GE may move its HQ after Connecticut passed state corporate tax increases.

[Bellaboo]

So if I make 20 grand. And think those that make 100 grand are "rich". Can we raise the taxes on them also?

Did you know that 'rich' starts somewhere around 50 grand ?

I paid 25 k to the Feds one year and that was painful.....

[trousers]

It's only class warfare when the poor people do it.

[Stew]

Eh, a million dollars is a long ways from being rich unless you got a great pension plan behind you. A million bucks will buy you a reasonable retirement age and middle class retirement. But, not rich in the least.

[Just the facts]

Why are people who 'make millions' being used as an example by anyone in this debate. That is not the group we are talking about. Also, no one is advocating taking all their money away. If Bill Gates, Warren Buffett, and the Koch brothers can't afford to eat while paying the same effective tax rate as me then they must suck, because I eat and make a fraction of what they do.

[mugofbeer]

Hey, i'm pretty conservative but even i agree the truly wealthy should pay at a higher tax rate. I also belive a lot of tax deductions should be eliminated for those making well into 6 figures. Saying someone who makes $20k/yr should pay the same tax rate as someone making $200k is absurd..

[Urbanized]

...Saying someone who makes $20k/yr should pay the same tax rate as someone making $200k is absurd..

Well, they don't in case anyone is wondering. In most cases those making $200K pay more than twice the AGI tax rate of those making $20K. Put another way, they make 10X the money, but pay more than 20X the taxes. From IRS Announces 2015 Tax Brackets, Standard Deduction Amounts And More - Forbes :

Individual taxpayers



Individuals filing joint returns and surviving spouses



Individuals filing separate returns

[hoya]

Well, they don't in case anyone is wondering. In most cases those making $200K pay more than twice the AGI tax rate of those making $20K. Put another way, they make 10X the money, but pay more than 20X the taxes. From IRS Announces 2015 Tax Brackets, Standard Deduction Amounts And More - Forbes :

What you ignore, of course, is that the people who are truly wealthy aren't making it in the form of taxable income. They're making it in investments and pay a far lower rate.

[Just the facts]

Urbanized- you need to get a different chart. Find one where the top bracket starts at $100 million per year. You keep lumping in the upper reaches of the middle class with the uber rich. We aren't talking about people who make $500K a year, or even $5 million.

If one's job is "investor" why shouldn't they pay the same tax rate as other people with jobs?

[Rover]

If one's job is "investor" why shouldn't they pay the same tax rate as other people with jobs?

They do pay the same rates. You must not earn much or have investments. You sure do hate the rich. Damn those people for being more successful and having more than you. Trying to figure out whether you are a Tea Partier, a socialist, or just mad at everyone who does better than you.

[zookeeper]

This thread is almost comical. The top 1/10 of 1% who own a hugely disproportionate amount of our wealth, must truly laugh at people like some of these posters that try to throw in a successful person making executive wages with those of the investor class and the hoarders of wealth. They really don't need to be held up as virtues of "success." They are killing our republic! I think more than a few of you made one too many trips to the old Enterprise Square museum and bought all that propaganda.

The simplicity of thinking, that sounds like an 8th grade economics class taught by material provided by WalMart and the United States Chamber of Commerce, is mind boggling. The obscene statistics are everywhere, yet you bring up how we are merely envious, or need to open up a passbook savings account, set a little aside each paycheck, maybe take an extra job (or two) and we can be part of that "successful" oligarchy, too!

You take a million people in this city - and statistically - the one tenth of one percent is 100 people owning more than the 999,900 put together (wealth - not income). Of course, we can't do that in a literal way in our city - but that should bring it home. Though, we could pretty much come up with a list of close to 100 if pressed.

[Bellaboo]

This thread is almost comical. The top 1/10 of 1% who own a hugely disproportionate amount of our wealth, must truly laugh at people like some of these posters that try to throw in a successful person making executive wages with those of the investor class and the hoarders of wealth. They really don't need to be held up as virtues of "success." They are killing our republic! I think more than a few of you made one too many trips to the old Enterprise Square museum and bought all that propaganda.

The simplicity of thinking, that sounds like an 8th grade economics class taught by material provided by WalMart and the United States Chamber of Commerce, is mind boggling. The obscene statistics are everywhere, yet you bring up how we are merely envious, or need to open up a passbook savings account, set a little aside each paycheck, maybe take an extra job (or two) and we can be part of that "successful" oligarchy, too!

You take a million people in this city - and statistically - the one tenth of one percent is 100 people owning more than the 999,900 put together (wealth - not income). Of course, we can't do that in a literal way in our city - but that should bring it home. Though, we could pretty much come up a list of close to 100 if pressed.

You must be talking about China.... lol

[Just the facts]

Let's do this: OKC Population - 610,613. OKC Per Capita Income - $25,629: Total Earning of every man. woman, and child in OKC = $15,649,400,577 In case you are having trouble, that is $15.6 billion
Net Worth of Harold Hamm: $11.4 billion (and keep in mind Harold Hamm's income is also in the per capita number which skews it up).

Now granted that is net-worth vs. income but it wouldn't surprise me if the collective net-worth of the bottom 600,000 is very close to $0.

