Tax The Rich

The chant goes up…Tax the rich….Tax the rich…..somewhere there will be villagers with pitchforks waiting on the arrival of the “tax man”…..

Enough fanciful stuff……there is a movement taking to the airwaves a proposal for a 70% tax on the ultra-rich…..and by damn the idea has got a majority approval in the polls…..

Rep. Alexandria Ocasio-Cortez (D-N.Y.) sparked a flood of hysterical and error-filled responses from the right when she suggested in a recent “60 Minutes” interview that America’s top marginal tax rate should be hiked to 70 percent to help pay for bold progressive programs, but a survey published on Tuesday found that the majority of Americans are on the freshman congresswoman’s side.

Conducted by The Hill in partnership with the market research firm HarrisX, the poll found that 59 percent of the U.S. public supports raising the marginal tax rate on the richest Americans to 70 percent. The poll also found a “surprising amount of support” for the proposal among Republicans, with 45 percent backing the idea along with 71 percent of Democrats.

https://www.commondreams.org/news/2019/01/15/poll-shows-majority-

back-70-tax-rate-ultra-rich-ocasio-cortezs-radical-proposal

The media is not down with this proposal……however the economics of this are sound…looking at it without the bias of a political party……

Taxes impede economic growth and high taxes kill the economy, right?. This is the belief among many who criticize Representative Alexandria Ocasio-Cortez’s proposal to raise taxes on the wealthy to 70% or more. But what does the evidence really tell us?

Do high taxes really hurt the economy as much as they believe, and will lowering them have much of an impact on stimulating it? The economic literature is clear — tax breaks to encourage economic relocation or investment decisions are inefficient and wasteful. Hundreds of studies reach this conclusion. When businesses are surveyed regarding factors important to their investment decisions, taxes often come in behind proximity to markets, suppliers, and the quality of the labor force. These other factors occupy a larger percentage of a business’s budget than do taxes, and all of them are far more critical to long-term success than are taxes. Businesses occasionally admit this. Nearly 62 percent of those interviewed in a California study on hiring tax credits indicated that they had never or rarely affected their decision to employ individuals.

https://www.counterpunch.org/2019/01/09/tax-the-rich-history-proves-alexandria-ocasio-cortez-may-be-correct/

I know this will not fly with the GOP for they think that tax cuts for the rich will solve all our economic problems…..wishful thinking….it has not done so in many decades and will not work now.

Time for the uber rich to start pulling their weight to society….they profit most from society then why can they not pay for their privilege?

Why Not?

As a matter of fact……the entire “progressive agenda” is fiscally  responsible….the agenda…..

  • We are currently planning to spend $45.2 trillion over the next decade on healthcare as a country.
  • A single payer Medicare for All system would cost $32.6 trillion over the next decade, saving us $13.2 trillion.
  • Freezing defense spending at 2017 levels would save us $780 billion over the next decade.
  • Reversing the Trump tax cuts would bring in an additional $1.9 trillion of revenue.
  • Reversing the Bush tax cuts would bring in an additional $3.3 trillion of revenue.
  • Closing three corporate tax loopholes (exclusion of rental income, capital gains, and deferral of controlled foreign corporations’ income) would bring in another $2.72 trillion of revenue.
  • If the entire “progressive agenda” is implemented, we would save $18.74 trillion over the next decade.

I approve of the agenda and will support it as long as too many changes are not included.

That is where it will not fly in DC….it is fiscally responsible…..the GOP has NO idea how to be fiscally responsible…..sounds good in sound bytes but the GOP just cannot find the on switch to fiscal responsibility.

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4 thoughts on “Tax The Rich

  1. Naturally, I am in favour of high taxes for those who can afford them. I would also like to see much lower taxes for those who cannot. (For example, I pay 20% tax on my pension income, despite paying tax on the salaries I earned to pay into those pensions.) In practice, tax increases tend to end up affecting everyone, at least over here. And it is undeniable that rich people faced with high taxes will move their money abroad, explore more loopholes in the laws, and perhaps end up avoiding even more tax, so paying less than they did before.
    The US system relies in the main on individuals compiling and declaring their own incomes and tax liabilities. That is open to even more abuse than the regulated conditions and tax at source that we have here.
    Best wishes, Pete.

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