Libertarian Takes on Democratic Socialist on Taxes and Loses. Again (2019)

[thomhartmann]

Libertarian Takes on Democratic Socialist on Taxes and Loses. Again (2019)


Should we tax the Rich at higher rates than we tax the poor?


Libertarian Charles Sauer Takes on Democratic Socialist Thom Hartmann... And Loses. Again.

Alexandria Ocasio-Cortez has suggested a seventy percent tax rate on the super profits of the very rich.

The very suggestion of the rich paying their fair share has caused controversy among conservatives and in the media.

But is taxing the rich at seventy percent really that radical?

[The Velveteen Ocelot]

1. It's not even a 70% tax; it's a 70% *top* marginal tax rate.

An awful lot of people don't understand what a marginal tax rate is and assume this is a proposal for 70% tax on total income. It isn't.

[still_one]

2. While that is true, it has also been deceptively reported by some outlets as a 70% tax on the rich.

[Hulk]

3. I don't make anything close to $10,000,000 a year....do you?

You do understand, this ONLY going to affect the dollars AFTER your first ten million. Insane that anyone would be opposed to this except maybe if you earn more than $10,000,000 a year; and even then it would be insane. It won’t balance the budget or reduce the deficit....but IT WILL REDUCE THE DESPARITY OF WEALTH BETWEEN THE 1% and the rest of the country...something that is completely out of control today.

You are NOT going to convince a repuKKKe congressprick of this necessity, but we need to get it done WITHOUT their help. Maybe, possibly one or two could defect on moral grounds, but it would be political suicide.

I’m all for it. It makes sense! So they actually only pay 65%....that’s a damn sight more than what they are paying today.

dRumpf mentioned he’s so happy with the treasury getting all this tarriff revenue; tell that to the farmers and other exporters that are being spanked with his wreckless ness.

[The Velveteen Ocelot]

4. Yes, of course I understand; that's exactly the point I was trying to make!

It's the maximum tax on only the top bracket, not on total income! During the early '50s the top marginal rate was 91%, which applied only to income over $200,000 (about $2 million in today's dollars). And the economy was doing very well then.

[Hulk]

5. Was agreeing with you....

This country is seriously stupid. Can’t argue with stupid. We’re on the same team.