Politics

AOCs 70% tax idea is stupid

Bose boxbox
Jan 8

Im a democrat and even borderline extreme left .
However saying people would have to pay upto 70’% tax if they are rich is stupid . No one will read that it’s only for 0.5% of population and this shit will get spun by fake news and she will sink the whole left .

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  • Walmart.com ToKL28
    It's actually not stupid for very high earners. People, who earn 10m+ should go and start businesses and employ people. Not seat in some monster corp and stash the cash. There is got to be the point when you are too big to work for a boss.
    Jan 88
    • Microsoft NoobDev
      No it’s stupid Walmart. You tax the rich a lot and they will end up leaving the country.
      Jan 8
    • Walmart.com ToKL28
      Sure... NYC and CA are taxing, why did not they move to Nebraska?? Following your logic, fly over states would have the richest people. Why not?
      Jan 8
    • Apple hMWF54
      Rich people don’t pay much taxes, never read Panama papers?
      Jan 8
    • Google Noogler69
      The two richest people in the world live in Washington where there’s no state income tax. The third richest lives in…Nebraska.
      Jan 8
    • Microsoft NoobDev
      Yes you are right when you tax the rich an absurd amount they stay put.

      https://www.dailymail.co.uk/news/article-4932482/amp/Wealth-tax-forces-12-000-millionaires-YEAR-France.html

      They will stay as long as it is profitable.
      Jan 8
    • Walmart.com ToKL28
      Great point, the actual richest guys don't haul $10mil paycheck. They keep their money in their companies or charity and don't care about the tax rate. It does not affect them. This is the exact point I was trying to make.
      The Goldman Suckers will stay in NYC and pay...
      Jan 8
    • Microsoft NoobDev
      Ok, then why raise Tax Rate if rich are not going to pay it. It is stupid then isn’t it? You think there are enough Goldman Suckers out there that can float the absurd bill she is proposing
      Jan 8
    • Walmart.com ToKL28
      Because it will motivate smart people to actually keep the money in the business, grow and create jobs. Not haul $10m paychecks.
      Overpaid Goldman Suckers will pay. They don't have any other place to get that kind of money.
      It all make economic sense.
      Jan 8
  • Salesforce busforce
    please learn how tax brackets work. it is only 70% on the last chunk of income people make after a couple million. there was a more extreme tax rate up there previously in the US.
    Jan 84
    • Facebook Wert965
      I think OP's point is that 50% of America wont get it and vote against democrat s
      Jan 8
    • Salesforce busforce
      then that's a PR problem not a policy one
      Jan 8
    • Apple hMWF54
      It is a media problem, they make up shit to get attention
      Jan 8
    • CrunchTime! / R&D
      watabotism

      CrunchTime!R&D

      PRE
      Harvard Business Publishing
      watabotismmore
      Top marginal rate has been anywhere from 63% to 90% for large stretches of the last 115 years in this country. (USA) Usually after cataclysms like the Great Depression or WW2, funny but right before the Great Depression the top band for marginal federal tax rate was the lowest - 25%. Take that libtards!! Oh wait...
      Jan 8
  • This comment was deleted by original commenter.

    • Spotify Rlaj16
      Exactly. What people don't seem to grasp is people earning 10m a year have enough flexibility to shift income into something other than ordinary income or defer it. A tax bracket at that level is meaningless.
      Jan 8
  • Microsoft Hyad70
    I so hope that other Dems jump on board...sure path to Republican victory I 2020.
    Jan 81
    • Walmart.com ToKL28
      Clearly Microsoft is getting old. A bunch of old farts brain washed with "conservative" ideas. Or their intern grandchildren, who spent all their time with grandma.
      Jan 8
  • Sumo Logic Ctrdbi3689
    People, please learn how marginal tax rates work. Don’t let the GOP propaganda machine spin this on you as a flat 70% tax on the rich.😕
    Jan 81
    • Walmart.com ToKL28
      Reality has a strong liberal bias
      Jan 8
  • Spotify Rlaj16
    70% marginally income tax is trivial to avoid for wealthy people. It's a populist trick because real tax reform is too technical for the average voter.
    Jan 80
  • Oath / Engfat
    Yes, OP clearly just watched Sean Hannity’s show where he conveniently left out the word *marginal*.

    It’s 70% *marginal* tax for 10 million tax bracket. It means if you make 11,000,000 dollars, you get taxed 700,000. I had to spell out all the zeros to make sure OP absolutely understands.

