mastermind
Rest In Power Kobe
Should start lower than 10 million
Nearly 60% of Americans support increasing top marginal tax rate to 70% for incomes over $10M
- Thread starter FAH1223
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- aoc tax policy tax rates
DonKnock
KPJ Gonna Save Us
100% of Americans could support such a measure but it will still never happen so you might as well getting the bed because you got work in the morning
Top rate was at 90+% under Eisenhower
70% is too high, and the elite make the bulk of their wealth from capital gains, real estate, businesses etc. Income that doesn't have to be realized, is taxed at lower rates, and have numerous other ways to lessen the tax burden. If you start screwing around with those things you start discouraging investment which is a non-starter. Why would anyone take a risk investing in the market/business/real estate if the government takes 70% off the top? You can't want a booming economy in one hand but, also want draconian taxes on the very people driving that economy on the other hand.
DonKnock
KPJ Gonna Save Us
Need to raise Capital Gains tax
DonKnock
KPJ Gonna Save Us
Are you aware that stock buybacks were an illegal form of insider trading until the 1970's and now they are a commonly used wealth extraction tool?
I mean...I can’t get with this. I get that it will be worked around, but I’ll be damned if someone tells me that I should have 70% of my income skimmed off top. Some folks earning that much truly have sacrificed every other part of their life for that income, so they’re supposed to only keep 30% of every dollar over $10M?
How do you put doctors and lawyers with athletes?
They'll just borrow $1-5mil and let the interest and debt service lower their annual income ...
Yes. I knew that. How is that relevant at all?
It's not that cut and dry.
The capital gains rate hovered between 16% and 19% then so they still weren't going after the main way the rich profit.
Nearly no one paid the highest tax rate as they all reshuffled their wealth around.
It was a marginal tax so it was staggered based on how much you earned. If you earned $500K, the whole amount wasn't taxed at 70% just whatever was over the set amount for that tax bracket.
The tax started at like $200,000 if im not mistaken and that's like 2 to 3 million dollars in today's cash.
And the rich back then pretty much had to stay in the US. It was basically the only first world country worth living in as most of Europe was still bombed out from the wars or recovering, Russia was Communist and wasn't nobody in their right mind moving to China back then. If they tried that shyt today, the wealthy would be on the first flight to Singapore, Switzerland, Hong Kong or the UK.
DonKnock
KPJ Gonna Save Us
Because you're arguing that we should continue to allow them to do this when you make the false dichotomy that raising taxes on the rich will hurt businesses in the long term.
They are using this absurd level of wealth to acquire and drain businesses of their value and leave pensioners stuck out in the cold.
It just happened with Sears.
Sears died off because they didn't transition to the modern/online era. Amazon killed them.
The last ten years....QE and low interest rates drove investment into the stock market, real estate, tech, small businesses etc., which led to a crazy boom. How do we incentivize investment if we're taxing the drivers of that activity at 70%? The elite need to pay their workers a fairer wage but, trying to destroy the entire game is misguided. And, it's hilarious giving that AOC wore a $3,000 suit the other day
She's against the wealthy but, she need them Manolo Blahniks 
Breh why the fukk did this just pop up in my youtube feed...Reminds me of the 2016 single payer poll in Colorado. Like 80% of people supported it when polled but it only got like 20% support at the ballot box.
She should push for this type of tax plan in her home state first.
Explain this:
@Call Me James
Jhoon
Spontaneous Mishaps and Hijinks
The minute they leave they forfeit their citizenship.
