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Ocasio-Cortez 70% Tax Rate

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  • #16
    Originally posted by Plezercruz View Post
    Pete (thinks that Paul Krugman is the "climate change denier" of his profession)
    Nobel Prize winner.
    "I guess I just hate the fact there is public property at all." - Mr. Raceboy.

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    • #17
      Originally posted by skooly View Post

      Nobel Prize winner.
      https://en.wikipedia.org/wiki/Milton_Friedman > https://en.wikipedia.org/wiki/Paul_Krugman
      HFM

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

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      • #18
        Originally posted by skooly View Post

        Nobel Prize winner.
        Yeah, just like Obama and his 20,000 bombs equals a Nobel Peace Prize!

        Steve (lives in a world surrounded by useful idiots)
        "Democracy is a form of worship. It is the worship of jackals by jackasses." H.L. Mencken

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        • #19
          Originally posted by hfm View Post
          Moreover, 16,000 people you claim is a low number of citizens impacted are the ones creating jobs. Do you honestly think a ding on them wont be a ding on everyone else?

          The bottom line, just look at the charts and it’s clear as day that our economy and the market loves low taxes and, hates high taxes.

          Dan (thinks unfairness or injustice for just a few doesn’t change the nature of that unfairness or injustice)
          I think I might be having a stroke, or I completely misremember Dan's positions.

          Jesse (remembers Dan as a bit of a socialist)
          DEEZ NUTS FOR PRESIDENT!!

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          • #20
            Originally posted by Jesse View Post

            I think I might be having a stroke, or I completely misremember Dan's positions.

            Jesse (remembers Dan as a bit of a socialist)
            Ok, good, I'm not alone here. I've been scratching my head wondering what happened.
            "Whenever you find yourself on the side of the majority, it is time to pause and reflect." –Mark Twain

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            • #21
              I never remember Dan being in favor of higher taxes.

              Pete (hasn't been around y'all as long as y'all have though)

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              • #22
                I’ve never been a socialist. My positions depend upon the subject and aren’t necessarily liberal or conservative. The last time I said my views lean libertarian, that statement was disregarded and rebuffed by those here who call themselves libertarians. I haven’t been participating regularly for years now and, while some of my views have evolved, on this subject, there hasn’t been any significant change as far as I can recall.

                Dan (has no love for taxes when paying over $1M payroll for 7 employees with those numbers growing yearly)
                HFM

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

                Comment


                • #23
                  Today I started thinking...

                  ...how many people actually make (in taxable income) more than $10M per year.

                  I did some digging.

                  The top 1% of WEALTH owners in the country have $10M in net worth. But that's not income.

                  The top 0.1% of wage-earners in the USA made $1M last year. But that's not $10M.

                  From IRS statistics on filings in 2016 (you can get those here https://www.irs.gov/statistics/soi-t...d-gross-income) the number of people citing adjusted gross income higher than $10M in 2016 was 16,087.

                  However, of those, there are going to be an awful lot of "windfall" returns...people who made a one-time income of $10M and will never see that kind of income again. Lottery winners (both literally and figuratively) who have to make that one year of income last a lifetime. There's no way to adjust for those, but there are a lot of them...probably about half.

                  I'd estimate the number of people that Ocasio-Cortez is targeting with her tax year over year is about 8000. That's it. And of course, that's what makes it so popular. She's picking on the one of the smallest minorities possible...a group of only 8000 people that everyone else just loves to hate.

                  Pete (estimates that her "plan" brings in only about $168B in revenue, and that assumes that the rich people take no steps whatsoever to avoid paying it)

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                  • #24
                    Taxing the upper 1% = picking on minorities.

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

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                    • #25
                      Politically it absolutely is.