    It’s not stupid. America had periods in history where the marginal tax is 90%. It was the greatest time of the American history. Where business owners ACTUALLY trickled down the money to the workers instead of pocketing it. GOP should learn from this. Higher tax leads to trickle down economy
    Jan 85
    • Bose boxbox
      OP
      Did you read what I posted ?? You are proving my point . Please read the post again
      Jan 8
    • Oath / Engfat
      I read it again and again and again and I still don’t see you make the edit to say *marginal* tax rate.

      Please state it clearly what is your point?
      Jan 8
    • Facebook sensitive
      OP is saying that statements like that will lead people to think that 70% is a lot. The point you were trying to clarify.
      Jan 8
    • Oath / Engfat
      Right.

      “The 0.1 percent, 160,000 families, in 2014 made at least $1.5 million a year. The top 0.01 percent, 16,000 families, had annual income of $7 million.”

      http://review.chicagobooth.edu/economics/2017/article/never-mind-1-percent-lets-talk-about-001-percent

      So to get to 10 million, you’re look at the top 0.001%. That only covers 1,600 families.

      That’s pretty far from your 0.5%
      Jan 8
    • Bose boxbox
      OP
      Facts don’t matter anymore . It’s the optics and she providing easy fodder to the right wing fake news .
      Jan 8
  • LinkedIn
    plowing

    LinkedIn

    BIO
    Always plowing hard
    plowingmore
    Add 13.3% CA state income tax it comes to 83.3%. Rich people might as well just choose to not earn that money.
    Jan 83
    • Apple Snut Ella
      Ironically the best analysis shows that the optimal maximum marginal rate is in the 73-80+% range. So CA is doing it’s part.
      Jan 8
    • New FGTRTD
      70% *after* making the first 10 fucking million dollars! Why are you defending people who make MORE THAN 10 MILLION DOLLARS PER YEAR!? They don't need defending!
      Jan 9
    • Google Noogler69
      There’s no “analysis” that can tell you what the optimum tax rate is. Anyone who says there is is lying
      Jan 9
  • Microsoft NoobDev
    Tax anyone too much and mthey will just leave. And you will end up creating more pressure on the remaining folk
    Jan 82
    • Apple hMWF54
      Ready to pack for Mexico?
      Jan 8
    • Microsoft NoobDev
      A) this dumb tax is not happening
      B) even if it did it will not effect me immediately
      C) Why would I go to a shithole
      Jan 8
  • LinkedIn
    plowing

    LinkedIn

    BIO
    Always plowing hard
    plowingmore
    I thought we already tax rich people at 40%. I wonder how much tax Bezos or Zuck or Gates have personally paid?

    If you increase tax rate to 70% would Bezos pay more tax? If the difference is immaterial then it is a stupid tax.
    Jan 80
  • Google l4fw9c
    France did something like the sort and the rich bailed. The result: revenues actually decreased.

    Go after capital gains taxes and tax havens. The crab mentality towards towards high wage earners needs to go.
    Jan 83
    • Oath / Engfat
      I need to ask for specific numbers here. Doesn’t seem like they have a tax bracket for 10 million
      Jan 8
    • Credit Karma EllisDee25
      Lol, the rich at that level earn no wages.
      Jan 8
    • Intel &&-9jj
      Capital is mobile and global. Good luck.
      Jan 9
  • Facebook public2
    Yep Americans will vote against it even though the rich are fine with it. Americans have this delusion that they too will soon become incredibly wealthy and therefore are cool with the way things currently are. Classic joe the plumber.
    Jan 80
  • Credit Karma EllisDee25
    It’s not too complicated, it’s just that liberals are conditioned to loose... but people more to the left, like AOC, are beginning to challenge that passive defeatism. The right will say “70% taxes! Gack, ploop!” But if the Left simply replies: “tax the rich”... it will be very popular in the US among regular people.

    Part of the reason US official politics have such right-wing bent (despite the population as a whole being fairly progressive) is that liberal politicians tell liberal voters that they will loose unless they pitch their policies in conservative-friendly ways. This is a lie... really the Democrats want to pitch their policies in business-friendly ways, so they act like they are powerless to propose anything left of center.
    Jan 83
  • Facebook sensitive
    Yes. It might be a PR issue unless someone comes up with a plan to explain the basic math involved here to the voters. Else, it’s a sinking boat.
    Jan 82
    • Microsoft
      🐙M🐙

      Microsoft

      BIO
      🐙
      🐙M🐙more
      Voters understand 70% tax for people making over 10 million. These sort of energizing bold ideas are what we need from Democratic leaders.
      Jan 8
    • Facebook sensitive
      They are bold. Yes. But not the whole truth. Why lead with that? Do we really want to mislead the voters and risk sinking the entire ship?
      Jan 8
  • Intel &&-9jj
    Increasing the incentive to defer compensation seems like a bad strategy to raise tax revenue.
    Jan 80

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