The Briefing Room
General Category => Politics/Government => Topic started by: mystery-ak on September 16, 2019, 02:36:53 pm
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Progressive tax-the-rich push gains momentum
By Naomi Jagoda - 09/16/19 06:00 AM EDT
The progressive push to raise taxes on the rich is gaining new momentum.
Sen. Elizabeth Warren (D-Mass.), who has already proposed a wealth tax to raise funds for a variety of new government programs, on Thursday unveiled a plan to expand Social Security by creating two taxes on wage and investment income for wealthy Americans.
The proposal comes as Warren enjoys a long stretch of momentum in the Democratic presidential primary race that has lifted her in polls and put her side-by-side with former Vice President Joe Biden during last week’s debate.
Separately, Sen. Ron Wyden (Ore.), the top Democrat on the Senate's tax-writing committee, rolled out his own proposal designed to prevent the rich from avoiding taxes on their investment gains.
more
https://thehill.com/policy/finance/461368-progressive-tax-the-rich-push-gains-momentum
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What the idiots supporting this don't get is that the definition of "rich" will be jiggered to include them once the groundwork is laid.
Ignorance abounds!
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Everything meant to "soak the rich" winds up soaking the middle class.
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What the idiots supporting this don't get is that the definition of "rich" will be jiggered to include them once the groundwork is laid.
Ignorance abounds!
"Her Social Security proposal would impose a 14.8 percent tax on individual wages above $250,000 — split between the employee and employer. Families with income more than $400,000 would pay a new 14.8 percent tax on net investment income."
That's gonna be a heck of a jigger for it to include most American families...
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"Her Social Security proposal would impose a 14.8 percent tax on individual wages above $250,000 — split between the employee and employer. Families with income more than $400,000 would pay a new 14.8 percent tax on net investment income."
That's gonna be a heck of a jigger for it to include most American families...
It wouldn't be much of a stretch for Harvard Law School's First Woman of Color.
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What the idiots supporting this don't get is that the definition of "rich" will be jiggered to include them once the groundwork is laid.
Ignorance abounds!
Ignorance and envy are what Democrats count on. Tax increases always reduce revenue once marginal tax rates exceed 17-18% and especially when alternative choices exist.
High earners can easily arrange to defer more of their income via increased use of 401(k)'s and nonqualified 457(b) and 457(f) deferred compensation plans, as well as IRA's and SEP-IRA's up to the current income limit. Investors only need to move money to tax-free and off-shore alternatives, which today can be done at the touch of a button.
Naturally, a reduction in personal spending and investment will dampen capital formation, employment and wage growth, but Democrats don't care. They will do what they always do: blame their victims.
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Ignorance and envy are what Democrats count on. Tax increases always reduce revenue once marginal tax rates exceed 17-18% and especially when alternative choices exist.
High earners can easily arrange to defer more of their income via increased use of 401(k)'s and nonqualified 457(b) and 457(f) deferred compensation plans, as well as IRA's and SEP-IRA's up to the current income limit. Investors only need to move money to tax-free and off-shore alternatives, which today can be done at the touch of a button.
Naturally, a reduction in personal spending and investment will dampen capital formation, employment and wage growth, but Democrats don't care. They will do what they always do: blame their victims.
:yowsa: pointing-up
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Democrats: We will implement a tax on the very wealthy and anyone currently paying incomes taxes is very wealthy.
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"Her Social Security proposal would impose a 14.8 percent tax on individual wages above $250,000 — split between the employee and employer. Families with income more than $400,000 would pay a new 14.8 percent tax on net investment income."
That's gonna be a heck of a jigger for it to include most American families...
Envy is one of the worse character flaws one can have.
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Everything meant to "soak the rich" winds up soaking the middle class.
Because that’s where the real money is at: the middle class. The “rich†can hire the best attorneys and CPAs and take advantage of all the tax code has to offer. The middle class doesn’t have the investments to live off, relying on current income instead.
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Because that’s where the real money is at: the middle class. The “rich†can hire the best attorneys and CPAs and take advantage of all the tax code has to offer. The middle class doesn’t have the investments to live off, relying on current income instead.
Things that sound great on paper never seem to work in the real world. The reason is human behavior. Soaking the rich sounds great in theory. But our instinct is to protect our self interests first. Tax too much and people will make economic decisions that could have an effect on the economy. What’s going on in places like New York, California, and Illinois perfectly illustrates this