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yk9001

A certain freshman congresswoman

104 posts in this topic

4 minutes ago, yk9001 said:

 I am open to listen.  how does it work?

Real estate, for example?  Is it taxed?

 

It's essentially a federal sales tax on goods and services that would replace all other federal taxes (payroll, income, capital gains, etc.).

https://www.thebalance.com/what-is-the-fair-tax-plan-pros-cons-effect-3305765

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13 minutes ago, Make Angels Great Again said:

 

It's essentially a federal sales tax on goods and services that would replace all other federal taxes (payroll, income, capital gains, etc.).

https://www.thebalance.com/what-is-the-fair-tax-plan-pros-cons-effect-3305765

As the tax code is currently presiding, this way simplifies it.

If the tax code had an ounce of logic, it'd just be easier to continue with the IRS.

Im not bowled off my feet by it.

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People think about taxes in the wrong way. I don't really have a problem with a 70% tax on income above $10 mill annually but the problem with this line of thinking is the belief that it makes any real difference.

In this country, with our economy the only way to really increase tax revenues is to increase taxes on vast majority of Americans. Every government program will ultimately be funded by your average American. So while there is nothing wrong with the proposal what is wrong is going to be how leftist sell it as something that is going to pay for their pet social programs.

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21 minutes ago, Make Angels Great Again said:

 

It's essentially a federal sales tax on goods and services that would replace all other federal taxes (payroll, income, capital gains, etc.).

https://www.thebalance.com/what-is-the-fair-tax-plan-pros-cons-effect-3305765

Unfortunately this tax structure is inherently regressive and a drag on consumption. I think it's a nice 'idea' but it just isn't practical. Within a decade federal income tax would be brought back and this tax kept in perpetuity.

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if this 70% tax goes through and i were a person making at least ten mil, i'd do absolutely everything i could to hide that money and make it untouchable to the gov't.

i'm all for paying a fair share (though i agree that taxation is theft in many cases), to so severly penalize someone who is successful by taking 70% of their money is pure BS. It's even more BS to think that that's going to solve whatever financial needs the gov't has, especially when we're dealing with numbers in the billions and trillions. 

i'm even more opposed to raising taxes when there isn't any mention of lowering spending by the federal gov't.

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1 hour ago, yk9001 said:

is proposing a 70% tax rate for the 10,000,000th dollar earned in a year.

I am totally for it.

 

Thoughts?

https://www.bloomberg.com/news/features/2019-01-17/alexandria-ocasio-cortez-s-big-ideas-for-taxes-and-medicare?srnd=businessweek-v2

Thoughts?

image.png

AOC is about as sharp as a sponge. New Yorkers are bunch of morons for electing her. 

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57 minutes ago, AngelsLakersFan said:

People think about taxes in the wrong way. I don't really have a problem with a 70% tax on income above $10 mill annually but the problem with this line of thinking is the belief that it makes any real difference.

In this country, with our economy the only way to really increase tax revenues is to increase taxes on vast majority of Americans. Every government program will ultimately be funded by your average American. So while there is nothing wrong with the proposal what is wrong is going to be how leftist sell it as something that is going to pay for their pet social programs.

This is well stated, and I do mostly agree that something like this isn’t a silver bullet that will solve the problems of with the flow of wealth. 

But, I think that the idea here is also largely to change the way that wealth is distributed.  I’d be interested to hear your thoughts on that. 

Edited by UndertheHalo

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11 minutes ago, UndertheHalo said:

Do you guys seriously not understand what a marginal tax rate is ? Shes not talking about taking 70% of your wealth if you make 10+ million dollars. 

I look at it as punishing those that are super rich. It should not be considered evil to be rich. When it comes to money, people get really envious of it. I refuse to live my life that way. 

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47 minutes ago, Jason said:

I look at it as punishing those that are super rich. It should not be considered evil to be rich. When it comes to money, people get really envious of it. I refuse to live my life that way. 

