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Reduce taxes on the rich to 10%
Posted by: Ellipsis ()
Date: October 06, 2011 08:17PM

In 1916, when the income tax was reintroduced in its current incarnation, a 1% tax was placed on incomes above $3'000, and a further 6% was levied on incomes above $500'000. There was no tax on incomes below the former.

Adjusting for inflation, the dollar figures are $65k and $10m give or take.

If in 1916 the Federal regime could manage its affairs with revenue at less than 9% of GDP, there is no hindrance, in this supposedly more enlightened era of technological advancement and innovation, to doing so again.

According to the BLS, US GDP is approximately $14t. This implies a budget of $1,26t, therefore, a 75% cut in spending would balance the budget.

I am in favour, therefore, of the following:
-a cap on taxes at 10% of any incomes or revenues, while eliminating all deductions. The worst that will come of this would be a flat tax of 10%.
-a 75% budget cut with an iron-clad balanced budget amendment

Imagine the investment dollars that would come to these shores to escape the ravages of socialist Europe and moribund Japan; 10% is a deal even so-called tax havens like Hong Kong cannot beat.



Edited 2 time(s). Last edit at 10/07/2011 12:57AM by Ellipsis.

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Re: Reduces taxes on the rich to 10%
Posted by: Weesel Eyes ()
Date: October 06, 2011 10:27PM

Ellipsis Wrote:
-------------------------------------------------------
> In 1916, when the income tax was reintroduced...

> If in 1916 the Federal regime could manage its
> affairs with revenue at less than 9% of GDP...

Well, that'd be great, if it were 1916. But it's not 1916 and you cannot turn back the clock. But do enjoy your little fiscal fantasy.

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Re: Reduces taxes on the rich to 10%
Posted by: Ellipsis ()
Date: October 06, 2011 10:31PM

To quote your pet monkey, yes we can.

Weesel Eyes Wrote:
-------------------------------------------------------
> Well, that'd be great, if it were 1916. But it's
> not 1916 and you cannot turn back the clock. But
> do enjoy your little fiscal fantasy.

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Re: Reduces taxes on the rich to 10%
Posted by: Weesel Eyes ()
Date: October 06, 2011 10:35PM

Ellipsis Wrote:
-------------------------------------------------------
> Yes we can.

Okay, go ahead. Turn back time. I'll watch.

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Re: Reduces taxes on the rich to 10%
Posted by: UrADumbshit ()
Date: October 06, 2011 10:39PM

As soon as you advocated a 75% budget cut, you lost ALL credibility.

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Re: Reduces taxes on the rich to 10%
Posted by: Ellipsis ()
Date: October 06, 2011 10:49PM

The markets will do so for me...it's going to be like travelling in a very bumpy fiscal way-back machine.

These 'entitlements' - money stolen from Peter to pay Paul and twice again promised to Mary and Joseph - are not tenable. This will lead to the regime acting desperately in order to steal more money; this will scare capital and it will find its way elsewhere through bank wires, re-domiciling of corporations, etc. In a very short time, spending will be capped at 10% of GDP because that is all they will be able to collect, and borrowing would be prohibitively expensive. Social Security and certain welfare programmes may exist, but only in name only; the average payment would not buy more than a loaf of bread (all because of evil speculators of course).

While I cannot turn back time in the literal sense, if I were to show you my investments, they would strike you as rather medieval.

Weesel Eyes Wrote:
-------------------------------------------------------
> Ellipsis Wrote:
> --------------------------------------------------
> -----
> > Yes we can.
>
> Okay, go ahead. Turn back time. I'll watch.

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Re: Reduces taxes on the rich to 10%
Posted by: Ellipsis ()
Date: October 06, 2011 10:53PM

If I lost credibility with the likes of you, who is so quick to dismiss my proposals, then I should consider it a compliment. Yes, a 75% cut is quite a bit, it can be done, and to preserve what is left of the Republic, it must be done.

If the regime could live modestly within its means before, there is nothing to prevent it from doing so again. What is lacking is the political will to do so, for the people think they can vote themselves money.

UrADumbshit Wrote:
-------------------------------------------------------
> As soon as you advocated a 75% budget cut, you
> lost ALL credibility.

