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An income cap
might not be so crazy

Chicago Tribune, by Mark Buchanan

Original Article

Posted By:AltaD, 8/6/2014 5:06:58 PM

Concern about rising wealth and income inequality has generated all kinds of solutions, often focused on improving the lot of the people at the bottom with measures such as minimum wages. But instead of putting a floor on what people get, why not put a ceiling on how much they get to keep?(Snip)Suppose that people, after paying ordinary income taxes, would be allowed to keep up to, say, $500,000 of their income, then would be obliged to give away the rest to the charities of their choice or, if they like, to a charity of their own design and creation.

Comments:
Are Buchanan and the British comedian/writer who came up with this idea serious?

      


Post Reply  

Reply 1 - Posted by: earlybird, 8/6/2014 5:11:55 PM     (No. 9955805)

Oh, be still...

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Reply 2 - Posted by: liberty316, 8/6/2014 5:13:08 PM     (No. 9955809)

Because idiots in government have the right to determine where the fruits of your labor should go...

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R-G1
  


 
Reply 3 - Posted by: voxpopuli, 8/6/2014 5:14:57 PM     (No. 9955812)

how does this work for mark dayton?
his "income" is about $180,000 a year..
but..
HE HAS A FIVE BILLION DOLLAR TRUST FUND IN SOUTH DAKOTA.. to escape Minnesota taxes, of course..
will he give all of this to his comrades except for $500,000?

how about buffet, gates, klintons, pelosi..

oh..
once you GOT it, you can KEEP it?

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Reply 4 - Posted by: Flipper3, 8/6/2014 5:27:17 PM     (No. 9955831)

No, Mark, it is a truly crazy idea.

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Reply 5 - Posted by: Flipper3, 8/6/2014 5:29:15 PM     (No. 9955835)

#3: You forgot to list Obama along with the others.

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Reply 6 - Posted by: Fleetusa, 8/6/2014 5:31:19 PM     (No. 9955837)

A design for totally imploding the economy.

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Reply 7 - Posted by: galbaccr, 8/6/2014 5:32:39 PM     (No. 9955840)

The Clintons are already doing this. Hillary claimed that her $350K(??) for a speech was going to their family charity - not to her. This idea is just stupid. It encourages the clinton form of money laundering. Uggghhh!

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R-TA-Wide
  


 
Reply 8 - Posted by: Vaquero45, 8/6/2014 5:38:41 PM     (No. 9955848)

Lord, what a moron this guy is!

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Reply 9 - Posted by: Ida Lil, 8/6/2014 5:39:55 PM     (No. 9955851)

What a dunce.
If I was clever enough to earn 500,000 i certainly would also have the ability to create the charity to give the excess to myself.
We all know an income cap would limit only the former middle class while the uppers and low downers would grab the efforts of their labors.

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Reply 10 - Posted by: Jethro bo, 8/6/2014 5:40:45 PM     (No. 9955852)

Isn´t that denying people the use of their property without fair compensation. Isn´t this just another form of ´eminent domain´? And as if people are not smart enough to get around this. One can impinge every high earner forming their own ´charity´ to handle their donations.

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Reply 11 - Posted by: pedro4, 8/6/2014 5:51:19 PM     (No. 9955865)

Hollywood stars, Michael Moore, Al Gore, and the Upper East Side of Manhattan go first. Beta test the idea on them and see how it goes.

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Reply 12 - Posted by: schnapps, 8/6/2014 5:53:41 PM     (No. 9955869)

how about buffet, gates, klintons, pelosi?

The magic phrase "charities of their choice"
- The Buffet Foundation
- The Bill and Melinda Gates foundation.
- The Clinton Foundation
- Paul And Nancy Pelosi Charitable Foundation
and now...(drum roll)
http://barackhobamafoundation.org/about.html

Mark B. has unwittingly exposed the playbook of the superrich

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Reply 13 - Posted by: marthaville, 8/6/2014 6:13:15 PM     (No. 9955884)

How about the more than $16 million Mr. Obama has received from his books. He will never give the net up just to satisfy his fellow progressives. The progressives in the US are the real rich. And they use ever tax benefit known to man to avoid paying income taxes. He can get ValJar to pony up her millions while he is at it.

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Reply 14 - Posted by: LoneVoice, 8/6/2014 6:41:18 PM     (No. 9955921)

For my charity I´d give to an organization that gives away high powered rifles and long distance target training to poor deserving conservatives.

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Reply 15 - Posted by: ronbet, 8/6/2014 7:00:20 PM     (No. 9955934)

This is a pay site.

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Reply 16 - Posted by: jeremiah29_11, 8/6/2014 7:10:32 PM     (No. 9955944)

Do the words "Eff U" mean anything to ya?

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Reply 17 - Posted by: snowoutlaw, 8/6/2014 7:12:21 PM     (No. 9955945)

I bet almost everyone that makes more than $500,000 invests or spends it somewhere. Take those investment away and what do you get but a lot of unemployeed people. Sounds crazy to me.

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R_DBL_B
  


 
Reply 18 - Posted by: P51DMustang, 8/6/2014 7:13:55 PM     (No. 9955948)

Remember, "You didn´t build that." What complete morons.

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Reply 19 - Posted by: woofwoofwoof, 8/6/2014 7:18:56 PM     (No. 9955957)

The idea is not crazy, but (a) the number is far too low, it would have to be $5m to $10m to make any sense, and (b) it wouldn´t work because if you´re making $100m or more you can move it offshore anyway.

But income distribution to the top 0.01% *is* a large and growing problem both socially and economically. I just don´t know any easy solutions, certainly not this.

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Reply 20 - Posted by: DaddyO, 8/6/2014 7:22:46 PM     (No. 9955963)

"Unease at Clinton Foundation Over Finances and Ambitions.. (The Clinton Foundation) ran multimillion-dollar deficits for several years, despite vast amounts of money flowing in. .."

NY Times, August 2013.

JERRY: "A donation has been made in your name to the Human Fund. What is that?"

GEORGE: (With pride) "Made it up... I tell you, this Human Fund is a gold mine!"

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Reply 21 - Posted by: Teleologicus, 8/6/2014 8:18:20 PM     (No. 9956023)

People are not going to work/scheme/plot/invest/etc. to make money only to give it away.

Why would anyone do that? Put a cap on income and people will have no incentive to exceed it.

The basic problem of Leftism is that it is founded upon a fundamental misunderstanding of human beings, who do not behave the way Leftists think and need for them to do in order for Leftist fantasy ideology to work.

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