DU: They're stealing our money that someone else earned!!!!

[SSG Snuggle Bunny]

dipsydoodle (29,666 posts)

French 75% income tax struck down by constitutional council

Source: BBC News

France's constitutional council says it is overturning an upper income tax rate of 75% introduced by Socialist President Francois Hollande.

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xchrom (85,826 posts)

1. ...

tecelote (675 posts)

2. 91 percent: Top US tax rate in 1963

http://www.cleveland.com/datacentral/index.ssf/2011/02/historical_top_federal_income.html

1) There were plenty of tax shelters

2) There was no welfare state

3) JFK lowered that rate and the economy soared

dotymed (3,950 posts)

9. Have you ever seen an armored truck following a hearse?

All of these people seem to have forgotten what our predecessors understood. You can't take it with you.
 Sure you can leave it to whomever, so they'll never have to work and start or continue a dynasty based on a feudal system. That has been going on since the beginning of time.
 Most people used to be rational enough (and the laws forced this upon those without that foresight), to realize that their country had to distribute that wealth to public needs and yes, those less fortunate.
 As many have noted in DU, we are in another gilded age. Robber barons are being created (usually at the peril of their fellow citizens) and they have no desire or laws that prevent them from realizing their goal of hoarding and passing this wealth on to their chosen few.
 The big picture? Obviously this is not sustainable. It doesn't take a scholar to understand that with a fixed amount of wealth available to the populace, if that wealth is hoarded and not heavily taxed for redistribution, most will suffer. A few will have unlimited opulence. What are the alternatives? Print more money. This only serves to reduce the value of what has been hoarded and of course raise inflation to the point that only the few "lucky" ones can afford a decent lifestyle.
 The solution? The people of the world must demand an end to corporate and elite rule. Laws must be re-enacted to somewhat level the playing field by re-distributing that wealth, or better yet a true democratic-socialist system, world-wide (not a centralized government) that ensures people before profits.
 At the current pace of our world, we are "racing to the bottom" and will reach it soon. What will happen when the global depression hits full force? All currency, including precious metals will become worthless because they are not necessary. If we can't get off of our asses and fight for change, then I guess, we deserve what is inevitable. Our future generations may not deserve it, but they will be born into it.

samsingh (8,814 posts)

10. 75% is way to high

uh oh

xtraxritical (1,783 posts)

13. Many, many super wealthy people have created altruistic foundations.

Think Carnegie (built libraries in almost every town in America), Ford, Vanderbilt, Rockefeller, Gates, Buffet. It's not so much wealthy individuals that are screwing the people, it's the corporate entity that is screwing the people. The founding fathers wrote warnings about the corporate entity being antithetic to the Constitution.

24601 (2,269 posts)

23. But the foundations fund their priorities - so the funds never reach the treasury. One man's

altruism is another's NRA.

Damn these people spending their money how they want to!

What the hell do they think they are? FREE?

http://www.democraticunderground.com/1014350552

[NHSparky]

Another inconvenient truth for the DUmmies--that 90-plus percent marginal rate they so dearly love only kicked in at an equivalent of about $4-5 million in today's dollars.  And as SB noted, 50 years (hell, 25!) there were an almost infinitely greater number of deductions, shelters, and other ways of "hiding" one's income that virtually NOBODY hit that limit.

Consider this--the AMT (alternative minimum tax) was created in 1969 to hit 155 people.  That's it.  155 people.  Today, almost 30 MILLION people are affected by it, because the AMT was never indexed for inflation.

You piss, whine, and moan about how "unfair" the system is, when in reality the people who SHOULD be bitching are people like, well, ME.  Not rich enough to hide my money in shelters, triple-tax-free municipal bonds, or simply cash out, but not poor enough to take advantage of the redistribution system put in place over the past 50 years, which has exploded in the last 20 (think EIC, etc.)

Enough already--you wouldn't know fair if it sat on your face and wiggled.

[GOP Congress]

xtraxritical (1,783 posts)

13. Many, many super wealthy people have created altruistic foundations.

Think Carnegie (built libraries in almost every town in America), Ford, Vanderbilt, Rockefeller, Gates, Buffet. It's not so much wealthy individuals that are screwing the people, it's the corporate entity that is screwing the people. The founding fathers wrote warnings about the corporate entity being antithetic to the Constitution.

I really smell the BS from the other side of the meadow on THAT piece of work. I dare this scumbag to show anywhere in the Constitution, Thomas Paine's Common Sense, or the whole damn Federalist Papers for that matter. Frankly, I think he's confusing HIS Constitution, the Communist Manifesto, with our once-revered document.