Winning

[Chico23231]

Originally Posted by mooby

Do you understand what a marginal tax is? It's not 70% of your income. It's 70% of your income after you reach the 10 million threshold in a single year, and even then that first 10 million isn't touched at 70%. It's also a big reason why America prospered after WW2.

Yes I remember economics talking how the prominent driving force behind the post WW2 boom was the marginal tax.

The marginal tax your proposing does not equal tax revenue(that's the yuge problem)...and the biggest question simply is "why?" Tell me why you want to raise this tax? Are you using the money to pay down debt...the fair share? That's reasonable...or are you looking spend it? The absolute highest figures Ive seen of source able revenue have been insignificant...and those figures are without the obvious move to tax shelters which will happen. The highest figures will take a willingness of folks to submit to the tax....this will not happen. There are much better ways to tax the extreme wealthy.

I know you and AOC are trying to lay the ground work for the unicorn farms...the marginal tax simply does not cover it...not even close. After all the legislation is passed for your fantasy land and the realization is the Wealthy tax increase wont come close to paying for it...who do you tax next? The largest tax base always picks up the tab

[mooby]

Originally Posted by Chico23231

Yes I remember economics talking how the prominent driving force behind the post WW2 boom was the marginal tax.

The marginal tax your proposing does not equal tax revenue(that's the yuge problem)...and the biggest question simply is "why?" Tell me why you want to raise this tax? Are you using the money to pay down debt...the fair share? That's reasonable...or are you looking spend it? The absolute highest figures Ive seen of source able revenue have been insignificant...and those figures are without the obvious move to tax shelters which will happen. The highest figures will take a willingness of folks to submit to the tax....this will not happen. There are much better ways to tax the extreme wealthy.

I know you and AOC are trying to lay the ground work for the unicorn farms...the marginal tax simply does not cover it...not even close. After all the legislation is passed for your fantasy land and the realization is the Wealthy tax increase wont come close to paying for it...who do you tax next? The largest tax base always picks up the tab

Are you implying lower and middle class America would pick up the tab on a marginal tax rate of 70% over 10 million dollars?

Also, the 1% is already hiding their taxable income in tax shelters, how much more do you think they'd have to give that they haven't given already?

And finally, thanks for sticking up for the rich Chico, who knows what they'd do if they didn't have you to defend them.

I'm not saying a marginal tax rate is the solution to all of our problems. I am saying it would go a long way in helping fund the government which keeps borrowing against my social security that I won't be able to depend on in 30 years when I retire.

[Chico23231]

Originally Posted by mooby

Are you implying lower and middle class America would pick up the tab on a marginal tax rate of 70% over 10 million dollars?

Also, the 1% is already hiding their taxable income in tax shelters, how much more do you think they'd have to give that they haven't given already?

And finally, thanks for sticking up for the rich Chico, who knows what they'd do if they didn't have you to defend them.

I'm not saying a marginal tax rate is the solution to all of our problems. I am saying it would go a long way in helping fund the government which keeps borrowing against my social security that I won't be able to depend on in 30 years when I retire.

Im implying if massive legislation was passed which ended major economic systems such as healthcare, higher education, etc with the promise the rich/wealth tax revenue will cover the cost along with cost cutting savings measure of the move...if we move these under a socialist style government control entity (which lets be honest, this is the end game)...when the numbers don't add up, which they don't...the brunt of the financial pain will be brought down on the middle class. AOC and K Harris are selling you fantasy land, unicorns, etc. If you want an honest liberal view...see what Bloomberg and Schultz have said about it.

You want to hit the wealthy...ill have to look again, but I think its capital gains and treatment of other income (investment maybe, to treat as regular income)...looking at larger thresholds with a more substantial tax once they are met.

The shelters, contract deferments, folks leaving...the super wealthy will avoid the taxes your referring too.