The rule is apparently not to raise taxes, and the plan is to raise taxes on billionaires.
this post was submitted on 27 Mar 2024
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Tax the Rich Is Actually a Popular Bipartisan Stance, Poll Shows
If politicians represented the masses it would always have been done. But legal bribery means that they represent their donors instead.
Typically when the masses agree on something it does not happen unless it also benefits the rich
See paid family leave, universal background checks on gun purchases, hell, women’s right to bodily autonomy?!
Thanks for saving me the time reading this.
I hate click bait titles
This is why I have a modicum of respect for Bush Sr. He promised no more taxes on the campaign trail and then when he was in office he realized that in order to balance the budget taxes needed raised. He did this knowing he wouldn't win a second term.
Look into his life before running for President; you'll lose the respect right quick. Also his father financed the literal Nazis (though in his defense pretty much every American with money was supporting the Nazi party pre-1940).
2 things.
- I've been paying attention to some of this since I was young so I do know quite a bit about his history.
2). Did MODICUM go the way of literally?
Remember, according to Zoomers if you do anything other that full throatedly hate something, you must love and support that thing. No in between.
Gee, I wonder where they learned such a thing...
And this is why we are fucked as a country, even if Biden holds on to the Whitehouse. Instead of working inside the system we have and trying to change it for the better, it's all or nothing. Biden sucks because he has been upholding a very very long policy of supporting Israel, regardless of how we feel about it. Only a handful seem to grasp what happens and did happen when you let perfect be the enemy of good. I'll give a hint, we got 4 years of an orange menace
Much more likely explanation: He was lying when he made the 'pledge'.
Do you not know about the republicans and tax cuts? They do their damndest to lower taxes for their corporate overlords at the expense of programs that not only act as a safety net but also tend to have a positive ripple effect on the overall economy.
Nope. Dude didn't lie about not increasing taxes, he was one of the last guard of old-school repubs who actually did what was best for everyone, especially when he took the big seat.
I mean it's a pretty simple logic. The economy is strong but people don't feel like it's strong because it's only strong for those of the top. It's that way because we spent the last 40 years cutting taxes for the rich, destroying regulations and economic safeguards, getting rid of safety nets, and allowing for the wealthiest to abuse the system. Why wouldn't saying we want to fix that problem be the right course? Uprooting ancien regimes is the one thing liberals and leftists tradionally agree on.
Repeal the Trump tax on the lower and middle class, tax the rich even more.
And say that. Campaign on repealing the Trump Tax. Do both, you jackasses.
They don’t want to do that though because it personally benefits them.
They also don’t really care about winning this election, just ensuring to deliver on Biden’s big donor promise: nothing will fundamentally change. Dumbasses that they are, the Dems are once again severely underestimating Trump and his capacity to win, and capacity for mayhem. They probably think the “worst” he’ll do with another term is more tax cuts which benefit them.
I see a lot of ‘tax the rich’ pushes, but I’m curious on how. It’s not like billionaires get a normal salary, so I wonder what it actually is - is it taxing assets over a certain value or something?
I worked for a family office in Switzerland and the “salary” from the company to our owner was an entry level salary for compliance/presence purposes. He couldn’t care less about that being taxed.
Yes, a wealth tax over a billion dollars is a proposal now. Biden's not doing it though, but 1% to 2% could raise a lot of money. Although it would require legitimate property valuations. That's hard if people just lie about their real estate like Trump was convicted of.
Also taxing capital gains over a certain amount at higher rates would help billionaires have a fair tax burden. It makes no sense to tax you a greater percentage than the owner you worked for. Above a million in capital gains should be taxed as income.
No I'm not afraid of money leaving the country. If they want to leave the most productive and profitable country on earth, that's more money for us.
That’s hard if people just lie about their real estate like Trump was convicted of.
If they lie and inflate their property values, they get taxed more. Sounds like a win to me!
He was sued for underpaying taxes by undervaluing his property. The lies for overvaluing them on bank documents haven't been charged yet. That's a federal crime.
The Swiss actually has wealth tax, depending on canton. I believe though a lot of it is negotiable- if you’re super wealthy, I think you can agree a fixed amount per year with your canton (state).
In my canton you’re exempt from it if you have less than $250-300k in assets or something like this. And it ranges from something like 0.20-1% I believe.
At least tax loans that use stock and other "untaxes assets" as collateral as realizes gains.
Also it is kinda weird that normal people pay taxes on properties but assets like stock portfolios are not taxed.
Remove the cap on social security taxes (160k), and the program will be fully funded in perpetuity.
Implement a wealth tax on those with, say, over 10 million in assets.
Increase the corporate tax rate to 50%, and remove all loopholes allowing them to offshore earnings.
Remove the cap on inheritance tax, as this is one of the primary drivers of wealth inequality today.
These would be a good start.
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This is the best summary I could come up with:
Such staggering accumulations of wealth are made possible in large part by the fact that America’s federal tax burden is so comparatively light.
Now President Biden, behind in many polls and with an economy that is objectively strong but politically unpopular, is hoping to boost his re-election bid with a policy idea that would once have been almost unthinkable: For this portion of the population, at least, he is vowing — almost gleefully — to raise taxes.
For a Democrat with low job approval ratings and precarious poll numbers on his handling of the economy, it’s a shocking rebuke to conventional wisdom — and practically an invitation to critics to call him a tax-and-spend liberal.
Howard Jarvis and his followers, mostly older white property owners, pushed for the ballot initiative known as Proposition 13 because they were, in their words, mad as hell that their rising taxes would help educate immigrant families.
In the 1960s, George Romney, Mitt’s father, regularly turned down his bonuses from his auto executive job, perhaps in part because his marginal tax rate would have been about 90 percent.
“You could be talking about the Mets versus the Dodgers,” the former U.S. Representative Steve Israel of New York recalled, “and good Republican operatives would be able to weave in tax-and-spend.”
The original article contains 1,229 words, the summary contains 214 words. Saved 83%. I'm a bot and I'm open source!
In the 1960s, George Romney, Mitt’s father, regularly turned down his bonuses from his auto executive job, perhaps in part because his marginal tax rate would have been about 90 percent
If this is true he's a fucking idiot. 10% of $x is better than $0. More likely the reason was that the bonuses pushed him over some threshold so he lost some other benefit, making it a net loss, or he negotiated some alternative compensation mechanism that had reduced or deferrable tax liability.
Presidential candidates hate this one trick
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