60% of Americans support increasing top marginal tax rate to 70% for incomes over $10M

[Trill Clinton]

https://pixel.nymag.com/imgs/daily/intelligencer/2019/01/15/15-aoc.w330.h412.jpg

Earlier this month, Alexandria Ocasio-Cortez went on national television and said that the United States should tax incomes above $10 million at a 70 percent rate.

In response, some centrist pundits pronounced the Democratic Party dead by political suicide: National Journalreporter Josh Kraushaar argued that, while congresswoman Rashida Tlaib’s profane call for Trump’s impeachment was getting more attention, Ocasio-Cortez “calling for a 70 percent tax rate on the nation’s most-watched news show a whole lot more politically damaging for Ds.”

There was never much evidence for this assessment. In public opinion polls, raising taxes on the rich consistently ranks as one of the most popular ideas in American politics. Moreover, political-science research suggests that the American people’s resentment of the wealthy is bitter and deep — and, in the not-too-distant past, Democrats succeeded in leveraging such resentment for political gain.

Meanwhile, as far as plans for class war go, Ocasio-Cortez’s was more “Jimmy Carter” than “Jacobin.” As recently as 1980, the U.S. taxed all incomes above $216,000 (or $658,213 in today’s dollars) at 70 percent rate. And recent research on optimal taxation has suggested that the ideal top marginal rate might be closer to 80 percent.

These facts led certain bloggers to describe the congresswoman’s idea as a “moderate policy.” And now, a new poll has confirmed that such bloggers are, in fact, profoundly wise.

Over the weekend, pollsters from the Hill–HarrisX asked voters, “Would you favor or oppose a tax proposal that would apply a 70% rate to the 10 millionth dollar and beyond for individuals making $10 million a year or more in reportable income?” — and 59 percent said yes.

The idea was “popular in all regions of the country.” Southerners backed it by a 57-to-43 percent margin, while 56 percent of voters in rural zip codes agreed that the socialist congresswoman was onto something. Even 45 percent of self-identified Republicans approved.

There are reasonable critiques of Ocasio-Cortez’s tax plan (raising taxes on capital gains might be a more effective way of soaking the superrich; a confiscatory top marginal rate might prove impotent, absent a global war on tax havens; socializing the means of production, under the control of a workers’ state, might be a more technocratically efficacious means of reducing America’s Gini coefficient). But the notion that it’s “politically damaging for Ds” ain’t one.

http://nymag.com/intelligencer/2019/01/poll-large-majority-backs-aocs-70-top-marginal-tax-rate.html?utm_source=tw&utm_medium=s1&utm_campaign=di&__twitter_impression=true

[AaronY]

"socializing the means of production, under the control of a workers’ state, might be a more technocratically efficacious means"

Wtf is this horseshit

[AaronY]

Lmao Karl Marx "means of production seized by the workers" bullshit in 2019 for christ sakes

[Trill Clinton]

"socializing the means of production, under the control of a workers’ state, might be a more technocratically efficacious means"

Wtf is this horseshit


Idk I'm still trying to figure that part out

[boutons_deux]

Idk I'm still trying to figure that part out

socializing is nationalization, which is what should have been done to bankrupt banks in 2009.

... just the oppsite of privatization, which is Capitalists taking over public organizations to crapify them and charge more

[hater]

I support it

Although I might change my mind if I make over 10 mill tbqh

Fuck it lets make it 30 mill and I support it 100% niga

Do it

[Will Hunting]

Lmao Karl Marx "means of production seized by the workers" bullshit in 2019 for christ sakes
This is where the AOC shit goes off the rails.

I fully support significantly higher taxes for the ultra rich (and by ultra rich I don’t mean small business owners who eak out a few million a year in hard earned income), but the talks of completely nationalizing the “means of production” is when you’re crossing over into full blown communism and completely disincentivizing innovation & growth.

The article is correct that raising the cap gains tax to match up with regular income would be a more effective approach though if you’re trying to target the super rich.

I also don’t understand why people are so against the estate tax. It’s a lot more fair to be taxing the fortune some rich asshole inherits and didn’t earn than it is to tax the person who actually earned the money.

[boutons_deux]

Some of you aces that are obsessed with AOC ...

where does she say that Labor should capture the means of production? or that (which?) companies should nationalized?

Capitalism SUCKS, is deeply anti-democratic, anti-nature, anti-human, is pure fascist authoritarianism

[BD24]

The other 40% similar to the (R)etards om this board probably don’t understand how a marginal tax rate works tbh

[Will Hunting]

The other 40% similar to the (R)etards om this board probably don’t understand how a marginal tax rate works tbh
I think this is actually what the other 40% consists of:

https://i.redd.it/zvdgc88x2aty.jpg

[AaronY]

This is where the AOC shit goes off the rails.

