Alexandria Ocasio-Cortez Plans Bill to Boost Top Individual Tax Rate to 59%

Bloomberg ^ | November 15, 2019, 10:52 AM EST | Laura Davison

[karpov]

No excerpt from Bloomberg allowed, story here. She wants a 59% top income tax rate and to tax unrealized capital gains yearly, including real estate and business holdings.

[karpov]

Ya know you can actually put the link in the URL.

Nope -- FR blocks that.

[freedumb2003]

[SunkenCiv]

Thanks karpov.

• Calculate your Oppression - Fight Racism and Sexism

[hanamizu]

“...to tax unrealized capital gains yearly, including real estate and business holdings.”

---

Of course to administer such taxes will require a vast swarm of IRS agents, who will have to know all about everything you own and be able to set a valuation on your real estate and business. Records will have to be kept over lifetimes. And how about unrealized capital loses?

[seawolf101]

[JayGalt]

Exactly. A perfect plan to destabilize out economy and leave America in chaos, without the economic contributions of anyone who had the resources to flee the country.

[TomServo]

Are you sure - it’s there now...

[elcid1970]

“Man didn’t have the right form.”

“What man?”

“The man from the cat detector van.”

“The `loonie detector van’, you mean!”

“Look, it’s people like you what cause unrest.”

[JayGalt]

Imagine how great it would be if businesses couldn’t expand or innovate because the economic system was no longer set up to encourage expansion.

Imagine how people who got laid off could sit at home and not have to pay taxes on their purchases because they couldn’t make any.

Imagine someone that doesn’t understand that when you tax businesses they pass it down to the consumer in higher prices so the tax falls the heaviest on the poorest Americans.

[elcid1970]

That was not photoshopped......

[econjack]

The plan would raise about $2 trillion over a decade “or maybe even more,” she said.

I doubt it. People making those income levels are very mobile and many would leave. Just ask England, France, and Germany about the Brain Drain in the 70's. And when they leave, they take with them the stock of capital that is used to grow the economic system.

AOC, I have a really hard time believing that you were an econ major at BU...or did someone take your tests for you? If not, BU should have their AACSB accreditation revoked.

[JayGalt]

And between the interest and the yearly tax your equity would melt like sugar in water. Emigration....

[antidemoncrat]

The world expert at nothing has spoken.

[JayGalt]

Exactly how Mulvaney, Mnuchin & Ross have explained the Trump plan.

[ken in texas]

re. From the best I can tell, no developed country has a tax on unrealized capital gains.

Agreed, and Congress seems to have many that don't want to keep us a developed country.

[JayGalt]

Yes, and the next year if the house appreciates further you owe tax on another 30K. Who could afford to own a house.

The woman is an abysmally ignorant, intellectually challenged socialist who likes to talk.

[JayGalt]

And the cost of yearly appraisals on everything you own.

[Deo volente]

Wall Street seems to be pricing in a Trump second term. There will be a gigantic, and very fast drop if one of these socialists wins in November. Instant 2,000 point drop in the Dow and then down 40-60% in the next few months. A major recession, which of course will somehow be blamed on Trump.

[onona]

I tried to do some google research. From the best I can tell, no developed country has a tax on unrealized capital gains.

Thanks,

That one was puzzling me.

[ProtectOurFreedom]

A “swarm” of IRS Agents...seems like I’ve heard that word used elsewhere...

“He has erected a multitude of New Offices, and sent hither swarms of Officers to harass our people, and eat out their substance.”