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Please, Please Raise My Taxes

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  • Please, Please Raise My Taxes

    Thereís a story we like to tell about American capitalism. Ours is a country that prizes merit, rewards risk and stands apart in its commitment to the collective success of open markets and the free flow of capital. We are a nation of strivers who can pull ourselves up by our bootstraps with the right combination of grit and determination.

    Thatís the tale we love to tell and hear. But take it from a person who has found himself on the fortunate side of that narrative: This story is incomplete. For most people, our system isnít working.

    I say this as the child of Jewish immigrants from Lithuania who came here with little more than an oversize belief in what America could offer. Their faith was well placed: My parents watched me build two Fortune 500 companies and become one of the wealthiest people in the country.

    Two decades ago I turned full-time to philanthropy and threw myself into supporting public education, scientific and medical research, and visual and performing arts, believing it was my responsibility to give back some of what had so generously been given to me. But Iíve come to realize that no amount of philanthropic commitment will compensate for the deep inequities preventing most Americans ó the factory workers and farmers, entrepreneurs and electricians, teachers, nurses and small-business owners ó from the basic prosperity we call the American dream.

    Some of us have supported closing the gulf between rich and poor by raising the minimum wage to $15 an hour, reforming our education system, expanding access to medical care, building more affordable housing.

    But even in cities like my adopted hometown, Los Angeles, where many of these policies have been enacted, they have not adequately addressed the crisis. Our country must do something bigger and more radical, starting with the most unfair area of federal policy: our tax code.

    Itís time to start talking seriously about a wealth tax.

    Some will say Iím calling for the populist masses to take out the pitchforks and take down the titans of Wall Street. Some will say itís just too difficult to execute. Others will call it a flight of fancy.

    Donít get me wrong: I am not advocating an end to the capitalist system thatís yielded some of the greatest gains in prosperity and innovation in human history. I simply believe itís time for those of us with great wealth to commit to reducing income inequality, starting with the demand to be taxed at a higher rate than everyone else.

    This does not mean I support paying higher taxes without requiring government to be transparent, accountable and equitable about how it spends the revenue, particularly for health care, public education and other programs critical to social and economic mobility. But letís end this tired argument that we must delay fixing structural inequities until our government is running as efficiently as the most profitable companies. Thatís a convenient tactic employed to distract us from the real problems.

    The enormous challenges we face as a nation ó the climate crisis, the shrinking middle class, skyrocketing housing and health care costs, and many more ó are a stark call to action. The old ways arenít working, and we canít waste any more time tinkering around the edges.

    Democrats have offered an array of plans. Senator Elizabeth Warren would levy a 2 percent tax on every dollar of net worth above $50 million. Thereís an overdue proposal from Senator Bernie Sanders to increase taxes on estates and inheritances. And then thereís the mark-to-market approach proposed by Senator Ron Wyden, which would treat capital gains income as what it is ó actual income for the wealthiest people in America. Currently people who have stocks and other investments that appreciate in value ó usually people of means ó are taxed at lower rates and are allowed to defer taxes.

    Iím not an economist but I have watched my wealth grow exponentially thanks to federal policies that have cut my tax rates while wages for regular people have stagnated and poverty rates have increased.

    So when the Democratic candidates take the stage this week for their first debate, I invite fellow members of the 1 percent to join me in demanding that they engage in a robust discussion of how we can strengthen a post-Trump America by reforming our tax code.

    Letís admit out loud what we all know to be true: A wealth tax can start to address the economic inequality eroding the soul of our countryís strength. I can afford to pay more, and I know others can too. What we canít afford are more shortsighted policies that skirt big ideas, avoid tough issues and do little to alleviate the poverty faced by millions of Americans. Thereís no time to waste.
    https://www.nytimes.com/2019/06/25/o...eli-broad.html
    "I guess I just hate the fact there is public property at all." - Mr. Raceboy.

