50% income tax bracket in UK leads to ----------> LOWER tax revenue - Page 2

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  1. #11
    Senior Member navigator2's Avatar
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  2. #12
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    No one has called for a "50% income tax bracket"!?!

    What has been proposed is to return the upper income tax levels to those we had just a few short years ago (nowhere near 50%).

    If the OP could show that by raising the upper tax bracket by 3 percentage points revenue would fall, then we could have a reasonable debate. Of course, no such evidence can be presented...

    I'm all for scrapping our whole tax code and instituting a flatter tax structure (I like a flat tax and a VAT, but am open to debate), but false arguments and fear mongering about "50% income tax brackets" won't lead us to that debate.

  3. #13
    Senior Member Big Battery's Avatar
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    Quote Originally Posted by Ssoto0055 View Post
    Well duh! No one wants to work for the IRS. During the real estate boom I wouldn't work the last two months of the year at the advice of my accountant, because of the income bracket it would place me. He was good but not at a miracle workers.
    Really?? That was the worst advice anyone could give you... likely you made it up cause I cant believe you would pay for that advice.
    "....once the glitches get worked out." ~gunby31

  4. #14
    Senior Member rodz's Avatar
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  5. #15
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    Quote Originally Posted by Big Battery View Post
    Really?? That was the worst advice anyone could give you... likely you made it up cause I cant believe you would pay for that advice.
    Please explain.

  6. #16
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    Quote Originally Posted by Ssoto0055 View Post
    Well duh! No one wants to work for the IRS. During the real estate boom I wouldn't work the last two months of the year at the advice of my accountant, because of the income bracket it would place me. He was good but not at a miracle workers.
    You made it up or you need to fire your accountant. He is stupid and you would be to if you followed that advise.
    People demand freedom of speech to make up for the freedom of thought which they avoid

  7. #17
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    Since the tax bracket are incremental, meaning you only pay the new higher rate when you enter a tax bracket and not on every dime from dollar one, there is no disadvantage to earning as much as you can.

    Example 2011 tax brackets single filer

    You pay 10% on the first $8500
    You pay 15% $8501 to $34,500
    You pay 25% $34,501 to $83,600
    You pay 28% $83,601 to $174,400
    You pay 33% $174,401 to $379,150
    You pay 35% above $379,100

    Why would any accountant tell you to stop earning income just because you might pay 5% (the largest increase) more in taxes on only that additional income. It does not may any sense.
    People demand freedom of speech to make up for the freedom of thought which they avoid

  8. #18
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    Quote Originally Posted by arbitrageur View Post
    No one has called for a "50% income tax bracket"!?!

    What has been proposed is to return the upper income tax levels to those we had just a few short years ago (nowhere near 50%).

    If the OP could show that by raising the upper tax bracket by 3 percentage points revenue would fall, then we could have a reasonable debate. Of course, no such evidence can be presented...

    I'm all for scrapping our whole tax code and instituting a flatter tax structure (I like a flat tax and a VAT, but am open to debate), but false arguments and fear mongering about "50% income tax brackets" won't lead us to that debate.
    Obama wants to raise capital gains taxes on the highest bracket from 15 to 44.8%- not quite 50% but close, very close.

    http://seekingalpha.com/article/3931...s-to-investors

    "President Obama's 2013 budget includes a provision to raise the capital gains tax to the regular personal income tax rate which for the highest earning tax payers will be 39.6% next year. Add to that the 3.8% ObamaCare surtax and phase out of deductions of 1.4% and you have a top tax rate of 44.8%, far above the current flat 15% rate on capital gains and dividends today."

  9. #19
    Senior Member Mister-Jr's Avatar
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    Quote Originally Posted by m9000 View Post
    Obama wants to raise capital gains taxes on the highest bracket from 15 to 44.8%- not quite 50% but close, very close.

    http://seekingalpha.com/article/3931...s-to-investors

    "President Obama's 2013 budget includes a provision to raise the capital gains tax to the regular personal income tax rate which for the highest earning tax payers will be 39.6% next year. Add to that the 3.8% ObamaCare surtax and phase out of deductions of 1.4% and you have a top tax rate of 44.8%, far above the current flat 15% rate on capital gains and dividends today."
    You have no idea what you are talking about. Obama wants to raise the tax on dividends for high earners to 39.6%. People in the highest tax bracket have a much easier time sheltering income that the middle class. See Mitt Romney's and Warren Buffett's 15% tax rate. It's called a tax loophole for the rich.

  10. #20
    Senior Member capt bill's Avatar
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    Quote Originally Posted by Mister-Jr View Post
    You have no idea what you are talking about. Obama wants to raise the tax on dividends for high earners to 39.6%. People in the highest tax bracket have a much easier time sheltering income that the middle class. See Mitt Romney's and Warren Buffett's 15% tax rate. It's called a tax loophole for the rich.
    Thats not true, even millionaires have most of their money invested in something with not a lot of disposable income. Billionaires is a different story but I think 40% is still a ridiculous amount to pay into a government that is broke. To give 40% of their hard earned work to a corrupt political system is absurd. Why dont we just stop spending? Then you dont have to increase taxes at all. Or how about that other 49% pay into the system for once?

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