What Happens When You Tax Billionaires At 90%

[g5000]

https://www.americanprogress.org/article/taking-stock-spending-tax-code/

Absent political considerations, many tax expenditures would not stand up to scrutiny and would be repealed as ineffective giveaways to special groups of individuals or corporations. If proposed as direct spending, they would not pass. The public would be unlikely to favor providing billions of dollars a year in direct federal grants to hugely profitable oil and gas companies, for example. Yet, every year, the federal government provides billions of dollars in tax breaks, some of which have been in the tax code for decades, to the petroleum industry. It is no surprise that many of these firms contribute heavily to political campaigns.

 

[Thinker101]

https://www.americanprogress.org/article/taking-stock-spending-tax-code/

Absent political considerations, many tax expenditures would not stand up to scrutiny and would be repealed as ineffective giveaways to special groups of individuals or corporations. If proposed as direct spending, they would not pass. The public would be unlikely to favor providing billions of dollars a year in direct federal grants to hugely profitable oil and gas companies, for example. Yet, every year, the federal government provides billions of dollars in tax breaks, some of which have been in the tax code for decades, to the petroleum industry. It is no surprise that many of these firms contribute heavily to political campaigns.

Yep, bet ya can't wait till Democrats raise that SALT deduction cap.

 

[Toddsterpatriot]

https://www.americanprogress.org/article/taking-stock-spending-tax-code/

Absent political considerations, many tax expenditures would not stand up to scrutiny and would be repealed as ineffective giveaways to special groups of individuals or corporations. If proposed as direct spending, they would not pass. The public would be unlikely to favor providing billions of dollars a year in direct federal grants to hugely profitable oil and gas companies, for example. Yet, every year, the federal government provides billions of dollars in tax breaks, some of which have been in the tax code for decades, to the petroleum industry. It is no surprise that many of these firms contribute heavily to political campaigns.

The public would be unlikely to favor providing billions of dollars a year in direct federal grants to hugely profitable oil and gas companies, for example.

Writing off business expenses.....unconscionable!!!

 

[TruthNotBS]

https://www.americanprogress.org/article/taking-stock-spending-tax-code/

Absent political considerations, many tax expenditures would not stand up to scrutiny and would be repealed as ineffective giveaways to special groups of individuals or corporations. If proposed as direct spending, they would not pass. The public would be unlikely to favor providing billions of dollars a year in direct federal grants to hugely profitable oil and gas companies, for example. Yet, every year, the federal government provides billions of dollars in tax breaks, some of which have been in the tax code for decades, to the petroleum industry. It is no surprise that many of these firms contribute heavily to political campaigns.

These are too many facts. Their heads are going to explode:

​

 

[Markle]

I know people on Medicaid and on Medicare and they're doing great. There's no reason why we can't have that here for everyone.

 

[Markle]

Nostra and his buddies will most likely ignore the facts stated here too.

It seems to me that with your new sock, you were playing fast and loose with facts from day one. The camel proved you didn't know diddly about the Holy Bible regardless of your screen name.

 

[Thinker101]

I've never waited six months for a specialist in Spain. Like I said, the most I've waited is two months and I know people who have had elected surgery in Spain and didn't wait nearly that long. But that's really irrelevant because America isn't moving to Spain, but is going to administer healthcare here in the US.

However, the data—both from other nations with universal coverage and from historic expansions of coverage within the United States—show that this is not the case. Patients in peer nations generally have similar or shorter wait times than patients in the United States for a variety of services, refuting the argument that universal coverage would necessarily result in longer wait times in the future.
Source:

https://www.americanprogress.org/article/truth-wait-times-universal-coverage-systems/

I know people on Medicaid and on Medicare and they're doing great. There's no reason why we can't have that here for everyone.

The DMV and IRS are irrelevant to the topic we're discussing.

No one is preventing you from getting Medicaid. You want Medicare, get a fricken job and when you turn 65 you'll get Medicare...unless you fricken libs destroy it.

 

[TruthNotBS]

No one is preventing you from getting Medicaid. You want Medicare, get a fricken job and when you turn 65 you'll get Medicare...unless you fricken libs destroy it.

Medicaid is only for those who earn less than $800 here in New York and the income qualifier varies from state to state, it's only for those who live in poverty.

In some states, like Florida, it's denied to the poor, and it's only for those who are both disabled and poor.

When you worked and the government took money out of your paycheck for Social Security and Medicare, that money wasn't being saved in a government savings account, for you to use later. That work requirement was there in order for you to be productive, that way those who were on Social Security when you were working, would have goods and services to purchase with their pensions.

