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Treasured Social Butterfly
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Re: What would happen with 1965-80 tax brackets?

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Message 31 of 40

Olderscout failed to mention that reagan tax cuts brought in more revenue than before his tax cuts by providing more spendible income to individuals and allowing corporations to expand  and also creating millions of more jobs for people who paid taxes. However ,the greedy Congress, manage to spend every extra dollar on their pet projects.

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Re: What would happen with 1965-80 tax brackets?

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Message 32 of 40

That definitely does not apply to me. The effective percentage would double. 

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Re: What would happen with 1965-80 tax brackets?

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Message 33 of 40

@ManicProgressive wrote:

If there were a way to guarantee it would be spent on rebuilding our middle class, I’d be all for it. And I say that as someone who’d have to pay almost 100% more in taxes than I do now.  If that effective rate is correct. Maybe some of my deductions, etc, would bring it down.

 

Dont want to spend it on war, or fake political emergencies. Our government has redistributed wealth on several occasions when the middle class started getting too small, including the enactment of the 16th Amendment. We really need to do that again.  


The "way" is simple. Require all Dems to take a Pledge to restore Revenue Sharing AND rebuild our infrastructure, just like the GOPerLords got their dupes to sign the Norquest Pledge to gut the Federal Government.

 

Then elect the Dems and fire them next election if they break their pledge.

 

By the way, to double your federal income tax burden would require an AIG over $3.4MILLION, so you'd have to squeek by on about $1.2Mil net. My congrats if that applies to you - you done good, and you'll continue to do better every year because "consuming" $1.2Million is not a likely outcome!

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Re: What would happen with 1965-80 tax brackets?

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Message 34 of 40

If there were a way to guarantee it would be spent on rebuilding our middle class, I’d be all for it. And I say that as someone who’d have to pay almost 100% more in taxes than I do now.  If that effective rate is correct. Maybe some of my deductions, etc, would bring it down.

 

Dont want to spend it on war, or fake political emergencies. Our government has redistributed wealth on several occasions when the middle class started getting too small, including the enactment of the 16th Amendment. We really need to do that again.  

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Re: What would happen with 1965-80 tax brackets?

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Message 35 of 40

@ChasKy53 wrote:

Scout, you will never sell this to greedy self seeking idiots.


True, but fortunately we don't have to. All we need is for Millennials to recognize why they've been screwed over and how they can fix that situation by removing Republicans from Government at all levels. Look what happened in 2018 when just a few more Millennials showed up to vote than usual!

 

Also, we can probably sell it to the rich Seniors who managed very nicely paying those same rates AND MUCH HIGHER and watched as America became a veritable Eden while their own fortunes increased every year as well. Unless they're so rich they endowed the futures of their Grandkids they have a stake in ending the redistribution of income via the Reagan taxscam which leads to the residtribution of wealth as those ruined by Republican policies have to liquidate their assets to survive. Those 8,000,000 homes lost to foreclosure are now rental properties owned by the ones who orchestrated the financial disaster that brought about the foreclosures and will NOT provide any inheritence for the heirs of the Middle Class folks who lost them.

 

It's really only those who have no concept of Christian Cherity or the evils that Government was created to oppose who refuse to tax the rich.

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Re: What would happen with 1965-80 tax brackets?

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Message 36 of 40

Help me understand, how the people tax rates are calculated or should I say that important, when the government doesn't seem to understand how the national debt spun out of control during this time frame explained in the following link:

 

http://www.nbcnews.com/id/22081728/ns/business-stocks_and_economy/t/national-debt-grows-million-minu...

 

 

Yes, this is an old article but this is when things really went way out of control, no?


@NOTHAPPENING wrote:

Democrats seem to have an endless quest for more taxes and the corresponding spending and they always spend more than they take in, so the question begs: why would you want more income to only waste it on some more government programs?

 

Now the ultra left is looking at more "green initiatives" which means more taxes to generate more revenue and they have lots of new programs to waste those hard earned tax dollars.  There is even more incentive to take money from other earners and redistribute it to "required projects" (required by the left).

 

To the left, high taxes mean more money for the government and less money for the people. Of course those earning the money are anxious for the government to steal their money and waste it on useless projects.


 

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Re: What would happen with 1965-80 tax brackets?

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Message 37 of 40

Scout, you will never sell this to greedy self seeking idiots.


"The only thing man learns from history is man learns nothing from history"
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Re: What would happen with 1965-80 tax brackets?

