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News & Current Events Discuss Warren’s Plan Is Latest Push by Democrats to Raise Taxes on the Rich at the General Forum; Originally Posted by The New York Times WASHINGTON — Senator Elizabeth Warren of Massachusetts, a Democratic candidate for president, is ...

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Old 02-01-2019, 02:33 PM
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Default Re: Warren’s Plan Is Latest Push by Democrats to Raise Taxes on the Rich

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Originally Posted by The New York Times
WASHINGTON — Senator Elizabeth Warren of Massachusetts, a Democratic candidate for president, is expected to unveil a plan that would impose a new annual tax on the 75,000 wealthiest families in the United States.

Her plan is the latest sign of how Democrats, with an eye toward 2020, are looking to tax the rich to pay for expanded social programs and distribute wealth more evenly. In recent weeks other Democrats have called for increasing marginal income tax rates for the very rich, including Representative Alexandria Ocasio-Cortez, the freshman from New York who has proposed a 70 percent top rate on income exceeding $10 million a year.

Ms. Warren’s so-called ultramillionaire tax would levy a 2 percent annual tax on all assets — including stocks, real estate and retirement funds, held either in the United States or abroad — owned by households with a net worth of $50 million or more. It would add an additional 1 percent “billionaire surtax” on households with net worth exceeding $1 billion, a group that includes President Trump.

No assets would be exempt. The plan also calls for increased spending at the Internal Revenue Service to ensure that Americans are not evading the tax. And it would impose an “exit tax” on those seeking to avoid the wealth tax by renouncing their American citizenship.

The proposal would raise $2.75 trillion in tax revenue over a decade, according to calculations by Emmanuel Saez and Gabriel Zucman, two University of California-Berkeley economists whose work documents the growing concentration of wealth in the United States. Ms. Warren and her team consulted with Mr. Saez and Mr. Zucman in drafting the proposal, which seeks to establish a new measure of “progressivity” in taxation, based on what Americans own, not just what they earn.

“It’s time to fundamentally transform our tax code so that we tax the wealth of the ultrarich, not just their income,” Ms. Warren said on Thursday. “By asking our top 75,000 households to pay their fair share, my proposal will help address runaway wealth concentration and at the same time accelerate badly needed investments in rebuilding our middle class.”
This "ultrarich" tax would soon mutate into a tax on less wealthy people--say, the upper-middle class--as it would eventually become clear that there is just not enough money available to tax, with multimillionares and billionaires, as there are not enough of them.

The good news, however, is that Sen. Warren will never become president, in my opinion--even if she should secure the Democratic nomination.
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Old 02-01-2019, 03:21 PM
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Default Re: Warren’s Plan Is Latest Push by Democrats to Raise Taxes on the Rich

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This "ultrarich" tax would soon mutate into a tax on less wealthy people--say, the upper-middle class--as it would eventually become clear that there is just not enough money available to tax, with multimillionares and billionaires, as there are not enough of them.
last phrase bolded by me

In all actuality, it is no business of anybody, liberal or conservative, to tell rich people what to do with their money, and that includes levying punitive taxes on them just because some dickheads want to "spread the wealth", like the dickhead Obama stated once.

The liberal snowflake whine in 3...2...
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Old 02-01-2019, 03:25 PM
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Default Re: Warren’s Plan Is Latest Push by Democrats to Raise Taxes on the Rich

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Originally Posted by GetAClue View Post
This next election doesn't have democrats just moving left, they are racing towards flat out Communism. Warren doesn't just want to increase income taxes on the rich, she wants to flat out begin confiscation of part of their wealth for the sin of being wealthy.




Read the rest here https://www.nytimes.com/2019/01/24/u...democrats.html
yes they were lowered lowered and lowered by Reagan, bush Jr and now idiot stick's administration and republican congresses. That got everything out of whack.
And it's the marginal rate she is talking about.
First dollar over $10,000,000 earned in a year.
As for confiscation no that is wrong. If you earn at all you pay and only over a certain amount. If you earn you pay, whether it is a yacht that has somehow earned value or a collection of paintings or stamps. That is how I understand it.

It is a little more extreme than I would have started at but you have to consider how extreme and devastating the increase is that has gone to the rich each time gouging the middle class and the poor so that we barely recognize our country anymore.
While 26 people sit on top of a horde of cash and valuable assets, 3 point eight billion don't have a blanket or food all the time or a house intermittently, some never. the other 3.8 billion are considered middle class and America has less than half its population in that category of middle class. The country with the most middle class people today is Canada.
So this idea is a good kick starter or if it passed, which I doubt it could be in effect for a time and rates could be adjusted like when JFK gave the economy a boost -think by too much of a tax slash but something lower than 91 all the way down to 70%. Lower it by increments. If it is 70% and thinks are hunky dory for awhile, lower it a few percentage points. Keep the interest rates in mind all the time.
Eventually I think we would have an equitable system.
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Old 02-01-2019, 03:36 PM
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Default Re: Warren’s Plan Is Latest Push by Democrats to Raise Taxes on the Rich

