Ocasio-Cortez’s 70% Tax Proposal Is a Great Start—But We Need to ABOLISH the Ultra-Rich

In These Times ^ | January 19, 2019 | MARK ENGLER AND ANDREW ELROD

[GuavaCheesePuff]

Ultimately, finding an optimal tax rate for the super-rich is a moral and political issue as much as an economic one.

Last week, when 60 Minutes aired an interview with newly sworn-in Rep. Alexandria Ocasio-Cortez, the freshman New York congressperson caused an uproar with what, by Washington standards, seemed a rather immodest proposal. Asked whether an expansion of public investment in green technologies would require raising taxes, she cited history.

[laconic]

Lets start with George Soros, Bezos, Steyer, Sergei Brin, Bill Gates - take all of their money and redistribute it so that each family can have a new pair of shoes.

[gov_bean_ counter]

Yes, she really is that stupid...

[PIF]

If you take all the wealth of all the billionaires, it still is not enough to pay for her modest proposal.

[Liaison]

I wonder which socialist billionaire is going to pay their salaries when the righteous proletariat kills them all?

[E. Pluribus Unum]

Once you have eliminated the “ultr rich,” where will you get the tax money to fund your snowflake Utopia?

[ChildOfThe60s]

“Ideally, we should be taxing wealth as well as income,” says J.W. Mason, an economist at John Jay College.......

."If you are super-rich, although you might pay taxes on capital gains or inheritance, you don’t pay any taxes on your financial assets simply by virtue of owing them,” Mason explains.

Hmm, so they should tax every year on that which people have earned, paid taxes on, and own in their own right.
In other words, everything you own belongs to the state and you will pay rent on it every year if you wish to have [temporary] use of it. After that, confiscation of your assets upon death will be suggested.

Actually,that has been in practice to a [up to now] limited degree with estate taxes. Which are nothing more than confiscation of legally owned property.

[blueunicorn6]

Ummmm.....Alexandria thinks that taxes are something you use to stick paperses to a cork board.

[Louis Foxwell]

You mean the “tippy-top?” It is so important to get our terms right.

[Bob434]

yeah it’s a ‘fantastic start’ because by golly people just love working their butts off only to give everything over to the government in the end- Gee- what a winning concept-

Pssst- the rich are going to find tax shelters just like they did when the tax was 70% in years past- the government ended up LOSING money- and the public suffered because the mega rich simply laid everyone off rather than fork over their hard earned money to the gov

The middle class were hardest hit- not the ultra rich- Sadly though Americans FORGOT in just a few short years how bad things got under democrat control-

[grania]

The concentration of wealth with the obscenely wealthy at the expense of a vibrant middle class is a problem. Back in the 1950s and 60s, when we had more freedoms, opportunity, and security, the differential between the wealthiest and the less fortunate was nothing like it is today.

Back then, our neighborhood of new houses included doctors, lawyers, teachers, factory workers, construction workers, office workers. One income supported the family.

The answer isn't a 70% tax on the rich, which only serves to transfer their money to the government to waste. The answer is in a more reasonable differential between the haves and have nots.

Globalism....jobs going overseas and cheap labor competition make it impossible to achieve a balance.

[Mouton]

“so they should tax every year on that which people have earned, paid taxes on, and own in their own right.”

In some way they are doing that now: Real Estate and personal property taxes.

[P.O.E.]

Let’s start with the biggest business / extortion racket of them all - government.

[bert]

No, we should begin with jocks. A few hundred poor black jocks might start cleansing riots in the cities

[M Kehoe]

We need to abolish Occasional-Cortex.

5.56mm

[Zathras]

Yep, the liberal 15 Billionaires who met in secret back in 2000 to plan a strategy to capture congress and keep it for the next 40 years.
There were a couple news reports of this and then it all went dark.

Your list is only some of them.
Davos is the keystone to understanding what is really going on.

[bert]

Spoken like a good leftist labor union steward

[Gay State Conservative]

Let's see how much support that gets from Soros...Steyer....Zuckerberg....Gates....and Buffett.

[huckfillary]

She needs to set an example by ponying up 70% of her congression salary. Until so, she’s FOS.