Posted on 07/26/2017 5:10:06 PM PDT by sunrise_sunset
Top White House adviser Steve Bannon is pushing for tax reform to include a new 44 percent top marginal tax rate, hitting people who earn more than $5 million a year, with the revenue paying for tax cuts for the rest, according to three people who’ve spoken to him recently.
Nice tagline.
I coined the phrase here: Conservatism without Nationalism is like Faith without Works.
” I’ve been hired by corporations.”
The only jobs I ever had. Big and small.
Even small business is a LLC nowadays, minimum. Sole Proprietor is rare. Cutting Corporate taxes creates jobs.
Raising individual income tax on those FAR above the median has little macro impact.
Yes, and I did not think nor intend to convey that you did. I should have been clear.
It is the rich who hire people to do the work they don't have time to do or don't want to do.
Well the top individual political contributor in the 2016 election cycle was Tom Steyer of the Hedge Fund Fahr LLC. He donated $91.1 million to Hillary Clinton and the DNC. He’s also toying with being the Democrat candidate for Governor of Mexifornia and he’s the big money behind global warming lobbying.
Being reported by several different sources, including Breitbart.
Fire him now.
I really doubt what any of us think about whether Bannon should stay or go matters one whit.
Don’t take it too seriously.
I still don’t think much of him.
I am against high income taxes, but since the “wealthy” appear to be liberals, this is a minor price to pay to lower corporate and other taxes.
Can you point to a source that can describe that tradeoff effect?
It won’t tank the economy at all, as long as other taxes that increase investment go down.
And ther the ideologue nonsense comes out.
Wake up to reality... The idea you can generate comparable revenues via a flat tax is a flat out lie. The math doesn’t work.
In 1970 the top 1% of income earners made about 7% if the total income. Today it’s around 20%... The continued increase of wealth and earnings away from the masses and toward a smaller and smaller percentage of the population is not some liberal fairy tail, it’s hard and fast reality...
And if it continues, eventually the entire system will be brought down... And you want to see communism, wait until you reach a point where the average person is watching their children starve, while the upper classes live in exuberance. What do you thing brings about communism?
Simple the failure of wealth and capital to move throughout a society... For decades a small percentage of folks have systematically been extracting this nations wealth, through tax, trade and means for the purpose of padding their own pockets and weakening this nation.
Communism isn’t the result that comes from a working capitalist society where capital and wealth are moving throughout society, it comes as a result of those with large amounts of capital killing to goose that lays the golden egg by refusing to allow that capital distrubution.. This eventually leads to economic unrest, political upheaval and an overthrow not only of the political system but the economic system as well.
We have been heading down a very dangerous road for quite a while in the US, and the western world as a whole... The failure to recognize that the traditional flow of wealth throughout society is not functioning as it should, and hasn’t for a long time now, is probably one of the largest long term threats to our society is to be beyond naive.
In 1955ish the CEO of GM total cash compensation about 40 times that of a typical GM line worker... Today the CEOs cash compensation is over 200 times that of the typical line worker... The goose that lays the golden egg is being strangled, and it’s strangling is being justified by fools
How about a 20% import tariff and reduce all marginal rates by 10%. This would promote domestic industry and employment.
Gates would have to sell $31.5 billion in stock. Paul Allen is worth $20 Billion. He'd have to sell $7 Billion. That much stock hitting the market needs buyers. In order to sell that much stock, the value will plummet.
It would do that throughout the market, as others would also be selling off their shares.
Now, everybody who is leveraged and on margin, their net worth has dropped. They now have to make good, which means they need to sell off.
2/3 of our country has 401K's. People who were ready to retire (or already retired) now find their stock value has plummeted. They can no longer plan on retiring.
Through all this, buyers are needed for the sellers to sell to. Since the very wealthy in THIS country are the ones being squeezed, the money to buy would have to come from somewhere else. Namely, overseas.
Oh goody....now you want to dictate what certain people are allowed to earn
Your nonsense is anything but free markets or capitalism
“I really doubt what any of us think about whether Bannon should stay or go matters one whit.”
Nobody’s saying our discussion is going to effect whether Bannon stays or not. But that’s what we do here. We debate, share ideas and try to educate ourselves. You’re free to like or dislike Bannon as you wish. Just pointing out that if your dislike is based on this article, it would be wise to wait to see if it’s true first.
“Don’t take it too seriously.”
I wasn’t planning to.
Not much to the math, really. Stock’s tend to trade around a 20:1 Price to Earnings ratio +-5. If you cut corporate taxes by $20 billion a year, the E (earnings) goes up $20 billion so at a 20:1 ratio, the value in stocks would go up by $400 billion. The vast majority of wealth of stocks/corporations is owned by the top 0.5%. Personally, I’d rather lower the threshold from $6 million to like $500k and raise the personal rate to marginal high of 45% and just eliminate corporate taxes altogether. Would be a net, net win for everyone (rich, US workers, keeping US corporations here, getting foreign companies to relocate to US, etc). If we ever get surpluses, then slowly pull back on the top marginal personal rate.
Well, that settles it - gotta be true and he's gonna talk trump into it too......do something useful today...
Even concern trolls need to do something responsible to keep up their appearance of conservatism.
I’ve worked for small businesses, but I knew the owners. They didn’t make nearly 5 million a year, and they were incorporated. They deferred saleries and took dividends that are taxed at lower rates than regular income. I doubt many business owners make that much without incorporating the business first.
And CEOs who make more than 5 million a year will do just fine. There are lots of ways for them to defer saleries and get stock options, golden parachutes, dividends, etc. that aren’t treated as regular income.
Of course a lot of CEOs are dufuses who run the companies into the ground and still get all of the above. I can’t help but believe there are many talented and skilled executives who could and would love to do those jobs for a lot less than 5 million.
I believe your major concern is already over-realized, as the top tax rate is 39.6%.
Also, no one is talking about a “asset tax,” so all of anyone’s money in any stock can't possibly ever be taxed, as we are talking only “income taxes.”
An extra 4-5% would not be a big change, especially if other taxes those same people pay go down.
Rich democrats are always crowing for higher taxes. I'd get behind proposing a 35% wealt tax on any net worth over $10 million. Bill Gates, $28 billion please. Zuckerberg, $16 billion, send it it. Warren Buffett, $24 billion by Apr 15. Same again next year.
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