You go Girl! Alexandria Ocasio-Cortez Plans Bill to Boost Top Individual Tax Rate to 59%

[DBA]

Democrats: Tax and spend

Republicans: Borrow and spend

We get the politicians we deserve.

If there's no estate tax, cap gains on the 1% is NEVER taxed

What are you talking about? Do you guys have any clue what you are talking about? Why should anyone pay a tax on something they haven't realized? That is just plain idiocy.

When is it realized?

When said asset is sold. If it is never sold, it is never realized. Having $5 million worth of stock doesn't help you much in your day to day life unless i t is sold. If you have $5 million in the bank and are earning interest, you pay tax on that gain, provided you don't have losses to offset them.

What if it's not sold and passes to heirs?

Yes, the heirs would get a stepped-up basis in that case.

 

[rightwinger]

You must not be listening

AOC is standing up for the worker and is not advocating higher taxes on the working class. She is demanding higher wages, better healthcare, low cost education

Right, and demanding somebody else pay for it.

Yup

Time to start the trickling down

View attachment 290523

Sorry but the ultra wealthy reap the overwhelming percentage of the capital in this country. Infrastructure, education, police and fire, the legal system, military.....

All benefit the ultra wealthy more than working Americans.

Expecting them to pick up the tab is not asking too much

How does it benefit them more than working Americans? The wealthy have no need for Social Security or Medicare, yet they pay for it their entire lives. They drive on the same roads as we do. They don't need emergency services more than people who live in higher crime areas.

The top 20% of Americans pay over 80% of all collected income taxes. If 80% is not enough, how much should they be paying?

Let’s start from the top......our Military support of our global markets

As a citizen in a country that hasn’t been invaded in 200 years, I have little need for a military that patrols the globe. The ultra wealthy have investments and businesses around the world ......our military keeps them safe.......or should I say, keeps their investments safe

 

[francoHFW]

Yes intelligent people who are educated are Democrats, unless they are totally bought off.

You are so far off base it is borderline sad. Educational indoctrination is working. There are a ton of college graduates working at jobs that do not require a degree who are far from "intelligent". I link success with intelligence, not education. Republicans make more money on average. That should tell you everything. The educational system is turning out a bunch of indoctrinated robots.

"Democrats have a huge advantage (63 percent) with voters earning less than $15,000 per year. This advantage carries forward for individuals earning up to $50,000 per year, and then turns in the Republicans’ favor — with just 36 percent of individuals earning more than $200,000 per year supporting Democrats.

Interestingly, the median household income in the United States is $49,777 — right near the point where the Democratic advantage disappears and the Republicans take over.

While Democrats lose support as income increases, there seems to be a tipping point where the ultra-wealthy begin leaning Democratic. The most famous example would be the entertainment industry, where star-studded events have become a significant part of Democratic culture.

But this phenomenon is not limited to Hollywood. A review of the 20 richest Americans, as listed by Forbes Magazine, found that 60 percent affiliate with the Democratic Party, including the top three individuals: Bill Gates, Warren Buffett and Larry Ellison. Among the riches families, the Democratic advantage rises even higher, to 75 percent."

The reason the ultra-wealthy are liberal is easy. It makes them feel good to give money and for it not to affect their lifestyles. The average person and even wealthier families(by Democrats definition) do not have this luxury. Higher taxes prevents them from buying the luxury car they feel like they deserve from working hard and "making it." My guess is the majority of liberals on this board are average at best income earners.

bologna. Any advantage is caused by the fact that blacks who are discriminated against horribly are almost all Democrats.

 

[bendog]

If there's no estate tax, cap gains on the 1% is NEVER taxed

What are you talking about? Do you guys have any clue what you are talking about? Why should anyone pay a tax on something they haven't realized? That is just plain idiocy.

When is it realized?

When said asset is sold. If it is never sold, it is never realized. Having $5 million worth of stock doesn't help you much in your day to day life unless i t is sold. If you have $5 million in the bank and are earning interest, you pay tax on that gain, provided you don't have losses to offset them.

