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?
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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
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Understanding capital flow (investment) would be a nice place to start for why you wouldn't be a chump to oppose these taxes. We are a global economy. We compete with other nations for capital. China wants to take away U.S. capital. AOC's proposal helps them do so.
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Arbitrary taxation is dumb for a variety of reasons. Whether not being well-thought out as a funding mechanism. OR capital outflow (where other nations are the recipients). Ending ME wars would do more for government revenue without the negative effects of capital outflow.
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The weird thing is there are other arguments if you're for wealth distribution that isn't taxation. E.g. helicopter money (central banks print then give directly to people so that they can spend). Venezuela shows why that isn't so smart, but the argument can be made.
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But I get the frustration. It's hard to know when the system is working as well as it could without breakdown, and where you can tweak it. I see several places where we could tweak for better outcomes (I might be wrong). Raising taxes arbitrarily is absolutely not one of them.
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You know they’d find loopholes and hide their money..
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rich ppl never pay taxes, never they will put the costs in their products or they will go to other countrys and export to US or they will pay milions to accountants to find loopholes
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Exactly!
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learn economics mike like basic economics
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Do any liberals give to others and help anyone without a camera on them? Or is the only way to get them to do good is by having a law force them to pay out more? Even then they do everything in their power to pay less. Say we raise taxes even higher... they’ll leave the USA.
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I don't care about them but the money will flow out of country
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Remember how there was not one single Democrat that voted for the president’s tax reform bill and how they howled about their more wealthy base being screwed over on the revised Schedule A mortgage interest and property tax? Yeah me too.
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The ultra rich will just move their money offshore
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there's no way they would pass a new tax law only raising rates on people making $10MM/year. They will declare everyone making over $100k "rich" and re-raise the deductions for houses to help people in California and New York.
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I’d be far more worried about a “tax the rich” plan, which is all we hear these days, affecting only the lower tier of the 1% and the entire 2-5%. That’s what always seems to happen here in Canada. The ultra rich move themselves and their money and only people like me pay more.
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Had to be said, glad your base is hearing it from you. Good going!
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The problem is you can’t tax them as the plan says it will only raise 720b over ten years so it still won’t pay for what she wants and she knows it. So in others word we the common people will be paying for it!!
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I would prefer that they handle the money responsibly, with out the graft, kick backs and congressmen who become millionaires after they are elected. Idealistic I know
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It's a plan to go after the newly wealthy (like crypto, lotto, boomer inheritances) that have no idea, less experience, & bad financial advisors on how to effectively and legally "hide" income. Old money will just restructure. Another assault on a dying middle class.
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