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#326022 - 05/24/20 07:16 PM The Maximum Wage
jgw Offline
enthusiast

Registered: 05/22/06
Posts: 3353
Loc: Port Angeles, WA
Years ago there was a debate over the United States should have a maximum wage. If you google "maximum Wage" you will find a lot of stuff. Here is a wikipedia on it:
https://en.wikipedia.org/wiki/Maximum_wage

You might also google:
would a maximum wage work in the united states?

A maximum wage is, basically, how much one can earn every year. There are suggested maximum wages from around 1.2 million to 10 million dollars.

I would like to see a maximum wage for any number of reasons but, in this instance, I will just say I am for one and it makes sense to me. How about this. If you make over 10 million annually, after taxes, you will be forced to donate any excess earnings to charitable causes. If you choose not to donate said overage gov would step in and tax your income at 100% for all income, after taxes, of 10 million dollars.

Just thought I would throw this one out there.


Edited by jgw (05/24/20 07:26 PM)

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#326031 - 05/24/20 09:39 PM Re: The Maximum Wage [Re: jgw]
GreatNewsTonight Offline
newbie

Registered: 04/27/20
Posts: 264
Originally Posted By: jgw
Years ago there was a debate over the United States should have a maximum wage. If you google "maximum Wage" you will find a lot of stuff. Here is a wikipedia on it:
https://en.wikipedia.org/wiki/Maximum_wage

You might also google:
would a maximum wage work in the united states?

A maximum wage is, basically, how much one can earn every year. There are suggested maximum wages from around 1.2 million to 10 million dollars.

I would like to see a maximum wage for any number of reasons but, in this instance, I will just say I am for one and it makes sense to me. How about this. If you make over 10 million annually, after taxes, you will be forced to donate any excess earnings to charitable causes. If you choose not to donate said overage gov would step in and tax your income at 100% for all income, after taxes, of 10 million dollars.

Just thought I would throw this one out there.


No capitalist country has such provision (your link seems to indicate that only Cuba has such legislation, and if failed to pass in the capitalist country that tried to have it, Switzerland). What you'd accomplish is that all rich people in America would renounce American citizenship and move their domicile to a more tax-friendly country. Internal Revenue would drop, not increase.

Eight European Countries tried hyper-taxation of the rich (none as extreme as what you are proposing) and a few years later cancelled the legislation, when they realized that due to flight of capital, they were losing more money than they were collecting.
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#326033 - 05/24/20 11:48 PM Re: The Maximum Wage [Re: GreatNewsTonight]
logtroll Offline
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Registered: 04/26/10
Posts: 10253
Loc: One of the Mexicos
Originally Posted By: GreatNewsTonight
No capitalist country has such provision (your link seems to indicate that only Cuba has such legislation, and if failed to pass in the capitalist country that tried to have it, Switzerland). What you'd accomplish is that all rich people in America would renounce American citizenship and move their domicile to a more tax-friendly country. Internal Revenue would drop, not increase.

Eight European Countries tried hyper-taxation of the rich (none as extreme as what you are proposing) and a few years later cancelled the legislation, when they realized that due to flight of capital, they were losing more money than they were collecting.

How about a maximum tax rate?

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To change something, build a new model that makes the old model obsolete.”
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#326095 - 05/26/20 02:05 AM Re: The Maximum Wage [Re: jgw]
pondering_it_all Offline
veteran

Registered: 02/27/06
Posts: 10001
Loc: North San Diego County
Actually, that wouldn't work because almost nobody takes a wage in excess of 10 million dollars. Why would they volunteer to pay that much income tax? They take things like stock options, company benefits, etc. Or they just have all the money go to the corporation they control.

A top tier rate of 70% would be great, though. Lots of economists have looked at it, and even the ones who thought the Laffer Curve was valid said 70% was optimal.

