Billionaire Tax

[volsrock]

Hello cawacko,



It would be nice if all those under-served areas did get served. I recently saw that the Bronx has almost no internet.

Capitalism is famous for this. Food deserts.

It wasn't until a Democrat decided we needed to do something that the Tennessee Valley got electricity. And it happened not because of capitalism but because of taxing the rich more and government.

Did u have internet in 1988? People can live without it


TVA receives no taxpayer funding its a for-profit company.

Sounds like capitalism to me

[PostmodernProphet]

they say there are 700 billionaires......they say they have $4.6T.......Joe and Nancy want to spend $5.6T of it......byebye billionaires.....

[Flash]

Hello Flash,

The poll didn't say.

More than they currently pay.

And that view cuts across party lines.

I have seen experiments where question was asked "should the wealthy pay more taxes than they do now?" Most answered in the affirmative. Then, they were asked "what percent of their income should they pay?"

Most answered in the 10-25% range--less than they currently pay.

[PoliTalker]

Hello Flash,

I have seen experiments where question was asked "should the wealthy pay more taxes than they do now?" Most answered in the affirmative. Then, they were asked "what percent of their income should they pay?"

Most answered in the 10-25% range--less than they currently pay.

Warren Buffett pays less than his secretary.

That's because most of his income is capital gains.

[Nordberg]

I have seen experiments where question was asked "should the wealthy pay more taxes than they do now?" Most answered in the affirmative. Then, they were asked "what percent of their income should they pay?"

Most answered in the 10-25% range--less than they currently pay.

https://www.usatoday.com/story/money...ax/7639768002/ The top pay very little. Their companies also pay close to zero.

[Flash]

Capitalism is famous for this. Food deserts.

Non-capitalist countries don't have food deserts? North Korea, China, Cuba?

[cawacko]

Non-capitalist countries don't have food deserts? North Korea, China, Cuba?

That was my first thought as well. Think of the Soviet Union during their heyday as well. Too funny.

Locally they’ll talk about a couple of places in Oakland that are food deserts that are getting new grocery stores, shopping options, etc. Then the complaint turns to “well it’s gentrifying the neighborhood”. It’s a never ending face palm.

[NiftyNiblick]

There's a lot about the wealth tax in Elizabeth Warren's current book, Persist.

It would do so much good without really hurting the billionaire class in any practical way.
With the economy propped up, the assholes would make even more money.

[Flash]

Hello Flash,

Warren Buffett pays less than his secretary.

That's because most of his income is capital gains.

Buffet's secretary (and everybody else) pay only 15% on her capital gains. Buffet pays 17.4% on taxable income.

[T. A. Gardner]

[Flash]

https://www.usatoday.com/story/money...ax/7639768002/ The top pay very little. Their companies also pay close to zero.

Average tax rate:

Top 1%: 25.4%
Top 5%: 22.0%
Top 10%: 19.9%
Top 25%: 16.8%
Top 50%: 14.6%
Bottom 50%: 3.4%

Very progressive income tax--as intended.

[cawacko]

There's a lot about the wealth tax in Elizabeth Warren's current book, Persist.

It would do so much good without really hurting the billionaire class in any practical way.
With the economy propped up, the assholes would make even more money.

You can read about why several European countries removed their wealth tax. Many things may sound good on paper but work out differently in the real world

[T. A. Gardner]

France tried to tax the snot out of millionaires, let alone billionaires, a few years back. It ended badly...

PARIS, Dec 29 - France's Constitutional Council gave the green light on Sunday to the government's controversial 'millionaire tax', to be levied on companies that pay salaries of more than 1 million euros ($1.38 million) a year.

The measure, introduced in line with a pledge by President Francois Hollande to make the rich do more to pull France out of crisis, has infuriated business leaders and soccer clubs, which at one point threatened to go on strike.

It was originally designed as a 75 percent tax to be paid by high earners on the portion of annual income exceeding 1 million euros, but the council rejected it last year, saying it was unfair. France's top administrative court later said that 66 percent was the legal maximum for individuals.

https://www.huffpost.com/entry/franc...-tax_n_4518698

Here's what happened:

Now it's FREXIT: France lost the most millionaires last year after spate of terror attacks and despite improving economy
82,000 people with more than $1 million in assets left home countries last year
France lost most 'high-net-worth' individuals, with 12,000 millionaires leaving

https://www.dailymail.co.uk/news/art...ires-year.html

You try to tax the snot out of billionaires and they'll leave. The feds won't get shit from them, and they won't care. They'll still be billionaires and the government will still be run on a credit card.

[Flash]

That was my first thought as well. Think of the Soviet Union during their heyday as well. Too funny.

Locally they’ll talk about a couple of places in Oakland that are food deserts that are getting new grocery stores, shopping options, etc. Then the complaint turns to “well it’s gentrifying the neighborhood”. It’s a never ending face palm.

Grocery stores usually stock what their customers will purchase.

[NiftyNiblick]

You can read about why several European countries removed their wealth tax. Many things may sound good on paper but work out differently in the real world

Let's try it, see how it fucks everything up, and then remove it.
Whatever the hell we're doing now isn't working.