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I'm not exactly sure what socialist tax policies you are referring to. I believe Trump's tax cuts did nothing but benefit the rich, as do most of the policies enacted by politicians, since they are completely beholden to the wealthy and big corporations.
Bernie Sanders socialist proposals include 1) Medicare for all 2) Green new deal 3) $15 Minimum wage and 4) Tax proposal to pay for it all. This tax proposal would negatively impact the economy and would lower everyone's after tax income - from taxfoundation.org:
Quote:
On a static basis, the plan would lead to 10.56 percent lower after-tax income for all taxpayers and 17.91 percent lower after-tax income for the top 1 percent. When accounting for reduced GDP, after-tax incomes of all taxpayers would fall by at least 12.84 percent.
According to the Tax Foundation’s Taxes and Growth Model, Senator Bernie Sanders’s tax plan would reduce the economy’s size by 9.5 percent in the long run. The plan would lead to 4.3 percent lower wages, an 18.6 percent smaller capital stock, and 6.0 million fewer full-time equivalent jobs.
Elizabeth Warren's has 2 tax proposals to pay for things such as free daycare and college which includes to tax all wealth above $50M at 2% and above $1B at 3%. This proposal may have some issues of if it is legal. The big problem with this proposal is valuating assets that can change significantly on a daily basis and are subject to opinion such as a property that may have been acquired generations ago and are unique and how to handle assets overseas. This is why most countries that have tried this type of tax have discontinued it because of these issues. Her other proposal is to tax "real corporate profits" at 7% of balance sheet profits.
Quote:
According to the Tax Foundation Model, the Real Corporate Profits Tax would reduce long-run output by 1.9 percent, shrink the capital stock by 3.3 percent, and reduce wages by 1.5 percent.
As far as Trump tax cuts benefiting only the rich, it depends on what you consider rich. Currently about 48% of households in US pays no income tax - hard to give a tax cut to someone whose tax is already zero. The top 50% (above about $60k) pay 97% of all taxes. The top 10% (above about $118k) pay over 70% of all taxes. The top 1% pay more tax (over 37% of all taxes) than the bottom 90% combined (about 30% of all tax). Most tax payers got a fairly significant tax cut through lower rates across the board and bigger standard deductions. The US is already one of the most progressive tax systems in the world. In some European countries there are as few as 2 tax brackets.
The corporate tax rate went from the second highest in the world to about the middle at 21% and is still significantly higher than the average for European corporate tax rates (14.5%). This made corporations more likely to bring profits back to the US and boost the economy which it has done.
Just because we're tired of being ashamed for our country?
We were ashamed of America when America hating obama was president, now we have a real man who is MAGA and YOU are benefiting from his leadership, even if you refuse to admit it...
GO TRUMP 2020 MAGA
The world seems to like Trump more than American progressives.
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Waa! Not My Pwesident! Waa!