What if it's not sold and passes to heirs?

Yes, the heirs would get a stepped-up basis in that case.

Right. There's no tax on the first 11.5 mil or so at all. And cap gains is 20%. So, while AOC is a bit of a nut, I don't really see an argument against the progressives view that the deficits are in reality a tax on their kids that the rich don't share

 

[OnePercenter]

you are going to create the largest underground economy in human history. And it will also entail massive stealing of supplies before they get to the stores even. When people are outpriced, they find other ways. Especially if the product is defective in the first place.

State and multi-state lotteries contribute towards schools and various other entities that are in need of funding. So let's say a multi-state lottery is 100 million bucks one time cash value. Now if you hit, the federal government is going to take around 60 million dollars of that. Then you have your state and local taxes to mess with. So out of that 100 million, you end up with about 30 million in cash.

Now if you invest or save that money, the federal government is going to keep taking their share annually. Even if it's in assets, you better have the cash to support those assets at tax time.

Eventually they will tax you out of wealth and perhaps leave you with enough so you don't have to find a job. Are you going to continue to play those lottery games at a 120 million to one odds?

The bigger chunk if not most State lottery money goes to the general funds.

It doesn't matter where it goes, it's gone. Government will take almost all your winnings.

Do the math. You take a lump sum of $1M. GO!

So who would play the lottery with those ridiculous odds for one million dollars? Not many. I don't play them now with the jackpots and taxation they have.

As usual, can't answer a simple question.

 

[hadit]

Do you consider driving even more long term capital investment offshore than we already do a "downside"? because that is exactly what taxing unrealized cap gains will accomplish.

Why would you want to invest long term in the U.S. if you're facing a guaranteed taxation based haircut on returns each and every year; why not just just take your long term capital investments overseas where you're not facing such a gigantic disadvantage?

The capital was not driven offshore before the gop changed the rules on cap gains and the estate tax. AOC is nuts, but I'm not dissing dems for trying to claw back what the gop gifted to the 1%

I'd prefer repealing the entire gop personal tax bill and just reinstating an estate tax that only applies to estates worth 5 million or more, and is set at the same level as the highest income tax rate.

Then people will just find a place for 4.8 million.

The Democrats are under the illusion that when they go to take the rich mans money, he takes his thumb and holds his pockets open to make it easier on them. The number one priority for the wealthy is finding ways to keep what they made, so they will always find a way.

When somebody takes a little less of your property, it's hardly considered a gift.

Again, I'd agree that AOC is a little nuts, but not taxing the 1% ANYTHING on cap gains NEVER drove them offshore. All we did was let Moscow Mitch give his party elite extra shugah.

When was the cap gains rate ever zero?

When does an estate pay cap gains?

That’s meaningless, because the rich guy is dead. He doesn't care about taxes. But, the same as always applies. When the heirs sell the investments, they pay taxes on them.

 

[OnePercenter]

Where are the rich going to move their monies?

Anywhere. Doesn't matter where. Anywhere would be better, than being under the tax system that AOC just proposed. Canada, UK, Australia, Germany, Finland even. Anywhere.

A wealth tax, will make anywhere in the entire world, preferable to here. If I have $200 Million to spend on a vacation home.... that home in the US is going to be taxed, and elsewhere it will not. I'm not talking property tax, that everyone pays... but a tax on the unrealized capital gain. No where else does that, although France tried it and repealed it because it was a huge failure.

So anywhere else, is going to be preferable to here, under AOC's system.

The wealthy pay a higher tax in Canada, UK, Australia, Germany, Finland even. Anywhere.

The 59% tax rate minus established deductions would be an effective (actual) tax of the same percentage that you pay. Shouldn't the wealthy pay the same percentage as you?

