Rep. Ilhan Omar proposes taxing wealthiest Americans up to 90%

[CriticalThought]

The way to fix that is less government, not more government.

Agreed. Let's start with the corporate subsidies.

 

[Fenton]

A small number of people hoarding the wealth hurts us all, as much of that wealth does nothing to expand the economy. The rich and poor are always with us. It takes a progressive government to foster a middle class.

No one suffers more from the unintended consequences of confiscatory tax rates than the middle class.

Their ranks shrink as wealth and investment capital move away from these tax rates. There's no real purpose of Occasio's 70 % top marginal rate proposal other than to impress a bunch of naive voters.

 

[apdst]

Agreed. Let's start with the corporate subsidies.

Sure! We can get rid of green subsidies.

Cut unecessary regulations.

Simplify the tax code with a flat tax.

Good stuff!

 

[Bum]

Do you actually know the difference between "socialism" and "communism"? In fact, do you actually know what EITHER of those terms mean?



Did you know that the majority of human beings actually live under social orders that you would consider "socialist"?

Did you know that "Communism" is NOT an economic system, but that "Capitalism" is?

Do you know the difference between an economic system and a political system?

1. Yes
2. Yes, though in retrospect I should have said "The Majority of US Citizens", but thank you for bringing that to my attention.
3. Yes
4. Yes

Though you should have viewed my post in the context of a reply to post #24, and not a general stand alone post regarding the subject of my OP.

 

[TU Curmudgeon]

Sure! We can get rid of green subsidies.

Cut unecessary regulations.

Simplify the tax code with a flat tax.

Good stuff!

The questions that I always ask the proponents of a "flat tax" are:

1. "At what rate would that flat tax be set?"; and
2. Would that tax be applied to Gross Income or to Net Income (and, if to Net Income, how would Net Income be calculated)?

Would you like to take a stab at them?

 

[TU Curmudgeon]

1. Yes

Thank you, now would you please tell me what you think the difference is?

2. Yes, though in retrospect I should have said "The Majority of US Citizens", but thank you for bringing that to my attention.

So your contention applies to between 2.5% and 5% of the people of the world rather than to 50+% of the people of the world.

3. Yes

4. Yes

So, since an "economic system" is NOT the same thing as a "political system" there is no MANDATORY requirement that a "Communist economic system" could NOT be combined with a "Republic with a government chosen through a system of Indirect Democracy" - right? [I do note that the United States of America is a "Republic with a government chosen through a system of Indirect Democracy".]

Though you should have viewed my post in the context of a reply to post #24, and not a general stand alone post regarding the subject of my OP.

Cross referencing posts isn't always that easy.

 

[jamesrage]

Rep. Ilhan Omar outlines some of the ways programs like Medicare for All and the Green New Deal could be funded, including taxing the wealthiest Americans up to 90 percent.


https://news.yahoo.com/rep-ilhan-omar-proposes-taxing-214107728.html


Sounds like an echo of AOC, but the number jumped from 70% to 90%.

One-upmanship?

The leech class IE socialist scum love stealing other peoples money through excessive taxation to give free **** to all their constituents.

 

[VanceMack]

It is my greatest wish that every top 5%er in America liquidate all their assets and pull out of all US investments and job/plant/manufacturing markets for 1 year.

 

[apdst]

The questions that I always ask the proponents of a "flat tax" are:

1. "At what rate would that flat tax be set?"; and
2. Would that tax be applied to Gross Income or to Net Income (and, if to Net Income, how would Net Income be calculated)?

Would you like to take a stab at them?

10%

Net income.

Simple

 

[Roadvirus]

This "Let's see how high we can tax the wealthy" crap from the Far Leftists is going to turn off a lot of Indies and Mod. Dems. But AOC and this Anti-Semitic clod are too stupid to realize that.

 

[TU Curmudgeon]

10%

OK, now that you have raised around 40% of the amount that the US government requires, please detail what the 60% that isn't going to be possible to pay for will be cut.

Net income.

Oops, that 40% should actually be around 20%, so please detail what 80% is going to be cut. Or, to put it another way, what 92.6% of NON-DEFENCE spending is going to be cut.

Simple

Only to the simple minded and/or those who apply woefully deficient basic arithmetical skills to complex financial matters of which they do not know the parameters.

PS - Since you didn't define "Net Income", I've used the current tax laws to exclude anyone who isn't already paying income tax from having to pay the "flat tax".

PPS - What would you expect that someone like Mr. Trump has as a "Net Taxable Income"?

PPPS - When operating my own company, I had roughly $1,000 per week as "walking around money" (that's after all of my communications, utilities, housing, and clothing expenses were paid for). I paid approximately $400 per month in income taxes. Can you guess what my "Net Taxable Income" was? If you use the tax tables you would work it out to be around $4,000 per month, which is actually less than the amount of "walking around money" that I had. Can you guess what my REAL income was?

 

[apdst]

OK, now that you have raised around 40% of the amount that the US government requires, please detail what the 60% that isn't going to be possible to pay for will be cut.



Oops, that 40% should actually be around 20%, so please detail what 80% is going to be cut. Or, to put it another way, what 92.6% of NON-DEFENCE spending is going to be cut.



Only to the simple minded and/or those who apply woefully deficient basic arithmetical skills to complex financial matters of which they do not know the parameters.

PS - Since you didn't define "Net Income", I've used the current tax laws to exclude anyone who isn't already paying income tax from having to pay the "flat tax".

PPS - What would you expect that someone like Mr. Trump has as a "Net Taxable Income"?

