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.
Next? I don't know how much you know about the world outside of USA, or even within it, but universal healthcare is implemented in every single industrialized country on the planet. Except USA. And it's not a new thing. It's been around for like 50+ years.
As for within the USA, I suppose you bring your own roads to drive on? If not, do you know what paid for those roads? Or why elementary school is no longer just for rich kids and everyone else is illiterate like in the old days? It's what you call socialism. Military, law enforcement, fire department, elected officials, libraries, etc. But I prefer not to use that term because people have very different understandings of what it means.
Just say 'single payer healthcare' or 'tuition free college, etc. That's what Bernie and co want.
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.
Terrible that billionaires get taxed heavily?
And here I thought it was terrible that tens of thousands of people every year die because they can't afford healthcare, or are indebted for life right after college, or having to work 3 jobs just to make ends meet. But you think it's terrible that Jeff Bezos may may no longer be able to wipe his ass with thousand dollar bills, and has to resort to hundred dollar bills? Or what? These people will still be insanely rich way beyond what they'll ever need.
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.
Thanks, I'll try to see if I can find those comments.
And if your issue is that they'll try to find loopholes, it's better to have them have to jump through difficult legal hoops to try to get around it rather than just giving them a free pass.
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.
Actually there are taxations for stock and estates above a certain value as well. Well there was, but Trump undid the estate tax. But that can be fixed.
Last edited by Hiku - on 23 January 2019
Let them jump through hoops rather than giving them a free pass.
And no one is going to tax anyone 70% on their entire paycheck. Unless you earn like billions. At which point, they'll still be insanely rich way beyond what they'll ever need.
But abut corporations leaving in that case, we saw corporations leave the US and/or close down plants after they got a massive tax break, like Harley Davidson.
That's no guarantee for them to stay either. But I agree that they shouldn't be taxed so heavily that they'd leave. No one wants that.