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ONE DAY and I have solved the economic crisis!
mogley98
Member Posts: 18,291 ✭✭✭✭
By 1918, the top rate of the income tax was increased to 77% (on income over $1,000,000) to finance World War I. The top marginal tax rate was reduced to 58% in 1922, to 25% in 1925, and finally to 24% in 1929. (EDIT: THEN WE HAD THE GREAT DEPRESSION!) In 1932 the top marginal tax rate was increased to 63% during the Great Depression and steadily increased, reaching 94% (on all income over $200,000) in 1945. During World War II, Congress introduced payroll withholding and quarterly tax payments. Top marginal tax rates stayed near or above 90% until 1964 when the top marginal tax rate was lowered to 70%. The top marginal tax rate was lowered to 50% in 1982 (EDIT: Recession) and eventually to 28% in 1988. (EDIT: Recession 1990) However, in the intervening years Congress subsequently increased the top marginal tax rate to 35% (the top marginal tax rate as of 2007). (EDIT: Huge depression 2008! See the correlation)
The top 0.1% of taxpayers by income pay 17.4% of federal income taxes (earning 9.1% of the income), the top 1% with gross income of $328,049 or more pay 36.9% (earning 19%), the top 5% with gross income of $137,056 or more pay 57.1% (earning 33.4%), and the bottom 50% with gross income of $30,122 or less pay 3.3% (earning 13.4%).
So this confirms that I can solve this economic problem overnight without costing the USA a dime!
I raise the tax rate to 90% on the top 1% of taxpayers who currently pay 36.9% of the federal take. This increases the feds cash to 110.7 % Surplus year one! And then the big part! I repeal all federal income tax on all incomes below that since I just raised 10.7% more then I would have had in the first place. Think about it, the first year we get all of our federal money back, 99% of all the taxpayers! OK the 1% er's are really pissed but hey it is your civic duty to correct the economy you depleted. A progressive tax system after all as has been proven throughout our history. Now what happens? Well first year results are astounding of course the middle & lower class 99% spend most all of the money they got back in some cases as much as 28% of their income or more! WOW Even those who normally only pay 13% fed tax get a windfall. This will generate sales of cars, TV's, washers and dryers, books, tires, computers etc. Which will restart the engine, new regulations on corporate accounting prevent over leveraging of past and companies are profitable due to reinvestment of wealth versus distribution to top .1% of employees. (Rules like shareholders determine officer's salary; we technically own the company!)
Years two and three we pay off debt and rebuild infrastructure, eventually we can reduce top rate to maybe 70% and hold building huge surpluses for future generations!
http://en.wikipedia.org/wiki/Taxation_in_the_United_States
http://en.wikipedia.org/wiki/List_of_recessions
The top 0.1% of taxpayers by income pay 17.4% of federal income taxes (earning 9.1% of the income), the top 1% with gross income of $328,049 or more pay 36.9% (earning 19%), the top 5% with gross income of $137,056 or more pay 57.1% (earning 33.4%), and the bottom 50% with gross income of $30,122 or less pay 3.3% (earning 13.4%).
So this confirms that I can solve this economic problem overnight without costing the USA a dime!
I raise the tax rate to 90% on the top 1% of taxpayers who currently pay 36.9% of the federal take. This increases the feds cash to 110.7 % Surplus year one! And then the big part! I repeal all federal income tax on all incomes below that since I just raised 10.7% more then I would have had in the first place. Think about it, the first year we get all of our federal money back, 99% of all the taxpayers! OK the 1% er's are really pissed but hey it is your civic duty to correct the economy you depleted. A progressive tax system after all as has been proven throughout our history. Now what happens? Well first year results are astounding of course the middle & lower class 99% spend most all of the money they got back in some cases as much as 28% of their income or more! WOW Even those who normally only pay 13% fed tax get a windfall. This will generate sales of cars, TV's, washers and dryers, books, tires, computers etc. Which will restart the engine, new regulations on corporate accounting prevent over leveraging of past and companies are profitable due to reinvestment of wealth versus distribution to top .1% of employees. (Rules like shareholders determine officer's salary; we technically own the company!)
Years two and three we pay off debt and rebuild infrastructure, eventually we can reduce top rate to maybe 70% and hold building huge surpluses for future generations!
http://en.wikipedia.org/wiki/Taxation_in_the_United_States
http://en.wikipedia.org/wiki/List_of_recessions
Why don't we go to school and work on the weekends and take the week off!
Comments
Open the pod bay door hal.Hal do you hear me.
he's preoccupied with the feds [;)]
Send me 300 billion dollars and my economic troubles will be over![;)][:D][:o)][}:)]
I can solve it too!
Send me 300 billion dollars and my economic troubles will be over![;)][:D][:o)][}:)]
Greedy bastid...I would settle for half that.[;)]
http://forums.gunbroker.com/topic.asp?TOPIC_ID=334859