59% support AOC's plan to raise top bracket to 70%

[Truth Detector]

Poll: A majority of Americans support raising the top tax rate to 70 percent

In the latest The Hill-HarrisX survey, which was conducted Jan. 12 and 13 after the newly elected congresswoman called for the U.S. to raise its highest tax rate to 70 percent, found that a sizable majority of registered voters, 59 percent, supports the idea.

...

45 percent of GOP voters say they favor it while 55 percent are opposed to it. Independent voters who were contacted backed the tax idea by a 60 to 40 percent margin while Democratic ones favored it, 71 percent to 29 percent.
https://thehill.com/hilltv/what-amer...tax-rate-to-70

Sample Size 1,001 Male= 481 Female = 521

Yep; oversampling always leads to realistic results. I think the Democratic Party of the Jackass should run this on their platform for 2020! It's a WINNER!

[Flash]

What is your point?

That before tax cuts, the wealthy didn't pay as large a share?

So then why did you cut taxes?

The point was that under a 70% tax rate the top 1% paid a lower percentage of their income in federal income taxes than when the rate dropped to 39.6%. So, a higher tax rate does not necessarily mean the wealthy pay a larger share of their income in taxes--you have to look at the entire tax code, not just the top marginal rate.

Under that 70% rate there were many more tax deductions which were eliminated when the rates were lowered.

AOC's plan for a 70% rate is a stupid idea, will never happen, and would only result in people changing their behavior to avoid higher tax rates. She is more interested in punishing the successful than raising revenue because it appeals to those who think the rich don't deserve their wealth. It is a emotional political appeal based on envy and resentment.

[LV426]

The point was that under a 70% tax rate the top 1% paid a lower percentage of their income in federal income taxes than when the rate dropped to 39.6%. So, a higher tax rate does not necessarily mean the wealthy pay a larger share of their income in taxes--you have to look at the entire tax code, not just the top marginal rate.

Well, the bad news for you is that since 1980, the top 1% has seen all the income gains.

So if everyone's income rose at the same rate, you'd have a point.

But they didn't, so you don't.

[LV426]

Under that 70% rate there were many more tax deductions which were eliminated when the rates were lowered.

Name one.

Just one.

Name one deduction from 1946-1980 that resulted in any rich person avoiding paying the top rate.

Go ahead.

I dare you.

[Superfreak]

It's not radical when applied to dollars over 10 million in income as stated in the survey. It won't work unless to do it to capital gains as well.

It's not altering the 37 % bracket, it's adding a new one for the stupid rich set. Given the poor problem and wealth inequality, it's very sensible.

This. That is the most egregious error in the tax code on the individual side. Clinton cutting cap gains taxes to 20% was one of the biggest boons to the wealthy ever.

[LV426]

Under that 70% rate there were many more tax deductions which were eliminated when the rates were lowered.

You know, this seems to be the Conservative talking point du jour, yet when pressed for details every Conservative comes up short and draws a blank.

You say there were all these deductions...OK...name them.

How about just one?

Name one deduction that existed from 1946-1980, or within that frame, that resulted in any rich person avoiding paying the top marginal rate.

I don't think you can. I think you're just repeating shit you heard someone else say that sounded good to you, but because you lack the ability to think critically, you never questioned it. That kind of sad devotion to your biases is what gave us Bush the Dumber, and what gave us Trump.

[LV426]

AOC's plan for a 70% rate is a stupid idea, will never happen, and would only result in people changing their behavior to avoid higher tax rates. She is more interested in punishing the successful than raising revenue because it appeals to those who think the rich don't deserve their wealth. It is a emotional political appeal based on envy and resentment.

What's stupid is thinking that people don't already change their behaviors to avoid paying taxes.

What's also stupid is thinking that it won't result in more revenues despite the fact that income gains for the top 1% have happened over the last 40 years, while everyone else's income has remained flat.

So there's more money being earned at the top now that can -and should- be taxed.

[LV426]

She is more interested in punishing the successful than raising revenue because it appeals to those who think the rich don't deserve their wealth.

This is ultimately what every Conservative argument boils down to...emotion.

There is no economic or fiscal reason we can't have a higher tax rate on the wealthy, and Conservatives cannot make one. So they instead try to make the debate about emotions.

Why are you such an emotional snowflake? Why are those the only terms with which you can debate? Don't you have any fiscal or economic support for your position? No. That's why you have to boil it down to emotions.

You have to make this an emotional debate because you can't make it a fiscal or economic one.

[Superfreak]

I will share this again. Over a decade since I wrote this. But I send it to my rep and Senators each year. Feel free to do the same if you so choose.

