Kamala wants to impose a "minimum" tax on the 700 billionaires living in the US. Do the math.

[MarathonMike]

This minimum tax plan on billionaires is just the latest "Robinhood" political stunt by Democrats. Even if she puts a one million dollar per year tax penalty on being a billionaire, that is $700 MILLION! Pfffft chump change. Tax revenue in 2023 was over 2 TRILLION DOLLARS! This is pure demonization and fakery by Kamala and the Democrats.

 

[Bleipriester]

Yeah, tax the small man, instead.

 

[JGalt]

This minimum tax plan on billionaires is just the latest "Robinhood" political stunt by Democrats. Even if she puts a one million dollar per year tax penalty on being a billionaire, that is $700 MILLION! Pfffft chump change. Tax revenue in 2023 was over 2 TRILLION DOLLARS! This is pure demonization and fakery by Kamala and the Democrats.

Her idiotic tax plan would do more than $2 trillion dollars worth of damage to our economy.

 

[JoeB131]

This minimum tax plan on billionaires is just the latest "Robinhood" political stunt by Democrats. Even if she puts a one million dollar per year tax penalty on being a billionaire, that is $700 MILLION! Pfffft chump change. Tax revenue in 2023 was over 2 TRILLION DOLLARS! This is pure demonization and fakery by Kamala and the Democrats.

We should confiscate everything the billionaire class has and then harvest them for transplant organs.

 

[Crepitus]

We should confiscate everything the billionaire class has and then harvest them for transplant organs.

That May be a bit extreme, but I'd go for taxing them back to millionaire status.

 

[1srelluc]

Yet one of her surrogates was asked as it regarded the rich, "OK, what should their tax rate be?"

The answer was "she has a suite of proposals"....What kind of double talk is that?

 

[Woodznutz]

Fed tax revenue for 2023 was 4.4 $trillion. Scary because the Fed budget for 2024 is 6.8 $trillion. The government is preparing for the end of the Trump tax cuts by increasing the budget.

 

[JGalt]

Yet one of her surrogates was asked as it regarded the rich, "OK, what should their tax rate be?"

The answer was "she has a suite of proposals"....What kind of double talk is that?

Here's a proposal: How about just getting the fuck off the backs of the wealthy and letting them continue to create the jobs like they've done forever?

And go be Marxists somewhere else. There are plenty of countries where Biden/Harris' brand of Marxism would be a step up for those people.

 

[JGalt]

Fed tax revenue for 2023 was 4.4 $trillion. Scary because the Fed budget for 2024 is 6.8 $trillion. The government is preparing for the end of the Trump tax cuts by increasing the budget.

It's pretty obvious to everyone the Democrats want to hand the next Republican President a big platter full of steaming shit so they can later say "See? I told you they would fail."

 

[shockedcanadian]

This minimum tax plan on billionaires is just the latest "Robinhood" political stunt by Democrats. Even if she puts a one million dollar per year tax penalty on being a billionaire, that is $700 MILLION! Pfffft chump change. Tax revenue in 2023 was over 2 TRILLION DOLLARS! This is pure demonization and fakery by Kamala and the Democrats.

If you don't cut spending the U.S is going to collapse, the dollar will be replaced.

There is a reason China has resisted pressure to print money, they intend to replace the U.S currency in due time.

 

[Foxfyre]

This minimum tax plan on billionaires is just the latest "Robinhood" political stunt by Democrats. Even if she puts a one million dollar per year tax penalty on being a billionaire, that is $700 MILLION! Pfffft chump change. Tax revenue in 2023 was over 2 TRILLION DOLLARS! This is pure demonization and fakery by Kamala and the Democrats.

Any honest economist knows that you cannot go after the rich without hurting the poor.

Every extra dollar the government confiscates from the 1 percenters (or anybody else) is a dollar not available to invest to help businesses grow/expand, a dollar not available for philanthropy, a dollar not in the bank for others to borrow, a dollar not available to give raises or better benefits to employees, a dollar not spent that helps somebody else prosper, etc.

And it is especially punitive toward the less rich and poor when the confiscated dollar is wasted on things that do not help the economy grow and prosper. It increases inflation without increasing productivity.

And it strongly encourages the very wealthy to offshore their assets and business activities to avoid the punitive taxes which always results in lost jobs/opportunity.

And her scheme to go after accumulated but unrealized capital gains will be devastating to all depending on retirement income from their 401Ks and IRAs.

The woman has no sense whatsoever of how a healthy economy works or cause and effect of government policy.

 

[Harpy Eagle]

If you don't cut spending the U.S is going to collapse, the dollar will be replaced.

Then we are fucked as 95% of the voting public will not vote for someone who is willing to cut spending.

 

[shockedcanadian]

Then we are fucked as 95% of the voting public will not vote for someone who is willing to cut spending.

Then look out for you and your families finances.

 

[Harpy Eagle]

Then look out for you and your families finances.

That has always been the case. You really should start to worry more about your country than my family.

 

[shockedcanadian]

That has always been the case. You really should start to worry more about your country than my family.

I worry about my country by worrying about yours. Though worry perhaps isn't the accurate word, I am concerned about the probability of a third World War and the U.S Empire and all the principles you once demanded of others then disappearing.

Maybe you haven't been made aware or fail to recognize but as America goes so goes the West.

I suspect there are many who believe that the debt is just going to balloon and cause insolvency in due time. They will have their money moved to whatever the replacement currency is well before the rest of the world.

Currently the U.S debt to GDP ratio is approx 120%. I know it is worse in other major economies but it is important and worth noting the history of the collapse of economies and their GDP. it is critical for the U.S to remain the worlds reserve currency. See below for a quick list:


Zimbabwe (2008): Zimbabwe experienced hyperinflation, and its currency collapsed in the late 2000s. In 2008, the debt-to-GDP ratio was estimated to be over 100% due to rampant money printing and economic decline.

Weimar Republic, Germany (1923): Following World War I, Germany faced hyperinflation, leading to the collapse of the Mark. The debt-to-GDP ratio spiked to over 100% as the government struggled to pay reparations and stabilize its economy.

Argentina (2001-2002): In late 2001, Argentina defaulted on its sovereign debt and faced a severe economic crisis. At that time, the debt-to-GDP ratio was approximately 160%.

Hungary (1946): After World War II, Hungary faced extreme hyperinflation leading to the collapse of the pengő. The debt-to-GDP ratio was around 300% during this period.

Venezuela (2018-present): Venezuela has faced a significant economic crisis with the collapse of its currency, the bolívar. During the peak of the crisis in 2018, its debt-to-GDP ratio was estimated to be over 150%.

Yugoslavia (1990s): During the Yugoslav Wars in the early 1990s, the country faced hyperinflation and a severe economic crisis. The estimated debt-to-GDP ratio at that time was over 100%.

Greece (2012): Greece experienced a debt crisis culminating in a significant currency devaluation. While the euro was not lost, the crisis indicated a collapse of economic stability; the debt-to-GDP ratio was over 170% by 2012.

 

[Harpy Eagle]

I worry about my country by worrying about yours.

Well, that is stupid

Though worry perhaps isn't the accurate word, I am concerned about the probability of a third World War

Dumb thing to worry about. A 3rd world war will mean then death of 90% of the population, you will be dead, thus nothing to worry about

U.S Empire and all the principles you once demanded of others then disappearing.

The funny thing about the principles the US once demanded, we never adhered to them ourselves.

Maybe you haven't been made aware or fail to recognize but as America goes so goes the West.

Only in your paranoid imagination. Most of the west, and the world, is already moving on from the US. We are no longer a reliable ally and frankly most of the world is tired of our shit.