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RE: Should Income be capped? - 2/8/2008 7:20:26 AM

OmegaG

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Did we not learn anything from the USSR?

When people can't achieve they stop being ambitious, when people stop being ambitious, ecomony is stifled and progress dies. People will work far harder if they can be rewarded for their work. For others to say that one has earned too much money and should work for free is unrealistic.

With that said, Barry Goldstein is a professional poker player-- I forget how he earned his money before playing poker, it was some silocon valley businness if I recall. Anyway he has decided on his own that he has enough and plays poker for the enjoyment, he also donates all his winnings to charity. To be this alturistic freely is commendable, to do so by force is unthinkable.

< Message edited by OmegaG -- 2/8/2008 7:26:08 AM >

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RE: Should Income be capped? - 2/8/2008 7:22:24 AM

Shawn1066

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Should income be capped?

No

DV's Fox

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Post #: 22

RE: Should Income be capped? - 2/8/2008 7:31:17 AM

Termyn8or

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My Dad showed me an income tax form from the seventies or early eighties. We pretty much did that. If you look at those tax tables you see they could've simplified it. "You made more than this much ? OK, send it in".

Note the loss of most of our industry.

Capping income at a hundred grand is totally unrealistic today. If anything though, I would support a legal limit on the income of the board and CEO of publicly traded companies which would be based on the company's profits. It would always be limited to a multiple of what the least paid employee of the company earns.

Boy that would fuck Walmart eh ?

But if a company is not traded publicly they have no authority. If I make widgets, set my price so that I make a buck each, and sell a million of them a month, tough. Making that much I would have no reason to go public. As such not only am I a sole proprietorship, I can get out of paying US income taxes. That is for another thread though.

But if I sell stock I am honor bound to run it in the way that generates the most profits. I might be legally bound to do that as well, and if publicly traded I am definitely legally bound to do so. And sadly, because of the state of affairs, I might have to move the widget factory to China. That is if I go public.

If you go public, the way you trade your own stock is watched, among other things. Alot of companies are signed into ISO 9002 standards and have to deal with them people as well, but they signed into it.

Anyway, the only way to really achieve an income cap in this country of any kind os to use the income tax system. The only way I see it doing any good is if the tax rate climbed exponentially starting at the desired cap, and it would be on state and local levels.

But then where to set the cap ?

T

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Post #: 23

RE: Should Income be capped? - 2/8/2008 7:33:17 AM

FirmhandKY

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FR:

Capping income, capping wealth, imposing taxes in order to bring "equality" remind me of that old joke:

A man approaches a beautiful woman in a bar, and without any small talk, asks her "If I give you a dollar will you sleep with me?"

The woman is instantly angry and tells the man "Absolutely not!"

Before she can get away from the man he asks her a second question. "Will you sleep with me for a million dollars?"

Now the woman pauses and after some thought says "Yes, I will."

The man responds "How about for twenty dollars?"

Again the woman looks indignant and says "Of course not. What kind of a woman do you think I am?"

The man replies "I thought we just settled that. I was just negotiating the price."

Unfortunately, we are already on that road. A graduated income tax, such as we have had for decades - as an "income redistribution" method, is doing exactly that.

I'm against a graduated income tax, or any restrictions on the income or wealth of individuals.

Firm

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RE: Should Income be capped? - 2/8/2008 7:43:25 AM

OmegaG

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quote:

ORIGINAL: Termyn8or

But if a company is not traded publicly they have no authority. If I make widgets, set my price so that I make a buck each, and sell a million of them a month, tough. Making that much I would have no reason to go public. As such not only am I a sole proprietorship, I can get out of paying US income taxes. That is for another thread though.

T

You are my college econ professor, aren't you?

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Post #: 25

RE: Should Income be capped? - 2/8/2008 7:43:34 AM

NewMaster86

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Capping income will in no way help the poor. As its been previously stated people will throw down their hoes once they reach the cap.

