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Letter signed by George Soros??
Such a nice letter coming from a guy who doesn't even pay existing taxes and has shell companies on Cayman islands to maximize tax avoidance.
In fact this has been revealed. See the rich fool the "progressives" all the time. Yes "tax me if you can find my assets". This is why most Euro nations gave up on taxing wealth. They tax income and have aggressive tax rates, which means that the poor might actually be more highly taxed there than in the USA.
Right now, we have unchecked corporatists capitalism that only benefits the few, hurts small businesses, hurts the general population, and sucks the middle class of their surplus productivity. .
And here was I thinking that France, with its high levels of taxation and its ample social safety net was on earthly paradise. Then the yellow jackets came telling us that it isn't.
Feel free to tax the rich if you wish but please take the time to understand how they are taxed. There isn't a zero% rate for billionaires. Its that there advisors are smart enough to ensure that their income is recognized in ways that its taxed more favorably and of course numerous loop holes exist.
So you can raise taxes to 100% if you wish but until you do the work to figure out how to increase the EFFECTIVE tax rates of the rich you aren't going to get much done.
Please don't for one minute think that the rich paid as much as 90% marginal rates in the 50s. You do know why tax shelters were developed as well as tax havens! And with a more globalized economy tax avoidance has become easier than ever. Note that I said "avoidance" and not "evasion". One can bet that Bezos isn't breaking any tax laws.
Right, the effective tax rates for the 1% were a lot lower, but it's more complicated than simply loopholes and tax evasion that had people escape the 90% marginal rates in the 50s--it's also that there were a much smaller proportion of people in the 1% who were wealthy to such an extreme disparity from median income. There simply was not nearly as much ultra wealthy and therefore the 1% did not consist of as many as one would expect hitting far into the top bracket. Regardless, the effective tax rate by almost any account was higher then than now, even if the effective tax rate was not quite as high as the 90% top marginal rate. That's still worth noting. The US tax system certainly does need a lot more streamlining though, as the loopholes are quite exciting and terrible. If it were actually more streamlined and enforceable with the letter of the law actually in step with the spirit of the law, then it may never be necessary to tax at a marginal tax rate of 90% in order to fund any number of pressing needs.
And here was I thinking that France, with its high levels of taxation and its ample social safety net was on earthly paradise. Then the yellow jackets came telling us that it isn't.
Oh well....................
True, the yellow vests generally want an even higher minimum wage, a reinstatement of a direct wealth tax that included assets, and lower regressive taxes with the fuel tax raises in recent years being the most aggravating. It's interesting, because getting that in France would be an even higher level of taxation on the wealthy and a more encompassing social welfare than what they already have which is ridiculously ample compared to what is in the US.
A lot of it stems from the massive diesel tax increases which is sad, because for a long while, diesel was pushed in Europe as the more efficient and environmentally friendly alternative to gasoline and many people, whether due to incentives or some feeling of environmental responsibility, opted to purchase diesel cars. For a working or middle class family, a vehicle purchase and the cost to run it is a very major expense, so the taxes on the fuel were a major cut into family budgets. It was an additional kick in the pants, because for a long time European governments went along with various European car companies on the narrative that diesel was the more environmentally responsible option until Dieselgate and the like completely ruined such.
It's also crazy that the EU and its various constituent countries has put such limited slaps on the wrist on Volkswagen for such while the US, and even individual states and municipalities, went hard in on the financial and other penalties (and it was actually a group doing a study under CARB (the California Air Resources Board) in 2014 that had discovered the deception and EPA in 2015 that dropped the hammer first). Part of this might be because VW, and the various other major automobile manufacturers who also engaged in these practices though without quite as much notoriety and with their court cases not settled during the previous Obama administration, is such a major component of heavy industry in Europe, that governments there were worried about really bringing down the hammer. If VW and the other companies who likewise falsified results, was hit with the same kind of hammer that they were in the US, especially in proportion to the number of diesel vehicles sold and with a clawback of subsidies received for energy efficient vehicles, then these companies would be hosed and there wouldn't need to be a single additional cent to extract from a raised diesel tax. Instead, they hosed the working and middle class people with a stiff regressive fuel tax raise which very directly lead to these protests.
This kind of corporate malfeasance, but with working and middle class meant to pick up the tabs for such, is actually counter to espoused French political tradition, and so rightfully brought about quite a bit of protest. Well, mass protest is also part of French political tradition. Anyhow, self-regulation of industries--LOL! It's especially ironic bringing up the yellow vests when the topic is about giving a giant company excessive incentives against tax revenue. As grandmammy always said, "if a major multinational corporation sneaks a finger in your butt without your consent, you should be able to fight them instead of being coerced by your government to smell their finger." I'm paraphrasing here.
Last edited by OyCrumbler; 06-28-2019 at 03:20 PM..
In fact this has been revealed. See the rich fool the "progressives" all the time. Yes "tax me if you can find my assets". This is why most Euro nations gave up on taxing wealth. They tax income and have aggressive tax rates, which means that the poor might actually be more highly taxed there than in the USA.
Poor people here in Spain work off the books. Then will report some income as taxes to ultimately qualify for social security.
As of April it was just under 15%. Unless you tell us that massive job creation occurred in 2 months its not that good in Spain.
Put it this way whites in Spain are less likely to be employed than are blacks in the USA.
CaribNY, I actually live here. The social security tax is 500 euros and working class Spaniards make 1000 to 1599 a month.
So they are paid off the books. Just like many of the immigrants who come here. In May to July they report last years self employed income.
When people have to rely on newspapers articles, it shows they know nothing about a subject. Stick to speaking in the Anglo Caribbean, it’s the only place you know well.
I've never met anyone who moved away from something yet continues to check much as you seem to do.
Even when you were supposedly residing in NYC your views or whatever on reality often didn't match anything the rest of us experienced. Yet you move half way around the world and still cannot help yourself; opining or otherwise telling those who actually *live* in NYC how things should be.
Don't you speak, read and or write Spanish well enough to go spread some of your sunshine in the Madrid/Spain forum?
I was born in NYC, and though I do not want to live there now, I do love NYC and I always will. I’ve had my share of good times throughout the years, I graduated from two major NYC institutions and for better or worse no matter where I go or what I do NYC will always be apart for me.
I have nothing but love for my hometown. I have lived in many places, but still NY will always be NYC.
I will be voting in NYC in the 2020 elections via absentee ballot, as I did in 2018. I’m happy to see the Democratic politicians I helped elect do wonderful things. I cannot wait to do more of the same in 2020. I get to help change NYC by bothering to vote while out if the country. That’s amazing.
NyWriterdude will have you believing that no European lives the life of struggle. I've been through hoods in Europe that make the Bronx look like paradise. One thing Europeans are good at is hiding their troubles. Then next thing you know they start a world war.
NyWriterdude will have you believing that no European lives the life of struggle. I've been through hoods in Europe that make the Bronx look like paradise. One thing Europeans are good at is hiding their troubles. Then next thing you know they start a world war.
You have no such hoods in either Portugal or Spain.
France because they dumped Arab immigrants in ghettoes yes, but that had to do with a racist segregation policy, and this is the same reason certain American cities have had to mow struggkebto undo this.
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