Certainly no longer Tip O'Neill's Democrat party, eh?
Posted on 01/07/2019 7:48:12 AM PST by SeekAndFind
The left wing of the Democrats is playing with fire, advocating revenge against those who have succeeded in making a lot of money by taking almost all of it away. Yesterday, a probable candidate for president (and a former Obama Cabinet member) one-upped even Alexandria Ocasio-Cortez, who broke the ice on public discussion of stratospheric income tax rates by suggesting a marginal 70% federal rate on incomes of ten million and up. That would yield an effective rate over 80% for residents of New York and California, the states that produce the highest number of super-earners.
Julián Castro, the former mayor of San Antonio and HUD secretary under President Obama, makes her look like Grover Norquist, appearing with George Stephanopoulos yesterday:
Screen grab, video and transcript via Grabien.
STEPHANOPOULOS: You laid a lot of programs there. One of the questions you're going to face is how are you going to pay for them?
Let me show you the newest – youngest member of the congress right now, Alexandria Ocasio-Cortez, said that's going to air on 60 Minutes tonight about how to pay for things.
(BEGIN VIDEO CLIP)
REP. ALEXANDRIA OCASIO-CORTEZ, (D) NEW YORK: You look at our tax rates back in the '60s, and when you have a progressive tax rate system, your tax rate, you know, let's say from zero to $75,000 may be 10 percent or 15 percent, et cetera, but once you get to the tippy tops, on your 10 millionth dollar, sometimes you see tax rates as high as 60 percent or 70 percent.
(BEGIN VIDEO CLIP)
STEPHANOPOULOS: Can you support a tax increase like that, once you hit $10 million, 60, 70 percent?
CASTRO: Oh, I can support folks at the top paying for fair share.
(Excerpt) Read more at americanthinker.com ...
They’ll take your money and pass laws so you can’t make money ,LOL
Again, those terms, “fair share”. What gave these fools the authority and wisdom to determine what’s fair? Fair has to be determined by both parties to be enforced.
This is when a true conservative would offer up a bill to Repeal the 16th Amendment.
They will define the “Super Rich” as anyone making over $100K.
As for the real Super Rich, its not gonna happen. They have access to the smartest accountants and lawyers to keep them from paying a dime extra (just like they did the last time tax rates were confiscatory). Which is why I chuckle when phonies like Warren Buffet asked to be taxed more. They know damn will it won’t happen.
Confiscatory. From the root word ‘confiscate’
Tell me how taxes aren’t all confiscatory?
I’m speaking philosophically here, obviously. I believe government has a roll in protecting the people and providing for civil order. But who decides where the ‘confiscatory’ line is crossed?
The problem with extremely punitive progressive tax scales isn’t just what it does to the rich and successful, it is also what it does to those who would be motivated to try to become successful. It’s not just a wet blanket on existing wealth creation. It sniffles motive for anyone to venture into new wealth creation, innovation, and growth.
But that’s okay! I’m sure cortez thinks we can just print a lot of money and it will all spend just the same.
Starting?!
With the exception of .... er, themselves of course.
Certainly no longer Tip O'Neill's Democrat party, eh?
You can’t have socialism without confiscation by the government. That’s what socialism is.
Taxes are complicated.
The wise economist Milton Friedman advocated keeping your eye on the ball. Specifically, he said that the true measure of government burden wasn’t specifically in tax rates, or in taxes collected, but in the size of government spending. In other words, what matters is the percentage size of the government spending in relation to the economy as a whole (or in relation to the private sector, which contains the same information).
If the government doesn’t tax enough to cover its expenditures, you’ll still pay for it in the long run through higher interest rates or inflation as the debt becomes more oppressive.
The key issue here is “tens of trillions” for the New Green Deal and for a total takeover of medical care by the government. How much of the economy would be under government control under these new policies? When you consider Federal spending (27% or so now), plus state and local spending (varies, but another 12% or so), plus mandated private spending, the US is somewhere around a 50% government involvement in the economy already. (Unfettered capitalism, my a$$!)
These initiatives would probably push it over 70%.
That level of government control would raise the question of whether or not the “free West” is as free as, say China, wouldn’t it?
The real problem is those who want to give all their money to foundations like Gates or Soros. What is wrong with high taxes. Saves me the problem of figuring out who is a worthy cause and passes the buck to the politicians - who will squander it on their friends and buying votes, but that isn’t my fault. Want a different outcome - well just elect someone else - except that orange flop-haired Boris Johnson look alike.
If they do I wonder if Rush will leave the country?
For them he rich is anyone who makes enough money not to be beholden to them.
Their whole idea is to create dependents and punish anyone who is not one.
and they can only confiscate all the money once
Occasional Kotex is still spewing the most stupid comments. She has a degree in Economics? Affirmative action anyone? How did she pass any tests, or is that a silly question?
They start with ‘millionaires’. But their real target is the normal person who is earning a decent salary thanks to his/her smarts and hard work. They will adjust the rates so as to seize what you make and give it to dumb slackers who vote democrat.
They will define rich as anyone who makes more than MSM elite.
Pish Tosh
The rich could care less if you raise taxes
Now, confiscating net worth, that’s another matter entirely
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