  • #2
    Broad is all about perception. Article about tax shelter for the man who claims a need for higher taxes made me smile.

    https://www.futureofcapitalism.com/2...ad-and-buffett

    https://portside.org/2016-02-28/phil...ation-reformer

    https://www.utla.net/news/utla-prote...blic-education

    This is a good article about the man.

    https://www.vanityfair.com/culture/2...i-broad-200612

    As for his opinions about raising taxes, he and his self-described leftist parents can have them. Itís very easy for a billionaire to be generous with his money. Itís even easier for him to be generous with others. People like Broad and Buffett follow in the footsteps of their predecessors and join in the competition for name recognition through their charity. That is commendable in effect, not in motivation. But, they should leave the arrogance of deciding what is ďgood for everyoneĒ and, what taxes should be imposed upon others on the floor.

    Dan (is unimpressed by forced charity and less impressed by the egos of billionaires)
    HFM

    As long as there exists people with religion and a belief in God, there will never be a Libertarian state.

    Comment


    • #3
      If the billionaires are calling for a tax on themselves -- the billionaires -- what imposition is it on us?

      A Message From the Billionaireís Club: Tax Us
      "I guess I just hate the fact there is public property at all." - Mr. Raceboy.

      Comment


      • #4
        What gives Broad the right to call for tax upon billionaires? Who designated him speaker for that class? Should there be a man in charge of taking money from one man and giving to another in other classes? A man to call for transfer of money under threat of force for millionaires, for those than earn six figures, that earn five and so on?

        The imposition will be felt when his idea of giving away 75% of his wealth is implemented for all income classes. How far is this man from giving away 100% to be the communist he would like others to be? Sure, he can survive off $2 billion but youíve missed the point. He imposes his views without right to do so and, whether that imposition is only upon other billionaires does not make it a good thing.

        Your thinking that itís not an imposition upon us and that makes it okay is just the worst and let me tell you why. A man who makes $24,000 per year because he was lazy in school and can find no better job without going back can say, ďtax everyone who worked harder and, makes more than $25,000.Ē What is that selfish bastard thinking?

        Dan (answers, what imposition is it upon me?)
        HFM

        As long as there exists people with religion and a belief in God, there will never be a Libertarian state.

        Comment


        • #5
          He's entitled to his opinion ó as are the many other billionaires publicly calling for a wealth tax. It would apply to the richest one-tenth of the richest 1 percent of Americans ó a microscopic portion of the public. The remaining 99.99% of us are not affected. For them to welcome a tax which would affect their own economic class tells me their motives are genuine. Arguing that it will lead to other types of nightmarish taxation is slippery slopism.
          "I guess I just hate the fact there is public property at all." - Mr. Raceboy.

          Comment


          • #6
            I already said in my first post, he and his leftist parents can have their opinions. It doesn't make them correct. What do you think happens if that tax is implemented? What countries do you think will benefit from the billionaires that flee this country as a consequence of the tax? I can assure you, it wont be this one.

            https://thehill.com/opinion/finance/...-most-affected

            Look at this incredibly stupid article.

            https://money.cnn.com/2016/04/01/new...nce/index.html

            Why is it stupid? Because the CNN article doesn't even bother to explain why those millionaires are leaving.

            https://www.dailymail.co.uk/news/art...AR-France.html

            And, what happens to all the jobs and industry when those millionaires and billionaires leave? Yeah.

            You insist upon mob rule. The benefit of the majority over the minority. To you, 99.99% makes it right. It could very well have been 50.1% to make it right. Just because a majority wants something that benefits them to the detriment of the minority does not make it right.

            The freedom to choose how to spend your money is taken away once it's taxed. The individual loses the right to donate to certain causes, to pass along to their heirs or, otherwise use the funds as they see fit. I will likely pass along my millions to my wife with the request that upon her passing, it go to my sister and upon her passing, to UCLA given I don't have the fortune of having a child. The thought of the state dictating where my funds go, taking away my rights and freedoms is an anathema.