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It is a little more extreme than I would have started at but you have to consider how extreme and devastating the increase is that has gone to the rich each time gouging the middle class and the poor so that we barely recognize our country anymore.
It's their damned money! All liberal thieves, butt out!
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Old 02-01-2019, 04:00 PM
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Default Re: Warren’s Plan Is Latest Push by Democrats to Raise Taxes on the Rich

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It's their damned money! All liberal thieves, butt out!
nice bumper sticker

the reason trump is afraid of warren is she explains the middle class economic collapse so well. I already knew it-lived through it-but she is the first politician of any significance I have heard explain it to the public so most can understand it. because you gotta consider there are people who weren't even born yet when this mayhem started.
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Old 02-01-2019, 04:02 PM
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Default Re: Warren’s Plan Is Latest Push by Democrats to Raise Taxes on the Rich

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Originally Posted by saltwn View Post
yes they were lowered lowered and lowered by Reagan, bush Jr and now idiot stick's administration and republican congresses. That got everything out of whack.
And it's the marginal rate she is talking about.
First dollar over $10,000,000 earned in a year.

As for confiscation no that is wrong. If you earn at all you pay and only over a certain amount. If you earn you pay, whether it is a yacht that has somehow earned value or a collection of paintings or stamps. That is how I understand it.

It is a little more extreme than I would have started at but you have to consider how extreme and devastating the increase is that has gone to the rich each time gouging the middle class and the poor so that we barely recognize our country anymore.
While 26 people sit on top of a horde of cash and valuable assets, 3 point eight billion don't have a blanket or food all the time or a house intermittently, some never. the other 3.8 billion are considered middle class and America has less than half its population in that category of middle class. The country with the most middle class people today is Canada.
So this idea is a good kick starter or if it passed, which I doubt it could be in effect for a time and rates could be adjusted like when JFK gave the economy a boost -think by too much of a tax slash but something lower than 91 all the way down to 70%. Lower it by increments. If it is 70% and thinks are hunky dory for awhile, lower it a few percentage points. Keep the interest rates in mind all the time.
Eventually I think we would have an equitable system.
You may want to read it again. She is talking about taxing their assets every year. That is not a tax on income, but a tax on what they own.

As for the rest of your babble, that is not the topic of the thread. If you want to complain about the rich not paying enough taxes, do it in another thread.
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Old 02-01-2019, 04:03 PM
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Default Re: Warren’s Plan Is Latest Push by Democrats to Raise Taxes on the Rich

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Originally Posted by saltwn View Post
nice bumper sticker

the reason trump is afraid of warren is she explains the middle class economic collapse so well. I already knew it-lived through it-but she is the first politician of any significance I have heard explain it to the public so most can understand it. because you gotta consider there are people who weren't even born yet when this mayhem started.
Do you remember the Luxury tax that democrats levied years ago? Do you remember what happened?
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Old 02-01-2019, 04:31 PM
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Default Re: Warren’s Plan Is Latest Push by Democrats to Raise Taxes on the Rich

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Originally Posted by saltwn View Post
the reason trump is afraid of warren...
Give me a break! Trump is probably nauseated by the ass hole, but afraid?
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Old 02-01-2019, 04:40 PM
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Default Re: Warren’s Plan Is Latest Push by Democrats to Raise Taxes on the Rich

Perhaps there is a definition issue with the term Communism. There is the Karl mark theory that has never been successfully done. And the practical definition as practiced by the Soviet Union, Cuba or China.

In practice communism never has the purity of the Karl Marx socialist model. Historically, it always devolves to a dictatorship or an Oligarchy. And though such governments are titled as democratic or republics, the concentration of corruptible power is such that those nations are never truly either democratic or republic. And the citizens are never ever free and run their state by definitions as we know them here.

In all three versions, the start of the conversion from other forms involves the seizing of private assets by the government. Hence the proper reference to the term Communism, as done here by GetAClue and Dog Man, when socialists threaten to take assets and wealth from the private sector, is appropriate.
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Old 02-01-2019, 04:59 PM
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Default Re: Warren’s Plan Is Latest Push by Democrats to Raise Taxes on the Rich

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Originally Posted by FrancSevin View Post
Perhaps there is a definition issue with the term Communism. There is the Karl mark theory that has never been successfully done. And the practical definition as practiced by the Soviet Union, Cuba or China.

In practice communism never has the purity of the Karl Marx socialist model. Historically, it always devolves to a dictatorship or an Oligarchy. And though such governments are titled as democratic or republics, the concentration of corruptible power is such that those nations are never truly either democratic or republic. And the citizens are never ever free and run their state by definitions as we know them here.

In all three versions, the start of the conversion from other forms involves the seizing of private assets by the government. Hence the proper reference to the term Communism, as done here by GetAClue and Dog Man, when socialists threaten to take assets and wealth from the private sector, is appropriate.
Everything, even your children, is deemed as property of Big Brother. No liberal ass hole will be satisfied until Big Brother has the power to wipe his butt, feed him, and kiss his booboos from birth until death.
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