Medicare is similar. It requires people to work, in order to be productive, not because the government doesn't have enough money to pay for their medical bills.

You will most likely receive more from your Social Security and Medicare than you put into it when you were working. The amount you withdraw is not limited by the amount deducted from all of those paychecks you earned when you were working.

You are entitled to these benefits because society has determined that you are, and if society determines that everyone should be covered by Medicare, at any age, then that's what will occur, regardless of how you feel about it. It's in our nation's interest for everyone to have Medicare. A healthy country is good.

 

[TruthNotBS]

It seems to me that with your new sock, you were playing fast and loose with facts from day one. The camel proved you didn't know diddly about the Holy Bible regardless of your screen name.

You can delude yourself into thinking that if it makes you feel better. The fact is that Jesus never said it was impossible for a rich person to enter the Kingdom of God, he said it was excruciatingly difficult. You erroneously think that Christ's clarification that it's not impossible, ceases to make it uniquely difficult for the rich. That's where you er. We should read what Jesus said in light of the immediate context and the whole Bible.

 

[TruthNotBS]

​

 

[Thinker101]

Medicaid is only for those who earn less than $800 here in New York and the income qualifier varies from state to state, it's only for those who live in poverty.

In some states, like Florida, it's denied to the poor, and it's only for those who are both disabled and poor.

When you worked and the government took money out of your paycheck for Social Security and Medicare, that money wasn't being saved in a government savings account, for you to use later. That work requirement was there in order for you to be productive, that way those who were on Social Security when you were working, would have goods and services to purchase with their pensions.

Medicare is similar. It requires people to work, in order to be productive, not because the government doesn't have enough money to pay for their medical bills.

You will most likely receive more from your Social Security and Medicare than you put into it when you were working. The amount you withdraw is not limited by the amount deducted from all of those paychecks you earned when you were working.

You are entitled to these benefits because society has determined that you are, and if society determines that everyone should be covered by Medicare, at any age, then that's what will occur, regardless of how you feel about it. It's in our nation's interest for everyone to have Medicare. A healthy country is good.

You idiot, you know a hell of a lot less than you think you know. For some stupid-ass reason you feel the "government" should cover your medical expense, because they have money. The fricken government doesn't have any money, they spend taxpayer money...you know, the people that work.

 

[TruthNotBS]

You idiot, you know a hell of a lot less than you think you know. For some stupid-ass reason you feel the "government" should cover your medical expense, because they have money. The fricken government doesn't have any money, they spend taxpayer money...you know, the people that work.

You want it to be that way, but the reality is that the US federal government doesn't fund itself from taxes, only local and state governments do, along with receiving funds from the federal government. Sorry to burst your bubble, but the federal government is the exclusive issuer of the currency hence it doesn't need anyone to supply it with dollars.

The budgetary constraints of the US federal government are determined by our nation's GDP.

 

[Markle]

The U.S. is the Most Overworked Nation in the World

Data on American worker time off, productivity, holiday, paid leave, sick time, hours worked per week & per year. Americans are overworked.

20somethingfinance.com

Americans Work Hundreds of Hours More a Year Than Europeans: Report

When it comes to work-life balance, the USA is not #1.

money.com

Brilliant! Bravo!

Americans work more and harder because we get to keep far more of what we EARN. We are also not strapped into what is basically a caste system. The vast majority of the world knows that regardless of how hard they work, it is virtually impossible for them to escape that system.


The Spanish income tax is made up of two parts, a national tax and a regional tax. Typically each figure is the same, however there may be regional variations.

Currently the Spanish income tax rates are as follows:

• Spanish income tax for incomes up to €12,450: 19%
• Spanish income tax for incomes ranging from €12,451 to €20,200: 24%
• Spanish income tax for incomes ranging from €20,201 to €35,200: 30%
• Spanish income tax for incomes ranging from €35,201 to €60,000: 37%
• Spanish income tax for incomes ranging from €60,000 to €300,000: 45%
• Spanish income tax for incomes over €300,000: 47%

In addition to higher income tax rates, Spain, as you know, also has a Value Added Tax (VAT) of 21%.

Last reviewed - 01 February 2023

Value-added tax (VAT)​

Spanish VAT is payable on supplies of goods and services carried out in Spanish VAT territory and on imports/intra-EU acquisitions of goods and services. There are three rates for the different types of goods and services, which are as follows:

• Ordinary rate of 21%, applied on regular supplies of goods and services.
• Reduced rate of 10%, applied on basic necessities (e.g. food and agricultural products not included in the ‘super reduced’ 4% rate, dwellings, other qualifying services). Live cultural events and cinema tickets are taxed at the reduced rate of 10% too.
• Super reduced rate of 4%, applied on basic necessities other than those classified under the reduced rate (e.g. bread, milk, books, medicine).

