Democratic Primaries
Related: About this forumThe Wall Streeters who actually like Elizabeth Warren
Im fully on board with soaking the rich, 100 percent, and if that involves me paying more taxes, lets go.https://www.vox.com/policy-and-politics/2019/10/23/20916138/wall-street-elizabeth-warren-supporters-donald-trump
Very worthwhile reading.
Some in the industry believe that the excesses of the financial system continue to be a problem in the wake of the Great Recession and that corporate concentration, wealth inequality, and lax regulation are still issues that need addressing. Do they think shes 100 percent right on everything? No. But they know shes smart, and they think shes approaching policy with a scalpel, not a sledgehammer. [emphasis mine] They believe Warren when she says she is a capitalist and are on board with her brand of capitalism.
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I spoke with more than three dozen people from across the financial sector professionals who work at hedge funds, big banks, and private equity funds, in asset management, financial advice, investment banking, trading, research, and compliance who support Warrens presidential bid. They know if she lands in the White House that may make their jobs a bit different, their companies a little less lucrative, or mean theyll pay more in taxes. And they think thats great. They support Warren because of her policies, not in spite of them.
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Supporters also trust her in the event of a potential recession. They see her as an experienced economic hand who would seek to spend more money at the lower ends of the economic spectrum rather than at the top, and they assume the deficit is going to continue to balloon whoever the next president is, Republican or Democrat. At the macro level, the redistribution of wealth back into consumers pockets will positively impact equity markets, said a State Street vice president. Its just what side of the ledger you want to look at.
While in the wake of the financial crisis, Warren trained much of her ire on the big banks; on the campaign trail, shes specifically gone after private equity. Shes characterized the industrys practices as Wall Street looting, invoking private equitys role in the demise of companies such as Toys R Us, Payless, and Shopko, and proposed revamping the way firms do business and closing the carried interest tax loophole many in the field take advantage of.
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MUCH more at the link.
primary today, I would vote for: Joe Biden
Lucky Luciano
(11,258 posts)I like Bernie too, but Im leaning towards Warren at the moment.
primary today, I would vote for: Undecided
BlueMTexpat
(15,372 posts)welcome to join us!
But it is still early days yet.
primary today, I would vote for: Joe Biden
Farmer-Rick
(10,202 posts)They don't want to tear down the economy and possibly the planet just to make a few bucks.
Too bad all the filthy rich capitalist kings care about the future.
primary today, I would vote for: Undecided
BlueMTexpat
(15,372 posts)they still can make profits - and good ones - by following the rules and where the whole country and its economy can benefit. It galls them that there are too many who refuse to follow those rules.
It is the obscene profits at the expense of others where anyone ethical and sane balks.
primary today, I would vote for: Joe Biden
True Blue American
(17,988 posts)Democrats need to put another Richard Cordray in charge.
Disappointed that he quit to run for Governor. I think that election was fixed. Puny little DeWine against Richard.
primary today, I would vote for: Joe Biden
BlueMTexpat
(15,372 posts)see that too!
primary today, I would vote for: Joe Biden
True Blue American
(17,988 posts)Running Elizabeths Agency.
She got even with Republicans who refused to let her run the agency she created.
Boy, did she fix them. Thorn in their side ever since!
primary today, I would vote for: Joe Biden
BlueMTexpat
(15,372 posts)I am supporting her. May she continue being a thorn in their side!
primary today, I would vote for: Joe Biden
Blue_true
(31,261 posts)There are people there that realize that they can't stuff their pockets and let society rot.
primary today, I would vote for: Joe Biden
BeyondGeography
(39,377 posts)Its absurd what has been done in the name of shareholder values; 94 cents of every corporate profit dollar getting sucked up by stock buybacks and dividends for the last 17 years. This has killed real income growth for most people. A more equitable distribution of wealth and profits (which all workers help generate) is not only necessary and fair, it will create new and more durable forms of investment opportunities. From the article, a lot of smart people dont have a problem with that.
primary today, I would vote for: Undecided
BlueMTexpat
(15,372 posts)Thanks, BG!
primary today, I would vote for: Joe Biden
True Blue American
(17,988 posts)Some companies have decided putting shareholders first was not the right way to run a company.