I fully support significantly higher taxes for the ultra rich (and by ultra rich I don’t mean small business owners who eak out a few million a year in hard earned income), but the talks of completely nationalizing the “means of production” is when you’re crossing over into full blown communism and completely disincentivizing innovation & growth.

.
Tbh AOC didn't say it the author of the article said it..and then I think boutons in this thread said it but who reads his posts anyway

[Blake]

I think this is actually what the other 40% consists of:

https://i.redd.it/zvdgc88x2aty.jpg

I don't want damn gubmint taking 70% of muh power ball winnings

[FrostKing]

Tax all those :monkey in American sports

[Blake]

Tax all those :monkey in American sports

Yeah you're totally not racist

[Will Hunting]

Tax all those :monkey in American sports
They're one of the most heavily taxed groups as it stands, so that's an incoherent comment.

They pay a higher rate because their earnings are condensed into a ~10 year stretch, and their taxes are on gross wages rather than wages after they're done paying their agents & lawyers.

[Spurminator]

This is why Republican messaging depends on people not understanding marginal tax rates.

I think 70% is too high an immediate jump, fwiw. But it could be worked up to. The previous highs didn't get cut down completely, they were shaved off over time.

[spurraider21]

This is why Republican messaging depends on people not understanding marginal tax rates.

I think 70% is too high an immediate jump, fwiw. But it could be worked up to. The previous highs didn't get cut down completely, they were shaved off over time.
evidently that's a remarkably safe bet

[Spurtacular]

I support societal pressure against companies overpaying execs while laborers do the heavy lifting.

[Nathan89]

"socializing the means of production, under the control of a workers’ state, might be a more technocratically efficacious means"

Wtf is this horseshit


Who cares. Let's poll it and see if 60% of Americans support it.

[Spurminator]

evidently that's a remarkably safe bet

Particularly when you control the messaging to a significant chunk of the audience.

[FrostKing]

Yeah you're totally not racist
MORE THAN AN ATHLETE :cry

[rmt]

Whether it's my 1000th dollar, my 10000th dollar, ..... or my 100 millionth dollar, I would not be risking it if I had to pay 70% tax - not worth the risk.

[AaronY]

Who cares. Let's poll it and see if 60% of Americans support it.
Good thing this aint two weeks ago because your erstwhile bernie bro ass would be sucking this authors dick tbh

[Winehole23]

"socializing the means of production, under the control of a workers’ state, might be a more technocratically efficacious means"

Wtf is this horseshit
the author imagining criticism of AOC from the left -- she's not socialist enough.

[Will Hunting]

Whether it's my 1000th dollar, my 10000th dollar, ..... or my 100 millionth dollar, I would not be risking it if I had to pay 70% tax - not worth the risk.
Not worth what risk? You’re going to tell me that the after tax returns with a 70% marginal rate for individual income (not corporation income, that would be a different story, were only talking about how the money is taxed once it’s distributed to individuals) over $10mm would make it so no investments worth the risk would exist? That seems like stretch.

[ElNono]

Not worth what risk? You’re going to tell me that the after tax returns with a 70% marginal rate for individual income (not corporation income, that would be a different story, were only talking about how the money is taxed once it’s distributed to individuals) over $10mm would make it so no investments worth the risk would exist? That seems like stretch.

:lol you're talking to somebody that was conned into blindly investing in Bitcoin coz it was trendy, without any background whatsoever on cryptocurrencies, which pretty much amounts to gambling your money on a Vegas casino.

If you wanna discuss risk assessment over baseline returns, look somewhere else.

[Will Hunting]

:lol you're talking to somebody that was conned into blindly investing in Bitcoin coz it was trendy, without any background whatsoever on cryptocurrencies, which pretty much amounts to gambling your money on a Vegas casino.

If you wanna discuss risk assessment over baseline returns, look somewhere else.
Don’t forget the faith-based health insurance plans she recommends that everyone get through their church :lol

”Get sick, go to the hospital, and then pray to Jesus that the Holy Ghost pays all of the medical bills!”

[baseline bum]

:lol you're talking to somebody that was conned into blindly investing in Bitcoin coz it was trendy, without any background whatsoever on cryptocurrencies, which pretty much amounts to gambling your money on a Vegas casino.

If you wanna discuss risk assessment over baseline returns, look somewhere else.

You could have just said he was talking to Wild Cobra.

[rmt]

:lol you're talking to somebody that was conned into blindly investing in Bitcoin coz it was trendy, without any background whatsoever on cryptocurrencies, which pretty much amounts to gambling your money on a Vegas casino.

If you wanna discuss risk assessment over baseline returns, look somewhere else.

