Wealthy Californians May Pay a 51% Marginal Tax Rate!

reply to post by Mikeyy



I think that if you took my viewpoints and portrayed them in a funhouse mirror, it would be akin to what spangledbanner says. So let me take a whack at this question:

How are the wealthy a strain on society....

....My first issue is with their propensity to move cash internationally. Consider the amount of cash that has been exported from the US. Our currency, sent to India and the Philipines. Among many other nations. The effect of devaluation on western economies must be considered. And it can only exacerbate any other issues causing economic troubles.

My doctor, a good man and friend, is a good example. Around 200k a year to his mothers household in India. Several sponsorships of various family members (using EB3 programs, mostly, and providing the cash to buy into the programs). As a matter of fact, for many property developers, EB3 is a critical part of their capital stack when going through the funding phase of the project.

But beyond that, it has driven a de facto fascism among capitalist nations. Consider the definition of "fascism" as being a system whereby socio economic pressures are applied to as a manner of control. Is this not what the net effect is from our current system whereby those who create wealth are generally allowed to control the system?

When you talk about the "economic crash"....that was not a crash as much as it was a global butt puckering. The same money was still there to circulate. Just all the entities with wealth ceased flowing it out (yet still expected it to flow in).

It has to be obvious that among the top 5% of the global cash positions, in the end it amounts to nothing more than a simple swapping of cash from one pocket to another.

When I say "cash", i am using it in the statistical sense. "Cash" is any instrument that portrays monetary value that is not credit.

Now, having said that...51% is a ridiculous tax rate. If a government has to tax any citizen to that degree, then they are not being good stewards of the people faith. BUT, we must remember who guides and controls that government. Follow the money. And when you do, you find that you are left with the exact same people who we should feel sympathy for now. The ones that steered the bus into the ditch.

I just want to point out that this would be considered a long term capital gain currently taxed at 15% federally, that is if he actually had much of profit in the end.