Bug eyes is talking about taxing you on your assets and wealth every year. So if you hit the lottery for lets say 100 million, the government will take 70 million right of the top. Then every year, the Democrats will analyze what you have left in cash and assets, and tax you on that.

Shouldn't the wealthy pay the same percentage as you?

You think I pay 70% in income taxes?

No, you pay 12% to 18% effective, the wealthy pay 1.5% effective or less.

 

[OnePercenter]

So if wealthy people losing their wealth helps NO ONE........ then why do you care? You know why? Greed, and Envy. That's the reason you care. It doesn't help anyone, for the Walton's to be poor.

You know this. You know it would help no one. The reason you care how much a wealthy person has, is because if you can't have it, then darn it no one should.

That's it. An entire ideology of greed and envy.

What a bunch of nonsense.
I want more Americans to be successful.

Business plan A with One Owner:
Company profits 10 Million a year.
Company has 50 employees, Owner takes 8 million, while paying the average worker $40,000 for that year.

Business plan B with One Owner:
Company profits 10 Million a year.
Company has 50 employees, Owner takes 6 million, while paying the average worker $80,000 for that year.

Business plan C with One Owner:
Company profits 10 Million a year.
Company has 50 employees, Owner takes 5 million, while paying the average worker $100,000 for that year.

I see Company C as a very successful Business, an Owner making Millions per year, and workers that are in the upper middle class.
I see Company A as a very successful Business, and Owner making Millions per year, and workers making millions for the owner while themselves making less than a median salary Nationwide.

Tell me you support business Plan C and can agree that Business Plan A's owner has a Greedy and Uncaring attitude for his/her workers.​

Then why don't you open up Company C and see how long you stay in business.

I own company C and I'm doing VERY well.

You probably don't even own your appliances. If you actually did own a company C, you would have been out of business a long time ago due to competition.

Company C doesn't make a profit?

 

[OnePercenter]

in 2020 i'm voting for the candidate who promises to end private prisons, end the crisis at the border, undo all of Trump's executive orders, end the ICE raids that are terrorizing communities

so i dont have many demands as you see!

What about living wages for workers? I would think that would be number one.

 

[OnePercenter]

Where are the rich going to move their monies?

Anywhere. Doesn't matter where. Anywhere would be better, than being under the tax system that AOC just proposed. Canada, UK, Australia, Germany, Finland even. Anywhere.

A wealth tax, will make anywhere in the entire world, preferable to here. If I have $200 Million to spend on a vacation home.... that home in the US is going to be taxed, and elsewhere it will not. I'm not talking property tax, that everyone pays... but a tax on the unrealized capital gain. No where else does that, although France tried it and repealed it because it was a huge failure.

So anywhere else, is going to be preferable to here, under AOC's system.

The wealthy pay a higher tax in Canada, UK, Australia, Germany, Finland even. Anywhere.

The 59% tax rate minus established deductions would be an effective (actual) tax of the same percentage that you pay. Shouldn't the wealthy pay the same percentage as you?

Bug eyes is talking about taxing you on your assets and wealth every year. So if you hit the lottery for lets say 100 million, the government will take 70 million right of the top. Then every year, the Democrats will analyze what you have left in cash and assets, and tax you on that.

Shouldn't the wealthy pay the same percentage as you?

History shows us that that does not work. See the gilded age the 1920s and now....

Because we don't want too?

 

[DBA]

What are you talking about? Do you guys have any clue what you are talking about? Why should anyone pay a tax on something they haven't realized? That is just plain idiocy.

When is it realized?

When said asset is sold. If it is never sold, it is never realized. Having $5 million worth of stock doesn't help you much in your day to day life unless i t is sold. If you have $5 million in the bank and are earning interest, you pay tax on that gain, provided you don't have losses to offset them.

What if it's not sold and passes to heirs?

Yes, the heirs would get a stepped-up basis in that case.