Flat Tax with standard deduction
It is time for this country to become fiscally responsible. The national debt has increased every fiscal year since 1960. What has happened to the responsibility of the two parties? Both like to point the blame at the other, but in reality neither have been responsible fiscally. It is time for a change. Let’s begin with our tax code. It should be simple enough that the average person can understand it. It should not be filled with thousands of loopholes and deductions. Let us push for the flat tax with a standard deduction and nothing more.

Start with a standard deduction of $30k (adjusted for inflation annually) for each adult and then tax every dollar over that $30k at 20%. This is simple, easy to understand, fair and progressive. It protects the low-income individuals and couples from paying federal income taxes. It provides the middle-income families a lower effective tax rate than the wealthy. This plan would encompass ALL income, including earned income, capital gains and dividend income.

A person making $30k pays an effective rate of 0%.

A person making $50k pays an effective rate of 8%.

A person making $100k pays an effective rate of 14%.

A person making $200k pays en effective rate of 17%.

A person making $1mm pays an effective rate of 19.4%

Everyone has the same deduction and takes it. Which causes the effective tax rate to increase the more you make.

To reduce the national debt I would propose we add an additional temporary bracket to the flat tax. Every dollar over $1 million (again adjusted for inflation annually) would be taxed at 30% rather than 20%. The additional 10% would be mandated to pay down the debt.

It is our responsibility to pay our own way and not dump trillions of dollars of debt on future generations. We need to begin electing leaders that are fiscally responsible. The future of our nation depends upon it. We are our own worst enemy. It will be our ever-increasing debt that leads to our demise. We must act now.

[LV426]

This. That is the most egregious error in the tax code on the individual side. Clinton cutting cap gains taxes to 20% was one of the biggest boons to the wealthy ever.

Yes, and it also caused the dotcom bubble.

[LV426]

I will share this again. Over a decade since I wrote this. But I send it to my rep and Senators each year. Feel free to do the same if you so choose.

Flat Tax with standard deduction
It is time for this country to become fiscally responsible. The national debt has increased every fiscal year since 1960. What has happened to the responsibility of the two parties? Both like to point the blame at the other, but in reality neither have been responsible fiscally. It is time for a change. Let’s begin with our tax code. It should be simple enough that the average person can understand it. It should not be filled with thousands of loopholes and deductions. Let us push for the flat tax with a standard deduction and nothing more.

Start with a standard deduction of $30k (adjusted for inflation annually) for each adult and then tax every dollar over that $30k at 20%. This is simple, easy to understand, fair and progressive. It protects the low-income individuals and couples from paying federal income taxes. It provides the middle-income families a lower effective tax rate than the wealthy. This plan would encompass ALL income, including earned income, capital gains and dividend income.

A person making $30k pays an effective rate of 0%.

A person making $50k pays an effective rate of 8%.

A person making $100k pays an effective rate of 14%.

A person making $200k pays en effective rate of 17%.

A person making $1mm pays an effective rate of 19.4%

Everyone has the same deduction and takes it. Which causes the effective tax rate to increase the more you make.

To reduce the national debt I would propose we add an additional temporary bracket to the flat tax. Every dollar over $1 million (again adjusted for inflation annually) would be taxed at 30% rather than 20%. The additional 10% would be mandated to pay down the debt.

It is our responsibility to pay our own way and not dump trillions of dollars of debt on future generations. We need to begin electing leaders that are fiscally responsible. The future of our nation depends upon it. We are our own worst enemy. It will be our ever-increasing debt that leads to our demise. We must act now.

There is nothing complicated about progressive taxation, so there's no need to simplify the tax code to a flat tax just because you don't get how progressive taxation works.

[Getin the ring]

Well, the bad news for you is that since 1980, the top 1% has seen all the income gains.

So if everyone's income rose at the same rate, you'd have a point.

But they didn't, so you don't.

did I miss your explanation and numbers on how taxing people that make over 10 million 70% will help in any meaningful way?

(((crickets)))

[cancel2 2022]

Nope. No need.

Just erase everything that has happened to the tax code since 1980.

It's that easy.

Well it is for simpletons like you, of course.

[LV426]

did I miss your explanation and numbers on how taxing people that make over 10 million 70% will help in any meaningful way?

Well, when we let the Bush Tax Cuts for the rich expire at the end of 2012, revenues grew 13% ($325B) which was the highest single year gain in revenue ever.

That was simply raising the top rate back to 39.6% from 35%.

[Getin the ring]

revenues grew 13% ($325B)

That was simply raising the top rate back to 39.6% from 35%.

you sure you want to stand by these ^^^ numbers?

last chance