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Do you support AOC's tax plan, which would require the ultra rich to pay up to a 70% income tax on income over $10 million dollars a year?
My main view on the tax plan that would be imposed on the Ultra Rich, which FYI I don't support other than as a way to make Dems feel the pain - they got people $1,000 an hour to lobby for them 24/7. If you're wasting your time fighting to keep their taxes low, you = C-H-U-M-P
No offense, but if you don't know what a Double Irish is (and understand its implications, and why these companies got away with this for so long), you are unqualified to have an opinion about U.S. tax policy and tax rates.https://www.irishtimes.com/business/economy/multinationals-turn-from-double-irish-to-single-malt-to-avoid-tax-in-ireland-1.3290649 …
Seems like an effective way to drive the ultra-rich overseas, and to take their money with them.
Federal income is taxed worldwide.
Yep. Which would incentivize giving up US citizenship and moving to a tax haven.
The expatriation tax kicks in. The rich aren't going to flee. The (unfair) tax laws will prevent that.https://www.cnbc.com/2016/05/17/exposing-the-hidden-tax-costs-of-renouncing-us-citizenship.html …
The real problem imo is tax avoidance Once you get to that high rate it becomes very efficient to hire excellent tax lawyers
I prefer a wealth tax. Income tax is as bullshit as AOC and shows her lack of understanding of how to actually fix anything.
We used to call this inflation.
So like China or Russia? Where the government can just confiscate your property. Protections over private property is one reason America has flourished over the past 100 yrs. Centralized control of assets breeds corruption & inefficiencies.
Interesting points. I think you’re identify find the same symptoms as the posters above, but prescribe different treatment. Some think we have centralized control of assets by corporations and the wealthy, and people see that as causing corruption and inefficiencies in America.
The concentration of wealth is due to Fed policy & regulatory capture in DC. Big government & corporate control go hand in hand. Sending more money to Washington just exacerbates the dichotomy of the U.S. economy.
Greg, you are making the very same arguments as the other people in this post. Looks like we all agree
The only “fair share” tax is a flat tax. Everyone has skin in the game. No deductions, no gamesmanship. Reality is: see how quickly the refund crew start paying attention. It’ll never happen because politicians are weak and beholden.
Of course you want to say yes because fck rich people right, but guess what...next time it’s $1 million and then it’s half a million and when they run out of that money it’s $100,000 and all the small businesses. Socialism is great, until you run out of other people’s money.
I seem to remember Obama’s tax increase where 100k was rich.
Anyone who has a job, or anyone who knows anyone with a job is rich.
Agreed, it’s all fun and games till there is no more money to redistribute, then ppl starve, then the elites need an army to protect them against their own ppl.
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