R&P poll: 70% tax bracket on income above $10 million?

[Shortfuze]

This is AOC's idea. Keep in mind though, the 70% is only applicable to taxable income above 10 million dollars. So if you make 15 milion dollars, you'll still be taxed at the marginal tax bracket of 37% for hitting 10 million dollars. But that extra 5 million you made will be hit with 70%.

source: https://finance.yahoo.com/news/alexa...162500168.html

[ymer]

Insane and stupid, would cause a lot more wealth to flee the US.

[MiamiLife305]

I'm not an economist nor do I even know how taxes really work

So I have no idea

[Postmort3m]

Nobody should ever be taxed more than half what they make.

[sawoobley]

Besides the fact it is immoral to rob people of their money, I would rather have some rich fat cat retain his money than have it taken by the government to be squandered in some politicians pet program.

[sawoobley]

Nobody should ever be taxed more than one third of what they make.

Fixed

[jlsnyderTypeR]

Nobody should ever be taxed more than half what they make.

When you factor in everything we pay taxes on, we're already paying the government more than 50%.

Edit: Wizard! ^^

[RIKTER]

BRB new tax rate would not effect the wealthiest person(Bezos) on the planet as his salary is in the 2 million range.

[AriGhold]

Nobody should ever be taxed more than half what they make.

Why can’t people understand a marginal tax rate? Do you not pay taxes?

[Mark1T]

Insane and stupid, would cause a lot more wealth to flee the US.

That is what will happen and what has happened. Not only wealthy people, but more corporations will move offshore as they did prior to Trump. Trump has given corporation incentive to bring that money back to the US.

Most people who will vote left, have no clue. They are just convinced that having so much money is wrong and that the rich are keeping money away from everyone else, as if there is a limited amount of money to go around. The dems are misrepresenting how economics work and also misrepresenting immigration.

Say what you like about Trump, but he knows more about economics than most previous Presidents.

[jlsnyderTypeR]

Why can’t people understand a marginal tax rate? Do you not pay taxes?

We need a flat-tax rate! No one should be penalized for success!

[Mark1T]

We need a flat-tax rate! No one should be penalized for success!

Agree

[AriGhold]

We need a flat-tax rate! No one should be penalized for success!

So you want to cuck yourself for the rich?

[LukeLissen]

Hell No; the corrupt criminal mafia in Washington DC that is harming this country with our taxes already steals far too much wealth from the people as it is. Why would I want them to steal even more to corrupt themselves and their friends and shills with!?

We should be going the other way and ELIMINATE all federal income taxes and even consider eliminating Washington DC itself entirely.

[jlsnyderTypeR]

So you want to cuck yourself for the rich?

First of all...who said I was poor? The top 10% of Americans already pay more than 90% of all taxes. I think everyone should pay in the same % based on their income.

[RIKTER]

Why can’t people understand a marginal tax rate? Do you not pay taxes?

Lets take the 70% tax rate for example. If one makes 20 million, only the first 500K is incrementally taxed up to 35% then the next 9.5 million at 37% and then the last 10 million at 70%. I didn't do the math but that end number looks to be over 10 million paid in taxes..which is over 50%.

[DuracellBunny]

France tried this and lots of rich French people moved from Paris to London. To try and woo them back, Macron lowered the tax rate and he then got riots on the streets (yellow vests).

50% is less than 70%, bad Macron, bad!

50% is more than the 0% they are currently paying, as they aren't paying tax in France.

[Benji Snap]

The funniest thing would be Lebron James and all the other anti-Trump celebs reaction at finding out they only get to keep 30% of their money.

Hell No; the corrupt criminal mafia in Washington DC that is harming this country with our taxes already steals far too much wealth from the people as it is. Why would I want them to steal even more to corrupt themselves and their friends and shills with!?

We should be going the other way and ELIMINATE all federal income taxes and even consider eliminating Washington DC itself entirely.

At 70% tax you can expect $5b "foreign aid" packages going to Africa on the reg. Of course their tribal warlords will only want a small 15% cut in return for shifting it back to a Cayman Islands account.

[AriGhold]

First of all...who said I was poor? The top 10% of Americans already pay more than 90% of all taxes. I think everyone should pay in the same % based on their income.

You would certainly be paying more in taxes to make up for the tax cut you are calling for on the ultra rich.

[SaltyDog920]

Flat tax for everyone; even the current 43% of Americans that pay no federal income tax. Close all tax write offs. No dependents. Should not be higher than 25%.

A flat tax is the only fair tax.

[AriGhold]

Lets take the 70% tax rate for example. If one makes 20 million, only the first 500K is incrementally taxed up to 35% then the next 9.5 million at 37% and then the last 10 million at 70%. I didn't do the math but that end number looks to be over 10 million paid in taxes..which is over 50%.

But wage income usually makes up a very small percentage of income for the ultra rich. Their effective tax rate wouldn’t come close to 50%.

[jlsnyderTypeR]

You would certainly be paying more in taxes to make up for the tax cut you are calling for on the ultra rich.

Math much? How do you figure that when everyone is paying the same flat rate? I for one, do not want to give our piss poor government (the same one that has proven itself totally inefficient in every way possible) another dime than needed!

[tk217]

I agree with a flat tax - just because taxes are too complicated (purposefully).

[RIKTER]

But wage income usually makes up a very small percentage of income for the ultra rich. Their effective tax rate wouldn’t come close to 50%.

Agreed, but using my example, that persons tax rate is actually over 50%. Like I said, when massive tax increases do not effect the wealthiest man on the planet, then this is mostly nonsense.

Now, Warrens idea on the other hand...

[tk217]

AOC is a moron - she doesn't understand marginal tax rates nor does she understand capital gains taxes.

[BigBallsMcgee]

Flat tax for everyone; even the current 43% of Americans that pay no federal income tax. Close all tax write offs. No dependents. Should not be higher than 25%.

A flat tax is the only fair tax.

bingo.

stop telling people they owe more just because they're successful

[Mark1T]

We need a flat-tax rate! No one should be penalized for success!

Flat tax or even a progressive tax where the top rate is no higher than 20 to 25%. Keep corporate taxes low to stimulate hiring and entrepreneurship - for small businesses.

**New York made a mistake giving Amazon such a break for moving there. It does not help the community other than provide jobs.

[tk217]

Flat tax or even a progressive tax where the top rate is no higher than 20 to 25%. Keep corporate taxes low to stimulate hiring and entrepreneurship - for small businesses.

**New York made a mistake giving Amazon such a break for moving there. It does not help the community other than provide jobs.

Agreed.

Amazon is going full robot-mode like Taiwan's Foxxconn now.

https://qz.com/1449634/amazons-reduc...human-workers/



It will hire less and less and stop replacing those who quit.

[I3igAl]

I think it is an okay idea in a vaccum, but...

Insane and stupid, would cause a lot more wealth to flee the US.

...noone can force multimillionaires to stay in the US.

France tried this and lots of rich French people moved from Paris to London. To try and woo them back, Macron lowered the tax rate and he then got riots on the streets (yellow vests).

50% is less than 70%, bad Macron, bad!

50% is more than the 0% they are currently paying, as they aren't paying tax in France.

Also this.

[EsB818]

I'm not an economist nor do I even know how taxes really work

So I have no idea

Great! That makes you just as qualified (probably more so) than AOC.