So back to GE - They have annual revenue of $150 billion. So when they come to OKC asking for a handout what percentage of that handout should be paid by HH?

[Bellaboo]

Let's do this: OKC Population - 610,613. OKC Per Capita Income - $25,629: Total Earning of every man. woman, and child in OKC = $15,649,400,577 In case you are having trouble, that is $15.6 billion
Net Worth of Harold Hamm: $11.4 billion (and keep in mind Harold Hamm's income is also in the per capita number which skews it up).
Now granted that is net-worth vs. income but it wouldn't surprise me if the collective net-worth of the bottom 600,000 is very close to $0.

So back to GE - They have annual revenue of $150 billion. So when they come to OKC asking for a handout what percentage of that handout should be paid by HH?

Let's look at reality here - Harold Hamm's net worth lost almost $5 Billion since last fall. Does that skew it going down ?

[Urbanized]

hoya, JTF, zookeeper, I'm not "ignoring" anything, and I don't "need a new chart." If you had bothered to actually READ what I posted instead of making kneejerk argumentative posts, you would see that I was very specifically responding to mugofbeer's post - WHICH I QUOTED - that was making comments regarding tax rates for people making $20k vs people making $200K. Twist and spin all you want, but for the post I was responding to my numbers are unimpeachable.

[hoya]

hoya, JTF, zookeeper, I'm not "ignoring" anything, and I don't "need a new chart." If you had bothered to actually READ what I posted instead of making kneejerk argumentative posts, you would see that I was very specifically responding to mugofbeer's post - WHICH I QUOTED - that was making comments regarding tax rates for people making $20k vs people making $200K. Twist and spin all you want, but for the post I was responding to my numbers are unimpeachable.

Okay, forgive me then. For some reason I thought your post was supposed to be in some way relevant to the discussion of taxes on billionaires. I did not think we were supposed to read it for the very limited purpose of only comparing income taxes on people making between $20K and $200K. You know, because none of us were really talking about that.

[Just the facts]

So last year HH alone had more money than the other 610,612 people earned collectively?

[Jeepnokc]

So last year HH alone had more money than the other 610,612 people earned collectively?

Why does it matter and why do you care that he made that much money? There isn't anything wrong with making money. In building his empire....how many jobs has he created and how many families make a living due to their breadwinner being employed there? What would we be doing with all the empty space in their building? There will always be a rainmaker and worker bees. Yes he makes an obscene amount of money but in doing so, he has positively affected the economy by creating jobs.

[TU 'cane]

So in your mind there are just two economic options, your version of capitalism and socialism? That's it, no other choices to pick from?

Ever heard of Austrian Economics?

The Austrian school is not well represented here, nor on many online forums, which I find very shameful.

Why does it matter and why do you care that he made that much money? There isn't anything wrong with making money. In building his empire....how many jobs has he created and how many families make a living due to their breadwinner being employed there? What would we be doing with all the empty space in their building? There will always be a rainmaker and worker bees. Yes he makes an obscene amount of money but in doing so, he has positively affected the economy by creating jobs.

This is why I was trying to be careful with my statements made previously.
Because at the end of the day, I won't make a villain out of someone for making money, not gonna happen from me.
HOWEVER, going back to my points before, when that person, or persons, start manipulating or literally buying off our elected representatives and begin crafting public policies, that's when I begin to have issues, for many reasons obvious.

That's also why I made a simple example that if we could have a flat sales tax for all, with no income tax for those making less than $1 million, and a flat rate of 10% for those who are, I think that could be agreeable grounds for many. Of course, this is just thinking for ways of compromise as what I truly believe would never be instituted... Hint, I follow the Austrian School.

[Just the facts]

Why does it matter and why do you care that he made that much money? There isn't anything wrong with making money. In building his empire....how many jobs has he created and how many families make a living due to their breadwinner being employed there? What would we be doing with all the empty space in their building? There will always be a rainmaker and worker bees. Yes he makes an obscene amount of money but in doing so, he has positively affected the economy by creating jobs.

He can make all the money he wants, I'm just saying that based on his wealth compared to everyone else in OKC, he should be paying a much larger share of the tax burden than he is. Wouldn't you agree?

[Just the facts]

HH losing $5 billion in net worth would have no impact on per capita income, unless he gave himself a raise to make up for it.

Alas, I am saddened and dismayed that there is so much support today for a return to the medieval fudal system.

[BoulderSooner]

I am amazed at the love of socialism and the supporters of wealth redistribution in his thread.

[Just the facts]

I am amazed at the love of socialism and the supporters of wealth redistribution in his thread.

So in your mind there are just two economic options, your version of capitalism and socialism? That's it, no other choices to pick from?

Ever heard of Austrian Economics?

[onthestrip]

I am amazed at the love of socialism and the supporters of wealth redistribution in his thread.

Im also amazed at how poorly we rank compared to other developed countries in categories like educational achievement, infant mortality rates, economic mobility, and other things that are tied to high income inequality.

[Just the facts]

Influence public policy? You mean like HH trying to hand select the head of the Oklahoma Geological Survey so he could cover up the connection between well injections and earthquakes?

[Just the facts]

Maybe those babies just need to pull themselves up by their bootie straps. [/Sarc]

I can see our entire society slipping into a Spartan type society. Thank goodness 2020 happens before that.