They feel employees should come first. MAry Barro began her term as CEO of GM that way, giving employees a share of the profits. Not sure what happened.
primary today, I would vote for: Joe Biden
blm
(113,083 posts)primary today, I would vote for: Joe Biden
BlueMTexpat
(15,372 posts)But they certainly know that she does NOT want the economy to fail ... and that is good for them too.
primary today, I would vote for: Joe Biden
True Blue American
(17,988 posts)Been laundering money through them for 30 years and that it would all come out!
Just think, Zelensky was trying to clean up corruption in his Country. Rudy and Trump were trying to corrupt him, even before he took office!
primary today, I would vote for: Joe Biden
oldsoftie
(12,587 posts)primary today, I would vote for: Joe Biden
BeyondGeography
(39,377 posts)Theres a much bigger audience for stronger government and better capitalism than there is for socialism. Much bigger.
primary today, I would vote for: Undecided
oldsoftie
(12,587 posts)primary today, I would vote for: Joe Biden
oldsoftie
(12,587 posts)I will beat this drum every chance I get.
There are likely TRILLIONS of untaxed dollar out there; most earned by wealthy people. Not to mention the criminal class. The ONLY WAY to tax that money is with a sales tax. "Stated Income" taxpayers easily avoid paying the correct amount, or any at all. Its very easy. Doctors, lawyers, accountants, therapists, electricians, plumbers, etc. The list is LONG. Cant hide from a sales tax, unless you "barter". And that would be a tiny tiny number. Its used in the EU and other countries. Do it.
Every county I've ever lived in has funded large projects with a SPLOST. And they almost always pass. And they generate the cash needed.
primary today, I would vote for: Joe Biden
kcr
(15,318 posts)It's a shame you make that a condition. Keep beating that drum. You'll never win with anyone fighting for income equality.
primary today, I would vote for: Joe Biden
oldsoftie
(12,587 posts)When punishment becomes the main focus of a tax instead of raising needed revenue, you lose. HALF the workforce pay no income taxes. And the number gets higher every year. So does the dollar amount of whats "skimmed". You obviously dont work in a field where you see it every day, like I do.
Theres a simple way to exempt the poor. Everyone is in the "system". You simply send those on the low end a monthly check equal to a certain level of incomes sales tax expense. Easy.
primary today, I would vote for: Joe Biden
BlueMTexpat
(15,372 posts)It's paying their fair share.
primary today, I would vote for: Joe Biden
oldsoftie
(12,587 posts)There simply arent enough of them. And if you double their rates it STILL wont raise enough to pay for everything. Wealth tax? Fine; watch every billionaire suddenly become far less rich. Its another tax thats easy to avoid.
Why is it that every other industrialized country makes EVERYONE pay into the system but we cant? We always point to these other countries programs & say "Why not us?". Well, why cant we do what they do?
primary today, I would vote for: Joe Biden
BlueMTexpat
(15,372 posts)They disproportionately harm those with lower incomes.
Wealth taxes and/or transaction taxes hit those who can most afford to pay.
primary today, I would vote for: Joe Biden
oldsoftie
(12,587 posts)primary today, I would vote for: Joe Biden
Blue_true
(31,261 posts)Because the poor spend more of their money on basics, a sales tax disproportionately affects them.
primary today, I would vote for: Joe Biden
oldsoftie
(12,587 posts)Again, we have 1/2 who pay NO income taxes. You cannot expand the programs we want without asking EVERYONE to pay into them. No other country does it, yet we think we can. We cant. It doesnt work, as evidenced byt the massive debt.