Right. There's no tax on the first 11.5 mil or so at all. And cap gains is 20%. So, while AOC is a bit of a nut, I don't really see an argument against the progressives view that the deficits are in reality a tax on their kids that the rich don't share

At first thought, I don't necessarily have a problem with heirs inheriting the basis of the predecessor. This should not be just for wealthy folks though, but for everybody. Applying this tax to just who we deem wealthy is wrong IMO.

 

[OnePercenter]

So if wealthy people losing their wealth helps NO ONE........ then why do you care? You know why? Greed, and Envy. That's the reason you care. It doesn't help anyone, for the Walton's to be poor.

You know this. You know it would help no one. The reason you care how much a wealthy person has, is because if you can't have it, then darn it no one should.

That's it. An entire ideology of greed and envy.

What a bunch of nonsense.
I want more Americans to be successful.

Business plan A with One Owner:
Company profits 10 Million a year.
Company has 50 employees, Owner takes 8 million, while paying the average worker $40,000 for that year.

Business plan B with One Owner:
Company profits 10 Million a year.
Company has 50 employees, Owner takes 6 million, while paying the average worker $80,000 for that year.

Business plan C with One Owner:
Company profits 10 Million a year.
Company has 50 employees, Owner takes 5 million, while paying the average worker $100,000 for that year.

I see Company C as a very successful Business, an Owner making Millions per year, and workers that are in the upper middle class.
I see Company A as a very successful Business, and Owner making Millions per year, and workers making millions for the owner while themselves making less than a median salary Nationwide.

Tell me you support business Plan C and can agree that Business Plan A's owner has a Greedy and Uncaring attitude for his/her workers.​

Then why don't you open up Company C and see how long you stay in business.

I own company C and I'm doing VERY well.

But Ray from Cleveland says you can't own Company C.
It is Not Possible.
He thinks competition would drive you out of business???? WTF are you talking about Ray?
Ray is not very Bright.
Ray will stick by his ignorant stance.

Ray says he's a truck driver, but doesn't know "rate con."

 

[DBA]

So if wealthy people losing their wealth helps NO ONE........ then why do you care? You know why? Greed, and Envy. That's the reason you care. It doesn't help anyone, for the Walton's to be poor.

You know this. You know it would help no one. The reason you care how much a wealthy person has, is because if you can't have it, then darn it no one should.

That's it. An entire ideology of greed and envy.

What a bunch of nonsense.
I want more Americans to be successful.

Business plan A with One Owner:
Company profits 10 Million a year.
Company has 50 employees, Owner takes 8 million, while paying the average worker $40,000 for that year.

Business plan B with One Owner:
Company profits 10 Million a year.
Company has 50 employees, Owner takes 6 million, while paying the average worker $80,000 for that year.

Business plan C with One Owner:
Company profits 10 Million a year.
Company has 50 employees, Owner takes 5 million, while paying the average worker $100,000 for that year.

I see Company C as a very successful Business, an Owner making Millions per year, and workers that are in the upper middle class.
I see Company A as a very successful Business, and Owner making Millions per year, and workers making millions for the owner while themselves making less than a median salary Nationwide.

Tell me you support business Plan C and can agree that Business Plan A's owner has a Greedy and Uncaring attitude for his/her workers.​

Then why don't you open up Company C and see how long you stay in business.

I own company C and I'm doing VERY well.

You probably don't even own your appliances. If you actually did own a company C, you would have been out of business a long time ago due to competition.

Company C doesn't make a profit?

Businesses pay what they need to pay in order to retain a quality workforce. People work for businesses if they are paid what they deem a fair wage. If my company decided to reduce my wage by 1/3rd, they know I would be looking for work elsewhere. If they don't feel like I am worth what they are paying, they will take that chance. That is the way it works. We aren't owed anything in particular from a company. We are owed what they believe we are worth.

I used this example before, but it will use it again. Why does a water boy for an NFL team make exponentially less than the star QB? Maybe because there are many people who can perform the water boy's job just as adequately but not so many that can be the star QB.

