What Happens When You Tax Billionaires At 90%

[Invisibleflash]

 

[Winston]

Had to stop with the “americanprogress” link.

I already told you, that ain't going to cut it. What is wrong with the data?

Can you dispute any of those numbers? Do you have alternative numbers?

Hell no, you won't even attempt to dispute those numbers. Striking out at a source without giving a good reason is just sheer laziness. I mean watch me tear PJ media all to shreds sometime and learn how it is done.

And you guys are intellectually lazy as well. What did Toddster say, "It works everytime". Well hell then, let's eliminate all taxes and the government will have all kinds of money.

The whole supply side theory is based on the Laffer curve. The concept is not new, has been around for at least 700 years. Nor is the concept wrong

Had to stop with the “americanprogress” link.

That ain't going to cut it. Can you dispute the numbers? See, condemning a source, without pointing out where the source is wrong is lazy as hell. I mean watch me tear PJ Media or the Gateway Pundit to shreds some time and see how it is done.

I mean look at this thread, replete with numbers, statistics, white paper quotes, and every bit of it coming from the "left". The right just taunts and ridicules and never even attempts a rebuttal. It is sad really. Look, let me make this really simple.

The entire supply side theory is based on the Laffer curve. And the thing is, the Laffer curve is not some new idea, it was first postulated by Ibn Khaldun, a Muslim, NINE HUNDRED YEARS AGO. And it is not wrong. I mean it makes perfect sense, once tax rates get to a certain point they result in declining revenues. Of course, that inflection point varies by product category due to elasticity and replacement differences. But the key here is that the Laffer curve is a FLIPPIN CURVE, it is not a straight line. You can't continue to cut taxes and always get increased revenue. It doesn't "work every time", and to make that claim exhibits a huge amount of economic ignorance.

The truth is, it should have been a closed case after Reagan. I was there, I had a front row seat. I worked for the head of the OMB under Reagan tasked with crunching the numbers. It was the Chicago School of Economics model that the Reagan administration was using but the underlying numbers were all wrong, like the MPS--marginal propensity to save, the estimate was too low. The multiplier effect of government spending was vastly underestimated, especially in the area of education. But it was overinflated in the area of defense spending. I strongly opposed the policies from the onset.

Soon enough, after implementation, the numbers started coming in, and as I predicted, revenues were falling, drastically. Within two years Reagan did a complete reversal and implemented the largest tax increase in history at the time, maybe still the largest on a percentage basis. Like I said, that should have been the end of the story. We were on the left side of the Laffer curve when it came to marginal tax rates.

But oh no. The powers that be were addicted to the tax cuts, the increased revenue was used to fund the political supporters of their now revealed scam. Rent seeking skyrocketed along with those political donations. Dark money was invented. GDP growth has been anemic since then. Income increases for the lower and middle class has failed to keep up with even minimal inflation throughout the time period. The distribution of wealth, the GINI index, tilted upward at an obscene rate.

And that's the thing. Those in power, those financial backers, hell, Laffer himself, knows that at this point is all a big con. Fool me once, shame on you. Fool me twice, shame on me. Repeating the same mistakes and expecting a different outcome is the definition of insanity. You have been fooled multiple times at this point, just like much of the American public. Shame on you.

 

[The Sage of Main Street]

unions had a place back in the 1930s but not today. We have laws that protect workers from being exploited. unions today are just the communist party in disquise.

A Free Market Means That Whatever Clique Controls the Market Is Free to Do Whatever It Wants

There were no unions in the Soviet Union. Anyone who tried to organize one was shot. Strikers were shot. Communism is the ideal Capitalism; the owners (the Communist elite) and managers demand absolute obedience and can get away with incompetence and wage-gouging.

You know why Commies have as much contempt for and feelings of superiority over the workers as Cappies do? Because they come from the same HeirHead guillotine fodder. That explains the contradiction between their professed love for the working class and the way they treat it.

 

[Jarlaxle]

Jarlaxle has some learning to do.

All taxes now other than the death tax come out of the same place, business sales. We package it as corporate income, personal income, capital gains, interest and scores of other taxes taxing the same thing.

