Comments on: How to raise taxes on the rich http://www.texasstartupblog.com/2008/05/21/how-to-raise-taxes-on-the-rich/ Spurring innovation and entrepreneurship. Sat, 20 Mar 2010 05:24:06 +0000 http://wordpress.org/?v=2.7 hourly 1 By: Alexander Muse http://www.texasstartupblog.com/2008/05/21/how-to-raise-taxes-on-the-rich/#comment-350035 Alexander Muse Thu, 29 Oct 2009 11:24:24 +0000 http://www.texasstartupblog.com/?p=1671#comment-350035 Exactly... Exactly…

]]> By: Laura P http://www.texasstartupblog.com/2008/05/21/how-to-raise-taxes-on-the-rich/#comment-350034 Laura P Thu, 29 Oct 2009 01:01:21 +0000 http://www.texasstartupblog.com/?p=1671#comment-350034 Cam - If the Government raises taxes on the rich - don't you think that it would have consequences on the less fortunate? Think about it - If landlords, business owners, and others that fall into the "rich" category are taxed heavier - don't you think that it will have a trickle down affect? Cam - If the Government raises taxes on the rich - don't you think that it would have consequences on the less fortunate? Think about it - If landlords, business owners, and others that fall into the "rich" category are taxed heavier - don't you think that it will have a trickle down affect?

]]> By: Cam Beck http://www.texasstartupblog.com/2008/05/21/how-to-raise-taxes-on-the-rich/#comment-346177 Cam Beck Wed, 21 May 2008 21:12:27 +0000 http://www.texasstartupblog.com/?p=1671#comment-346177 Personally I favor the Fair Tax. The goal isn't to maximize revenue, anyway but to maximize rightly-ordered freedom. Government isn't a business. It's a necessary evil. Personally I favor the Fair Tax. The goal isn’t to maximize revenue, anyway but to maximize rightly-ordered freedom. Government isn’t a business. It’s a necessary evil.

]]> By: Christopher St. John http://www.texasstartupblog.com/2008/05/21/how-to-raise-taxes-on-the-rich/#comment-346174 Christopher St. John Wed, 21 May 2008 18:52:13 +0000 http://www.texasstartupblog.com/?p=1671#comment-346174 Overall, OK, fair enough. But... there are some details that matter. Like the fact that the little tiny bumps in the graph translate into many billions of dollars of revenue. US GDP is about $13 trillion. A 1% change (less than one of those recent bumps on the graph) translates into $131 billion. Trying to massively bump up the revenue by increasing the maximum bracket is obviously a losing strategy, but that doesn't imply that some fine tuning wouldn't work. The tail end of the graph suggests that it is in fact possible to smooth out GDP variations by playing with the tax rate. I find that a little scary, actually. And in any case, the maximum bracket is only one part of the effective tax rate on most "rich" people. (Using the absurd "if you make $150k you're rich rule, at least) Overall, OK, fair enough. But… there are some details that matter.

Like the fact that the little tiny bumps in the graph translate into many billions of dollars of revenue. US GDP is about $13 trillion. A 1% change (less than one of those recent bumps on the graph) translates into $131 billion.

Trying to massively bump up the revenue by increasing the maximum bracket is obviously a losing strategy, but that doesn’t imply that some fine tuning wouldn’t work. The tail end of the graph suggests that it is in fact possible to smooth out GDP variations by playing with the tax rate. I find that a little scary, actually.

And in any case, the maximum bracket is only one part of the effective tax rate on most “rich” people. (Using the absurd “if you make $150k you’re rich rule, at least)

]]> By: Cam Beck http://www.texasstartupblog.com/2008/05/21/how-to-raise-taxes-on-the-rich/#comment-346173 Cam Beck Wed, 21 May 2008 18:50:02 +0000 http://www.texasstartupblog.com/?p=1671#comment-346173 Amen. Thanks for posting. Amen. Thanks for posting.

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