 

[OnePercenter]

I own company C and I'm doing VERY well.

You probably don't even own your appliances. If you actually did own a company C, you would have been out of business a long time ago due to competition.

Honestly, he reminds me of a someone who owns a company, that someone else created. It's always the child of the business owner, whose father never had him really work for anything, that sits in the office saying "Yeah everyone else should pay $20/hour to empty the trash, and business owners should pay 70% tax rates".

I've seen several businesses close down for that reason. The old man retired or passed away, and left the business to his lazy kids. They closed up in a year or two.

The most wonderful thing about the internet is you can be anybody you want to be. You can be an astronaut, a published book author, a bushiness owner, a professional musician, anything. It's when they start talking is what gives them away. So when somebody tells me they are paying non-skilled blue collar labor 100K a year, and their business is doing just fine, all I can do is laugh.

I've been here a couple of years now. I was on Topix for several years before that Thus far, I never met a lefty that admitted to being a middle-class blue collar worker. They all seem to be independently wealthy, work from home or own a business, or comfortably retired. And they all claim to support higher wages for non-skilled labor, higher taxes for business owners, and more business regulations.

Me? I'm the only truck driver here.

I worked at a company here in Columbus Ohio, called Tracewell. The old man, built the company from scratch, but didn't teach his kid jack. The dude rolled in here with his corvette, flashing around like he was a celebrity, and expect to be treated as much.

Now I don't mind people driving corvettes, but need to back your bling, with ability. He didn't have any ability to do anything. The old man retired, and within a year, the company was bleeding red. The old man came back from retirement and worked 2 years getting the company back in the solid black. He retired again, and in a year and half the company was bleeding red again. The old man came out of retirement again to save the company.

I actually felt bad for the old man. He looked haggard in his suit, and well past his prime. This was almost 8 years past his original retirement, when he was back trying to save the company from his son's incompetence.

From what I understand, the son is still on the executive board, but now he's just in charge of logistics or something, not CEO anymore.

Reminds me of a company that was once here called Bonnie Bell. They made all kinds of soaps, perfumes, lip gloss and things like that. A thriving company at it's time. The owner would actually go around and ask his employees how everything was going in their lives. He offered any employee that quit smoking $1,000 cash. He had a wooded running track, a workout room, a tennis court for his employees, and had health foods in the vending machines.

He retired and his son took over the business, and it went downhill from there. I never met the guy, but the employees told me he was a real condescending silver spoon asshole so opposite of his father. After the old man died, the son sold the business to a company out of Michigan called Aspire, since he didn't possess the bushiness acumen to run it himself.

He sold that wonderful building to a trucking/ warehouse company, so I still go there from time to time. When I walk in that dark and dirty place, I remember what it once was with bright lights, employees running around all over, packers and shippers frantically getting orders together for pickup, and trucks in line waiting for an open dock door. Such a shame.

Seems that the "family" sold the US operations but retained the more lucrative foreign distribution.

Bonne Bell - Wikipedia

 

[OnePercenter]

let us have as our goal that there will be no government program which makes it more profitable to go on welfare than to go to work.

Well I don't think that it is more profitable to go on welfare than it is to go work.

That fact is, that if people don't have to work.... they don't. It's that simple. Yes, you can live better if you are working. But if you don't HAVE TO.... then people don't.

So here in Columbus Ohio, we had a local news channel send out a reporter, in the mid-90s, when we had welfare reform. Now this particular channel wasn't super political, but it appeared the reporter was.

She was interviewing this lady, who was being kicked off welfare, with her kids. The reporter was asking her how she was going to make it with this "oh how are you going to survive without welfare?"

This was hilarious, because the lady replied "Oh we will be much better off. I'll have more money, and be able to have a better life for my kids".

You could actually hear the reporter stutter after that.... "um er, well... uh then why didn't you do this before?"

And the lady's response, I'll never forget this until I die. "I didn't have to".

