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Forums - Politics Discussion - Ocasio Cortez mentioned Smash

Spike0503 on 23 January 2019

I despise socialism and the people spouting it as the next great thing. I hope she doesn't manage to do any harm with her ideology.



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jason1637 on 23 January 2019
Hiku said:
GOWTLOZ said:

Yeah by taxing the rich 70%. No I don't think so. If she does get elected and follows through with her demands, the US economy will be in shambles.

That's not how tax brackets work. But I've seen a lot of right wing news outlets deliberately trying to make it seem that way, so I want to ask, where exactly did you hear this?

Tax brackets are already in place in the US. And she wants to add a few more. (USA have had 70 and even 90% tax brackets before, even under Republican presidents.)
It's technically possible that someone rich (qualifying for the 70% tax bracket) would only pay 70 cents extra in taxes.
Because you'll only pay 70% of your income on every dollar earned above a certain threshold.

Let's say the tax bracket looks like this:

$1 - $5 000 000 = 20%
$5 000 001 and above = 70%

If a person earns exactly 5 Million and one dollar, they will pay 20% in tax on all of it, except that one dollar that went beyond 5 million. On that dollar they'll pay 70% in tax, which is 70 cents.
So their total tax would be 1 Million dollars + 70 cents.

If that person earned 5 million and 2 dollars, they would pay 1 million + 1 dollar and 40 cents. And so on.

Still terrible. She suggests 70% tax for every dollar me over 10m. So if you made a billion you're essentially getting taxed 70% of your income.

Last edited by jason1637 - on 23 January 2019

GOWTLOZ on 23 January 2019
Hiku said:
GOWTLOZ said: 

Didn't know this. Sounds more palatable than what I was thinking, though its still likely that rich taxpayers will use loopholes even more than they do to avoid taxes when they are this high.

I don't live in the US btw.

That's fine. I'm just curious, did you get this impression based on any particular statement you've read before/elsewhere?
I'd like to see how it was worded, if you remember where it was.

Yes, Tim Pool and other political commentators on youtube, though I don't remember particularly where I heard of this.

Maybe I misinterpreted it. Its still a bad taxation system though, for the aforementioned reasons.



irstupid on 23 January 2019
GOWTLOZ said:
deskpro2k3 said:
President Dwight D. Eisenhower taxed the rich by 90%.
AOC's 70% deal will affect those making +10 million dollars a year. OOOoOoOoOoOoo shambles~ /s

 

SpokenTruth said:

Are you familiar with the US progressive tax system and/or her plan....or are you just confused?

She doesn't want to tax the rich 70% of their entire income.

 

Hiku said:

That's not how tax brackets work. But I've seen a lot of right wing news outlets deliberately trying to make it seem that way, so I want to ask, where exactly did you hear this?

Tax brackets are already in place in the US. And she wants to add a few more. (USA have had 70 and even 90% tax brackets before, even under Republican presidents.)
It's technically possible that someone rich (qualifying for the 70% tax bracket) would only pay 70 cents extra in taxes.
Because you'll only pay 70% of your income on every dollar earned above a certain threshold.

Let's say the tax bracket looks like this:

$1 - $5 000 000 = 20%
$5 000 001 and above = 70%

If a person earns exactly 5 Million and one dollar, they will pay 20% in tax on all of it, except that one dollar that went beyond 5 million. On that dollar they'll pay 70% in tax, which is 70 cents.
So their total tax would be 1 Million dollars + 70 cents.

If that person earned 5 million and 2 dollars, they would pay 1 million + 1 dollar and 40 cents. And so on.

Didn't know this. Sounds more palatable than what I was thinking, though its still likely that rich taxpayers will use loopholes even more than they do to avoid taxes when they are this high.

I don't live in the US btw.

If they tax above 5 million or 10 million or whatever the amount is for rich people, those rich people will just lower their salary to that limit so they don't have to pay, and get the rest in like stock or some capital gains that wouldn't be taxed. Simplest loopholes in the world to work around. It wouldn't work in paying for her GREEN DEAL.

And don't someone come in and say "Tax corporations then 70%" Companies would just leave the US, or put their headquarters outside US so they don't have to pay taxes.



super_etecoon on 23 January 2019

She is the most popular junior Representative ever. She is fire. Haters gonna hate, and I can respect that. She definitely doesn't represent a "reaching across the aisle" aesthetic that would make people from the Republican/Libertarian parties excited. She represents a younger form of Bernie Sanders and Progressives greatly appreciate her spirit and energy. Sometimes abbreviated as AOC and sometimes called "that girl" in disparaging ways, she is in tune with millenial thought and social media awareness and that alone makes her a powerful force to be reckoned with. Not that I think all millenials, by the way, are cut from the same cloth or political persuasion because they definitely aren't. But I have no doubt that the next time Facebook comes into the House of Representatives that someone on the floor will actually know what they do and how they do it. The future of politics in America 9and the rest of the world) is this generation growing up right in front of our eyes and it would be shortsided to dismiss them because you "have no idea who she is."



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Metallox on 23 January 2019

First time I fail to predict a CaptainExplosion thread.



My bet with The_Liquid_Laser: I think the Switch won't surpass the PS2 as the best selling system of all time. If it does, I'll play a game of a list that The_Liquid_Laser will provide, I will have to play it for 50 hours or complete it, whatever comes first. 

TruckOSaurus on 23 January 2019
jason1637 said:
Hiku said:

That's not how tax brackets work. But I've seen a lot of right wing news outlets deliberately trying to make it seem that way, so I want to ask, where exactly did you hear this?

Tax brackets are already in place in the US. And she wants to add a few more. (USA have had 70 and even 90% tax brackets before, even under Republican presidents.)
It's technically possible that someone rich (qualifying for the 70% tax bracket) would only pay 70 cents extra in taxes.
Because you'll only pay 70% of your income on every dollar earned above a certain threshold.

Let's say the tax bracket looks like this:

$1 - $5 000 000 = 20%
$5 000 001 and above = 70%

If a person earns exactly 5 Million and one dollar, they will pay 20% in tax on all of it, except that one dollar that went beyond 5 million. On that dollar they'll pay 70% in tax, which is 70 cents.
So their total tax would be 1 Million dollars + 70 cents.

If that person earned 5 million and 2 dollars, they would pay 1 million + 1 dollar and 40 cents. And so on.

Still terrible. She suggests 70% tax for every dollar me over 10m. So if you made a billion your essentially getting taxed 70% of your income.

Yeah if someone makes a billion a year they'll end up with only 278 million, how will that person ever make ends meet!



Signature goes here!

jason1637 on 23 January 2019
TruckOSaurus said:
jason1637 said:

Still terrible. She suggests 70% tax for every dollar me over 10m. So if you made a billion your essentially getting taxed 70% of your income.

Yeah if someone makes a billion a year they'll end up with only 278 million, how will that person ever make ends meet!

It's their hard earned money. The government should never take that much from someone.



Metallox on 23 January 2019
CaptainExplosion said:
Metallox said:
First time I fail to predict a CaptainExplosion thread.

Did you predict this? *shoots your head off with a rocket launcher*

I generally can tell when a thread on the home page is yours or not. 



My bet with The_Liquid_Laser: I think the Switch won't surpass the PS2 as the best selling system of all time. If it does, I'll play a game of a list that The_Liquid_Laser will provide, I will have to play it for 50 hours or complete it, whatever comes first. 

Moren on 23 January 2019

Yikes. Please don't contaminate Smash's good name. Why isn't this thread in politics again?