General Discussion
Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsEverything above $1 billion dollars should be taxed at 90%?
The only way to fight these greedy mofos is thru their pocket book?
Ninety-percent of $400 billion would still leave $36 billion to play with. That is supposedly what Musk is worth since the election.
When Democrats surrender their tax weapon, they surrender a lot.
Who needs more than a billion dollars a year?
Democrats, under Clinton, wanted to make the top tax rate 39%. That was a huge mistake, in my opinion.
We can all see what damage is being done by these wealthy American oligarchs. Democrats should be supporting a very progressive tax rate, in my opinion.
True Dough
(20,740 posts)yes it should!
Volaris
(10,644 posts)I'd suggest they run on using that money to fund a 10-year balanced budget, and a 20 year 1% across the board federal sales tax that goes ONLY to paying down the principal on the national debt.
Republicans are gonna scream about tax-and-spend democrats ANYWAY; if they're gonna blame us for it, we might as well own it AND take the issue away from them for good measure. Fuck em. Time to play the kind of hardball they don't have the stomach for anymore.
magicarpet
(16,893 posts).... then welcomes oligarchists, monarchists, and Fascists. Causing the end of Democratic experiments that seek to achieve more fair,
better, just, and more stable societies for all citizens - not just the obscenely rich.
Silent Type
(7,304 posts)MichMan
(13,516 posts)ProfessorGAC
(70,512 posts)You're not talking about income taxes?
You are proposing taxing accumulated wealth?
Nobody has $400 billion in income, so a tax like that would apply to nobody.
And, I'm not sure a tax on wealth would be accomplished without a book full if exceptions, deductions, or shelters.
Plus, a wealth tax would be a one time band-aid. If not just one time, you would have only a few when 90%, then 90%, the 90%, etc. would eliminate the source of revenues in 2 to 6 years.
Greg_In_SF
(82 posts)just have $400 billion sitting around in his checking account. That is his net worth. That includes his businesses, investments, homes, cars, etc. right down to his kitchen knives.
MichMan
(13,516 posts)And, even if the government just straight up confiscated 100% of his entire net worth, that would fund the government for about two and a half months. Then what?
Ping Tung
(1,406 posts)Unfortunately I'm currently a bit financially embarrassed and short a few hundred millions.