PPPS - When operating my own company, I had roughly $1,000 per week as "walking around money" (that's after all of my communications, utilities, housing, and clothing expenses were paid for). I paid approximately $400 per month in income taxes. Can you guess what my "Net Taxable Income" was? If you use the tax tables you would work it out to be around $4,000 per month, which is actually less than the amount of "walking around money" that I had. Can you guess what my REAL income was?

We can start cutting welfare, foreign aid, Congress' salaries and perks, stop giving food, shelter and medical care to illegal aliens, for starters.

 

[danarhea]

The chickens are now coming home to roost. Who knew that giving women the right to vote wound result in female idiots invading the halls of Congress to advocate for the destruction of the foundations of American freedoms and prosperity?

As opposed to believing that male Trumpanzees do not have even a smidgeon of sanity, and therefore should not vote?

'Ya see, two can play this silly game. :mrgreen:

 

[Harshaw]

The chickens are now coming home to roost. Who knew that giving women the right to vote wound result in female idiots invading the halls of Congress to advocate for the destruction of the foundations of American freedoms and prosperity?

Just stop. :roll:

 

[Harshaw]

Good results? We went from the healthy middle class of the 1950s and 60s to an income inequality that surpasses the 1920s.

To any extent that this is true, you think it's because we did away with a 90% top marginal rate that almost no one ever paid?

 

[Jack Fabulous]

She was talking about restoring a tax rate that was in place for decades during which we had the fastest GDP growth in our history. Your hyperbole is not required.

Is she also talking about restoring the loopholes which allowed most people to not pay those rates?

I know it's a popular talking point that we used to have tax rates that high but the fact that few people ever paid those rates somehow gets left out.

 

[CriticalThought]

To any extent that this is true, you think it's because we did away with a 90% top marginal rate that almost no one ever paid?

Nah, what really changed is polarization of wealth. Things like keeping a budget, building credit, having savings, and making investments are essential to building wealth but not everyone gets the same education in regards to those things. My credit score is over 800 and that has afforded me opportunities with buying cars, a home, taking out loans, etc. that are out of reach or too costly to others. I credit that to being taught how to manage debt at an early age, but I meet adults who have never even started a line of credit and don't have a dime for savings.

 

[marke]

As opposed to believing that male Trumpanzees do not have even a smidgeon of sanity, and therefore should not vote?

'Ya see, two can play this silly game. :mrgreen:

Some of the most schooled elitists in the country think humans like Michelle and Trump are apes. I don't. Humans are not apes. Apes are apes. How hard is that?

 

[marke]

Just stop. :roll:

Not yet. We are on a roll.

 

[iguanaman]

Is she also talking about restoring the loopholes which allowed most people to not pay those rates?

I know it's a popular talking point that we used to have tax rates that high but the fact that few people ever paid those rates somehow gets left out.

LOL I never leave out the fact that few paid those punitive rates in fact I can't believe anyone thought people would. :lol: Those 70 to 90% rates were not there to raise revenue at least not from them. The were meant to limit income taken out of circulation. Businesses had a slew of tax breaks for expansion and any other business related expense. So it made more sense to spend it on infrastucture and growth than to take it as income and have the Govt. take 90% of it. They even could share the profit increases with their employees by giving them raises. Wages are tax deductible too. Imagine that! And the business owner got a modern factory with the latest equiptment and happy hard working employees and that made them happy too.

Our Great Depression era forefathers determined the cause of the catastrophe was at least in part income inequality. Although we has thriving industry there were too few buyers as industry owners had siphoned off too much of the profits by paying workers $2 to 3$ a day leaving them too poor to buy their products. One of the most repos in the Depression was Radios which cost a months wages. FDR embraced a plan to create our Great Middle Class by supporting unions to give workers leverage for higher wages, Low cost VHA loans for veteran to buy homes, and a host of other programs that included punitive rates of 90% for the top bracket. It worked amazing and we were the envy of the world and put a man on the moon in under a decade.

 

[danarhea]

Some of the most schooled elitists in the country think humans like Michelle and Trump are apes. I don't. Humans are not apes. Apes are apes. How hard is that?

Except that Trumpanzees have been known to throw their poo..... A lot. :mrgreen:

 

[marke]

Except that Trumpanzees have been known to throw their poo..... A lot. :mrgreen:

Nobody should call Michelle an ape, not even a college genetics professor.

 

[Bum]

Thank you, now would you please tell me what you think the difference is?



So your contention applies to between 2.5% and 5% of the people of the world rather than to 50+% of the people of the world.



So, since an "economic system" is NOT the same thing as a "political system" there is no MANDATORY requirement that a "Communist economic system" could NOT be combined with a "Republic with a government chosen through a system of Indirect Democracy" - right? [I do note that the United States of America is a "Republic with a government chosen through a system of Indirect Democracy".]




Cross referencing posts isn't always that easy.

My personal beliefs seem to have chapped your backside......huh, didnt see that coming.

 

[uptower]

I really think that some of the new progressives in Congress are just trying to outdo one another. There really is no need to tax every dollar over ten million at a higher rate. Maybe in the single digits but not in the tens. Instead they should concentrate on closing loopholes and tax breaks and making sure everyone who's rich also pays their fair share. The problem is not that the super rich don't pay enough it's that many don't pay at all. Put them on the same rate as the rest of us and everyone pays, no excuses.

 

[holbritter]

Rep. Ilhan Omar outlines some of the ways programs like Medicare for All and the Green New Deal could be funded, including taxing the wealthiest Americans up to 90 percent.


https://news.yahoo.com/rep-ilhan-omar-proposes-taxing-214107728.html


Sounds like an echo of AOC, but the number jumped from 70% to 90%.

One-upmanship?

That's hysterical. Yeah, tax anyone so they only keep 10% of what they work for, and see if they continue to do so.