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#326116 - 05/26/20 08:42 PM Re: The Maximum Wage [Re: pondering_it_all]
Greger Offline


Carpal Tunnel

Registered: 11/24/06
Posts: 16930
Loc: Florida
Agreed. I'm a big fan of tiny targeted taxes too. A tax on stock market transactions, a small fuel tax increase, wherever a tax can be digitally collected and made so small that no one really notices it.

There's a lot of expensive sh*t that we need right now. We can borrow more money to do it or we can put taxes in place. I'm one of those tax and spend Democrats.
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#326119 - 05/26/20 10:34 PM Re: The Maximum Wage [Re: jgw]
jgw Offline
enthusiast

Registered: 05/22/06
Posts: 3353
Loc: Port Angeles, WA
whoever takes over after the election is going to face SERIOUS debt problems. The last one was after WWII. The one coming, however, is going to be a LOT more than paying off WWII. The only real way to accomplish that is with taxation. If the very rich don't like it and move then EVERYTHING they own gets taken. There are going to be some very real problems that can only be fixed by taxing them with. I am not even sure, when it all shakes out, that anybody will buy our bonds until our numbers are better.

I watched the governor of New York this morning. He is suggesting a full on attack to fix the infrastructure, which really needs to be done. This is what most countries do when facing a debt disaster and it actually tends to bail them out in the end. I just don't see our politicians doing that, however.

In the fullness of time...............


Edited by jgw (05/26/20 10:37 PM)

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#326139 - 05/27/20 05:40 PM Re: The Maximum Wage [Re: jgw]
Greger Offline


Carpal Tunnel

Registered: 11/24/06
Posts: 16930
Loc: Florida
Quote:
Whoever takes over after the election is going to face SERIOUS debt problems.

If it's a Democrat then Republicans will fight tooth and nail to stop them from increasing the debt, blame them for every penny ever spent, prevent spending on any necessary programs, and refuse to raise the debt ceiling because deficit spending.

Been there done that.
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#326141 - 05/27/20 05:57 PM Re: The Maximum Wage [Re: jgw]
jgw Offline
enthusiast

Registered: 05/22/06
Posts: 3353
Loc: Port Angeles, WA
Hopefully, if the Dems win they win it ALL! Then, the Lord willing, they will do the right things which will include rebuilding government, and re-instituting environmental rules with environmental legislation. Basically, this time, legislate it ALL instead of using proclamations. Proclamations can be rescinded by other proclamations - legislation take the entire congress.

There are something over 400 pieces of legislation, laying in the Senate too.

If the Dems win it all its gonna get REALLY interesting I think?

Oh, and doing something about the national infrastructure would also be a good thing to do as well.
https://www.infrastructurereportcard.org/

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#326150 - 05/28/20 03:02 AM Re: The Maximum Wage [Re: jgw]
pondering_it_all Offline
veteran

Registered: 02/27/06
Posts: 10001
Loc: North San Diego County
Saw an interesting piece on YouTube the other day about states going bankrupt. The bottom line is the Constitution does not permit it. Even if they could, the bankruptcy courts would just tell them to raise taxes, cut spending, and pay all of their creditors. Politicians don't like to do those things, of course, but the court would overrule them.

But they also said almost all states have excellent credit ratings. Moody's has said the outlook is poor because of Covid-19 but they have not downgraded ANY state bonds because states use bonds to build things, not for normal operation.
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#326152 - 05/28/20 03:11 AM Re: The Maximum Wage [Re: jgw]
Greger Offline


Carpal Tunnel

Registered: 11/24/06
Posts: 16930
Loc: Florida
Quote:
There are something over 400 pieces of legislation, laying in the Senate too.


Those get tossed at the end of the session. But the House knew they'd never get a vote, that wasn't the point. Each time they pass a bill it get's reported in the news. Impossible bills are good PR. That's just a game they play. Often the House Speaker can be shamed into giving a popular bill a hearing. McConnell has no shame.

Do you non-Marxists even realize that we have a perfect Bougie vs Prole election underway? The Workers vs the Bosses? It's so classic it's hilarious. Working Class Joe vs The Billionaire
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