Sooooo..... - Page 186

Morrigoon · 03-03-2009, 07:20 PM

I'll gladly sacrifice myself to such an experiment. Take one for the team, and all that

Cadaverous Pallor · 03-03-2009, 08:11 PM

Quote:

Originally Posted by Kevy Baby

Obama would like to make it 95%

I guess this is supposed to be funny

Kevy Baby · 03-03-2009, 11:10 PM

Quote:

Originally Posted by Cadaverous Pallor

I guess this is supposed to be funny

For all the Conservative bashing that takes place on this board, I thought a little turn-about was fair play.

However, there is a basis in reality as Obama does want to increase the tax rate on the rich.

alphabassettgrrl · 03-03-2009, 11:21 PM

Top tax bracket at one point was 90-something percent. I don't remember when, but it used to be high.

Alex · 03-03-2009, 11:53 PM

The record top marginal tax rate was 94% at the end of World War II. In fact for most of the history of the income tax until Reagan the top rates were 70% or above.

But you have to keep in mind that those top tax rates applied to very few people compared to now.

In 1941, for example, the top marginal rate was 81% but that was only on income above $5,000,000.

In 1945, it went up and was broadened. 94% on income above $200,000.

However, in inflation adjusted dollars, that 1941 would be on income above $69.7 million, I doubt that applied to even a few dozen people at the time. Even the $200,000 adjusts so $2.3 million a year.

By contrast, the current max rate of 35% applies to everything over $357,700*. Still definitely the cream of the crop but hardly the extreme far end of the curve.

Anyway, my point being that everybody likes throwing around the top marginal rate but that is pretty irrelevant without knowing how many people it affects. Obama could outrage Republicans by advocating a 100% marginal rate on incomes over $1.3 trillion.

*All of these numbers are for married filing jointly.

Moonliner · 03-04-2009, 04:43 AM

It's Wednesday morning. The Mega Millions drawing was last night. I don't want to look at the results. I don't want the dream to die....

Kevy Baby · 03-04-2009, 08:32 AM

Quote:

Originally Posted by Moonliner

It's Wednesday morning. The Mega Millions drawing was last night. I don't want to look at the results. I don't want the dream to die....

Well, if you purchased your ticket in Ocean County, New Jersey, you may be in luck.

Moonliner · 03-04-2009, 08:34 AM

Quote:

Originally Posted by Kevy Baby

Well, if you purchased your ticket in Ocean County, New Jersey, you may be in luck.

Dream killer.

bewitched · 03-04-2009, 09:32 AM

A friend of mine (her daughter goes to school with O) won $28 million in the Powerball lottery. Seriously. I hate her in a platonic loving kind of way.

Deebs · 03-04-2009, 12:34 PM

Quote:

Originally Posted by bewitched

A friend of mine (her daughter goes to school with O) won $28 million in the Powerball lottery.

That bitch.

Sorry. I might have suddenly developed Tourette syndrome. More likely, I am just tired of being broke.

03-03-2009, 07:20 PM	#1851
Morrigoon I throw stones at houses Join Date: Jan 2005 Location: Location: Location Posts: 9,534	I'll gladly sacrifice myself to such an experiment. Take one for the team, and all that __________________ http://bash.org/?top "It is useless for sheep to pass a resolution in favor of vegetarianism while wolves remain of a different opinion." -- William Randolph Inge
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03-03-2009, 11:21 PM	#1854
alphabassettgrrl Senior Member Join Date: Jan 2005 Posts: 4,978	Top tax bracket at one point was 90-something percent. I don't remember when, but it used to be high. __________________ Why cycling? Anything [sport] that had to do with a ball, I wasn't very good at. -Lance Armstrong
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03-03-2009, 11:53 PM	#1855
Alex . Join Date: Feb 2005 Posts: 13,354	The record top marginal tax rate was 94% at the end of World War II. In fact for most of the history of the income tax until Reagan the top rates were 70% or above. But you have to keep in mind that those top tax rates applied to very few people compared to now. In 1941, for example, the top marginal rate was 81% but that was only on income above $5,000,000. In 1945, it went up and was broadened. 94% on income above $200,000. However, in inflation adjusted dollars, that 1941 would be on income above $69.7 million, I doubt that applied to even a few dozen people at the time. Even the $200,000 adjusts so $2.3 million a year. By contrast, the current max rate of 35% applies to everything over $357,700. Still definitely the cream of the crop but hardly the extreme far end of the curve. Anyway, my point being that everybody likes throwing around the top marginal rate but that is pretty irrelevant without knowing how many people it affects. Obama could outrage Republicans by advocating a 100% marginal rate on incomes over $1.3 trillion. All of these numbers are for married filing jointly.
	Submit to Quotes

03-04-2009, 04:43 AM	#1856
Moonliner 8/30/14 - Disneyland -10k or Bust. Join Date: Jan 2005 Posts: 9,022	It's Wednesday morning. The Mega Millions drawing was last night. I don't want to look at the results. I don't want the dream to die.... __________________ - Taking it one step at a time.
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03-04-2009, 09:32 AM	#1859
bewitched 101% Yummy! Join Date: Apr 2005 Location: I know Kung Fu. Posts: 1,413	A friend of mine (her daughter goes to school with O) won $28 million in the Powerball lottery. Seriously. I hate her in a platonic loving kind of way. __________________ ~Whitney Wondering about the future of Ellington Woodard's punk@ss sh!t.
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