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

[navigator2]

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[arbitrageur]

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.

[Big Battery]

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.

[rodz]

http://forums.floridasportsman.com/s...p?p=489017</a>


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[Ssoto0055]

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.

[cadman]

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.

[cadman]

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.

[m9000]

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."

[Mister-Jr]

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.

[capt bill]

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?