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Once the Income Tax Rate passes 99.9% over to 100% Question ?

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posted on Aug, 19 2011 @ 07:50 AM
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According to this article Sweden in the 1970's had a income tax rate above 100% which was a 102% marginal tax rate my question is could a tax rate this high make the incomes equal and take all the wealth that the millionaires and billionaires have also I don't understand I have had people tell me tax rates on income can't go above 100% than I read this ?

Pomperipossa in Monismania
From Wikipedia, the free encyclopedia
"Pomperipossa in Monismania" (also called Pomperipossa in the World Of Money) is a satirical story written by the Swedish children's book author Astrid Lindgren in response to the 102% marginal tax rate she incurred in 1976. It was published starting on 3 March 1976 in the Stockholm evening tabloid Expressen and created a major debate about the Swedish tax system.

The marginal tax rate above 100% which was dubbed the 'Pomperipossa effect' was due to tax legislation which required self employed individuals to pay both regular income tax and employer's fees.

The story, a satirical allegory about a writer of children's books in a distant country, led to a stormy tax debate and is often attributed as a decisive factor in the defeat of the Swedish Social Democratic Party - for the first time in 40 years in the elections later the same year.

en.wikipedia.org...

once you're passed 100%, it's not really just an income tax but also a savings tax. the additional money can't come from income if it is greater than 100% of your income. it has to come from stored up wealth of the person you're taxing them on.

PS - look up what 'marginal tax rate' means. it isn't the same as 'income tax rate'.

Once the Income Tax Rate passes 99.9% over to 100% and over must Savings be taxed since you can't tax 100% of someone's Income without taxing all their Money how does this work with a Progressive Income Tax does anyone have any links this is going to be my last question about Taxes ?




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