Posted on 11/15/2019 11:29:26 AM PST by karpov
No excerpt from Bloomberg allowed, story here. She wants a 59% top income tax rate and to tax unrealized capital gains yearly, including real estate and business holdings.
Yeap sell or use the asset as collateral and borrow the money to pay the tax.
From Wikipedia...
“Schakowsky lives in Evanston, Illinois with her husband Robert Creamer. She has two children and one stepchild.[39]
In 2005, Schakowsky’s husband pleaded guilty to failure to collect withholding tax and bank fraud for writing checks with insufficient funds. All of the money was repaid. Schakowsky was not accused of any wrongdoing.[40] While Schakowsky served on the organization’s board during the time the crimes occurred,[41] and she signed the IRS filings along with her husband,[42] the U.S. district judge noted that no one suffered “out of pocket losses”, and Creamer acted not out of greed but in an effort to keep his community action group going without cutting programs, though Creamer paid his own $100,000 salary with fraudulently obtained funds. Creamer served five months in prison.[43]”
Naturally, congress critters are exempt
“Conservatives” have conserved absolutely *nothing* over the past 70 years.
Give it some time and we’ll see soon see the “Conservative Case for Drag Queens in Libraries and Kindergartens” in National Review.
“Printed in Crayon ?”
It’s not wise to mock a future president of the socialist states of America.
Leftists have long memories, and are very unforgiving. Think: Stalin.
She’s come a long way from fleecing tips to extortion from millions.
So, while the tax rates has fluctuated wildly, the historic trend shows receipts are typically between 15 to 20% of the GDP.
So increasing the tax rate DOESN'T WORK. What really should be done is limiting spending to no more than 20% of GDP.
If one wants to increase government spending, one should to figure out how to maximize the GDP.
Somehow, they’ll be exempted.
This is a screwball proposal..
Let’s say you bought your house 10 years ago for $300k. Today you could sell it for $330k. So I am going to have to pay taxes on the $30k in a single year as ordinary income based on my salary + $30k ?
“... tax unrealized capital gains yearly”
And after you pay the tax and your investment tanks 90%, you’ll get an immediate refund of that profit tax you paid. Right?
Two bird brains who have never done anything useful in their lives dictating to the rest of us.
More evidence that the 19th amendment was a big mistake.
Remind me, taxing those at the top more will help, who?
Simple.
1. You pay the tax on the unrealized gain.
2. You sell the asset to pay the tax on #1.
3. You pay tax on the realized gain in #2.
4. You move the pittance they left you to an offshore bank account.
5. You move to Belize or the Philippines to afford a meager retirement.
Push for the ridiculous, settle for reasonable. Either way, it’s a move in the direction of the leftists. Some *&%^!#*%! moral victory for the rest of the country.
I doubt we would continue to be a “developed” country under Dem leadership. Just look at the Kangaroo Court going on in the People’s House.
Her plan is AKA, “How to get voted out of office in 2020”.
AOC is a freshman Congress Critter, the only power she has is her mouth.
There just about zero chance any bill she writes would even be presented to a committee, let alone be voted on by the House.
She will face a primary challenger in the Spring of 2020. She may not even be the candidate in Nov. 2020.
She will find she is going to destroy the economy in a backwards way. California is an example of top percentage bailing. When the state raised their taxes on the top percent they ran from the state to live in states that didn’t hammer them.
I live in a state, Washington, that hasn’t reached that level yet. And we have a bundle of rich up here like Gates, folks at Boeing and Amazon, just to start, that control most of the voting and will not let it happen to them. But it could still as it is a very liberal/socialist state also.
If her manure tax rate is voted in, the top earners will bail out of the country and take their cash to other countries. You can’t financially threaten the ultra rich. They will buy your economy, let it die, and write it off in taxes.
rwood
I feel like I’m on the price is right... Higher higher why not 75%. She is just greedy
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