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France has lost 25000 millionaires since Macron instituted a wealth tax on incomes and property over 1.3 million. The country has lost a significant amount of capital and jobs. But that wont faze the leftists here in the US. They are doctrinaire and incapable of learning any lessons outside the dogma of their ideology.
Taxes need to go up but 70% is ridiculous. Nobody should be forking over 70% of their income to the feds -- let's not also forget that these people have to pay state, sales, and property taxes as well.
Nobody will.
That's not how it works.
It would be 70% of any income in excess of a certain very high level. All income below that amount is taxed less.
That's what progressive tax rates are. They start at a low level for the 1st few thousand, then get progressively higher for the next levels. By the time it gets to 70% you're looking at income in the millions of dollars. All income up to that point is taxed less.
"Surveys are showing overwhelming support for raising taxes on top earners, including a new POLITICO/Morning Consult poll released Monday that found 76 percent of registered voters believe the wealthiest Americans should pay more in taxes. A recent Fox News survey showed that 70 percent of Americans favor raising taxes on those earning over $10 million — including 54 percent of Republicans."
That made Schultz spit up some coffee.
Show us where it says they support Ocasio-Cortez's plan.
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Originally Posted by Elliott_CA
Anyone who makes more than 10 million per year in income is taking advantage of people along the way -- either undercompensating employees or screwing the shareholders or both.
There are employees who earn more than $10 Million annually.
Quote:
Originally Posted by Elliott_CA
What is absolute BS is that we tax at ordinary salary -- labor -- at the highest actual rates while Richie Rich CEO pays very little on his stock options and various tax shelters, all financially engineered by his accountants.
Um, stock options aren't cash.
The average CEO pay in the US is $231,080 per year.
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Originally Posted by Winterfall8324
So corporate executives don't rob capital from the labor class.
No.
Only 3% of US businesses are publicly-traded corporations who employ only 5.8% of the work-force. The other 97% of businesses are not publicly-traded corporations who employ the other 94.2% of the work-force.
Plenty of Capital is available for the Labor Class, but the Labor Class has no desire to acquire it, and wouldn't know what to do with it if they did acquire it.
Quote:
Originally Posted by Winterfall8324
1. They don’t provide jobs, they own the capital and exploit labor.
What's absolute BS is any system that requires any American citizen to pay a higher percentage of their income in taxes than any other Americans.
Lol. So, do comment why (in my billion + example above) a hedge fund manager pays SMALLER percentage than a lot of the middle class, including me. I'll wait.
Oh, and as opposed to the middle class, no need to spend 5-10% of the income on health insurance, or say 10% on daycare, say ....% on college and so on, all of which can be viewed effectively as taxes. Suddenly those "crazy" income tax rates in some of the European countries, don't look as high anymore. Considering what's included.
Plenty of Capital is available for the Labor Class, but the Labor Class has no desire to acquire it, and wouldn't know what to do with it if they did acquire it.
This is a radical falsehood Mircea. When capital is owned by the executive class, it is used only for profit. When its shared by the workers it is done in benefit of the employees and the consumer base (as they are a small scale organization).
Will they less efficiently manipulate production? Sure; but why on gods green earth is that a bad thing, you want to deplete this globe of resources and humanity of morals and freedom just for more market choices.
Last edited by Winterfall8324; 02-05-2019 at 11:14 AM..
If there already in the one percent screw em they should be paying 90 percent. This would encourage them to invest domestically as opposed to simply hoarding wealth.
That gets my vote for Most Oxymoronic Statement of the Day.
95% of Wealth is not cash.
95% of Wealth is stocks, bonds, real estate, high value automobiles, watercraft, aircraft, art and antiques.
When, um, "they" go to Applebee's, how should they pay?
With a Ming Dynasty vase valued at $1.3 Million?
Do you seriously believe an Applebee's has $1.2 Million in cash on-hand to return?
You claim they're hoarding the Ming Dynasty vase. What should they do with it?
Contrary to what you believe, they do invest domestically.
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Originally Posted by BornintheSprings
They really aren't. The US has some of the lowest rates of social mobility in the developed world.
Compared with many European countries, for example, few Americans end up with an income or educational level that is substantially different than their parents. Research by economists from Harvard and Berkeley found that fewer than 10 percent of people in the bottom fifth of the wealth distribution will make it into the top fifth. Things weren't much better for the middle class: Only about 20 percent of people in the middle fifth would rise into the top fifth over the course of their lives.
Income mobility should not be defined by the extreme notion of moving from one end of the spectrum to the other.
How many go from the bottom fifth, to the third fifth? That's mobility as well.
And then you need to throw in factors about motivation and bad life decisions that self-defeat income mobility.
That's as far as I will go on this.
Yeah, both their methodology and analysis are seriously flawed.
Quote:
Originally Posted by BornintheSprings
Well if you aren't willing to at least read through all I supplied. I'm not willing to take your ideas seriously.
Your links are typical Left-Wing tripe.
They define social mobility in unrealistic terms, then employ confirmation bias to seek evidence to support their unrealistic views.
Social mobility is not defined as moving from the 5th to the 1st Quintile, but I can see why they re-defined it for propaganda purposes.
It's absurd to suggest there's no mobility, simply because the parents have an undergraduate degree and their children choose not to pursue a graduate degree.
Not everyone can attend graduate school, because not everyone can pass the GRE, GMAT or LSAT, and if you don't pass them, you cannot go.
In typical Left-Wing propaganda fashion, they employ the Fallacy of Equivocation. They state fewer than 10 percent of people in the bottom fifth of the wealth distribution will make it into the top fifth, and then they show a graph for Income distribution.
Income and Wealth are not the same thing.
Income is cash, Wealth is assets.
Someone owns property and a building worth $14 Million, and then you're mad at them because 20 years later other people say that property and building is now worth $100 Million.
And then you want to tax them, because other people say it's worth $100 Million and not $14 Million.
Assets generally increase in value over time. It's not a Conspiracy Theory, it's Supply & Demand.
What is absolute BS is that we tax at ordinary salary -- labor -- at the highest actual rates while Richie Rich CEO pays very little on his stock options and various tax shelters, all financially engineered by his accountants.
Investments aren't taxed until a gain is actually realized. Richie Rich doesn't pay taxes on his/her investments because they're still being used as capital to fund operations by whatever in which he's/she's invested.
Actually, according to published IRS data, it's 27.05%.
Isn't that what Trump payed according to his leaked 2005 tax return? Whatever it was, it was ALOT more than the Clintons and Obamas payed
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