debate is focused on whether the recession was actually happening or not, and why. JFK carefully says he doesn't believe a recession is happening yet, but is on the way due to auto and housing sales being down. In 1961, the recession ended after JFK passed his stimulus bill.

You're indirectly proving my point

The post I replied to talked about how the 50s and 60s was a "Magical place" because of the 91% tax rate, which it wasn't. And you are agreeing with me that it wasn't lol

None of what you posted even refutes what I said. Instead you are making excuses for why the economy wasn't doing good. If 91% tax rate was the magic bullet that would help the economy, how come it didn't magically fix America? Exactly my point. Higher Taxes =/= a better economy

And you made my point again in the bolded. America benefited from other countries still suffering from WW2 decay. When the 60s and 70s rolled around and there was more competition, America fell flat on their face because they underestimated the other countries in the world re-birthing their economies so quickly


Let's look at another president who lowered Taxes, President Calvin Coolidge 1923-1929

Budget and Tax Lessons from President Calvin Coolidge

"During the 1920s President Warren G. Harding and President Coolidge made “economy in government” a centerpiece of their administrations. Economy in government meant a balanced budget, tax rates that were low and reasonable, and paying down the national debt.

As a result of Coolidge’s budget and tax polices it unleashed a period of economic growth and expansion. It also resulted in low unemployment and an increase in the standard of living for the middle-class. Under Coolidge the federal budget fell went to $3 billion in 1928 from over $5 billion in 1921.[xii] The Coolidge tax cuts also lowered tax rates and helped the business expansion which occurred during the 1920s."