Platinum Contributing Member Highmark Posted January 24, 2019 Platinum Contributing Member Share Posted January 24, 2019 Lots of estimating but generally its around $80 billion a year or about 1.2% of the current budget. Lets not forget that this isn't accounting for possible reductions in economic activity because of it. https://www.fool.com/investing/2019/01/09/who-would-pay-a-70-tax-rate-on-income-over-10-mill.aspx Who would pay more taxes? Approximately 16,000 Americans earned over $10 million in 2016, the most recent year for which data is available, according to The Washington Post. That's about 0.05% of all households, or 1 in 2,000, Post reporter Jeff Stein noted. One can't pinpoint with precision how much added tax revenue the Ocasio-Cortez proposal would bring in, but Stein did a rough calculation based on available data that the pool of income being taxed would be about $244 billion. At the current 37% top rate, America's wealthiest pay $90 billion in taxes on that money. At 70%, that figure would rise to $170 billion. The actual revenues might be lower, though, depending on what options were available to those individuals for shielding that money from taxes. Quote Link to comment Share on other sites More sharing options...
oleroule Posted January 24, 2019 Share Posted January 24, 2019 it would bring in zero dollars....and start a war. Quote Link to comment Share on other sites More sharing options...
Gold Member Kivalo Posted January 24, 2019 Gold Member Share Posted January 24, 2019 70%??? Fuck that dumdass! How about we decrease spending for a change, you retarded wench! Quote Link to comment Share on other sites More sharing options...
NaturallyAspirated Posted January 24, 2019 Share Posted January 24, 2019 Good to know that .05% of households control the economy... Neal Quote Link to comment Share on other sites More sharing options...
Zambroski Posted January 24, 2019 Share Posted January 24, 2019 3 hours ago, Highmark said: Lots of estimating but generally its around $80 billion a year or about 1.2% of the current budget. Lets not forget that this isn't accounting for possible reductions in economic activity because of it. https://www.fool.com/investing/2019/01/09/who-would-pay-a-70-tax-rate-on-income-over-10-mill.aspx Who would pay more taxes? Approximately 16,000 Americans earned over $10 million in 2016, the most recent year for which data is available, according to The Washington Post. That's about 0.05% of all households, or 1 in 2,000, Post reporter Jeff Stein noted. One can't pinpoint with precision how much added tax revenue the Ocasio-Cortez proposal would bring in, but Stein did a rough calculation based on available data that the pool of income being taxed would be about $244 billion. At the current 37% top rate, America's wealthiest pay $90 billion in taxes on that money. At 70%, that figure would rise to $170 billion. The actual revenues might be lower, though, depending on what options were available to those individuals for shielding that money from taxes. It's not long division to figure this out. Money, employment and opportunities start to go elsewhere. It's no different than a city, county or state taxing people out ot their homes into nearby communities or rural areas. It's a big lose...fortunately, Cortez is just there for entertainment purposes. Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member Highmark Posted January 24, 2019 Author Platinum Contributing Member Share Posted January 24, 2019 50 minutes ago, NaturallyAspirated said: Good to know that .05% of households control the economy... Neal The economy is only 250 billion? Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member SnowRider Posted January 24, 2019 Platinum Contributing Member Share Posted January 24, 2019 5 minutes ago, Highmark said: The economy is only 250 billion? Think again Quote Link to comment Share on other sites More sharing options...
ArcticCrusher Posted January 24, 2019 Share Posted January 24, 2019 34 minutes ago, Zambroski said: It's not long division to figure this out. Money, employment and opportunities start to go elsewhere. It's no different than a city, county or state taxing people out ot their homes into nearby communities or rural areas. It's a big lose...fortunately, Cortez is just there for entertainment purposes. Anyone with a brain understands this. Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member Highmark Posted January 24, 2019 Author Platinum Contributing Member Share Posted January 24, 2019 2 minutes ago, SnowRider said: Think again Whoosh. Quote Link to comment Share on other sites More sharing options...
Ez ryder Posted January 24, 2019 Share Posted January 24, 2019 1 hour ago, NaturallyAspirated said: Good to know that .05% of households control the economy... Neal and that o.o5% can real ez pull.thete cash off shore again if they are looking at 70% tax who would stick around for that? Quote Link to comment Share on other sites More sharing options...
Zambroski Posted January 24, 2019 Share Posted January 24, 2019 10 minutes ago, Highmark said: Whoosh. It’s pretty amazing. Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member Highmark Posted January 24, 2019 Author Platinum Contributing Member Share Posted January 24, 2019 Just now, Zambroski said: It’s pretty amazing. People forget all the new taxes since tmr's where higher as well. Everything is taxed today. Quote Link to comment Share on other sites More sharing options...
racinfarmer Posted January 24, 2019 Share Posted January 24, 2019 Until we fix our spending problem, we could be taxed at 100% and it wouldn't fix our current situation. Quote Link to comment Share on other sites More sharing options...