However, rethinking how much we pay people to do certain jobs would aid alot more. NFL players make a bare minimum of 285,000 a year(http://en.wikipedia.org/wiki/National_Football_League#Salaries) while your average experienced, meaning 4-9 years, teacher will only make just over 40,000 (http://www.payscale.com/research/US/All_K-12_Teachers/Salary). Now which is the more important job?

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Post #: 26

RE: Should Income be capped? - 2/8/2008 7:47:55 AM

seeksfemslave

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I dont agree with capping peoples income but I do think this.

Most upper echelon executives who have climbed the greasy pole in large corporations, that may have existed long before they were born, are grossly overpaid the reason being that at root they set their own pay scales.
So fuck 'em I say but I still wouldn't cap their remuneration. or impose penal taxes 'cos I dont see my self as a Kommissar and the tax will discourage those with real creative business talent.

If a person starts his own business and is successful then he deserves every penny he can lay his hands on. When his business grows and his grandson gets control thats when the real inequities begin.

If you just happen to be fortunate like David Beckham or that ugly Rolling Stone and have a marketable talent then good luck to you , at least you did it your way.

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Post #: 27

RE: Should Income be capped? - 2/8/2008 7:48:50 AM

OmegaG

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quote:

ORIGINAL: NewMaster86

Capping income will in no way help the poor. As its been previously stated people will throw down their hoes once they reach the cap.

However, rethinking how much we pay people to do certain jobs would aid alot more. NFL players make a bare minimum of 285,000 a year(http://en.wikipedia.org/wiki/National_Football_League#Salaries) while your average experienced, meaning 4-9 years, teacher will only make just over 40,000 (http://www.payscale.com/research/US/All_K-12_Teachers/Salary). Now which is the more important job?

Which one generates more income.

With the amount of money that is made in the NFL, I am opposed to the men who are actually providing the entertainment to be screwed out of their share. The only people who profit because of the salary cap is the owners, they certianly aren't lowering the tickets, the concessions, the merchendice or the licenceing fees.

Professors in college who have the ability to do more then teach the classes have the oppurtunity to earn far more then their teaching income, and the more they write and contribute to academia the more saught after they are in their field.

And I won't even touch on the apathy of some teachers (do note I said some) in the public school system, or those that are teaching classes they didn't earn a degree in because they were tenure and therefore entitled to a job.

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Sex without pain is like food without taste.
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Post #: 28

RE: Should Income be capped? - 2/8/2008 8:05:49 AM

seeksfemslave

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Teachers like Nurses have in general an idealised public image which we all know, well I do, is not infrequently undeserved.

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Post #: 29

RE: Should Income be capped? - 2/8/2008 8:17:32 AM

hisannabelle

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personally, i think you two should have to be teachers in low-income, inner-city schools before any judgment you make like that is actually taken seriously.

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RE: Should Income be capped? - 2/8/2008 8:27:34 AM

OmegaG

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quote:

ORIGINAL: hisannabelle

personally, i think you two should have to be teachers in low-income, inner-city schools before any judgment you make like that is actually taken seriously.

My mother, who was a teacher both in a rural school and an inner city school would disown me if I ever thought of teaching as a profession. And she is one of the most vocal critics of those that went into teaching for less then alturistic ideals (she would estimate that at least a quarter of the teachers she knew went into teaching for the breaks and the short work days-- and I know that good teachers work far after the bell dismisses the kids, I also know of teachers who have students grade tests and reports so that they don't have to).

There are good teachers and there are ineffective people recieving teachers salaries, I think that when teachers have the ability to earn money based on their own merrits rather then being protected by unions who protect them as a collective whole the teaching profession will be treated more as a profession and less like factory workers.

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Regret for the things we did can be tempered by time; it is regret for the things we did not do that is inconsolable. Sydney J. Harris

Sex without pain is like food without taste.
- de Sade

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Post #: 31

RE: Should Income be capped? - 2/8/2008 8:45:05 AM

OrionTheWolf

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~FR~

And people believe that marxism and communism are dead ideas? Just have to read some of the stuff here to know they are not.

