Billionaire Tax

Flash said:
Non-capitalist countries don't have food deserts? North Korea, China, Cuba?
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That was my first thought as well. Think of the Soviet Union during their heyday as well. Too funny.

Locally they’ll talk about a couple of places in Oakland that are food deserts that are getting new grocery stores, shopping options, etc. Then the complaint turns to “well it’s gentrifying the neighborhood”. It’s a never ending face palm.
 
There's a lot about the wealth tax in Elizabeth Warren's current book, Persist.

It would do so much good without really hurting the billionaire class in any practical way.
With the economy propped up, the assholes would make even more money.
 
NiftyNiblick said:
There's a lot about the wealth tax in Elizabeth Warren's current book, Persist.

It would do so much good without really hurting the billionaire class in any practical way.
With the economy propped up, the assholes would make even more money.
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You can read about why several European countries removed their wealth tax. Many things may sound good on paper but work out differently in the real world
 
France tried to tax the snot out of millionaires, let alone billionaires, a few years back. It ended badly...

PARIS, Dec 29 - France's Constitutional Council gave the green light on Sunday to the government's controversial 'millionaire tax', to be levied on companies that pay salaries of more than 1 million euros ($1.38 million) a year.

The measure, introduced in line with a pledge by President Francois Hollande to make the rich do more to pull France out of crisis, has infuriated business leaders and soccer clubs, which at one point threatened to go on strike.

It was originally designed as a 75 percent tax to be paid by high earners on the portion of annual income exceeding 1 million euros, but the council rejected it last year, saying it was unfair. France's top administrative court later said that 66 percent was the legal maximum for individuals.
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https://www.huffpost.com/entry/france-millionaire-tax_n_4518698

Here's what happened:

Now it's FREXIT: France lost the most millionaires last year after spate of terror attacks and despite improving economy
82,000 people with more than $1 million in assets left home countries last year
France lost most 'high-net-worth' individuals, with 12,000 millionaires leaving
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https://www.dailymail.co.uk/news/article-4269494/France-lost-millionaires-year.html

You try to tax the snot out of billionaires and they'll leave. The feds won't get shit from them, and they won't care. They'll still be billionaires and the government will still be run on a credit card.
 
cawacko said:
That was my first thought as well. Think of the Soviet Union during their heyday as well. Too funny.

Locally they’ll talk about a couple of places in Oakland that are food deserts that are getting new grocery stores, shopping options, etc. Then the complaint turns to “well it’s gentrifying the neighborhood”. It’s a never ending face palm.
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Grocery stores usually stock what their customers will purchase.
 
cawacko said:
You can read about why several European countries removed their wealth tax. Many things may sound good on paper but work out differently in the real world
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Let's try it, see how it fucks everything up, and then remove it.
Whatever the hell we're doing now isn't working.
 
I have heard the Dems think that no company or rich person should get away without paying a min 15 percent. That is very reasonable and they should be paying some of the cost of running the country.
 
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Hello cawacko,

cawacko said:
That was my first thought as well. Think of the Soviet Union during their heyday as well. Too funny.

Locally they’ll talk about a couple of places in Oakland that are food deserts that are getting new grocery stores, shopping options, etc. Then the complaint turns to “well it’s gentrifying the neighborhood”. It’s a never ending face palm.
Click to expand...

We are not trying to emulate the Soviet Union. We want to build a better nation than that.
 
Hello Flash,

Flash said:
Buffet's secretary (and everybody else) pay only 15% on her capital gains. Buffet pays 17.4% on taxable income.
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Capital Gains for the super-rich should be taxed at a higher rate than earned income below the 90% wealth level.

Why should the person who doesn't even have to work for income get a tax perk above the person who is budgeting to make ends meet? That's not right.
 
Hello Flash,

Flash said:
Average tax rate:

Top 1%: 25.4%
Top 5%: 22.0%
Top 10%: 19.9%
Top 25%: 16.8%
Top 50%: 14.6%
Bottom 50%: 3.4%

Very progressive income tax--as intended.
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But still it is not enough to pay the debt nor fund needed expenditures.

Debt to GDP is getting too high and infrastructure is crumbling and outdated, inadequate for today's needs.

Just as electricity spurred the US economy when brought to regions which lacked it, so shall internet service.
 
Hello Nordberg,

Nordberg said:
I have heard the Dems think that no company or rich person should get away without paying a min 15 percent. That is very reasonable and they should be paying some of the cost of running the country.
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Many very large corporations pay no tax at all. Their executives are paid 100's of times the AVERAGE worker pay.
 
PoliTalker said:
Hello Flash,

Two wrongs don't make a right.
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Then why mention "capitalist" countries if it is (even more) true in socialist nations?

It is not a "wrong" if consumers choose to buy less than healthy products. I have relatives in the food broker business (measure shelf space for their products, make sure the products are properly placed and not damaged, etc) and they will put whatever products are in demand at that location. It is not a food desert but a choice of consumers. I have friends who mostly buy junk food like chips and beer and others who drink wine and buy healthier foods.

For example, they never put stuff like cheese balls in an Hispanic area because they don't eat stuff like that.
 
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