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

[Chris]

[Roscoe P. Coltrane]

When it’s only on income of $10 million or more? I don’t.

So let's say there is a 70% tax on income and you live in a state like California. You now have an 82% tax rate. How do you think that will affect those states? Buinessses will not expand, you won't be seeing many new buissness being created, there will be even less Ma and Pa companies because they won't be able to compete with corperations, you'll see more companies move businesses to Mexico, China ect. There would be massive layoffs and the cost of higher taxes pushed on to the consumer. Do you not think that those people will find a way to recover their lost profits?

[boutons_deux]

Buinessses will not expand, speculaton

you won't be seeing many new buissness being created, speculation

there will be even less Ma and Pa companies because they won't be able to compete with corperations, they can't compete now

you'll see more companies move businesses to Mexico, China ect. speculation

There would be massive layoffs speculaiton

and the cost of higher taxes pushed on to the consumer. speculaton

when CA raised taxes on the wealthy, there was speculation/wishful thinking that CA's billionaires would move out of CA. didn't happen

And what if the highly progressive Federal taxes paid for Medicare for all, totally removing the cost of employer group plans, paid for Fed free or low-cost day care?

you assholes always assume tax money is lost, returns no benefit to the taxpayer, and that's exactly the LIE from the oligarchy.

Scandanavians see high taxes as investments in their countries, with fantastic benefits being returned to the taxpayers.

[spurraider21]

Another guy who doesn’t understand marginal tax rates

[Hillary Clinton]

Thinking chrissyboy would get taxed that.

[Spurminator]

Again, do you not think that a 70% tax rate will eventually affect lower income workers?

No. Because it's an income tax rate, not a corporate tax rate.

State your case.

[Spurminator]

So let's say there is a 70% tax on income and you live in a state like California. You now have an 82% tax rate. How do you think that will affect those states? Buinessses will not expand, you won't be seeing many new buissness being created, there will be even less Ma and Pa companies because they won't be able to compete with corperations, you'll see more companies move businesses to Mexico, China ect. There would be massive layoffs and the cost of higher taxes pushed on to the consumer. Do you not think that those people will find a way to recover their lost profits?

"Ma and Pa" businesses won't be affected by a tax rate on income over $10 million, dude LOL

[Chris]

“You cannot legislate the poor into freedom by legislating the wealthy out of freedom. What one person receives without working for, another person must work for without receiving. The government cannot give to anybody anything that the government does not first take from somebody else. When half of the people get the idea that they do not have to work because the other half is going to take care of them, and when the other half gets the idea that it does no good to work because somebody else is going to get what they work for, that my dear friend, is about the end of any nation. You cannot multiply wealth by dividing it.”

[Roscoe P. Coltrane]

"Ma and Pa" businesses won't be affected by a tax rate on income over $10 million, dude LOL

They most certainly will. I work for a company that is owned by a husband and wife and they pull in around 12 mil a year in profit. The company is based out of California so they would pay 82% in taxes. They would definitely cut my pay, eliminate mine or others positions in order to gain back profit. They also mght have to sale their home and or other assets because what they own is based on what they make currently bring in. If 82% percent of their income is gone they would no longer be able to pay for it anymore. Don't be an idiot.

[Winehole23]

apologizing for the domination of society and government by a small number of very rich people isn't freedom, it's the definition of indoctrination

[AaronY]

You realize wages and payroll expenses are tax deductible?

The amount of cuckservatives who don’t understand that wages get paid before any income tax gets paid is stunning.

why would you be stunned ducks doesnt understand something

[boutons_deux]

apologizing for the domination of society and government by a small number of very rich people isn't freedom, it's the definition of indoctrination

"domination of society and government by a small number of very rich people" is the definition of oligarchy, is why America is ed into permanent decline

The oligarchy has lied to, indoctrinated America for decades that (unregulated) Capitalism is the best way to organize society, almost as some kind Natural Law that cannot be violated.

Result?

Capitalism, profoundly anti-democratic, has FAILED to provide freedom for the majority of Americans (poverty and/or crushing debt isn't freedom) and maximum freedom to the minuscule (white male) oligarchy.

[DarrinS]

No you didn’t you ing moron you didn’t, and still don’t, understand any of this.

Congrats you’re as smart as spurts.

gfy, rage queen

[DarrinS]

Never earned an honest dollar in your life, have you

Have you found a new job after getting fired from Xhale City Vape?

[Spurminator]

They most certainly will. I work for a company that is owned by a husband and wife and they pull in around 12 mil a year in profit. The company is based out of California so they would pay 82% in taxes. They would definitely cut my pay, eliminate mine or others positions in order to gain back profit. They also mght have to sale their home and or other assets because what they own is based on what they make currently bring in. If 82% percent of their income is gone they would no longer be able to pay for it anymore. Don't be an idiot.

First,


Second, let's pretend you're not making this up.
Let's assume they keep all $12 million in profit as income and choose not to reinvest any of it into expanding or improving the business.
Let's also assume they don't deduct anything.
They would still only pay the full 82% on dollars $10,000,001 to $12,000,000.

So their tax rate would rise from (I assume) 49% to 82% on $2M of their income. If remaining tax brackets stay the same, their take home income goes down by $660,000. That's not an insignificant change, but it's also not any more uncommon than the swings business owners or CEO's see in a down sales year.

So if they're really going to cut employee pay over their take-home pay of around $7 million going down by less than 10%, then you work for ty people and you should find a new job.

