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If you want to play that card 90% tax rate over $50 million earned a year.
Lets go back the the era many want back the 1950s with the top rate being 90%.
Including the value of his stock so he can't sit and hide that and not pay taxes.
He makes $40 billion a year he will have to survive on $4 billion.
I won't shed a tear for him.
No matter what the rates have been, the impact has largely been consistent which you can read about here. It’s the difference between the marginal and effective rates. You can rest assured that no one paid 91% of their income in taxes no matter what Rachel Maddow tells you.
According to an analysis by the nonpartisan Tax Policy Center, the top 1% — those making over $783,300 ($2.4 million on average) — will pay about an average federal tax rate of 30.2% in 2019.
And contrary to popular belief, the effective rate of the top 1% under Trump is higher than under Obama, in 2012 the top 1% average was under 24% and only 26.9% in 2016 vs over 30% in 2019.
Taxing income is no longer enough for you people? Now you want to tax assets? LOL!
Agree. How about working on leveling the playing field and toward more equal opportunity rather than taking others’ assets. There will always be uneven distribution because people are uneven. You have a right to the opportunity. Workers have rights to the fruits of their labor. Perhaps union movements could gain back some power there. But socialism kills the spirit if nothing else and is inherently unfair to the creative, to the hard-working, to the risk-taker, and to the dynamic among us. Rebuild the middle-class with incentives and choices not punitive taxes. Bernie and Elizabeth are socialists in essence with their tax and give plans rather than paths to self-fulfillment.
If you want to play that card 90% tax rate over $50 million earned a year.
Lets go back the the era many want back the 1950s with the top rate being 90%.
Including the value of his stock so he can't sit and hide that and not pay taxes.
He makes $40 billion a year he will have to survive on $4 billion.
I won't shed a tear for him.
Sorry, if go back to the 50s, even with a 91% marginal rate - the effective rate was around 42% - if made $40B, would have about $23.2B after federal tax. Even back then though, capital gains tax was much less than income tax - no one makes $40B in income.
Some of you can keep fighting for Billionaires, and you can give them your vote too.
The three richest people have more wealth than 160 million other Americans. Those 160 million put every penny they have back into the economy on food clothing and shelter. If billionaires were forced to spend the money they make instead of hoarding it we would have a better economy.
Again, you seem to think this is YOUR money. Those 160 million chose what they spend their money on and many do not "put every penny they have back into the economy on food clothing and shelter". Forcing people to spend is just another name for taxing and Forcing Billionaires to spend their money how YOU chose is totalitarianism, you know like Hitler, Castro, or Stalin. They all donate but to what and who they donate to is THEIR decision.
This should not be an us vs them argument - it is not the right thing to do - you do not get their wealth because you want to use it to do ANYTHING. The better constitutionally effective way and more "fair" is to close loopholes.
And then the voice from far afield chirps up: You do know that no government instituted to secure endowed rights can tax them, right? So all taxes are limited to government privileges.
Of course, you might not be aware that all privileges are voluntary, such as citizenship, socialism (FICA), and usury (banking).
And if you withdrew consent, because of the fraud used to gain that consent, you would be restored under the original republican form of government.
Imagine what would happen if 97% of the American people withdrew consent!
Suddenly government would have only 3% of the revenue and 3% of the population to govern / rule / oppress.
THAT would really be something to see.
So let the billionaires keep all their earnings and have everyone else pay the taxes, how does that make sense. People who are accumulating numbers because that's what it is for them a game to see who dies with the most money are the people who are fooling you.
How lucky for billionaires that they have broke people, that's what they call you if you have less then $! billion being on their side and agreeing that they shouldn't pay taxes.
That's the most insane argument, don't make the billionaires pay tax it won't be enough so let them keep it. Congrats you let them gaslight you.
Nice how you make up what someone else thinks - makes it easy to denigrate their position.
No one is saying they shouldn't pay any tax, just saying taxing wealth is not the way to do it.
You don't need a "wealth tax", all you need to do is close the loopholes so that the rich pay the same percentage of tax on their income as the rest of us pay, which would include eliminating offshoring, trusts, etc..
I'll give you a "for instance": The relatively new governor of Illinois, JB Pritzker (along with his wife), declared 5.5 million in income on a net worth of approximately 3.4 billion. Do the math. I picked JB because he so frequently repeats that the "Rich in Illinois do not pay their fair share" in taxes", as justification for a graduated income tax (IL currently has a flat tax). Oh, if only the Rich and Powerful would allow us to do as they do and not as they say.
Bottom line, if the tax code weren't fifty thousand pages long, there would be a lot less billionaires to begin with. I'm a big fan of the guys who wrote the constitution, but I'm pretty sure they never envisioned people accumulating more wealth than the Kings we separated ourselves from two hundred forty three years ago. On the other hand, there was no income tax in the U.S. prior to about 1920, right? What did we do before then?
Because it may start at $50MM but it won't end there.
-->$40mm, --> $30MM, -->10MM -->$5MM -->$1MM... then half these posters heads will explode!
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