Zambroski Posted January 25, 2019 Share Posted January 25, 2019 25 minutes ago, racinfarmer said: Until we fix our spending problem, we could be taxed at 100% and it wouldn't fix our current situation. This shit isn’t about “fixing” anything. It’s about punishing the “rich” and redistribution. Problem is, “rich” is subjective word. Many here would be real surprised if some of the millions with less than them all of a sudden wanted to redistribute their “wealth”. Meh....I’m sure they’d be fine with it. Quote Link to comment Share on other sites More sharing options...
Angry ginger Posted January 25, 2019 Share Posted January 25, 2019 1 hour ago, Zambroski said: It's not long division to figure this out. Money, employment and opportunities start to go elsewhere. It's no different than a city, county or state taxing people out ot their homes into nearby communities or rural areas. It's a big lose...fortunately, Cortez is just there for entertainment purposes. nice thing is if they leave they still pay us taxes and if they choose to give up citizenship they pay an exit tax. Quote Link to comment Share on other sites More sharing options...
Zambroski Posted January 25, 2019 Share Posted January 25, 2019 1 minute ago, Angry ginger said: nice thing is if they leave they still pay us taxes and if they choose to give up citizenship they pay an exit tax. That’s is doubtful. They all have accountants and law firms on retainer that use the same loopholes rhat our illustrious politicians put in place for themselves. Rich people are mostly stupid...we’d all be better off without them anyway. Quote Link to comment Share on other sites More sharing options...
f7ben Posted January 25, 2019 Share Posted January 25, 2019 Taxing the super rich at a high level isnt about fixing budgets......its about controlling massive wealth concentration Anyone with a fucking brain knows this. Of course there arent many with brains here so there is that 1 Quote Link to comment Share on other sites More sharing options...
Anler Posted January 25, 2019 Share Posted January 25, 2019 1 hour ago, f7ben said: Taxing the super rich at a high level isnt about fixing budgets......its about controlling massive wealth concentration Anyone with a fucking brain knows this. Of course there arent many with brains here so there is that It's pretty amazing Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member Highmark Posted January 25, 2019 Author Platinum Contributing Member Share Posted January 25, 2019 1 hour ago, f7ben said: Taxing the super rich at a high level isnt about fixing budgets......its about controlling massive wealth concentration Anyone with a fucking brain knows this. Of course there arent many with brains here so there is that 2 minutes ago, Anler said: It's pretty amazing Because the govt does such a bang up job with it killing people in other countries. Quote Link to comment Share on other sites More sharing options...
f7ben Posted January 25, 2019 Share Posted January 25, 2019 Just now, Highmark said: Because the govt does such a bang up job with it killing people in other countries. That isnt government.......its rich ass elites making themselves richer Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member Highmark Posted January 25, 2019 Author Platinum Contributing Member Share Posted January 25, 2019 1 minute ago, f7ben said: That isnt government.......its rich ass elites making themselves richer Same thing Ben so let's give them more. Quote Link to comment Share on other sites More sharing options...
Angry ginger Posted January 25, 2019 Share Posted January 25, 2019 1 minute ago, Highmark said: Same thing Ben so let's give them more. better some of it trickle down through the government. tax them enough and the poor and middle class can get a basic living stipend to directly shift wealth Quote Link to comment Share on other sites More sharing options...
f7ben Posted January 25, 2019 Share Posted January 25, 2019 (edited) 3 minutes ago, Highmark said: Same thing Ben so let's give them more. Are you functionally retarded? Tax the fuck out of them after a large amount so they quit coming op with schemes to defraud our government .....if they wanna take their ball and go defraud other nations people then seize their wealth Edited January 25, 2019 by f7ben Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member Highmark Posted January 25, 2019 Author Platinum Contributing Member Share Posted January 25, 2019 1 minute ago, Angry ginger said: better some of it trickle down through the government. tax them enough and the poor and middle class can get a basic living stipend to directly shift wealth Yeah cause we know how well it works giving people free shit. It wouldn't amount to that much per person. Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member Highmark Posted January 25, 2019 Author Platinum Contributing Member Share Posted January 25, 2019 (edited) 6 minutes ago, f7ben said: Are you functionally retarded? Tax the fuck out of them after a large amount so they quit coming op with schemes to defraud our government .....if they wanna take their ball and go defraud other nations people then seize their wealth Dude do your research its when you tax the shit out of them they do that more. Fuck you guys are dumb, jealous, spiteful people. Sieze their wealth, you are a fucking massive hypocrite with that statement. Edited January 25, 2019 by Highmark 1 Quote Link to comment Share on other sites More sharing options...
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