From that time, to today, I've seen this play out dozens of times in my life, with the people I've been around.

I've seen people that intentionally lived off unemployment for as long as they possibly could..... and only when the unemployment ran out, did they go find another job. Why didn't they get a job the week after they were laid off? They didn't have to.

I remember reading a research paper on people during the sub-prime crash, who were living in their homes without employment.

What the research found was that people didn't find a job, until their homes were foreclosed on. The moment a date was set on their evictions..... suddenly.... magically... they were able to find employment... even during a recession!

Why didn't they find a job long long before the foreclosure? Because they didn't have to.

Welfare is inherently bad. It allows people to be lazy, and unproductive, which ultimately hurts them even more than the cost of welfare hurts society.

"Folks, if you pay people not to work, don't be too surprised when they don't."
Rush Limbaugh

The felon said what? Was he high at the time?

 

[Ray From Cleveland]

let us have as our goal that there will be no government program which makes it more profitable to go on welfare than to go to work.

Well I don't think that it is more profitable to go on welfare than it is to go work.

That fact is, that if people don't have to work.... they don't. It's that simple. Yes, you can live better if you are working. But if you don't HAVE TO.... then people don't.

So here in Columbus Ohio, we had a local news channel send out a reporter, in the mid-90s, when we had welfare reform. Now this particular channel wasn't super political, but it appeared the reporter was.

She was interviewing this lady, who was being kicked off welfare, with her kids. The reporter was asking her how she was going to make it with this "oh how are you going to survive without welfare?"

This was hilarious, because the lady replied "Oh we will be much better off. I'll have more money, and be able to have a better life for my kids".

You could actually hear the reporter stutter after that.... "um er, well... uh then why didn't you do this before?"

And the lady's response, I'll never forget this until I die. "I didn't have to".

From that time, to today, I've seen this play out dozens of times in my life, with the people I've been around.

I've seen people that intentionally lived off unemployment for as long as they possibly could..... and only when the unemployment ran out, did they go find another job. Why didn't they get a job the week after they were laid off? They didn't have to.

I remember reading a research paper on people during the sub-prime crash, who were living in their homes without employment.

What the research found was that people didn't find a job, until their homes were foreclosed on. The moment a date was set on their evictions..... suddenly.... magically... they were able to find employment... even during a recession!

Why didn't they find a job long long before the foreclosure? Because they didn't have to.

Welfare is inherently bad. It allows people to be lazy, and unproductive, which ultimately hurts them even more than the cost of welfare hurts society.

"Folks, if you pay people not to work, don't be too surprised when they don't."
Rush Limbaugh

The felon said what? Was he high at the time?

A felon? Wanna put money on that Mr fake rich guy?

 

[OnePercenter]

That bitch knows what she is doing
Long overdue

Also tax Capital Gains at the same rate as personal income

The princess must first bludgeon the blue collar paycheck if she wants to justify stealing from others as well, i.e. to sell this she must go after the real target first [working class] and then demand to now why the working class should pay so much in taxes while the rich only pay billions...then she just has to yell sic'em to the base...
...the working class and the rich fight with each other...
...the blacks and whites fight with each other
...the citizens and the immigrants fight with each other...
...the white liberals seize power

You must not be listening

AOC is standing up for the worker and is not advocating higher taxes on the working class. She is demanding higher wages, better healthcare, low cost education

Right, and demanding somebody else pay for it.

Yup

Time to start the trickling down

View attachment 290523

Here ya go.

Libertarianism Makes You Stupid

 

[Ray From Cleveland]

When is it realized?

When said asset is sold. If it is never sold, it is never realized. Having $5 million worth of stock doesn't help you much in your day to day life unless i t is sold. If you have $5 million in the bank and are earning interest, you pay tax on that gain, provided you don't have losses to offset them.

What if it's not sold and passes to heirs?

Yes, the heirs would get a stepped-up basis in that case.