I wonder why you think someone conned me to invest in bitcoin. Dh was mining bitcoin when it was $6 a bitcoin. I traded when it was in the $400-$800 range back in 2015? long before it was trendy. My regret was in selling the bitcoins at $800 each instead of holding on to them until it went up to $18k. One would think that after all the stuff that happened this past week, that people would stop jumping to conclusions.

[CosmicCowboy]

You could have just said he was talking to Wild Cobra.

no way RMT is Wild Cobra.

[rmt]

no way RMT is Wild Cobra.

Some mock, deflect or try to discredit by identity doubt. If they don't like what I say, please put me on ignore.

[baseline bum]

Some mock, deflect or try to discredit by identity doubt. If they don't like what I say, please put me on ignore.

Fuck off WC

[AaronY]

the author imagining criticism of AOC from the left -- she's not socialist enough.
"There are reasonable critiques of Ocasio-Cortez’s tax plan (raising taxes on capital gains might be a more effective way of soaking the superrich; a confiscatory top marginal rate might prove impotent, absent a global war on tax havens; socializing the means of production, under the control of a workers’ state, might be a more technocratically efficacious means of reducing America’s Gini coefficient). "

Thats some imagination then if seizing the means of production by the workers is reasonable

[AaronY]

no way RMT is Wild Cobra.
Lets put it this way..whether he/she/its Wild Cobra or not..isn't it enough of an insult that people think its possible that poster is Cobra?

I'd probably off myself if people thought I was Wild Cobra tbh

[CosmicCowboy]

Lets put it this way..whether he/she/its Wild Cobra or not..isn't it enough of an insult that people think its possible that poster is Cobra?

I'd probably off myself if people thought I was Wild Cobra tbh

I find it interesting people think she is stupid just because she is politically and religiously conservative. She is clearly intelligent. I think her running her own investment portfolio is pretty cool. Most women her age are content to let "the man" make the financial decisions.

[spurraider21]

I find it interesting people think she is stupid just because she is politically and religiously conservative. She is clearly intelligent. I think her running her own investment portfolio is pretty cool. Most women her age are content to let "the man" make the financial decisions.
:lol no

det conservative persecution complex is strong though

[CosmicCowboy]

:lol no

det conservative persecution complex is strong though

How is your stock portfolio? Jealous of a woman smarter than you?

[spurraider21]

How is your stock portfolio? Jealous of a woman smarter than you?
people say she's stupid because she says a lot of stupid things. well more accurately, she makes bold, confident claims on subject areas that she is clearly uninformed about. sometimes she does just say stupid shit, like when she couldn't pick up the absurdly obvious sarcasm from one of derp's trolls

[ElNono]

I wonder why you think someone conned me to invest in bitcoin. Dh was mining bitcoin when it was $6 a bitcoin. I traded when it was in the $400-$800 range back in 2015? long before it was trendy.


I heard that it briefly hit 19k on other techie sites - incredible. I usually just watch CoinBase but it is always lower than the rest. Sold my 20 bit coins at $400 each (at a loss to boot) - biggest investment mistake of my life but good thing - dh doesn't listen to me about his bit coins. Moved some money in from checking but it took 12 days to transfer! By then it had started its move up (was waiting for it to drop and it never did) and won't buy at this price. Please remind me next time to take my own advice.

You pretty much admitted to it, tbh, anything else?

[ElNono]

I find it interesting people think she is stupid just because she is politically and religiously conservative. She is clearly intelligent. I think her running her own investment portfolio is pretty cool. Most women her age are content to let "the man" make the financial decisions.

Really? I think you're a fairly smart person despite your views. She does come across as dumb as a rock, IMO. Maybe it's because you can elaborate what you're thinking, even if I don't agree with it.

[BD24]

I find it interesting people think she is stupid just because she is politically and religiously conservative. She is clearly intelligent. I think her running her own investment portfolio is pretty cool. Most women her age are content to let "the man" make the financial decisions.
You trying to get in her panties or something CC? I can't imagine you actually think she is smart tbh :lol

[Winehole23]

"There are reasonable critiques of Ocasio-Cortez’s tax plan (raising taxes on capital gains might be a more effective way of soaking the superrich; a confiscatory top marginal rate might prove impotent, absent a global war on tax havens; socializing the means of production, under the control of a workers’ state, might be a more technocratically efficacious means of reducing America’s Gini coefficient). "

Thats some imagination then if seizing the means of production by the workers is reasonableFringy right followed by fringy left.

Get used to it, not everyone remembers or even knows about the 20th century, for better and for worse.

[Winehole23]

AOC is nominally a Dem, but more DSA. She's not the only one.

[rmt]

You pretty much admitted to it, tbh, anything else?