            Dan (wonders if Jon is admitting that 75% or 100% taxation is nightmarish)
            HFM

            As long as there exists people with religion and a belief in God, there will never be a Libertarian state.

            Comment


            • #7
              Originally posted by skooly View Post
              He's entitled to his opinion ó as are the many other billionaires publicly calling for a wealth tax. It would apply to the richest one-tenth of the richest 1 percent of Americans ó a microscopic portion of the public. The remaining 99.99% of us are not affected. For them to welcome a tax which would affect their own economic class tells me their motives are genuine. Arguing that it will lead to other types of nightmarish taxation is slippery slopism.
              The income tax originally affected about 3% of the population, so historically, taxation has definitely proven itself to being a slippery slope. Of course, I expect to hear the four most dangerous and expensive words: "This time is different".
              One of the great mistakes is to judge policies and programs by their intentions rather than their results.

              Comment


              • #8
                The income tax originally existed in a smaller and simpler world.
                They speak in bulletpointese leftist nutjob drivel. It doesn't matter. Nothing is as great a motivator as the chance to truly be free.
                -Mr. Raceboy

                Comment


                • #9
                  No one is stopping you leftist assholes from writing a check. Are people really so fucking stupid they think these billionaires are calling for this out of the goodness of their hearts? Do you really not understand their play here? Wait, nevermind.

                  You think the government is better than spending your money than you are skooly? Put your money where your mouth is.

                  Steve (laughs at how gullible people are)
                  "Democracy is a form of worship. It is the worship of jackals by jackasses." H.L. Mencken

                  Comment


                  • #10
                    Nothing is stopping him from giving away more...

                    Pete (wonders why he's so worried about everyone else)

                    Comment


                    • #11
                      Originally posted by Plezercruz View Post
                      Nothing is stopping him from giving away more...

                      Pete (wonders why he's so worried about everyone else)
                      That's the thing about leftist-statists; they care so much they are willing to put a gun to your head to pay for it. If only the people didn't also have guns, then they could easily institute all their wonderful ideas with no resistance.

                      Steve (knows the real reason leftist-statists hate guns in the hands of the average citizen and it isn't school shootings)
                      "Democracy is a form of worship. It is the worship of jackals by jackasses." H.L. Mencken

                      Comment


                      • #12
                        Originally posted by hfm View Post
                        Dan (wonders if Jon is admitting that 75% or 100% taxation is nightmarish)
                        A 2 percent tax on every dollar of net worth above $50 million is a far cry from 75% or 100% taxation.
                        "I guess I just hate the fact there is public property at all." - Mr. Raceboy.

                        Comment


                        • #13
                          Originally posted by Mr. Raceboy View Post
                          Do you really not understand their play here?
                          What's their play? Vanity and egomania?

                          skooly (thinks that's absurd)

                          "I guess I just hate the fact there is public property at all." - Mr. Raceboy.

                          Comment


                          • #14
                            Originally posted by skooly View Post

                            A 2 percent tax on every dollar of net worth above $50 million is a far cry from 75% or 100% taxation.
                            He proposed that? The 75% was from articles I cited. The only place Iíve heard of what you said is from Warren. And, her platform is likely unconstitutional without apportionment to the states and would almost certainly be struck down. It would be the highest example of a wealth tax in the world, more that any other socialist country. One word - expatriation.
                            HFM

                            As long as there exists people with religion and a belief in God, there will never be a Libertarian state.

                            Comment


                            • #15
                              If Warren's proposed wealth tax is unconstitutional, then there's nothing to worry about, is there? Look at the makeup of the current Court. Further, I seriously doubt that Warren could win the Democratic nomination, prevail over Mad King Donald, or that her wealth tax could ever pass Congress.

                              skooly (still supports it, but is a realist)
                              "I guess I just hate the fact there is public property at all." - Mr. Raceboy.

                              Comment

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