California's Wealth Tax Proposal Would Likely Backfire

[99percenter]

How has it backfired?

Both bush and trump cut taxes for the wealthy. Economy collapses and the govt has to run huge deficits on top of the ones that those clowns already created by needlessly cutting taxes.

 

[Moderate Right]

Both bush and trump cut taxes for the wealthy. Economy collapses and the govt has to run huge deficits on top of the ones that those clowns already created by needlessly cutting taxes.

Taxes were cut for EVERYONE, except rich Democrats. And, a higher percentage of the poor are no longer paying any taxes than there was before.

 

[99percenter]

Taxes were cut for EVERYONE, except rich Democrats. And, a higher perceStrantage of the poor are no longer paying any taxes than there was before.

Strawman response.

 

[Moderate Right]

Strawman response.

Taxes were cut for EVERYONE, except rich Democrats. And, a higher percentage of the poor are no longer paying any taxes than there was before.

 

[99percenter]

Taxes were cut for EVERYONE, except rich Democrats. And, a higher percentage of the poor are no longer paying any taxes than there was before.

Not sure why you keep repeating your strawman. I am guessing you don't know what that word means.

 

[Moderate Right]

Not sure why you keep repeating your strawman. I am guessing you don't know what that word means.

I'll take that as you admitting that taxes were lowered for everyone except for the rich in blue states and that less people are paying taxes now than beforehand.

 

[ludin]

In New York, Cuomo is so desperate to get wealthy former New Yorkers back that he's resorted to personally calling them and offering to cook for them.

California - famously - is already seeing a bit of an exodus. Will be interesting to watch the collapse if they really ramp it into high gear.

All soak the rich taxes fail.
why? the rich just leave.

they are not stupid.

 

[ludin]

Well, I hate to agree with trumpists, but someone who is for the wealth tax will need to explain how taxing unrealized gains works. I hope you know there is not a big wad of cash in the bank with jeff bezos name on it. Taxing unrealized wealth is a retarded concept. Now increasing capital gains tax I am for.

actually there is.
YOu don't know what you are talking about.

 

[ludin]

I was just curious about the mechanics of how you get your government check.

Not a government check. I guess you don't know what a dividend is.
go figure right up there with 90% of the other things you don't know.

 

[cpwill]

Are you seriously trying to claim people will be less motivated to get to the top if they have to pay even 60% tax?

The US has seen much higher tax rates in the past and yet somehow the top 1% earners managed to get out of bed and struggle into work even though they faced what I expect you'd claim are soul-destroying taxes. Somehow those absolute troopers managed to get into work and only earn 10 times more than the average worker rather than several hundred times more at the low end and with whopping bonuses on top.

Oh no the poor, poor top 1% might have to pay the same overall rate of tax as the cleaners they hire at minimum wage and below if they think they can get away with it.
Europe has much higher taxes than the US and the top people are still motivated. How do you explain that?

I appreciate that you mention Europe, because it so well illustrates the point. European countries have spent the last couple of decades getting RID of their wealth taxes, having discovered that they backfire .

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[99percenter]

I'll take that as you admitting that taxes were lowered for everyone except for the rich in blue states and that less people are paying taxes now than beforehand.

Again you keep repeating that strawman. You are embarrassing yourself. Let me ask you do you know what a strawman is?

 

[99percenter]

actually there is.
YOu don't know what you are talking about.

so you think there is 196 billion in cash with bezos name on it? Please tell me you really aren't that stupid.

 

[99percenter]

Not a government check. I guess you don't know what a dividend is.
go figure right up there with 90% of the other things you don't know.

That's a cute justification for collecting your welfare check.

 

[Peter]

I appreciate that you mention Europe, because it so well illustrates the point. European countries have spent the last couple of decades getting RID of their wealth taxes, having discovered that they backfire .

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The Conservative UK government are having serious discussions about raising corporation tax from 19% to 24% and raising capital gains tax from 28% to between 40 & 45%.

 

[cpwill]

I appreciate that you mention Europe, because it so well illustrates the point. European countries have spent the last couple of decades getting RID of their wealth taxes, having discovered that they backfire .

The Conservative UK government are having serious discussions about raising corporation tax from 19% to 24% and raising capital gains tax from 28% to between 40 & 45%.

Cool. That changes nothing about the fact that European countries have spent the last decade or so getting RID of their wealth taxes, having discovered that they backfire .

 

[ludin]

so you think there is 196 billion in cash with bezos name on it? Please tell me you really aren't that stupid.

(sigh)
as i said there is no point in discussing this with someone that doesn't understand how the system works.

196b is what he is worth it isn't all liquid capital. It is a mix of cash, stocks, stock options and other investments.
However if he goes to the back and says I want 1m dollars in cash and he has the funds the bank then has to hand over
1m in cash.

 

[ludin]

That's a cute justification for collecting your welfare check.

No it is called facts let me know when you actually know what a dividend is.

 

[99percenter]

(sigh)
as i said there is no point in discussing this with someone that doesn't understand how the system works.

196b is what he is worth it isn't all liquid capital. It is a mix of cash, stocks, stock options and other investments.
However if he goes to the back and says I want 1m dollars in cash and he has the funds the bank then has to hand over
1m in cash.

Does he have 1 million in cash? I think you missed the entire point of the discussion. That is the problem with leftists like you. Don't understand how unrealized gains work.

 

[99percenter]

No it is called facts let me know when you actually know what a dividend is.

It's not the welfare check you get. damn libs. Think socialism is now just dividends. Cute justification though.

 

[ludin]

Does he have 1 million in cash? I think you missed the entire point of the discussion. That is the problem with leftists like you. Don't understand how unrealized gains work.

we know you don't understand how things work which is why this discussion is impossible.

 

[ludin]

It's not the welfare check you get. damn libs. Think socialism is now just dividends. Cute justification though.

as usual you say nothing have a nice day dismissed.

 

[99percenter]

we know you don't understand how things work which is why this discussion is impossible.

No. You just don't want to do it because you have been proven wrong.

 

[99percenter]

as usual you say nothing have a nice day dismissed.

Is this the new strategy libs like you employ? Running away when called out on your welfare collecting ways?

 

[ludin]

No. You just don't want to do it because you have been proven wrong.

you have yet to prove me wrong. so i am still waiting on that little bit.

If Bezos walks into a bank and goes I need 1 million in cash then the bank has a responsibility to hand that over.
They might not want to but that is neither here nor there. As long as he has the account with the money in it then
there is no issue.

 

[ludin]

Is this the new strategy libs like you employ? Running away when called out on your welfare collecting ways?

dismissed have a nice day.