That’s fine.  But, respectfully l think you’re looking at this wrong.  It’s not about punishing someone for being wealthy.  There’s this worship of wealth in this country and those who have it.   The very wealthy don’t work harder then you and I.  They often don’t even produce much more then a laborer.  Wealth begets wealth.  And when you have small numbers of people who are hoarding it.  That’s a problem when large *working* portions of society can barely scrape by.  Feel free to disagree.  I’m sure you will.  But imo this becomes an ethical issue.   Most rich people are not like Bill Gates.  Who, at least actually created something.  Even he, has far.  far too much. Anyway, this is a complex problem.  And as I said, AOC marginal tax rate is not a silver bullet.  But I think she’s done a great service bringing these issues to the discussion.  It’s excellent that we’re talking about it.  Even if you don’t necessarily buy in.  The status quo is unsustainable. 

I mean look at all these government workers not getting paid.  These are solidly “middle class” jobs.  And shit tons of these people can’t afford to miss one pay check.  That’s fu*cked man.  There is something broken in our system. 

Also, I find it utterly remarkable that so many of these people are still showing up to work.  It’s heart breaking really.  That we’re so house broken as a society.  That we still dutifully show up to work UNPAID.  It’s just terrible.  All of these people should be striking. 

Edited by UndertheHalo

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I'm against it for the simple fact that I don't want to give our elected officials any more money to mismanage.  We've been running deficits annually pretty much every year for about 4 decades now and their solution is to look for new revenue streams instead of reigning in spending.  If they pass a balanced budget amendment and adhere to it I'm fine if that includes increased tax rates.  Not a fan of the fact that ~45% of taxpayers don't pay any federal income taxes but that's another discussion in itself.    

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1 hour ago, AngelsLakersFan said:

Unfortunately this tax structure is inherently regressive and a drag on consumption. I think it's a nice 'idea' but it just isn't practical. Within a decade federal income tax would be brought back and this tax kept in perpetuity.

Consumption should be taxed, not profit.

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22 minutes ago, UndertheHalo said:

This is well stated, and I do to an extent agree that something like this isn’t a silver bullet that will solve the problems of with the flow of wealth. 

But, I think that the idea here is also largely to change the way that wealth is distributed.  I’d be interested to hear your thoughts on that. 

It's complicated. I am philosophically against increases in taxes but I recognize the basic need for them. I am a firm believer that since there is no avoiding those taxes they should be highly progressive and as limited as possible. I think, in this case, most of AOC proposal reeks of class warfare and this fantasy that rich people have a bunch of money wasting away in the bank that can be used to run the government in place of money from us plebs. 

That said we live in a system of compromise that is a mix of free market, socialist programs and a economic factors that give a leg up to rich people and corporations. The 'right' course is always relative to all of the rest of the factors present in the current economy, so perhaps now is the time to support such an idea?

There is another problem though, and it is something I don't think anyone has an answer for. Technology is rapidly taking wealth from the lower class and moving it to those with the power to harness it. Plans to redistribute it back down are only going to keep popping up and be implemented - it is an unstoppable force of nature. The problem (among many) is that government mandated redistribution is inherently inefficient - it won't work, government handouts will never be a replacement for a real job. Solutions to this inequality are going to have to come from a reimagining of how our economy runs, and government intervention generally only makes things worse.

So I don't know if this is good policy, but I understand where it comes from. I have yet to hear someone talk about the real structural problems at play and how we address those. The 70% tax proposal is an attempt to treat a symptom, which could have unwanted side effects.

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49 minutes ago, Catwhoshatinthehat said:

I'm against it for the simple fact that I don't want to give our elected officials any more money to mismanage.  We've been running deficits annually pretty much every year for about 4 decades now and their solution is to look for new revenue streams instead of reigning in spending.  If they pass a balanced budget amendment and adhere to it I'm fine if that includes increased tax rates.  Not a fan of the fact that ~45% of taxpayers don't pay any federal income taxes but that's another discussion in itself.    

How about a law that allows them to raise taxes following a balanced budget, but which also forces them to lower them when they run a deficit? :D

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