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Re: Reduces taxes on the rich to 10%
Posted by: Weesel Eyes ()
Date: October 06, 2011 11:09PM

Ellipsis Wrote:
-------------------------------------------------------
> The markets will do so for me...it's going to be
> like travelling in a very bumpy fiscal way-back
> machine.

If you say so. I've heard these 'dooms day' scenarios before, and they never seem to quite come to pass. I'm sure you're right, though. Thanks for the warning.

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Re: Reduces taxes on the rich to 10%
Posted by: FDR ()
Date: October 06, 2011 11:30PM

Today is another Great Depression and the GWOT is today's equivalent of World War 2. The top tax rate should be raised to 90 percent. Everyone must pull together. The survival of the country is at stake.

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Re: Reduces taxes on the rich to 10%
Posted by: eesh ()
Date: October 06, 2011 11:36PM

Ellipsis sounds like he/she is repeating what they heard in Economics class today.

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Re: Reduces taxes on the rich to 10%
Posted by: Professor Mcgruff ()
Date: October 06, 2011 11:42PM

eesh Wrote:
-------------------------------------------------------
> Ellipsis sounds like he/she is repeating what they
> heard in Economics class today.


At least she gets her info from a professor and not from google or wikipedia like you do, eesh.

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Re: Reduces taxes on the rich to 10%
Posted by: Dogpile ()
Date: October 06, 2011 11:44PM

Professor Mcgruff Wrote:
-------------------------------------------------------
>
> At least she gets her info from a professor and
> not from google or wikipedia like you do, eesh.

I picture eesh a Dogpile user. He likes to pull in the best from all browser engines.

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Re: Reduces taxes on the rich to 10%
Posted by: Professor Mcgruff ()
Date: October 06, 2011 11:44PM

And while you base your answers on google or wikipedia or yahoo, I already have the answers from a proper education. I went to the Potomac School followed by GMU. Where did you go to school eesh?

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Re: Reduces taxes on the rich to 10%
Posted by: Ellipsis ()
Date: October 06, 2011 11:48PM

I dropped out of economics last semester because it was Keynesian / neoclassical garbage, and have not attended any classes since March of this year. I am of the Austrian school and could not stand to lie for grades.

> eesh Wrote:
> --------------------------------------------------
> -----
> > Ellipsis sounds like he/she is repeating what
> they
> > heard in Economics class today.

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Re: Reduces taxes on the rich to 10%
Posted by: Do You Really Think? ()
Date: October 06, 2011 11:52PM

Professor Mcgruff Wrote:
-------------------------------------------------------
> And while you base your answers on google or
> wikipedia or yahoo, I already have the answers
> from a proper education. I went to the Potomac
> School followed by GMU. Where did you go to
> school eesh?

Do you really think that eesh will respond to serious questions like you've just asked? He'll pass on that response and go after other posters in the other threads. That's how he rolls.

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Re: Reduces taxes on the rich to 10%
Posted by: eesh ()
Date: October 06, 2011 11:53PM

Ellipsis Wrote:
-------------------------------------------------------
> I dropped out of economics last semester because
> it was Keynesian / neoclassical garbage, and have
> not attended any classes since March of this year.
> I am of the Austrian school and could not stand
> to lie for grades.




So the Austrian school teaches you that what worked in 1916, pre-depression fiscal policies, is a great idea for 2011?

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Re: Reduces taxes on the rich to 10%
Posted by: Ellipsis ()
Date: October 07, 2011 12:04AM

While I cannot comment for every Austrian economist, we generally advocate a laissez faire approach - i.e. that which governs best governs least. Therefore, such a proposal would likely be well received.

I defend it on grounds that the myriad welfare programmes are both untenable financially and morally repugnant, and that the growth of the Federal regime and its apparati is only diverting capital away from more productive uses. Therefore, a cut in government spending would represent trillions flooding into the county's private sector where wealth is created. Not only that, monies from abroad would arrive to take advantage of favourable tax laws, which would further spur the economy.

Given the morons in Congress, this will not happen voluntarily. Regime apparatchiks enjoy their stables full of hobby horses and deep freezers full of pork. They and the various industrial complexes that ride their coat-tails will learn to do without.

eesh Wrote:
-------------------------------------------------------
> So the Austrian school teaches you that what
> worked in 1916, pre-depression fiscal policies, is
> a great idea for 2011?

