The top 50% of earners pay 97% of all income tax collected.
Posted on 01/19/2019 11:39:38 AM PST by 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.
(Excerpt) Read more at inthesetimes.com ...
Communists are about to be abolished.
I concur.
Clever of the Left; get everyone upset about tax rates that will never be implemented so they stop paying attention to the demographic replacement scheme that proceeds apace. At least they feel the need to deflect attention.
That is the socialists' plan...to eliminate the middle class.
Details of Democrat Communist Antisemite Ocasio-Cortez’s Ties To George SOROS Revealed
Link: https://gellerreport.com/2018/08/ocasio-cortez-soros.html/
Plus folks like Soros can transfer their wealth to organizations unaffected by such taxes without losing control:
Soros transfers $18 billion to his “charitable foundation”.
As an alternative, it could be said that wealthy beyond a certain plateau should have some ramifications.
That is, beyond a certain amount of wealth, the most profitable investment is politics, both directly and indirectly. Much of the offensive character of the very rich is un-democratically “horning in” to politics to take away power from everyone else.
So how to remedy this? Some possibilities:
1) Create a surcharge tax on political donations from such people and those acting under their auspices. If that isn’t enough, then make it a two-way tax. Say they contribute $100k. Their end of the tax would reduce it to say, $50k. Then the politician who receives it would also be taxes $40k for getting it. So the total for that politician to use would be $10k.
But some non-super wealthy person could give $11k, no problem. This would “level the playing field”.
2) Severely restrict tax deductions to NGOs by them. For example, Bill Gates set up his foundation for its tax benefits, but that money must be spent, so it is spent whimsically, and may cause much harm in the US and around the world.
Such an act would finally snuff out hundreds of foundations that are the grit in America’s gears. And tens of thousands that carry out the wishes of Nazi scum like George Soros.
The top 50% of earners pay 97% of all income tax collected.
LOL, I was all prepared to jump on your post, but...good post!
Jealousy is, at is root base, a murderous emotion.
The jealous don’t just want what other have. The jealous want others dead for having what they, the jealous, don’t have.
Why do you label everyone who doesn’t agree with an economic system where the rich keep getting richer and everyone else gets further in debt a “leftist”? Most Deplorables just what a fair shot at a good life and their government to work for the good of all US citizens, not just those who fill pols’ pockets.
One of the primary reasons for this is RESENTMENT - the same resentment that has led to an increased number of those supporting socialism in America.
A vibrant middle class requires the freedom for people to improve their socioeconomic level and ‘climb the ladder’ via their own efforts and drive. A significant swath of the populace resents this - as it leads to people ‘just like them’ achieving more than them and having more financial resources. It's jealousy, and resentment - the same kind that fueled the Bolsheviks, the Chinese cultural revolution, and those who handed the reigns of power and the resultant destruction of Venezuela to Chavez and then Madura. These are the same types of people (with the same resentments) that AOC appeals to.
These same people don't mind movie stars, pop musicians, athletes, etc. having lots of money - because becoming wealthy in those ways is somewhat like winning the lottery. Few from within their ranks ever achieve success in those ways. If they do, it is attributed to their good fortune (they were lucky to be born with that talent or that athleticism). It doesn't reflect back on the crowd, as an indictment of the efforts they didn't make.
The general ways that people have traditionally climbed the ladder in America don't usually lead to them becoming the ultra-rich. Becoming a practicing physician or lawyer does make most ultra-rich. Starting a small business and growing it generally doesn't lead to people becoming ultra-rich. Working two-jobs for years and wisely investing your money can lead to a rise of several rungs on the ladder - but generally doesn't make one ultra-rich. That said, all of these things can lead to a substantial improvement in the lives of these people and their families. These are the people the AOC crowd resent - people from within their own ranks who have worked hard to better themselves. These are also the people who have traditionally made up the ‘vibrant middle class’ you refer to.
Interesting post.
Why let Reality get in the way of a good socialist proposal? When you tell them that taxpayers will modify their behavior to optimize revenue, it does not matter to them. It is a ‘feel good’ (envious), big ‘get even’!
No matter the tax rates, the tax revenue ratio to GDP will be under 20%.
Oprah said:
“As long as people can be judged by the color of their skin, the problem is not solved. There is a whole generation — I said this for apartheid South Africa, I said this for my own community in the south — there are still generations of people, older people, who were born and bred and marinated in that prejudice and racism and they just have to die.” Nov.13, 2013.
Ocasio-Cortez super rich tax plan will require the elimination of people who are unfair to the losers who can’t get money handed to them sufficiently by the wealth builders who unfairly work and invest to earn it. The meanies.
Oprah is thus more in touch with young new breed of socialists than the Pelosi generation.
If anyone such as a successful white male speaks up to disagree, he will have to put his head back in his turtle shell and beg for forgiveness.
Affirmative action, unions dictating special benefits for themselves, government handouts, cheap foreign labor (legal and illegal), a system that encouraged forever debt are just some of the contributing factors.
Someone should ask this dumb Moonbat if she ever heard of th Laffer Curve.
great list of factors in the failing experiment in American socialism
The losers expect 100% healthcare and housing (Section 8) and are resentful if they are not given these.
The late great Paul Harvey used to say——What used to be called relief,welfare or handouts and were hidden by families who were ashamed they needed to accept temporary help until they could earn on their own again, are now called “entitlements” and are resentfully and impatiently fully expected of the government.
Thou shall not covet
You oppose inequality you blame on the system rather than your own failure to achieve
I have been saying, to the point of annoyance, that the left wants to eliminate Whitey, after taking all his money.
Q. E. D.
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