Right. There's no tax on the first 11.5 mil or so at all. And cap gains is 20%. So, while AOC is a bit of a nut, I don't really see an argument against the progressives view that the deficits are in reality a tax on their kids that the rich don't share

At first thought, I don't necessarily have a problem with heirs inheriting the basis of the predecessor. This should not be just for wealthy folks though, but for everybody. Applying this tax to just who we deem wealthy is wrong IMO.

That's the way the commies operate. Many times there is only one wealthy person in the family, and when they pass on their business or farm to other members, they have to sell the damn thing just to raise the tax money.

As I posted earlier, my nephew and niece were part of an inheritance by their wealthy Uncle. He was worth several million dollars. He and his recently late wife didn't have any children, but they had a lot of nephews and nieces. Even with that kind of bread, it still didn't amount to great wealth for anybody after being divided up so many ways. My nephew still has his job, and my niece still waiting on tables in Florida.

I don't know what they each got, but I do know the inheritance was pretty much divided evenly. Whatever they got, with a wealth tax, they would have only gotten half of what they did receive.

 

[Ray From Cleveland]

So if wealthy people losing their wealth helps NO ONE........ then why do you care? You know why? Greed, and Envy. That's the reason you care. It doesn't help anyone, for the Walton's to be poor.

You know this. You know it would help no one. The reason you care how much a wealthy person has, is because if you can't have it, then darn it no one should.

That's it. An entire ideology of greed and envy.

What a bunch of nonsense.
I want more Americans to be successful.

Business plan A with One Owner:
Company profits 10 Million a year.
Company has 50 employees, Owner takes 8 million, while paying the average worker $40,000 for that year.

Business plan B with One Owner:
Company profits 10 Million a year.
Company has 50 employees, Owner takes 6 million, while paying the average worker $80,000 for that year.

Business plan C with One Owner:
Company profits 10 Million a year.
Company has 50 employees, Owner takes 5 million, while paying the average worker $100,000 for that year.

I see Company C as a very successful Business, an Owner making Millions per year, and workers that are in the upper middle class.
I see Company A as a very successful Business, and Owner making Millions per year, and workers making millions for the owner while themselves making less than a median salary Nationwide.

Tell me you support business Plan C and can agree that Business Plan A's owner has a Greedy and Uncaring attitude for his/her workers.​

Then why don't you open up Company C and see how long you stay in business.

I own company C and I'm doing VERY well.

You probably don't even own your appliances. If you actually did own a company C, you would have been out of business a long time ago due to competition.

Company C doesn't make a profit?

What does profit have to do with it?

 

[Ray From Cleveland]

Anywhere. Doesn't matter where. Anywhere would be better, than being under the tax system that AOC just proposed. Canada, UK, Australia, Germany, Finland even. Anywhere.

A wealth tax, will make anywhere in the entire world, preferable to here. If I have $200 Million to spend on a vacation home.... that home in the US is going to be taxed, and elsewhere it will not. I'm not talking property tax, that everyone pays... but a tax on the unrealized capital gain. No where else does that, although France tried it and repealed it because it was a huge failure.

So anywhere else, is going to be preferable to here, under AOC's system.

The wealthy pay a higher tax in Canada, UK, Australia, Germany, Finland even. Anywhere.

The 59% tax rate minus established deductions would be an effective (actual) tax of the same percentage that you pay. Shouldn't the wealthy pay the same percentage as you?

Bug eyes is talking about taxing you on your assets and wealth every year. So if you hit the lottery for lets say 100 million, the government will take 70 million right of the top. Then every year, the Democrats will analyze what you have left in cash and assets, and tax you on that.

Shouldn't the wealthy pay the same percentage as you?

You think I pay 70% in income taxes?

No, you pay 12% to 18% effective, the wealthy pay 1.5% effective or less.

They do? Then how is it the top 20% of earners in this country pay over 80% of all collected income taxes? That isn't possible paying 1.5% tax.