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Forums - Politics Discussion - Ocasio Cortez mentioned Smash

GOWTLOZ said:
Rab said:

She triggers the establishment republicans and democrats no end, she will be big maybe even president one day as today's young emerge into politics   

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.

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.



Massimus - "Trump already has democrat support."

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GOWTLOZ said:
Rab said:

She triggers the establishment republicans and democrats no end, she will be big maybe even president one day as today's young emerge into politics   

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.

Last edited by Hiku - 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.

Curiously enough, more politically engaged Republicans consistently fail to correctly answer how taxation actually works, compared to those less engaged, possibly showcasing how much certain media outlets are spreading fake news concerning the subject:



 

 

 

 

 

deskpro2k3 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.

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:
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.

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:
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.

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.



GOWTLOZ 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.

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.

Last edited by Hiku - on 23 January 2019

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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.



NobleTeam360 said:
Insult to smash.

I take it you voted for the orange Klansman who kidnaps Hispanic children and lets them get molested?



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

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.



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.