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

[Piff Perkins]

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."

You can't be serious. What happened immediately after Coolidge did that breh? The Great fukking Depression.



You're cherry picking. Two of the recessions you mentioned were war related and clearly shouldn't count in this discussion. Another was extremely brief. And the 1960/1961 recession was followed by the largest period of economic expansion in US history. You bring up competition with other nations post-WWII as if Europe's tax rates weren't high. The UK lower and middle class have been paying high purchase/VAT taxes since 1940. Contrast that to our taxes on those classes back then, plus the lack of a national sales tax.

I don't want the top rate to be 91%. But I do think the highest income rate should be higher. At the very least it should return to 39-40%, ie the pre-Trump rate for top earners.

You have yet to demonstrate high tax rates hurting the US economy during the period of time that catapulted the US to the pre-eminent economy and nation on earth. The greatest expansion of the middle class, until China. A steadily rising GDP.

 

[UpAndComing]

You can't be serious. What happened immediately after Coolidge did that breh? The Great fukking Depression.



You're cherry picking. Two of the recessions you mentioned were war related and clearly shouldn't count in this discussion. Another was extremely brief. And the 1960/1961 recession was followed by the largest period of economic expansion in US history. You bring up competition with other nations post-WWII as if Europe's tax rates weren't high. The UK lower and middle class have been paying high purchase/VAT taxes since 1940. Contrast that to our taxes on those classes back then, plus the lack of a national sales tax.

I don't want the top rate to be 91%. But I do think the highest income rate should be higher. At the very least it should return to 39-40%, ie the pre-Trump rate for top earners.

You have yet to demonstrate high tax rates hurting the US economy during the period of time that catapulted the US to the pre-eminent economy and nation on earth. The greatest expansion of the middle class, until China. A steadily rising GDP.

Nice try. Every high tax rates era is met with a condition to further your agenda

You do not read history, and it shows. Let me educate you

Coolidge already left office in March 1929. It was Herbert Hoover who came to office the end of March 1929. Depression was October 1929

The Great Depression (article) | Khan Academy


The stock market crash signaled the beginning of the Great Depression, but it was only one factor among many root causes of the Depression. A weak banking system, further collapse in already-low farm prices, and industrial overproduction each contributed to the economic downturn. The disastrous 1930 Hawley-Smoot Tariff (which raised average tariff rates to nearly 60 percent) caused America’s international trading partners to retaliate by raising rates on US-made goods. The result was shrinking international trade and a further decline in global economies.^11


The Stock Market Crash was not the cause of the Great Depression. The economy was actually trending up until... It was the stupid Hawley-Smoot Tariff that came at the worse possible time and ruined everything

 

[Remote]

Don’t understand marginal tax rates brehs
Watch known conservative propagandist “valuetainment” brehs

 

[Piff Perkins]

Nice try. Every high tax rates era is met with a condition to further your agenda

You do not read history, and it shows. Let me educate you

Coolidge already left office in March 1929. It was Herbert Hoover who came to office the end of March 1929. Depression was October 1929

The Great Depression (article) | Khan Academy


The stock market crash signaled the beginning of the Great Depression, but it was only one factor among many root causes of the Depression. A weak banking system, further collapse in already-low farm prices, and industrial overproduction each contributed to the economic downturn. The disastrous 1930 Hawley-Smoot Tariff (which raised average tariff rates to nearly 60 percent) caused America’s international trading partners to retaliate by raising rates on US-made goods. The result was shrinking international trade and a further decline in global economies.^11


The Stock Market Crash was not the cause of the Great Depression. The economy was actually trending up until... It was the stupid Hawley-Smoot Tariff that came at the worse possible time and ruined everything

The Stock Market Crash was the start of the Great Depression and it was spurred by a massive bubble Coolidge not only fostered, he did nothing about. Ironically he knew the economy was doomed and ultimately decided not to run for re-election in part because of it.

You haven’t defended your point, which is that the US’ high income taxes led to recessions. Ironically the massive spending that got us out of the Great Depression were married to massive tax increases for the wealthy, getting the top rate to 94% briefly before settling at 91% for twenty years. There is no evidence this harmed the US economy as I’ve already demonstrated.

High tax rates won’t hurt our growth or jobs. No one wants 91% rates outside of maybe Bernie Sanders.

 

[UpAndComing]

The Stock Market Crash was the start of the Great Depression and it was spurred by a massive bubble Coolidge not only fostered, he did nothing about. Ironically he knew the economy was doomed and ultimately decided not to run for re-election in part because of it.

You haven’t defended your point, which is that the US’ high income taxes led to recessions. Ironically the massive spending that got us out of the Great Depression were married to massive tax increases for the wealthy, getting the top rate to 94% briefly before settling at 91% for twenty years. There is no evidence this harmed the US economy as I’ve already demonstrated.

High tax rates won’t hurt our growth or jobs. No one wants 91% rates outside of maybe Bernie Sanders.

Massive spending got us out of the Great Depression

America's involvement in WW2 got us out of the 1929 Great Depression

I like how you sidestepped the Hawley-Smoot act in 1930 which was Government Intervention 101, so you can further juelz your weak point



Lets talk about the 1920-1921 Great Depression that happened. The one before the 1929 Great Depression that no one wants to talk about. Because it doesn't fit the media's narrative
You know, the one that corrected itself that didn't take massive Government spending to end it?