                      Pete (thinks picking on minorities is a popular position politically)

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                      • #26
                        And this is where Elizabeth Warren's wealth tax comes in to play; whatever the top whatever percent has in net worth, she wants a bite.
                        "Whenever you find yourself on the side of the majority, it is time to pause and reflect." –Mark Twain

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                        • #27
                          Warren's wealth tax proposal is even worse. It is not legal under the 16th Amendment that provides basis for tax on income, not wealth. If wealth was created by income, then this will be a double tax on the wealthy. Sure, it doesn't affect us and only impacts perhaps 80,000 people according to this article but, it is discriminatory to the wealthy and, will no doubt negatively impact our economy. https://www.cnbc.com/2019/02/01/eliz...-proposal.html

                          Ocasio-Cortez could potentially impact me in the future along with other small, mid and large business owners. Both of these women seek to solve a problem this country has with spending not by reducing spending which is the obvious solution to our deficit but, by attempting to infringe upon those who create our economic opportunities. If business like Apple open and maintain offices and keep money in foreign countries to avoid tax was a problem before, these two women will do nothing but drive away our most successful and useful citizens elsewhere in no time flat.

                          Meanwhile, it looks like $415,000.00 earnings is the trigger to looking at whether the double tax of a C Corp with a 21% corporate tax rate begins to make sense. https://www.cnbc.com/2019/02/04/got-...tax-break.html

                          Note Warren is a millionaire and Ocasio-Cortez is not which makes OC that much more annoying when it comes to how she plans to spend our money https://www.cnbc.com/2018/11/16/alex...ars-saved.html
                          HFM

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

                          Comment


                          • #28
                            A wealth tax logically isn't much different from real property taxes or personal property taxes. It's a tax on assets basically laying around. The economic elite have all kinds of legal methods to minimize their income taxes. Plus, income taxes don't even apply to investments or inheritance. A wealth tax would serve to fill in the gaps that the wealthy otherwise avoid.

                            Wealth inequality is near a 100-year high in this country... and that's not good for us as a society.

                            Click image for larger version

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

                            Comment


                            • #29
                              Originally posted by skooly View Post
                              A wealth tax logically isn't much different from real property taxes or personal property taxes. It's a tax on assets basically laying around. The economic elite have all kinds of legal methods to minimize their income taxes. Plus, income taxes don't even apply to investments or inheritance. A wealth tax would serve to fill in the gaps that the wealthy otherwise avoid.

                              Wealth inequality is near a 100-year high in this country... and that's not good for us as a society.

                              Click image for larger version  Name:	Share-of-total-us-income-1913-2015-1-768x424.png Views:	1 Size:	19.8 KB ID:	507878


                              Wealth tax is totally different and distinguishable from those examples. It is an annual tax on assets one owns that were already taxed. Property tax is a tax on land you never truly own that may always escheat to the state and are subject to an annual tax for the privilege of “owning”. Personal property tax is a one-time tax at time of purchase tax on something one does not yet own.

                              An asset should not be taxed because it is “basically laying around” nor should it be taxed because of any legal mitigation of income tax. How is a 15% tax on investment income earned in the market or, estate and gift tax on death not a tax? What “gaps” are avoided and, why is it not good to have wealthy folks who create jobs?

                              Dan (totally disagrees)
                              HFM

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

                              Comment


                              • #30
                                I once again trot out my tax maxim:

                                Rich people don't earn wages.

                                Every time some idiot wants to soak the rich by raising income taxes, I point out that you're not REALLY taxing rich people by raising income taxes. You're taxing people who are becoming rich.

                                Warren Buffet does not earn wages. He makes capital gains.
                                Mark Zuckerberg does not earn wages. He raises the value of his stock holdings.
                                Jeff Bezos does not earn wages. He reinvests Amazon earnings into his own company, and it gains value.
                                Megacorporation CEOs do not earn wages. They almost universally are compensated with tax-deferred compensation packages and stock.

                                You can raise the income tax to 90% and it will barely touch those guys.

                                Who gets affected by an high-level income tax?

                                Professional athletes
                                High-profile actors
                                Experts (extremely knowledgeable people with highly specialized skills)

                                And these people are typically poor-to-middle class people who made good.

                                So what's a high income tax really do? Answer: It prevents middle class people from joining the ranks of the rich.

                                Pete (notes that dramatically raising the capital gains tax would kill incentive to invest, so that's not feasible despite the fact that it would actually soak the rich)


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