Forum Post: I think it's time that we decide as a society that allowing anyone to get too rich is dangerous to our society.
Posted 12 years ago on Dec. 15, 2011, 3:09 a.m. EST by newearthorder
(295)
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I would propose a rate of 50% of everything over a Million Dollars a year,...and 90% of everything over $100 million dollars a year.
If we had this revenue stream I am betting we could completely eliminate the entire payroll tax which we pay 7.5% out of every paycheck, and the employer must match that.
Eliminating the payroll tax would mean more money for workers to spend, and no required employer matching tax means more money for businesses to expand, hire new employees or whatever.
The cost of labor goes down, the value of labor goes up.
No one makes so much money they think they can just buy everyone and take over the world.
Your proposition is not only sound but also proven. Its called a marginal income tax rate. 35 years ago, the highest marginal income tax rate was around 70% on incomes over $1,000,000. High marginal rates like you suggest were in effect for many years after the Great Depression. They prevented too much wealth from being concentrated at the top. They were all slashed by Reagan. High marginal income tax rates are more necessary now than ever before.
According to the Social Security Administration, 50 percent of U.S. workers made less than $26,364 in 2010. In addition, those making less than $200,000, or 99 percent of Americans (actually more like 98%), saw their earnings fall by $4.5 billion collectively.
The sobering numbers were a far cry from what was going on for the richest one percent of Americans.
The incomes of the top one percent of the wage scale in the U.S. rose in 2010; and their collective wage earnings jumped by $120 billion. In addition, those earning at least $1 million a year in wages, which is roughly 93,000 Americans, reported payroll income jumped 22 percent from 2009. Overall, the economy has shed 5.2 million jobs since the start of the Great Recession in 2007. It’s the worst economic downturn since the Great Depression in the 1930’s.
Keep corporations small. Uncontrolled growth leads to concentrations of economic wealth that overpowers democracy.
Cell growth is good, uncontrolled cell growth is cancer. Capitalism is good, uncontrolled capitalism is economic/social cancer.
http://www.youtube.com/watch?v=e-3hZsXrxaI
http://www.youtube.com/watch?v=4mkRFCtl2MI
http://www.youtube.com/watch?v=1SQqjTxI3vc
http://www.youtube.com/watch?v=EewGMBOB4Gg
http://www.youtube.com/watch?v=4Z9WVZddH9w
http://thezeitgeistmovement.com/
http://blog.thezeitgeistmovement.com/
http://www.thevenusproject.com/
The Revolution has a new theme song!
http://www.youtube.com/watch?v=-L-GOHa5-YQ
http://occupywallst.org/forum/in-the-name-of-allah/
The Revolution starts here!
[Removed]
I propose your public execution.