Regardless, the poor will pay SOMEONE more, because if you raise taxes on rental income, then rents go up & they pay more. Raise corporate taxes, prices go up on products, they pay more. Raise gas taxes, whihc is badly needed, they pay more.
A sales tax could exempt them with a simple rebate tp cover sales tax paid by a certain income level.
If you want a good tax system, you want to tax ALL income. Thats not happening. And an income tax will NEVER tax all income. Thats reality. It wont change. I know a ton of people who pay far lower than they should. Its very easy to avoid paying.
primary today, I would vote for: Joe Biden
Blue_true
(31,261 posts)I believe that it is a privilege to be able to make money in a safe environment, that has a price, taxes. Anyone that is rich and making lots of money and can't see the logic of helping to keep their country viable by helping to pay societal costs should get the fuck out and take their money with them, and not be allowed directly or indirectly to do business with any USA entity. Look, if society breaks down around them, the rich are paupers, the truly smart ones realize that and are willing to use their money to produce a fairer, safer, more productive society.
primary today, I would vote for: Joe Biden
oldsoftie
(12,587 posts)Democrats holding all 3 branches could have passed whatever would do it. And MANY loopholes have been closed. But again, you have to KNOW the income is there before you can tax it.
Its just not going to happen because its to easy to hide income & assets. And loopholes have nothing to do with that.
I see it EVERY week with the work I do. I could tell you a list of ways higher & lower income people do it.
A sales tax is the only way to really add a large chunk of income to the treasury; adding to what would come from tax reform.
But we'll never do it. And we'll continue to sink deeper into debt regardless of who gets elected because the focus is always on "the rich". And there just arent enough of them to raise whats needed
primary today, I would vote for: Joe Biden
Blue_true
(31,261 posts)For my entire adult life, when democrats took over all government, they had to fix the stuff that republicans had broken first, to save the country. In doing that, the alienated people that call themselves progressives, but who don't have a fucking clue about what true progress is and how to achieve it.
Trump has basically governed by tweet and executive order and the Courts so far has done nothing about his behavior. When a democrat takes over, he or she should write an executive order closing abusive tax loopholes, taxing high income Americans at higher rates, and imposing a tax on the USA assets of anyone with money in offshore tax havens - if they don't pay in cash immediately, seize their USA assets. The democratic President should do all of that and look at the Courts and say that "you better not fuck with anything that I have done, because for the last four years, you were mute to treason and travesty". Or like Andrew Jackson did to initiate his trail of tears evil, look at a Supreme Court ruling and say "I see what they ruled, now let them try to enforce it".
primary today, I would vote for: Joe Biden
oldsoftie
(12,587 posts)Because you HAVE to know that an executive order cant accomplish any of those things you listed. Taxes are levied by Congress, not the president. So far nearly 70 of trumps EOs have been overturned by federal courts & only one has made it to the SCOTUS. I really do think that when many of the others reach it, they will also rule against them. Maybe i'm being overly optimistic.
Even if you tax the way you wish, you STILL dont get the revenue needed to fund all the desired programs, not to mention reducing the debt.
But you're not alone, many people think it really IS the solution. I just dont understand why people dont look at the other countries that have what we want and see just how THEY fund them. ALL have a VAT.
primary today, I would vote for: Joe Biden
Blue_true
(31,261 posts)An executive order could not redirect money appropriated by Congress for a specific use, or an executive order could not make visas that people that wanted to enter the country had invalid, or an exccutive order could rewrite immigration laws at the stroke of one person's pen. The President can do whatever he or she wants to do and dare the Courts to enforce any ruling against it.
The only thing is that democratic President surround themselves with thinking people that honor the Constitution, so ruling by executive order for a democratic President will be difficult because of the opposition that person would face from staff. Other than that, there is nothing that constrains a President that wants to violate Cobstitution strictures, as Trump is showing.
primary today, I would vote for: Joe Biden