Posted on 01/22/2019 9:01:36 AM PST by rktman
Over in Davos, where the globalist elites are meeting, socialist Rep. Alexandria Ocasio-Cortez's proposal for a 70% tax rate on the superrich isn't have quite the response one might have expected.
She must know them better than most people, because her punitive taxation plan seems to be almost embraced by at least some of the Swiss conference's utterly wealthy minions, who claim their mission is to improve the world. Here is what Bloomberg reported:
(Excerpt) Read more at americanthinker.com ...
Elect her and there will be confiscation of any savings over 2 million plus 1% tax on all financial transactions and elimination of paper currency.
Punchline:
“Because what we are seeing is not just a little bit of virtue-signalling, not just a little bit of wealth guilt, but primarily, a billionaire’s principle priority of kicking out the rungs of the ladder upward for all of those mere mega-millionaire upstarts who are trying to challenge their business and investment empires. A big tax rate would do that, de-funding the slightly less wealthy in a way that would ensure that they themselves stay on top and their monopolies are preserved.”
Well, remember that late Soviet leader Brezhnev had a car collection (and they certainly weren’t Ladas). Bet these people probably therefore have at least that reason to not have a problem with such an idea as that young lady’s.
I personally think that the 1% Tobin Tax is inevitable. IMO that is how they plan to kick the can down the road on Social Security. It polls north of 70% approval with economically illiterate voters.
Here is the secret of why the uber-wealthy are totally unconcerned about the rate of taxation on income cash flow.
Governments do not tax wealth, they tax income from various sources. The uber-wealthy have short-cuts they can arrange with the tax specialists, in that they can take credits for distributing portions of their wealth in various politically desirable “charitable” contributions, thus bypassing the transfer first to the government, then to some agency, where it is then doled out for political favor. Or, differential tax rates for differing income cash flows, depending on other political purposes, as for example, income from municipal bonds versus the gains from the buying and selling of commercial instruments of value.
Nobody, except the very unsophisticated, ever pays anything like a 70% tax rate.
Pluto isn’t even a planet anymore
Thank you!
Wonder what the reaction will be from the MILLIONAIRE movie stars, football millionaires, baseball players earning millions, television “journalists”, “Height advantaged basketball rich guys”, and wealthy RAP stars?
I bet they will not be happy about 70% tax rates.
Of course they don’t care, they are rich enough to hire people to find all the loopholes they use to protect their wealth. It’s the middle class, as always, which will foot this bill, middle class being anyone who makes enough money to support their family without government (taxpayer) help. In almost every first world nation, people are being divided into rich and poor, the middle class is being squeezed out of existence. This was already the way it works in third world nations, “equality” means every nation must be levelled to third world status. Just look at South Africa, formerly the only first world nation on the African continent. The left has just about finished the job there.
Thanks rktman.
—I suspect Chuckie Schumer and some of those other eastern Demo’s-both in the Senate and House -who are recipients of big, big campaign contributions from the banking industry-— will act as a damper on some of the blather of Ms. Occasional-Cotex-—
We need to school her that an income tax wont get her all that free stuff. There needs to be a wealth tax. That will get those idiots at Davos running for the hills.
70%? And here I was taught, in Civics, we no longer have slavery ...or debtors prison(s), or serfdom, or lords, or...
Billionaires don’t pay ‘income taxes’ much. Reality causes the real leftists to calling for a ‘wealth’ tax on the Rich’s assets. That would put a dent! (for a while anyway)
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It polls north of 70% approval with economically illiterate voters.
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What, pray tell, would you call the (great) gaggle of pro-SS here on FR (the “don’t touch *MY* SS/MediXYZ”\”I *paid* for...” crowd)??
Come now, the Republic has LONG been dead. N-O-B-O-D-Y on the (R)N(C) side is even THINKING privatization, let alone the Constitution vis a vie elimination.
Any one think a ONE will do anything but bend over when it comes to furthering SS+.
I can’t wait for VAT to come to the U.S. /s
The uber wealthy do not pay income taxes for the most part! They don’t work at jobs or own small businesses, they get their money from investment income. Institute a tax on wealth instead and watch them squeal. Bunch of hypocritical liars.
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