Mark Twain Was Right

The 70% tax makes me laugh, I don't agree with it but how it has been misrepresented is just plain stupid. You have to have an income of above 10 million for it to apply and then it only applies to income above 10 million. How many outraged imgflippers fall in that income bracket...

I don't, but Its about principle, not money.

I think taxtation is theft. and regardless of my income I think taxes should be abolished

So how do you pay for the military, police, fire service, congressmen, the President! and the various other things that keep a country functioning. (Roads are important too)

you don't need an army. police. congress or presidents.
everything we need can and most already are, be paid for through the private sector

From what I'm understanding, you're an anarchist then.

yes.

Hmm. Interesting standpoint.

And the cars that run on them, subsidized.
In the US, we pay half what you pay in the UK for gas/petrol because that's how much it's subsidized.
The 'obesity epidemic' is caused by subsidized food which is sold at retail for less than it costs to grow it.
The electric grid, telephones, satellites that the outraged flippers have no problem utilizing to meme - subsidized.
Water, sewage, garbage collection & disposal, coal, all the factories being shipped oversees - subsidized by tax dollars.

Even in the world's biggest gold mine in Utah - the gold is so diffuse in the ore that an electron microscope can't detect it, so digging up the pit that used to be a mountain then proccessing is paid for by taxpayers. Yes, a gold company is getting rich not by selling its product, but by taxpayers paying them to do it. Basic corporate welfare.

So if I invented something and made 10 million...I'd only get to keep 3? What's the point?

I don't think you understand marginal tax rates and corporation tax. Let's say you earn 10 million and 1 dollar each year, the 70% marginal tax rate means that for every dollar earned above 10 million you would be taxed 70%, therefore for that 1 dollar you pay 70c in tax and keep 30c. However the original 10 million is taxed at standard tax rates in the US.

If you invented something say, you would sell that through your own company and say you are the only shareholder then the dividends you pay yourself would not be taxed at personal income tax rates but by the dividend tax rate, which is current 20%, 15% or 0% depending on your tax bracket.

How do think that will benefit the works?

Actually I don't agree with her proposal. No one should be taxed 70% of their income no matter how much they earn. The State has not earned that money and should not get the lions share.

I was just explaining how it works. I am amazed so many people are fighting against it, yet it will never, never affect them. Politics has truly become religion now.

But it will affect we, the workers. If the top takes hits, we most certainly will too.

Ah the trickle down affect. Nice idea, not really that simple in reality. Again I don't support her policies but I find it odd those on the surviving level, want to defend the super rich and obscene rich.

Eventually taking the shit out of the super rich will result in no super rich. Thus no money, boom communism.

Evade or avoid? Evasion is illegal. Avoidance is legal