Or we could just remove all other taxes (we have sales taxes now) and tax corporate sales once with a simple flat tax and remove those other many redundant methods of taxing the same thing.

I know you're a good guy, Jarlaxle, but you don't understand this or there is no way you would support government screwing us over and over with redundant taxes.

Imagine if all businesses (I've owned five) were focused on business instead of all the resources we sink into building big government power over our lives through our tax system.

Again, the founding fathers got this and made direct taxes Unconstitutional. They knew what it would lead to, and did lead to. This is important, you need to understand it

I understand I want nothing to do with MORE taxes

 

[Jarlaxle]

A Free Market Means That Whatever Clique Controls the Market Is Free to Do Whatever It Wants

There were no unions in the Soviet Union. Anyone who tried to organize one was shot. Strikers were shot. Communism is the ideal Capitalism; the owners (the Communist elite) and managers demand absolute obedience and can get away with incompetence and wage-gouging.

You know why Commies have as much contempt for and feelings of superiority over the workers as Cappies do. Because they come from the same HeirHead guillotine fodder. That explains the contradiction between their professed love for the working class and the way they treat it.

You need 30 days observation.

 

[kaz]

I understand I want nothing to do with MORE taxes

Eliminating all taxes other than the sales tax, which we already have, is "more" taxes. You're hurting my head with that one. You didn't understand what I told you AT ALL, did you?

 

[Jarlaxle]

Eliminating all taxes other than the sales tax, which we already have, is "more" taxes. You're hurting my head with that one. You didn't understand what I told you AT ALL, did you?

I did. It's just hopelessly naive to think any other result is possible.

 

[kaz]

I did. It's just hopelessly naive to think any other result is possible.

It took a Constitutional amendment to get direct taxes, the Founding Fathers made them Unconstitutional. It would take modifying the Constitution to get rid of them again. But if you like doing taxes and having government use the tax code to abuse businesses, you're good, you're getting that now

 

[Jarlaxle]

It took a Constitutional amendment to get direct taxes, the Founding Fathers made them Unconstitutional. It would take modifying the Constitution to get rid of them again. But if you like doing taxes and having government use the tax code to abuse businesses, you're good, you're getting that now

Repealing the 16th amendment won't happen. We both know this.

 

[The Sage of Main Street]

You just did. Milton, Friedman’s economic theories have been completely discredited and yet the USA continues to be one of the only nations in the world still running on them. The redo of the countries are second tier nations in South America.

USA has the highest rate of wealth and wage in equity in the first world. Wages as a percentage of costs are now at the same level. They were in the Gilded Age of the robber barons, prior to the rise of the unions movement.

Instead of raising wages, Republicans raised, earned income credit, shifting costs for low income, workers from the employer to the federal government. The programs are expensive, unwieldy, and completely unnecessary in countries where workers are paid a living wage.

But it has given US corporations, the highest profits in the world.

May Bankrupt Anonymously

Corpies have to be greedy because they are incompetent Diploma Dumbos. Notice that the sheltered rulers' mandate for youth is "To Get a Good Job, Get a Good Education" and not "To Do a Good Job, Get a Good Education." So we get mediocrities who are incapable of retaining knowledge any longer than it takes to get good grades.

The only way to get competent college graduates is for the corporations to recruit those with the most talent, pay their tuition, and pay them a high student salary, higher than they can expect to make at any other job. If the rulers invest in the most potentially productive human resources, they won't have to cheat to make a profit.

 

[The Sage of Main Street]

I gave you the GDP for the EU, and you're concentrating on one of the poorest nations in Western Europe, that doesn't invest much into healthcare compared to other EU nations. I provided another link showing how the US isn't at the top of the list for short wait times for healthcare, with several Euro-Zone countries having shorter waits than the US. What does this have to do with Medicare for all? Nothing. Evasive tactics, and smoke screens. The metric for the Euro-Zone's standard of living, is Spain, according to you.

You ignored all of the other links, about the standard of living in Europe, conveniently concentrating on Spain.

If It Struts Like a Quack and Prescribes Like a Quack, It's a Doc

What is the quality of Spain's doctors? Ours are little Mamas' Boys who sucked their thumbs in college for eight years, wallowing in student poverty and escapist homeworkoholism because they were afraid to grow up.

