So let's do the math. Using Cartoon Kenny's own money these people are WORTH $618 billion dollars. That is NET WORTH. That is not how much income they earn any given year.
As it stands today, we do not tax wealth. We tax income.
But, let's say for the same of argument that the leftists greatest wet dream comes true and we pass a law taxing WEALTH as well as INCOME and the federal gobblement confiscates 50% of the $618 billion. That comes to $309 billion dollars.
and leaves another $309 billion for next year of which you would only be able to tax at $150 billion and then the following year $75 billion and so on and so on and so on.
Now, what would $309 billion get us? Well, it would fund less than 10% of the federal gobblement for one year and doesn't even come close to the other leftist wet dreams y'all have.
Bottom line is taxing the rich will never yield what you say it will. Wistful memories of a 70% top marginal rate in 1960 won't change that
Personal Ignore Policy PIP: I like civil discourse. I will give you all the respect in the world if you respect me. Mouth off to me, or express overt racism, you will be PERMANENTLY Ignore Listed. Zero tolerance. No exceptions. I'll never read a word you write, even if quoted by another, nor respond to you, nor participate in your threads. ... Ignore the shallow. Cherish the thoughtful. Long Live Civil Discourse, Mutual Respect, and Good Debate! ps: Feel free to adopt my PIP. It works well.
Personal Ignore Policy PIP: I like civil discourse. I will give you all the respect in the world if you respect me. Mouth off to me, or express overt racism, you will be PERMANENTLY Ignore Listed. Zero tolerance. No exceptions. I'll never read a word you write, even if quoted by another, nor respond to you, nor participate in your threads. ... Ignore the shallow. Cherish the thoughtful. Long Live Civil Discourse, Mutual Respect, and Good Debate! ps: Feel free to adopt my PIP. It works well.
Frank Apisa (01-12-2019)
"What Taxing the Rich Could Yield:"
We could balance the budget.
Personal Ignore Policy PIP: I like civil discourse. I will give you all the respect in the world if you respect me. Mouth off to me, or express overt racism, you will be PERMANENTLY Ignore Listed. Zero tolerance. No exceptions. I'll never read a word you write, even if quoted by another, nor respond to you, nor participate in your threads. ... Ignore the shallow. Cherish the thoughtful. Long Live Civil Discourse, Mutual Respect, and Good Debate! ps: Feel free to adopt my PIP. It works well.
If you are living a happy life, and not dying of anything, and have everything you already want- you are rich already- you may just not realize it!
Right, but raising taxes results in more revenue than cutting them. Never once has revenue declined after a tax increase, but there are several instances -in the federal budget and in state budgets like Kansas- that show revenue declining after a tax cut. The clearest example are the years 2001-2004, when revenue levels (i.e. gross revenue collected) were below what they were in 2000.
Your insistence was that changes to the marginal rate have little effect on a singular metric (rev-GDP), but you gloss over that small effects on that particular metric have massive effects on gross revenue collected.
You argued that wasn't the case, then posted data showing that it was.
When I die, turn me into a brick and use me to cave in the skull of a fascist
$309B would be a little more than 1/3 of the current federal deficit.
Back before the Russia tax cuts, $309B would be about 56% of the federal deficit.
So your Russia Tax Cut exploded the deficit.
I'm old enough to remember when Conservatives stapled teabags to their faces because they were so concerned about the deficits and debt.
When I die, turn me into a brick and use me to cave in the skull of a fascist
Republican Dwight Eisenhower built a interstate highway network, the envy of the world at the time, by taxing the wealthy at a reasonable and sustainable rate. American infrastructure was a high priority
then along came assholes like Nixon, Reagan, Bush, and now traitor Trump to convince the great unwashed that rich people need even more money.......and even as they fall into economic ruin
never underestimate the power of mass brainwashing
So ILA uses a lot of sophistry and false arguments here, and does so in a sloppy way hoping that people will not point out just how sloppy it is.
1. No liberal has called for a "wealth tax", so right away you are working from a poor assumption you made because your judgment is terrible.
2. By falsely framing the argument as such, you can avoid what Democrats are actually talking about, which is raising the rate on income over $10M to 70%. That would establish a brand new tax bracket. Also, we had a rate of 70% or higher from 1946-1981, when the United States had arguably its most prolonged economic expansion and period of prosperity with no massive economic collapses, manageable deficits, and enough social spending to reduce the poverty rate from 23% in 1960 down as low as 11% by the late 70's.
3. Conservatives know all this, and are choosing a path of obfuscation and lies by omission because it's more important for them to preserve their egos than ever admit they're not as smart, informed, or savvy as they want people to think.
When I die, turn me into a brick and use me to cave in the skull of a fascist
Nonsense.
We soaked the rich from 1946-1981 and in that time we built the middle class, built the interstate highway system, established Medicare, reduced the poverty rate from 23% in 1960 down to 11% by the late 70's, and we put a man on the moon.
Soaking the rich is just good economics.
When I die, turn me into a brick and use me to cave in the skull of a fascist
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