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RE: Should Income be capped? - 2/8/2008 8:47:44 AM

SubbieOnWheels

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Should income be capped?

No, for reasons already stated. Especially not by the imposition of higher taxes.

Think about it: who gets the money if income over any "cap" is taxed at 100%?

The GOVERNMENT, that's who. And we all know how efficiently the Government uses its revenues.

>>edited because my brain was ahead of my fingers<<

< Message edited by SubbieOnWheels -- 2/8/2008 8:49:27 AM >

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RE: Should Income be capped? - 2/8/2008 8:57:43 AM

CuriousLord

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Yeah, it's a crazy idea. If I had more time, I might try to list the numerous things wrong with it. But, in short, it'd screw the economy.

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RE: Should Income be capped? - 2/8/2008 9:03:14 AM

Aubre

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I think laziness and expecting something for nothing should be capped.

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RE: Should Income be capped? - 2/8/2008 9:04:32 AM

ownedgirlie

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quote:

ORIGINAL: KenDckey

I was talking to a friend yesterday. She thought that the rick make to much money and that the poor get screwed. I would agree that the poor get screwed but disagree that the rich make to much money. So anyway, her concept was to set an income cap, She watned to set it at $100,000 limit gross. But if it were set at $100K or $1 Million. The concept she was expousing was that any income in excess of that would be taxed at the rate of 100%, thus sending it to the public coffers. The source of the income being irrelivant and deductions not allowed for anything over the set point. Although it would pay off the national debt pretty quickly that way, I personally think it is crazy? What do you think?

It's a noble idea but I agree, crazy and not thought through. First, say goodbye to a capitalistic society. This country is interesting in that we support and encourage the "little guy" to become successful, and then when he/she does, we see them as "big business" and try to bring them down.

Capping income levels would mean no more Bill and Melinda Gates Foundation, no O Foundation (Oprah), in fact, it would probably put an end to philanthropic efforts as a whole. The ripple effect would be more detrimental than beneficial, in my opinion.

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Post #: 36

RE: Should Income be capped? - 2/8/2008 9:05:18 AM

KenDckey

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quote:

ORIGINAL: Aubre

I think laziness and expecting something for nothing should be capped.

But isn't that what a great many of the social programs facilitating?

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RE: Should Income be capped? - 2/8/2008 9:08:24 AM

Stephann

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There's a flipside to this.

If you capped this income at 100k, then the automatic assumption is that everyone makes no more than 100k. First off, you would have rampent flouting of the law. People who work in cash only business (think organized crime) wouldn't bother paying it, and enforcement would be nearly impossible.

Second, with this glut of money from the rich people going to the poor, it would mean everyone would 'automatically' have the same amount of money, whether they worked hard or not. There'd be no incentive for the poor to work at all; they'd be just as rich as rich people, without having to leave the comfort of their television sets. Finally, the costs of all goods and services would skyrocket; companies don't charge 'fair prices' for goods and services, they charge what the market would bear. Thinking that you now have 100 grand a year to blow, doesn't mean the cost of that plasma screen TV will stay at $8,000; because there would be an increase in demand for these goods (since everyone can afford $8,000) the prices of plasma screens would skyrocket to about $45,000; simply because enough people would be willing to hand over half of what they earn in a year for the things.

Increasing the supply of money doesn't increase their actual wealth; it only increases inflation. And that's what an income 'cap' would create; an inflationary bubble that would eventually burst, with people having worthless hundred dollar bills in their pocket.

Stephan

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RE: Should Income be capped? - 2/8/2008 9:55:54 AM

Moloch

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Pretty easy to point fingers and regulate.Capping income at 100k? Smells like communism USSR style

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RE: Should Income be capped? - 2/8/2008 9:59:51 AM

Jeffff

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quote:

ORIGINAL: Aubre

I think laziness and expecting something for nothing should be capped.

What about teeth?

Jeff

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Post #: 40

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