Massive Government intervention and spending in the market is exactly the reason why economies keep see-sawing with alot of downturns

 

[JLova]

good

Wait till they all leave.

 

[Piff Perkins]

Massive spending got us out of the Great Depression

America's involvement in WW2 got us out of the 1929 Great Depression

I like how you sidestepped the Hawley-Smoot act in 1930 which was Government Intervention 101, so you can further juelz your weak point



Lets talk about the 1920-1921 Great Depression that happened. The one before the 1929 Great Depression that no one wants to talk about. Because it doesn't fit the media's narrative
You know, the one that corrected itself that didn't take massive Government spending to end it?

Massive Government intervention and spending in the market is exactly the reason why economies keep see-sawing with alot of downturns

US involvement in WW2...you mean massive government spending right? Because that’s what it was. Stunning levels of spending to win a war. With the highest tax rate at 94%.

1920 recession...hmmm what a coincidence, another recession immediately after a war. Almost like a pattern is emerging. Not to mention the flu pandemic, and interest rate hikes.

 

[QuintessentialBM]

So we need more of these muthafukkas in the south... great!

 

[IsThatBrothaMouzone?]

Old money will be fine. They'll scheme their way out of it and won't pay a dime extra, if at all.

New money (especially black folks with $$$) get squeezed by this shyt because we know how to make money, but don't always know the tricks of the trade for hiding it.

If big corps paid their share, we'd be straight.

 

[NaijaProdigy Redux]

It’s marginal tax rate but having said that I know plenty of investment firms that are considering or are redomiciling to Florida.

A lot of people already have homes in South Florida

 

[desjardins]

They need to tax investment property owners some how as well. A lot of foreign real estate investment in those states
The narrative around rich people fleeing taxes is propaganda. What's stopping those people from living in Monaco RIGHT NOW? Why be in america to begin with?
Oh cause that's where all their business is and how they make money in the first place
It's like saying why doesn't Jack Ma just leave China instead of capitulating to the chinese government, cause he'd lose access to the chinese market that made him rich to begin with
Rich people can use whatever loopholes and hop states , but at end of the day if the U.S government wants to get their bread on federal or state level it's going get got
The billionaires need the U.S market and infrastructure to maintain their wealth, if there were better options available they'd already be living there and running businesses there

 

[UpAndComing]

US involvement in WW2...you mean massive government spending right? Because that’s what it was. Stunning levels of spending to win a war. With the highest tax rate at 94%.

1920 recession...hmmm what a coincidence, another recession immediately after a war. Almost like a pattern is emerging. Not to mention the flu pandemic, and interest rate hikes.

Again, YOU KEEP INDIRECTLY PROVING MY POINT

Points you still have not addressed:

- The 1920 Depression (Not Recession, you think you're slick changing that description) happened after a war and was fixed in 1 year with minimal Government intervention

- Smoot–Hawley Tariff Act of 1930 that caused the Depression


I'm waiting for the next Juelzing post

 

[BucciMane]

People aren't moving out the US due to a wealth tax. This isn't France. I work in finance lol.

The highest marginal tax rate in this country was 91% for much of the 20th century, until 1964 when it moved down to a freedom loving...77%. Outside of a brief flirtation with Cuba becoming a tax haven (until...well you know), most of the US' most financially dominant years occurred when the tax rate was significantly higher than it is now. Any discussion of rates that doesn't acknowledge this - while simultaneously doom-casting severe consequences - is disingenuous.

In terms of NY/CA...I wouldn't support those rates for a simple reason: the current STATE rate is probably high enough, and the focus should be on raising federal rates. New taxes aren't going to help NY and CA recover from Covid. In NY's case, legalizing weed is a great step towards extra tax revenue. In terms of people moving...as I said that's not a concern for the country (ie moving out of country), but moving out of state? That's certainly a concern with Florida and Texas out there.

How are you going to come in here talking about you work in finance, and then not even understand that almost no one was paying 90% taxes then..

90% of people that believe people did don't actually understand that those people did not pay that amount.


Edit: I might have misinterpreted your first statement, which I somewhat agree with. Harder for people to move from here than in Europe where many countries border each other.

However, completely disagree with your 90% tax comment. It's just flat out misleading and/or wrong.

 

[The Fukin Prophecy]

Old money will be fine. They'll scheme their way out of it and won't pay a dime extra, if at all.

New money (especially black folks with $$$) get squeezed by this shyt because we know how to make money, but don't always know the tricks of the trade for hiding it.

If big corps paid their share, we'd be straight.

That is exactly what will happen...

That new money has smartened up though and they are fleeing these blue state cities...

About 3.57 million people fled New York City between Jan. 1 and Dec. 7 in 2020 — and they were replaced by some 3.5 million people earning lower average incomes. That resulted in $34 billion in lost income.

bu bu bu but NYC can never go bankrupt...Keep chasing away the tax payer and let me know how that works out for you...

 

[Johnny Kilroy]

Lotta coli brehs will be effected by this