In the Canary Islands, a specific tax is applied instead of VAT, called the Canary Island General Indirect Tax (IGIC). The ordinary IGIC rate is 7%, and the other IGIC rates are 0%, 3%, 9.5%, and 15% (20% for tobacco). IGIC is similar to VAT, with some significant differences. Imports of tangible goods into the Canary Islands are subject to this tax.

They don't have a safety net, they have a hammock.

ChristianMan, PLEASE do not reply. You have quickly proven yourself to not be worthy of a response. You sullied the word, Christian, and Man.

 

[TruthNotBS]

Brilliant! Bravo!

Americans work more and harder because we get to keep far more of what we EARN. We are also not strapped into what is basically a caste system. The vast majority of the world knows that regardless of how hard they work, it is virtually impossible for them to escape that system.


The Spanish income tax is made up of two parts, a national tax and a regional tax. Typically each figure is the same, however there may be regional variations.

Currently the Spanish income tax rates are as follows:

• Spanish income tax for incomes up to €12,450: 19%
• Spanish income tax for incomes ranging from €12,451 to €20,200: 24%
• Spanish income tax for incomes ranging from €20,201 to €35,200: 30%
• Spanish income tax for incomes ranging from €35,201 to €60,000: 37%
• Spanish income tax for incomes ranging from €60,000 to €300,000: 45%
• Spanish income tax for incomes over €300,000: 47%

In addition to higher income tax rates, Spain, as you know, also has a Value Added Tax (VAT) of 21%.

Last reviewed - 01 February 2023

Value-added tax (VAT)​

Spanish VAT is payable on supplies of goods and services carried out in Spanish VAT territory and on imports/intra-EU acquisitions of goods and services. There are three rates for the different types of goods and services, which are as follows:

• Ordinary rate of 21%, applied on regular supplies of goods and services.
• Reduced rate of 10%, applied on basic necessities (e.g. food and agricultural products not included in the ‘super reduced’ 4% rate, dwellings, other qualifying services). Live cultural events and cinema tickets are taxed at the reduced rate of 10% too.
• Super reduced rate of 4%, applied on basic necessities other than those classified under the reduced rate (e.g. bread, milk, books, medicine).

In the Canary Islands, a specific tax is applied instead of VAT, called the Canary Island General Indirect Tax (IGIC). The ordinary IGIC rate is 7%, and the other IGIC rates are 0%, 3%, 9.5%, and 15% (20% for tobacco). IGIC is similar to VAT, with some significant differences. Imports of tangible goods into the Canary Islands are subject to this tax.

They don't have a safety net, they have a hammock.

ChristianMan, PLEASE do not reply. You have quickly proven yourself to not be worthy of a response. You sullied the word, Christian, and Man.

Americans work more and harder because we get to keep far more of what we EARN.

When you account for local, state, and federal taxes, health insurance, Social Security, and all of the other fees that are taken, Americans lose about 42% of what they earn.

We are also not strapped into what is basically a caste system.

Capitalism is a caste system, with what Adam Smith called "masters" i.e. capitalists, and the servants or workmen (employees) that rent their lives (labor power) to them for X amount of money and time. The master owns the facilities and machinery of production and makes money by paying his workers less than what they produce. That's the "surplus value" of what the workers produce for him. He's a parasite, living off of other people's labor. An unnecessary middleman. Capitalism is undemocratic and highly destructive and should be abolished as soon as possible.


The vast majority of the world knows that regardless of how hard they work, it is virtually impossible for them to escape that system.

This applies to the vast majority of Americans as well.

What you posted about Spain is irrelevant. It has no bearing on whether we should have Medicare for all, or tuition-free education..etc.

ChristianMan, PLEASE do not reply. You have quickly proven yourself to not be worthy of a response. You sullied the word, Christian, and Man.

I did, and you can do whatever you want.

 

[frigidweirdo]

Why is it always between billionaires pay far less tax than the middle class or taxing them all they own?

Why not have billionaires pay the same rate that the middle class pays? I have paid between 25% and 33% for most of my adult life. Why not have them pay that?

Because they control the minds of the people, the politicians and the government.
I've been advocating Proportional Representation on here for years, and those voters, those people who come on here, mostly dismiss what I have to say.

They seem to like being controlled.

 

[TruthNotBS]

Because they control the minds of the people, the politicians and the government.
I've been advocating Proportional Representation on here for years, and those voters, those people who come on here, mostly dismiss what I have to say.

