Democratic Primaries

oldsoftie

(13,538 posts)

2. Cute, but flawed & unrealistic in so many ways.

Sun Oct 27, 2019, 06:06 PM

Oct 2019

The biggest being that during the years when the tax rates WERE so much higher, hardly anyone paid those rates. There were so many more deductions back in those days, and the highest rates were also reserved for only a handful of taxpayers.
Another flaw is the statement that "the rest of the population pays 25-30% of their income in taxes". 1/2 of the working population pay NO income taxes. Sure, they pay property tax & maybe state tax, but no INCOME tax.
And without a VAT tax, trillions of dollars in income avoids taxes altogether.
But no one wants to talk about what actually works, just about what feels good. There arent enough rich people to raise the money needed. Period.

If I were to vote in a presidential
primary today, I would vote for: Joe Biden

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Warren's wealth tax would solve economic inequality, says economist Gabriel Zucman [View all] bluewater Oct 2019 OP

I'm for a wealth tax. Turin_C3PO Oct 2019 #1

Great! I am tired of paying property taxes on my home. bluewater Oct 2019 #3

Cute, but flawed & unrealistic in so many ways. oldsoftie Oct 2019 #2

Don't forget the payroll taxes for Social Security. bluewater Oct 2019 #4

But i'm referring to income taxes. 1/2 of federal income comes from income taxes. oldsoftie Oct 2019 #5

"the rest of the population pays 25-30% of their income in taxes" bluewater Oct 2019 #6

Of course. Its pretty simple. But it requires being objective & honest oldsoftie Oct 2019 #8

You are forgetting another major tax source bluewater Oct 2019 #10

You are MOST welcome!!! And thank YOU oldsoftie Oct 2019 #11

OK, so using Warrens 2% tax on over 50M, you STILL wont get nearly enough oldsoftie Oct 2019 #9

You need to show some math on those numbers. bluewater Oct 2019 #12

Well, i just estimated how much of the 31T covers the "over 50M" crowd. oldsoftie Oct 2019 #13

What we need is a better breakdown of wealth distribution or we are just guessing. bluewater Oct 2019 #16

We used to invest in our society at large Turbineguy Oct 2019 #7

No it wouldn't dsc Oct 2019 #14

Even if it is a good idea, it will never pass. I prefer ideas and plans that actually have a chance Thekaspervote Oct 2019 #15

Well overdue! WobblyDem Oct 2019 #17