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Message 38 of 40

The real reason GOPers rant about cutting taxes has NOTHING to do with waste fraud and abuse. It's all about the GOPerLords drive to become Oligarchs - running the Government without having to bother with messy elections.

 

Every tyrant in history was opposed not by the poor - they have all their time devoted to staying alive - but by the educated middle class.

 

The GOPerLords know this so they're destroying the middle class a little at a time so nobody notices.

 

First, they destroy the educated opposition by attacking public education and making the private side unaffordable for all but themselves.

 

Second, they redistribute all the income from the middle to themselves so the opposition will join the poor in the battle for survival and have no time to foment revolution.

 

Third, they are gutting the Government so the only POSSIBLE obsticle to their Oligarchy is eliminated. They've already gotten rid of so many IRS employees no rich person is concerned with cheating on taxes because they know the chance of getting caught is now miniscule compared with how it was before 1981. And their current leader is destroying his followers truct in our justice system, even vilifying the FBI as corrupt.

 

Ordinary people support them because they pretend to want to end abortion, outlaw Gays, end immigration by poor brown people (Norwegians are okay), put religeon back in public education and lock up their opposition. The GOPerBase is totally behind all that and wants it NOW.

 

To end this march toward Oligarchy requires we end the tax scam that drives if forward and return to the system that elevated ALL Americans.

 

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Re: What would happen with 1965-80 tax brackets?

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Message 39 of 40

Democrats seem to have an endless quest for more taxes and the corresponding spending and they always spend more than they take in, so the question begs: why would you want more income to only waste it on some more government programs?

 

Now the ultra left is looking at more "green initiatives" which means more taxes to generate more revenue and they have lots of new programs to waste those hard earned tax dollars.  There is even more incentive to take money from other earners and redistribute it to "required projects" (required by the left).

 

To the left, high taxes mean more money for the government and less money for the people. Of course those earning the money are anxious for the government to steal their money and waste it on useless projects.

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What would happen with 1965-80 tax brackets?

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Message 40 of 40

Here’s what 2016 (most recent data I could locate with necessary level of detail) would’ve looked like if we had repealed the Reagan taxscam and returned to the 1980 tax rates, adjusted for inflation, and everyone filed as “married, filing jointly”.

 


To see how you might fare, the AIG include the Standard Deduction of $12,400 and personal/dependent deductions of $4,050. This would give the average (2.4 person) household deductions of at least $22,120.00 This makes the AGI for the average worker making $58,000 no more than $35,880 and total taxes owed $4,390 for an effective tax rate of 7.57% of income. How’s that compare with what you actually paid in 2016?

 

Under the Reaganscam, the amount collected was only $1,444,098,882,000, the 1980 rates would’ve brought in an additional $2,178,468,564,000, erasing the deficit and leaving $1.8Trillion for Revenue Sharing and improving our infrastructure – that’s about TWICE the amount collected for State and local Income taxes, so the funds available for your local services will DOUBLE while the taxes you now pay go away.

 

 

 

Tax Rate   at least   less than     TOT AGI $K     Effec Rate      REVENUE $K

0.00%           $1          $ 10,000        113,014,218           0.00%                - 0 -

14.00%   $ 10,000     $ 15,500        206,870,139           4.97%         10,276,775

16.00%   $ 15.500      $ 21,500        225.970,139         8.05%           18,159,087

18.00%   $ 21,500     $ 33,500         563,322,746       11.61%          65,421,701

21.00%   $ 33,500     $ 44,500         558,642,262       13.93%          77,833,304

24.00%   $ 44,500     $ 56,500         598,252,632       16.07%          96,143,963

28.00%   $ 56,500     $ 68,500         588,796,617       18,18%        106.928.904

32.00%   $ 68,500     $ 83,500         699,681,553        20.65%        144,461,197

37.00%   $ 83,500     $100,000        739,103,041        23.35%       172,543,605

43.00%  $100,000     $128,000        694,450,794       27.64%        191,977,667

49.00%  $128,000    $167,000        967,270,748        32.63%        315,637,242

54.00%  $167,000    $239,000     1,163,326,551       39.07%        454,500,488

59.00%  $239,000    $305,000        339,719.423       43.38%        147,376,969

64.00%  $305,000    $452,000        759,221,438       50.10%        380,390,913

68.00%  $452,000    $600,000       433,081,496        54.50%        236,040,242

70.00$   $600,000   and up         1,845,434,813        65.29%     1,204,884,389

 

                                             TOTAL REVENUE COLLECTED $3,622,567,446K

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