They seem to like being controlled.

What is Proportional Representation? Sounds interesting.

 

[Captain Caveman]

“Succession” is over, but spoiled, entitled billionaire man-children are still very much with us, running social media companies, owning newspapers and television networks, and funding politicians and judges who then keep their taxes low and regulations minimal.

America’s billionaires (and soon to be trillionaires) pay an average of around 3.1 percent as their functional income tax rate; as a result, America is the most unequal developed society in the world. The last time severe poverty and extravagant wealth coexisted in such extremes as today in this country was during the 1920s and 1930s.


Today we read about roving gangs doing smash-and-grab operations against retailers like Nordstroms and Home Depot; in Red states our schools are falling apart, defunded to pay for vouchers to all-white “Christian” academies; gun violence plagues our nation with particularly high homicide rates in rural Red states; and homelessness stalks city-dwellers at every turn.

The last time we saw the consequences of such inequality was during the Republican “Roaring ‘20s” 100 years ago, when Warren Harding dropped the top income tax rate from 91 percent to 25 percent, the morbidly rich openly bought our politicians, and gangs whose names are still known today roamed the country robbing and killing with impunity.

Franklin D. Roosevelt’s New Deal put an end to all that, and we need to repeat his example today.

FDR raised the top income tax bracket from 25 to 90 percent. Wealthy people in America screamed and yelled, claiming it would crash the economy, but instead that top tax rate kicked off the first middle class to encompass more than half a nation’s population in world history.

As Roosevelt noted in 1936:


FDR created America’s first widespread middle class with a combination of high taxes on the rich and strong unions for working class people. He broke the politically corrupt power of organized wealth for two generations.

Abraham Lincoln was the first president to use the word unions to describe labor organizations; it was such a novelty that newspapers of the day put the word in quotation marks. By the 1920s the union movement had seized the nation, but employers and Republican politicians were still using police, the army, and private armed militias to kill union leaders and intimidate people who wanted to join them.

Franklin Roosevelt put an end to that with the Wagner Act in 1935, fully legalizing unions. By the time Reagan took office in 1981 about a third of Americans had a good union job, and as a result fully two-thirds of American workers had union-level wages and benefits (because unions created the local wage and benefit floor for employers).

The people who were obscenely rich throughout the era from the 1930s to the 1980s had mostly inherited their money from their 19th century Gilded Age ancestors (the Rockefellers, Vanderbilts, DuPonts, Carnegies, etc.), because the combination of the 90 percent income tax bracket and union demands for meaningful wages kept inequality at reasonable levels.

Rich people were still rich, but that top income tax bracket combined with the power of unions kept the average CEO from taking much more than 30 times what their lowest-paid worker made every year. (Today, some CEOs make more than a thousand times what their workers make.)

FDR’s and LBJ’s social safety nets caught Americans before they could fall into the dire poverty that characterized earlier eras when Republicans ran the show. Social Security and unemployment benefits — both rolled out by FDR in the 1930s — lifted the elderly and the jobless out of poverty, and LBJ’s Medicare and Medicaid (1960s) kept Americans healthy.

The result of this was that crime went down and lifespans increased. When the grinding inequality of the Roaring ‘20s and the Republican Great Depression went away in the 1940s and 1950s, the crime sprees and hate-promoting demagogues went with it. Working people with decent wages and benefits, after all, have neither the time nor the need to engage in criminal activity.

Corporate executives lived and worked in normal — albeit upscale — neighborhoods (watch an episode of Bewitched or The Dick Van Dyke Show from the 1960s to see the homes Madison Avenue executives and media bigwigs lived in), and workers made enough to sustain a decent lifestyle.

Nonetheless, the morbidly rich campaigned relentlessly to take us back to the oligarchic 1920s, demanding tax cuts and union-busting. They funded media campaigns, think tanks, publications, judges and politicians.

In 1981 they got their guy into office; Reagan dropped the top tax rate all the way down to 27 percent and destroyed the nation’s air traffic controllers union as his opening salvo in the modern-day Republican War Against Workers.

Reaganism kicked off a 42-year-long explosion of wealth at the very top of our economic hierarchy, making today’s billionaires richer than the pharaohs. They compete with each other to see who can own the largest private jets and mega-yachts, multiple mansions all over the world, private islands, and even their own spaceships.

Disney’s old Scrooge McDuck comics (that I’m now reading to my grandkids) and their unfathomable money bins have come to life.

Simultaneously, the middle class began its collapse from two-thirds of us in 1980 all the way down to today’s 45 percent (and today it takes two incomes to sustain the same middle class lifestyle that could be done with just one when Jimmy Carter was president).