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Re: Reduces taxes on the rich to 10%
Posted by: don't bet your bottom dollar ()
Date: October 07, 2011 12:09AM

eesh's economic recovery plan
Attachments:
lucky-penny.jpg

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Re: Reduces taxes on the rich to 10%
Posted by: Gold, Man [it] Sachs ()
Date: October 07, 2011 12:17AM

eesh's retirement portfolio
Attachments:
eesh\'s retirement plan.jpg

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Re: Reduces taxes on the rich to 10%
Posted by: Ellipsis ()
Date: October 07, 2011 12:55AM

http://imageshack.us/g/827/silver2.jpg/

Here's my retirement portfolio...and I'm only 24.

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Re: Reduces taxes on the rich to 10%
Posted by: nicely done ()
Date: October 07, 2011 12:58AM

Ellipsis Wrote:
-------------------------------------------------------
> http://imageshack.us/g/827/silver2.jpg/
>
> Here's my retirement portfolio...and I'm only 24.


good call

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Re: Reduces taxes on the rich to 10%
Posted by: eesh ()
Date: October 07, 2011 01:02AM

Ellipsis Wrote:
-------------------------------------------------------
> http://imageshack.us/g/827/silver2.jpg/
>
> Here's my retirement portfolio...and I'm only 24.





I guess it's a good idea to have your investments laying around instead of in a safe or a safety deposit box...

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Re: Reduces taxes on the rich to 10%
Posted by: just ask chuck ()
Date: October 07, 2011 01:04AM

eesh Wrote:
-------------------------------------------------------
> Ellipsis Wrote:
> --------------------------------------------------
> -----
> > http://imageshack.us/g/827/silver2.jpg/
> >
> > Here's my retirement portfolio...and I'm only
> 24.
>
>
>
>
>
> I guess it's a good idea to have your investments
> laying around instead of in a safe or a safety
> deposit box...



Watch out...eesh is the Pink Panther of ffxu...and he has guns.

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Re: Reduces taxes on the rich to 10%
Posted by: Ellipsis ()
Date: October 07, 2011 01:06AM

I have various hiding places, and I don't trust bank boxes.

eesh Wrote:
-------------------------------------------------------
> I guess it's a good idea to have your investments
> laying around instead of in a safe or a safety
> deposit box...

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Re: Reduces taxes on the rich to 10%
Posted by: fear the jew ()
Date: October 07, 2011 01:08AM

Ellipsis Wrote:
-------------------------------------------------------
> I have various hiding places, and I don't trust
> bank boxes.


Watch out then...eesh will befriend you and then steal your gold like the little troll he is.

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Re: Reduces taxes on the rich to 10%
Posted by: eesh ()
Date: October 07, 2011 01:11AM

Ellipsis Wrote:
-------------------------------------------------------
> I have various hiding places, and I don't trust
> bank boxes.




You could follow this woman's example: http://thetimes-tribune.com/news/scranton-woman-hides-heroin-money-loose-change-in-herself-1.1120067

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Re: Reduces taxes on the rich to 10%
Posted by: eesh the troll ()
Date: October 07, 2011 01:18AM

fear the jew Wrote:
-------------------------------------------------------
> Ellipsis Wrote:
> --------------------------------------------------
> -----
> > I have various hiding places, and I don't trust
> > bank boxes.
>
>
> Watch out then...eesh will befriend you and then
> steal your gold like the little troll he is.
Attachments:
eesh the troll.jpg

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Re: Reduces taxes on the rich to 10%
Posted by: Ellipsis ()
Date: October 07, 2011 01:23AM

I once made a jew cry by showing silver on the webcamera. I did not know greed could bring one to tears.

fear the jew Wrote:
-------------------------------------------------------
> Ellipsis Wrote:
> --------------------------------------------------
> -----
> > I have various hiding places, and I don't trust
> > bank boxes.
>
>
> Watch out then...eesh will befriend you and then
> steal your gold like the little troll he is.

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Re: Reduces taxes on the rich to 10%
Posted by: tear of the jew ()
Date: October 07, 2011 01:24AM

Ellipsis Wrote:
-------------------------------------------------------
> I once made a jew cry by showing silver on the
> webcamera. I did not know greed could bring one
> to tears.


Ask eesh; he just finished weeping.

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