Ocasio Cortez proposes 70% tax on ich to save the planet

[DarrinS]

My point remains that super wealthy people know how to lower their tax burden.

[Spurminator]

My point remains that super wealthy people know how to lower their tax burden.

And, like I said, in the past they often did that through philanthropy.

The problem with this kind of hike is that when you enforce an income swing this extreme on people who can afford to move, many of them probably will. If 60%-70% is the right number, you still have to get there gradually.

[CosmicCowboy]

it's not unprecedented. the top tax rate exceeded 70% in the 50's, 60's, 70's

at least she understands the concept of marginal rates. you'd be surprised how many people dont

Not the real rate. There were huge deductions and tax shelters. Average taxpayers could deduct all interest...not just house...car, credit card, etc.

[Winehole23]

And, like I said, in the past they often did that through philanthropy.

The problem with this kind of hike is that when you enforce an income swing this extreme on people who can afford to move, many of them probably will. If 60%-70% is the right number, you still have to get there gradually.

70% sounds like it was picked to please the left wing of the Democrats. The most efficient rate is probably significantly lower, but there's little doubt we've got headroom.

[spurraider21]

Not the real rate. There were huge deductions and tax shelters. Average taxpayers could deduct all interest...not just house...car, credit card, etc.

i just said it's not unprecedented. i didnt say 70% is necessarily the way to go

its also easy to work around if you just adjust where the brackets lie. make it for earners of 20 mil instead of 10 mil, etc.

[spurraider21]

For last year

tax paid: 132,490
39.6% tax bracket
27.29% effective tax rate

I'm painfully aware how much I'm being taxed.

explain why you thought anderson cooper would save money by reducing his income to 9.9 million

[pgardn]

For last year

tax paid: 132,490
39.6% tax bracket
27.29% effective tax rate

I'm painfully aware how much I'm being taxed.

So you must withdraw around $1 million a year from inherited IRA’s ?

I got a friend like you.

[DarrinS]

explain why you thought anderson cooper would save money by reducing his income to 9.9 million

Yeah, that was about as well thought out as her proposed tax policy.

[Will Hunting]

What is the definition of "rich" that will pay this 70%?

It should be into the millions before people are paying that much, my opinion at least.

[Chris]

Socialism is cool. Ocasio Cortez is hot.

[DarrinS]

It should be into the millions before people are paying that much, my opinion at least.

Like Patty Mills rich?

[Will Hunting]

Like Patty Mills rich?

Idk how much he makes but every time Ive gone to check how much some random role player makes in the last 2 year I’ve been in disbelief.

Keep in mind, if we were merely going by my opinion, I’d also do away with the payroll tax (for both employee and employer) and i wouldn’t have sales taxes. Both of those are death to the economy imo.

[Spurtacular]

Spurtacular this is what i was saying about people not understanding marginal tax rates

also darrin, did you not read that ENTIRE 2 sentence quote spurminator provided for you?

I know what marginal taxes are (despite your dumb claim). Don't sperm shield for OC, bruh, if you don't want to be called out.

[spurraider21]

I know what marginal taxes are (despite your dumb claim). Don't sperm shield for OC, bruh, if you don't want to be called out.

i never accused you of it.

darrin showed off his ignorance in that post. glad he apparently read up on it since.

[Spurtacular]

i never accused you of it.

darrin showed off his ignorance in that post. glad he apparently read up on it since.

Your sperm shielding started before DarrinS posted. Nor did he say anything erroneous on a quick check.

[Spurtacular]

explain why you thought anderson cooper would save money by reducing his income to 9.9 million

It's obvious he was implying a new bracket would start at 10 million.

[spurraider21]

Your sperm shielding started before DarrinS posted. Nor did he say anything erroneous on a quick check.

this is incredibly erroneous

So, Anderson Cooper would just take home 3.6M of his 12M salary? I don't think so. He'd probably renegotiate his salary to 9.9M and get some other kind of financial incentive.

People still have this fantasy that the rich actually paid 90% in the 1950's, as if there weren't ways to dramatically reduce their tax exposure.

[spurraider21]

It's obvious he was implying a new bracket would start at 10 million.

if it's so obvious, how would he come to the conclusion that anderson cooper would take home 3.6M of his 12M salary? its funny, because that only works if his entire 12M salary was taxed at exactly 70%.

it also makes no sense because darrin thought he would take home more money if he made 9.9M than 12M

So, Anderson Cooper would just take home 3.6M of his 12M salary? I don't think so. He'd probably renegotiate his salary to 9.9M and get some other kind of financial incentive.

People still have this fantasy that the rich actually paid 90% in the 1950's, as if there weren't ways to dramatically reduce their tax exposure.

[Spurtacular]

this is incredibly erroneous

How so? Cos you didn't understand the implication that the highest bracket would start at 10 million in that scenario? DarrinS may not have spelled it out for you; but it's obvious that he was speaking intelligibly on the matter.

[Spurtacular]

if it's so obvious, how would he come to the conclusion that anderson cooper would take home 3.6M of his 12M salary? its funny, because that only works if his entire 12M salary was taxed at exactly 70%.

it also makes no sense because darrin thought he would take home more money if he made 9.9M than 12M

Good gawd you want to be spoonfed today. 3.6 M is 30 percent of 12 M. Going down a bracket and finding other options like stock options or other "payments" or something of the sort would allow him to then keep more money on whatever figure it all adds up to be.

[Spurtacular]

It should be into the millions before people are paying that much, my opinion at least.

How would that help wages on anyone that is not in government?

[DarrinS]

Yeah, I fvcked up something simple and spurraider is just having fun dragging me over it. Whatevs

[Chris]

[Will Hunting]

How would that help wages on anyone that is not in government?

It’s more money into the economy, plus it reduces the deficit.

[spurraider21]

Good gawd you want to be spoonfed today. 3.6 M is 30 percent of 12 M. Going down a bracket and finding other options like stock options or other "payments" or something of the sort would allow him to then keep more money on whatever figure it all adds up to be.

that's exactly my point. so you dont know what marginal tax rates are either.

good to know. how does it feel then AOC knows more about tax policy than you do?


DarrinS maybe you can help him out tbh