Reply to DC Council votes to raise taxes on the “rich”

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]I wonder why Tony Williams, our best Mayor ever, would be against this tax? Hmm.[/quote]

Because it’s money out of his pocket, and rich people don’t pay their fair share.

Too bad. Pay up. [/quote]

Most rich people in fact do pay their fair share.  That’s who the taxes come from now.  Flat tax. 25% total from all.  [/quote]

The share of reported income earned by the top 1 percent of taxpayers fell slightly, to 20.9 percent in 2018 from 21 percent in 2017. Their share of federal individual income taxes rose by 1.6 percentage points to 40.1 percent.

Since 2001, the share of federal income taxes paid by the top 1 percent increased from 33.2 percent to a new high of 40.1 percent in 2018.

In 2018, the top 50 percent of all taxpayers paid 97.1 percent of all individual income taxes, while the bottom 50 percent paid the remaining 2.9 percent.

The top 1 percent paid a greater share of individual income taxes (40.1 percent) than the bottom 90 percent combined (28.6 percent).

The top 1 percent of taxpayers paid a 25.4 percent average individual income tax rate, which is more than seven times higher than taxpayers in the bottom 50 percent (3.4 percent).

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First, those figures are highly suspect.

Secondly, if you earn a half million dollars a year and paid 40% of it taxes, you’re still clearing $275k a year after taxes. Compare that to someone making $35k a year, who might keep $25k after taxes.

See the problem now?

The person making $35k should not only pay zero in taxes, but should get an income supplement to bring them up to maybe $60k. And the person making $500k should be taxed to the point where they keep maybe $80-$90k after taxes. So they still earn more, but not vastly more, than others. This is how you eliminate wealth disparity in a society. [/quote]
No way. You'll kill any incentive for the $35K earner to acquire job skills and become a more valuable member of society. Right now, a friend's sister is earning exactly that - $35,000 - working some low-level job, and she is enrolled in a certificate program at the community college with the hope that when she comes out she can get a job earning at least $50,000. Why would she bother if the leftists are just going to give her money to bring her up to a $60,000 level?

Also, you really think we should take high school grads earning $35K, and MBAs who are VP's of corporations earing $500,000 - and "equitize" them to the point that only $20,000 a year separates them? I worked a very difficult corporate job making $120,000 - working until 7 pm or 8 pm when required (which was often), as well as weekends - with all types of deadlines and stress, and you think that I should end up with only $20,000 a year more than the admin who did relatively simple work and went home right at 5 pm without a work worry? You'll kill it on both ends: the low earners won't have the incentive to better themselves, and the high earners putting in 90 hours a week at high-skilled jobs will figure "why put in all this time and effort when I barely end up living better than the secretary"?

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