Do you support Gov. Inslee's proposed capital gains tax? (Seattle: 2015, rental)

[CityWok]

Originally Posted by razmatazzy

Is this in addition?

They're proposing to increase the excise tax, and they want to collect capital gains tax for the state as well (not just federal)

[FJhg]

So we have a bunch of millionaires slinging hundreds of thousands on here in stocks? Why the resistance to taxing the rich? Gates is asking for it, he said capital gains needs to be looked at

[FJhg]

Originally Posted by travis t

This upward drift was exactly what happened with the federal income tax. When proposed in 1913, it was sold on the basis of low rates that would impact only the very wealthy. The top rate was 7%. Over the decades that was ratcheted upwards.

This is exactly what Gov. Inslee is doing here--selling it on the basis of 'wealthy only,' with, as far as I can tell, no guarantee against future increases to affect the middle class.

The middle class doesnt trade in stocks at all, certainly nowhere near 100k or even 10k in gains. The slippery.slope arguments are bogus and only create no progress at all

[FJhg]

Originally Posted by CityWok

For all the socialist advocates out there, take a look at how socialist GDP compares to the United States. Most of those countries depend on the innovation from our country.

Socialism can solve problems in the short-term, but it create new ones. We already know the long-term effects socialism has on a country. History shows us that. Given the United States is a super power, we can't afford to lose our GDP because it makes us susceptible to competing super-powers, risking our way of life, and our ability to create socialist-like laws in the first place.

We shouldn't take for granted what our current system offers, which is unmatched in history. The recent interest in socialism in this country is absolutely baffling.

Finland, Norway, even France and Germany rate highly in innovation. I can't believe ppl are buying i to the socialism scare . Safety nets are only aspects of socialism, 'capitalism plus' if you will

[travis t]

Originally Posted by FJhg

The middle class doesnt trade in stocks at all, certainly nowhere near 100k or even 10k in gains. The slippery.slope arguments are bogus and only create no progress at all

The 'slippery slope' argument is certainly not bogus in the case of the federal income tax. When enacted in 1913, the top rate was 7% on incomes over $500,000 (about $12.7/yr million income in today's money). The bottom rate was 1% on incomes over $20,000 (about $500,000 today). Those under $500K paid zero.

To argue that there was no 'slippery slope' is just putting your head in the sand (or elsewhere).

[travis t]

Originally Posted by FJhg

Finland, Norway, even France and Germany rate highly in innovation. I can't believe ppl are buying i to the socialism scare . Safety nets are only aspects of socialism, 'capitalism plus' if you will

None of these countries are socialist. Socialism is 'collective ownership of the means of production.' These countries are all capitalist, with big welfare states. Not unlike the US. But this is all off-topic.
https://www.investors.com/politics/c...-it-socialist/

[thatguy950]

Originally Posted by FJhg

So we have a bunch of millionaires slinging hundreds of thousands on here in stocks? Why the resistance to taxing the rich? Gates is asking for it, he said capital gains needs to be looked at

Gates has “I don’t give a fuk” money so that’s a terrible example

[FJhg]

Originally Posted by travis t

None of these countries are socialist. Socialism is 'collective ownership of the means of production.' These countries are all capitalist, with big welfare states. Not unlike the US. But this is all off-topic.
https://www.investors.com/politics/c...-it-socialist/

These are the type of countries democrats are talking about, none of them are talking about all out socialism. Im not sure even AOC or Bernie are for pure socialism

[travis t]

Originally Posted by FJhg

These are the type of countries democrats are talking about, none of them are talking about all out socialism. Im not sure even AOC or Bernie are for pure socialism

AOC is a dues-paying member of Democratic Socialists of America (DSA), which according to its site, is indeed for full-blown socialism.

Bernie is a little cuter about it, but I once asked a knowledgeable poster (and Bernie supporter) about this:
//www.city-data.com/forum/54169100-post9.html

His policies are of a social democrat, but deep down he is a socialist.

This isn't me theorizing, this is from his past affiliations and work (he is very old of course) with socialist groups.

He decided around the time he became Mayor to promote social democratic policies to make himself a viable politician, but in terms of end goal he still sees himself as a socialist....

So they are both persuaded socialists, a much different ideology from what is found in Scandinavian 'social democracy' nations.

[fnh]

Remember that 40+yr stretch when we had progressive taxation with top tier margins of 75% or more and America instantly burst into flames and collapsed into a Communist neutron star of horrors?

Right.