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Fat Cat: The Steve Mnuchin Story, by me and
@rejburns, is out now! Not to be confused with my 3-volume set on Garfield. (Not James Garfield, the cat) https://www.amazon.com/dp/B07L41MYQDThanks. Twitter will use this info to make your timeline better. UndoUndo -
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FYI I deleted the older calculations in the thread to avoid confusion
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We need a Tax Enforcement New Dealhttps://twitter.com/SethHanlon/status/1081371904051761153 …
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The amount the U.S. loses in annual tax avoidance, at current rates, without having to raise them a penny, is simply staggering.
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I would say you couldn't even realistically do this without a commitment to dismantle offshore tax havens.
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For context, in 2011 PIRG estimates that offshore tax havens alone cost the U.S. $100 billion a year, roughly the same amount as what you might yield from this 70% top marginal tax bracket. And if the top marginal was that high, that number would grow.https://www.cbsnews.com/news/report-offshore-tax-havens-cost-us-100b/ …
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Also my working assumption is that a wealth tax similar to the Revenue Act of 1935 would yield more than a marginal tax bracket. I defer to others on that.
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Caveats: 1) I don't know the size of the GND investment being sought 2) I'm not adjusting the number for inflation so it would be higher over time 3) There might be marginal erosion at the top end as rich families hire accountants to avoid the 70% top marginal rate
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Now these are some real numbers. You would get about $106 billion/year, or $1.06 trillion over 10 years. Significant!
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That means $19.966 million would be taxed at 70% rather than 37% under the plan.
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ADDENDUM! The numbers on the average income per household at $10 million or higher is actually in the chart I was looking at. It's a whopping $29.966 million.
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Today, that would be taxed at 37%. Under the AOC plan it'd be 70%.
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But let's go with a middle ground. Let's say on average the bracket hits $5 million of income per household. (that's maybe high, maybe low, I don't know)
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To progressives, how much would you get out of a 70% bracket on 16,087 multi-millionaire households? It depends on how much more than $10 million these folks make on average. That statistic isn't available.
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So to conservatives, you're recoiling at the horrors of a marginal tax increase on 16,087 in a country with 150,272,157 households.
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According to the IRS, in 2016 the number of households making over $10 million was... 16,087 https://www.irs.gov/statistics/soi-tax-stats-individual-statistical-tables-by-size-of-adjusted-gross-income …
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70%, that's not cool. A maximum wage, that's cool.http://nymag.com/intelligencer/2019/01/alexandria-ocasio-cortez-70-top-tax-rate-60-minutes-green-new-deal.html …
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The conservative movement (Hannity/Newsmax) murmuring about giving the DREAM Act in exchange for a wall suggests they know this isn't playing well and are bargaining with Trump for a way out. Which he won't take in all likelihood.
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This is the logical endpoint of politics by hostage taking.https://twitter.com/nytimes/status/1081262129523642369 …
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So NBD, just a Senator who lobbied for 30 companies and organizations, 9 of which we still don't know about, right before joining the Senate.
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