 

[22lcidw]

Repealing the 16th amendment won't happen. We both know this.

That little door opened a crack.

 

[The Sage of Main Street]

Oooops....deleted too slowly. See you in the street wars when she blows. But the blacks & brown will get you early on. But you will scream "I love BLM, my mom sleeps with a Honduran" as they shove a hunting knife in your gut.

The White Populist Left Was Left Behind

I'd like to see an opponent of laissez-faire who rejects racial equality, sexual-preference equality, and the whole Green agenda. Back around 1900, the great American writer Jack London was like that, but then the Left got taken over by spoiled, ignorant, domineering, and irrational snobs.

 

[Jarlaxle]

If It Struts Like a Quack and Prescribes Like a Quack, It's a Doc

What is the quality of Spain's doctors? Ours are little Mamas' Boys who sucked their thumbs in college for eight years, wallowing in student poverty and escapist homeworkoholism because they were afraid to grow up.

Fuck, you're stupid.

 

[kaz]

Repealing the 16th amendment won't happen. We both know this.

OK, nothing is going to change and we can't discuss anything unless it is, so we can both drop off the site now and get back to our real lives

 

[Dragonlady]

The profit motive will always be present as long as we have capitalism, and that's not what I am against, but that capitalist pursuit of profits, has to benefit, not just the wealthy elites, but their workers as well. It has to benefit everyone.

If you stopped using everything in your house that generated a profit and doesn't benefit you,
how many items would we be talking about?

Europeans have a higher life expectancy and standard of living than we do.

Which 10 European countries have the highest standards of living? How high are they?

The USA is currently ranked 22nd best country in the world to live in.

You were 14th, before you elecyed Donald Trump to destroy the country.

 

[Toddsterpatriot]

The USA is currently ranked 22nd best country in the world to live in.

You were 14th, before you elecyed Donald Trump to destroy the country.

Bidenflation isn't helping our rankings.

Which 10 European countries have the highest standards of living? How high are they?

 

[Winston]

Eliminating all taxes other than the sales tax, which we already have, is "more" taxes. You're hurting my head with that one. You didn't understand what I told you AT ALL, did you?

Eliminating all taxes and replacing them with a national sales tax is another one of those con jobs the wealthy and powerful are attempting to sell to you. I mean they have already convinced many of the simple minded that cutting taxes ALWAYS increases revenue when the reality is that hasn't been the case since Kennedy's tax cut.

And I have a hard time believing that anyone that claims to have had five businesses advocates for small businesses to become the collection agent for the federal government. I mean already small businesses have to collect state and local sales taxes and remit them to the state and local government. Why would you want to add even more paperwork, more accounting, to hard working business owners?

The sales tax is highly regressive, and despite what you might think, that ain't a good thing. The poor and the middle class, they spend everything they make for the most part, which means they would pay taxes on all their income. But the wealthy, they don't spend all their money so they wouldn't pay taxes on all their income. How does that seem fair, and regardless, how does that seem appropriate in any reality?

Can't you see the con here? Oh, the poor should be taxes on all their income. But the wealthy, they should only pay taxes on the money they spend, and certainly not the money they invest to make more money. Damn, that is insulting on it's face.

I guess my biggest problem with those that see things like you do is this. And it has been posted in this thread. Like somehow, the workers are indebted to the owners for the job they have. What total horseshit. The owners are dependent on the workers, without them, the owners don't have anything but an idea. And make no mistake about it, the owners "profit" from the labor of the workers.

Too many chiefs and not enough Indians. Dad said it often, and of course that would be politically incorrect to say today. But it is so true. Everyone wants to be a chief, no one wants to be an Indian, and the tax code only exacerbates that problem.

 

[Winston]

Bidenflation isn't helping our rankings.

You are so uninformed it is almost comical

List of countries by inflation rate - Wikipedia

en.wikipedia.org

 

[Toddsterpatriot]

You are so uninformed it is almost comical

List of countries by inflation rate - Wikipedia

en.wikipedia.org

You think that link helps Biden somehow? DURR