As the middle class collapsed, lifespans in America followed the same trajectory, unlike other countries in the world that rejected Reaganomics.

Source: Our World In Data
Reagan wasn’t alone in destroying the American Dream, however. He had big-time help from the nation’s highest court.

Five Republican appointees on the Supreme Court initiated the process with their First National Bank decision in 1978, which said that billionaire and corporate money wasn’t money but instead was a form of “free speech” and that corporations weren’t a legal fiction but instead were “persons” with full rights under the Bill of Rights, including the right to use their “free speech” to own politicians.

That decision, authored by the infamous Lewis Powell himself, made possible the purchase of the Republican Party by the morbidly rich in 1979, floating Reagan into office in 1980 on a tsunami of corporate and billionaire (in today’s dollars) cash, much of it from the oil and banking industries.

Reagan then rewarded the GOP’s affluent paymasters with lower taxes, more tax-code loopholes, and a campaign of massive industrial and banking deregulation, giving particular preference via his EPA Administrator — the disgraced Anne Gorsuch (Neil’s mom) — to fossil fuel and other polluting industries.

So, here we are in a situation much like the one that FDR faced when he first came into office in 1933. Homelessness stalks the nation; three morbidly rich individuals own more wealth than the bottom half of Americans; gun crime is at Bonnie and Clyde levels; and workers are terrified of their employers, who force them to sit through anti-union indoctrination sessions or lose their jobs.

To solve this crisis, we must gather and gain the political strength and will to once again raise the top income tax rate up to 90 percent; to overturn the Taft-Hartley Act and restore the right to unionize without interference; and to strip the poison of big money out of our political system.

The morbidly rich will squeal at even the mention of these tried-and-tested solutions, just like they did in the 1930s. They’ll warn that the country will collapse, or that communism will take us over and we’ll become Venezuela or Cuba. They’ll say that the “job creators” will go on strike like in an Ayn Rand novel and take the economy with them to Gault’s Gulch.

And, like FDR, we need to call them on their bullsh*t.

What Happens When You Tax Billionaires at 90 Percent?

“Succession” is over, but spoiled, entitled billionaire man-children are still very much with us, running social media companies, owning newspapers and television networks, and funding politicians and judges who then keep their taxes low and...

www.dailykos.com

Billionaires are the problem. Not the solution. Prosperity is created when the morbidly rich, and corporations are taxed at much higher levels. Not lower. Just like FDR proved beyond any doubt.

You have to be a total tool, to buy into the oligarch bullshit talking point, that low taxes and deregulation is what creates prosperity. Or you're a toady working for a billionaire selling that crap.

So, if I owned a social media site, say valued at $5 billion, and I take an income of $150,000 a year, I'm classed as a billionaire on paper. So what are you wanting 90% of?

 

[tahuyaman]

In some states, like Florida, it's denied to the poor, and it's only for those who are both disabled and poor….

Incorrect.

 

[TruthNotBS]

Incorrect.

Read the requirements for Medicaid. Poverty isn't enough, you need to be clinically disabled. Texas and other, mostly southern states have the same requirements.

Who is eligible for Florida Medicaid?​

---

To be eligible for Florida Medicaid, you must be a resident of the state of Florida, a U.S. national, citizen, permanent resident, or legal alien, in need of health care/insurance assistance, whose financial situation would be characterized as low income or very low income. You must also be one of the following:

• Pregnant, or.
• Be responsible for a child 18 years of age or younger, or.
• Blind, or.
• Have a disability or a family member in your household with a disability, or.
• Be 65 years of age or older.

Florida Medicaid | Benefits.gov

The Florida Medicaid Program provides free or low-cost health coverage to eligible needy persons. Determine your eligibility for this benefit

www.benefits.gov

Being poor isn't enough. This also applies in Texas and other southern states.

 

[Jarlaxle]

Saying That the Rich Create Jobs Is Like Saying That Vampires Create Blood. That Sucks!

That's stupid.

Fort Knox Is the Knock-Knock Joke of Nobody Answering "Who's There?"

The government sells off its $14 trillion in gold to pay off the interest on the debt. Thanks for helping it avoid default.

That's gibberish.

Hey, Swiss! Say "Cheese"

Also bomb the countries where the Plutes stash their loot..

That's psychotic.

Cast Away Caste

If the globillionaires take the money out of the country, the government can print replacement money without causing inflation.

That is mind-blowingly, jaw-droppingly stupid, on the level of something that might be thought up by a lobotomized goldfish.