Again, people jump to conclusions. Dh MINED his - long before most people ever heard of bit coin - and HELD ON to his (up to that time). I traded mine (bought and sold). Two completely different and separate ways of doing things. Mine was as an investment/speculation - his was a hobby. My dh doesn't tell me (or con me) into investing in anything (as in he trusts my instincts) - so far, it's worked out. I don't like to stay in the market in speculative things. I got in and took my gains (or losses) and got out of volatile "investments" (like bitcoin). That's how I earned my spending/extra money when we were on one income. Now, I'm working and don't have time to watch the market as I did when I was at home.

But our bread and butter retirement stuff is diversified (and boring) - real estate, 401k/roths in index funds, SS (if it's around) and whatever pension I get. I think we've done okay considering that I spent over 2 decades raising/homeschooling kids on one income.

Thank you for the kind words, CC - although you'll be ragged mercilessly for them. The reason most of you think I'm dumb as rocks is probably because you don't agree with what I say. I, otoh, am still on this site to learn and hear what YOU (the other side) have to say - regardless of the mocking and names. And I think that what everyone has to say (whether you think they are dumb or not) has value.

[DarrinS]

AOC is nominally a Dem, but more DSA. She's not the only one.

She's a far lefty cooktard, but represents what the Democrats are shifting toward.

[Pavlov]

She's a far lefty cooktard, but represents what the Democrats are shifting toward.Darrin lives in hope.

[DarrinS]

Darrin lives in hope.

Nah, just watching Democrats running for 2020 issue apologies for formerly mainstream Democratic positions.

[Pavlov]

Nah, just watching Democrats running for 2020 issue apologies for formerly mainstream Democratic positions.Like what?

[Winehole23]

Like what?Getting into specifics isn't Darrin's thing.

Emojis, trite comebacks and cable news clips are his whole game.

[ElNono]

Again, people jump to conclusions. Dh MINED his - long before most people ever heard of bit coin - and HELD ON to his (up to that time). I traded mine (bought and sold). Two completely different and separate ways of doing things. Mine was as an investment/speculation - his was a hobby. My dh doesn't tell me (or con me) into investing in anything (as in he trusts my instincts) - so far, it's worked out. I don't like to stay in the market in speculative things. I got in and took my gains (or losses) and got out of volatile "investments" (like bitcoin). That's how I earned my spending/extra money when we were on one income. Now, I'm working and don't have time to watch the market as I did when I was at home.

But our bread and butter retirement stuff is diversified (and boring) - real estate, 401k/roths in index funds, SS (if it's around) and whatever pension I get. I think we've done okay considering that I spent over 2 decades raising/homeschooling kids on one income.

Thank you for the kind words, CC - although you'll be ragged mercilessly for them. The reason most of you think I'm dumb as rocks is probably because you don't agree with what I say. I, otoh, am still on this site to learn and hear what YOU (the other side) have to say - regardless of the mocking and names. And I think that what everyone has to say (whether you think they are dumb or not) has value.

I don't know your husband, I don't think, and so I wouldn't comment on his smarts. And nothing personal, btw, just impressions.

Unfortunately, if people continually post stupid stuff, it's inevitable to eventually infer they're somewhat stupid. Like I said, I disagree on a ton of stuff with CC, but he can articulate his optics, which obviously makes for good conversation.

[pgardn]

Whether it's my 1000th dollar, my 10000th dollar, ..... or my 100 millionth dollar, I would not be risking it if I had to pay 70% tax - not worth the risk.

And that’s fine.
You can’t stand the perceived heat, You sit on the sidelines while others go forward.

[DarrinS]

Like what?


Getting into specifics isn't Darrin's thing.

Emojis, trite comebacks and cable news clips are his whole game.


https://www.commentarymagazine.com/politics-ideas/liberals-democrats/the-democratic-partys-war-on-context/

[Winehole23]

^^also, dumping links with no take

it's always safer to hide behind someone else's for deniability's sake.

[Winehole23]

https://www.commentarymagazine.com/politics-ideas/liberals-democrats/the-democratic-partys-war-on-context/What stood out for there?

[DarrinS]

What stood out for there?

Article I linked has several examples. I don't need to write a cliffs notes version for you.

[Pavlov]

Article I linked has several examples. I don't need to write a cliffs notes version for you.

lol Googlebot Darrin demands we subscribe to a website to get his nonanswer. :lmao

[Th'Pusher]

I find it interesting people think she is stupid just because she is politically and religiously conservative. She is clearly intelligent. I think her running her own investment portfolio is pretty cool. Most women her age are content to let "the man" make the financial decisions.

I don’t thisnk she’s stupid because she’s politically and religiously conservative. She just mimics the right wing talking points on just about every topic and seems incapable of going any deeper. She is well informed on right-wing talking points, I’ll give her that.