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 .
- Walmart.com ToKL28It'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.
- Yes you are right when you tax the rich an absurd amount they stay put.
They will stay as long as it is profitable.Jan 83
- 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.
- CrunchTime! / R&DwatabotismmoreTop 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...
- Twitter missDIf one really wants to target the 0.1% , we'd need to tweak the capital gains tax....
- Microsoft Hyad70I so hope that other Dems jump on board...sure path to Republican victory I 2020.
- Sumo Logic Ctrdbi3689People, 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.😕
- 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
“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.”
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%
- Add 13.3% CA state income tax it comes to 83.3%. Rich people might as well just choose to not earn that money.
- Tax anyone too much and mthey will just leave. And you will end up creating more pressure on the remaining folk
- Google l4fw9cFrance 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.
- 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.
- 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.