Anyway, I already said in this thread that I don't agree with going to 70% this soon because it's too drastic a swing for some people and it might force them to move. But LOL at calling a $10 million+ profit company a "Ma and Pa" business. Less than 10% of small businesses even bring in over $1 million (in annual sales, not even profit).

[Spurminator]

Also LOL at them having to move out of their home, like half of their pre-tax $12 million income is tied up in a mortgage or something.

[Roscoe P. Coltrane]

First,


Second, let's pretend you're not making this up.
Let's assume they keep all $12 million in profit as income and choose not to reinvest any of it into expanding or improving the business.
Let's also assume they don't deduct anything.
They would still only pay the full 82% on dollars $10,000,001 to $12,000,000.

So their tax rate would rise from (I assume) 49% to 82% on $2M of their income. If remaining tax brackets stay the same, their take home income goes down by $660,000. That's not an insignificant change, but it's also not any more uncommon than the swings business owners or CEO's see in a down sales year.

So if they're really going to cut employee pay over their take-home pay of around $7 million going down by less than 10%, then you work for ty people and you should find a new job.

Anyway, I already said in this thread that I don't agree with going to 70% this soon because it's too drastic a swing for some people and it might force them to move. But LOL at calling a $10 million+ profit company a "Ma and Pa" business. Less than 10% of small businesses even bring in over $1 million (in annual sales, not even profit).

lol why would I be making it up. 70% federal income tax rate + 12% state income tax rate is way more than a loss of 666,000. They would most certainly downsize to get below the 10 mil. Any smart business person would do that.

[DarrinS]

Why do you refuse to answer? You ever earned an honest dollar through work in your life?

You aren’t smart enough to be as wealthy as you try to project, did you inherit all your money like pedo sucker cowboy did?

If anything, I have negative inheritance as I have to financially support an aging parent whose only income is SS.

Your bitterness comes through in all of your posts. I'd say you'd reach my level of financial independence one day, but its been my experience that bitter, angry people like yourself don't climb very far up the ladder.

[Spurminator]

lol why would I be making it up. 70% federal income tax rate + 12% state income tax rate is way more than a loss of 666,000. They would most certainly downsize to get below the 10 mil. Any smart business person would do that.

Do the math. If they make $12 million, they're already paying 37% federal + 12% state taxes on income between $600K and $12 million.

Going to 70% federal for earnings above $10 million is an increase of 33% on $2 million.

$2 million x 33% = $660,000.

Taxes on dollars $1 thru $10,000,000 remain the same.

If they have less than a 10% buffer on their living expenses or business costs they're probably not very good businesspeople, and I have a hard time believing anyone that careless with money runs a business that brings in over $10 million in profit.

[spurraider21]

lol why would I be making it up. 70% federal income tax rate + 12% state income tax rate is way more than a loss of 666,000. They would most certainly downsize to get below the 10 mil. Any smart business person would do that.

another person who doesn't understand how tax brackets work ... its uncanny

maybe ocasio cortez can give you a lesson on how this stuff works

[Spurminator]

I just noticed the "downsize to get below $10 million" part.

Jesus, do any of you file taxes? I know a lot of people outsource their tax services but you really should at least LOOK at them before filing... It's baffling how many people lack a fundamental understanding of tax brackets.

[spurraider21]

I just noticed the "downsize to get below $10 million" part.

Jesus, do any of you file taxes? I know a lot of people outsource their tax services but you really should at least LOOK at them before filing... It's baffling how many people lack a fundamental understanding of tax brackets.

so far in this thread alone we've had derptacular, chris, roscoe coltrane who have shown they dont know how tax brackets work

excluded darrin who acknowledged his error and recanted. at least rmt knows how it works

[Roscoe P. Coltrane]

I just noticed the "downsize to get below $10 million" part.

Jesus, do any of you file taxes? I know a lot of people outsource their tax services but you really should at least LOOK at them before filing... It's baffling how many people lack a fundamental understanding of tax brackets.

lol, you got me. I wasn't paying attention. I included the amount below 10 mil and admit im not a tax expert. We have a account that doesn't our taxes. Either way 600,000 grand is a fair amount of money they will find a way to make up that amount of money. Would you be happy with losing 600,000 to the government with out a decrease in your work load or responsibilities? There is a lot of liability in the industry that I work in. Don't know why you are so eager to see the government take people's money. Is your jealously for people that have some money that great? If there is a 70% tax increase it should be well over the 10 mil mark. Not only that a 70% tax increase on earnings over 10 mil would not be enough to pay for what she's proposing. So it will trickle down to the middle class and lower income workers. And it will definitely create loss of jobs and wages.

[ElNono]

It's all academic and 600 grand sounds like a lot of money, but it's the price you pay for being successful, and stings a whole lot less than getting $1200 off somebody that makes just $10000. This is where we enter the 'fairness' area, and unless you're living the multi-million dollar life, it's difficult for people to get in those shoes too.

[DarrinS]

It's all academic and 600 grand sounds like a lot of money, but it's the price you pay for being successful, and stings a whole lot less than getting $1200 off somebody that makes just $10000. This is where we enter the 'fairness' area, and unless you're living the multi-million dollar life, it's difficult for people to get in those shoes too.

I agree, but there aren't enough people in the "tippy top" to pay their fair share in order to finance AOC's utopian social justice green deal.

So, you'd have to go get $ from lower tier brackets, i.e. upper middle class.