59% support AOC's plan to raise top bracket to 70%

Teflon Don said:
Also can you tell me Toby, how much revenue you think AOC is going to generate with a top marginal rate of 70% for those making more than $10,000,000/year?
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Well, here's the thing...

Back in 2012 when Obama said he would let the Bush Tax Cuts for the wealthy expire;

Every single Conservative predicted the sky would fall.

Every single Conservative predicted the deficit would increase.

Every single Conservative predicted a market collapse and job loss.

Every single Conservative was wrong.

When Obama let the Bush Tax Cuts for the wealthy expire at the end of 2012, the deficit was reduced by $400 BILLION.

And that was the marginal rate going from 35% to 39.6%.

So it stands to reason that we would see even more revenue if we raised the rate from 39.6% to 70%.
 
Teflon Don said:
You are right, you folks at the bottom that aren't pulling your weight are getting more benefit
That is why I advocate raising taxes on those who pay no federal income tax today.
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So, back in the 80's, you cut their taxes.

Now you want to raise their taxes.

It would help things out greatly if you could find a position on fiscal policy and stick to it.
 
I'm always amused by the RWers who wax so fondly of the 1950s -- allegedly a wonderful time in America that we should strive to return to. Yet in the 1950s tax rates on the wealthy were far higher than they are now. We used them to build an interstate highway system, other infrastructure, for education, for scientific R&D, etc. You know whenever you hear a RWer bleating about taxing the wealthy that they've bought into the lie that they too might someday be one of those elite.
 
LV426 said:
Poll: A majority of Americans support raising the top tax rate to 70 percent

In the latest The Hill-HarrisX survey, which was conducted Jan. 12 and 13 after the newly elected congresswoman called for the U.S. to raise its highest tax rate to 70 percent, found that a sizable majority of registered voters, 59 percent, supports the idea.

...

45 percent of GOP voters say they favor it while 55 percent are opposed to it. Independent voters who were contacted backed the tax idea by a 60 to 40 percent margin while Democratic ones favored it, 71 percent to 29 percent.
https://thehill.com/hilltv/what-ame...ricans-support-raising-the-top-tax-rate-to-70
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It's only a matter of time before America will start to accept taxing religion as well.

the racist right for decades has convinced the American people that paying taxes is a bad thing.
 
ThatOwlWoman said:
I'm always amused by the RWers who wax so fondly of the 1950s -- allegedly a wonderful time in America that we should strive to return to. Yet in the 1950s tax rates on the wealthy were far higher than they are now. We used them to build an interstate highway system, other infrastructure, for education, for scientific R&D, etc. You know whenever you hear a RWer bleating about taxing the wealthy that they've bought into the lie that they too might someday be one of those elite.
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From 1946-1981, the top tax rate ranged between 70%-94%.

In that era we built the middle class, upgraded our infrastructure, established Medicare, reduced the poverty rate down to 11%, and put a man on the moon.

Let's make America great again!
 
LV426 said:
Poll: A majority of Americans support raising the top tax rate to 70 percent

In the latest The Hill-HarrisX survey, which was conducted Jan. 12 and 13 after the newly elected congresswoman called for the U.S. to raise its highest tax rate to 70 percent, found that a sizable majority of registered voters, 59 percent, supports the idea.

...

45 percent of GOP voters say they favor it while 55 percent are opposed to it. Independent voters who were contacted backed the tax idea by a 60 to 40 percent margin while Democratic ones favored it, 71 percent to 29 percent.
https://thehill.com/hilltv/what-ame...ricans-support-raising-the-top-tax-rate-to-70
Click to expand...

Trickle down economic schemes have always been a joke.

At a bare minimum, we need to return to the tax rates that existed during the booming economy of noted Kenyan-Marxist Bill Clinton.
 
ThatOwlWoman said:
I'm always amused by the RWers who wax so fondly of the 1950s -- allegedly a wonderful time in America that we should strive to return to. Yet in the 1950s tax rates on the wealthy were far higher than they are now. We used them to build an interstate highway system, other infrastructure, for education, for scientific R&D, etc. You know whenever you hear a RWer bleating about taxing the wealthy that they've bought into the lie that they too might someday be one of those elite.
Click to expand...

Are you amused by the left wingers who strive to return to the high marginal tax rates of the ‘50’s and an industrial workforce that was heavily unionized? Talk about turning back the hands of time. And actually in the ‘50’s the money was used for white schools. Is that what we should go back to?
 
ThatOwlWoman said:
I'm always amused by the RWers who wax so fondly of the 1950s -- allegedly a wonderful time in America that we should strive to return to. Yet in the 1950s tax rates on the wealthy were far higher than they are now. We used them to build an interstate highway system, other infrastructure, for education, for scientific R&D, etc. You know whenever you hear a RWer bleating about taxing the wealthy that they've bought into the lie that they too might someday be one of those elite.
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The rates may have been higher, but what was the effective rate? Do you know? Did the rich actually pay more taxes back then?
 
cawacko said:
Are you amused by the left wingers who strive to return to the high marginal tax rates of the ‘50’s and an industrial workforce that was heavily unionized? Talk about turning back the hands of time. And actually in the ‘50’s the money was used for white schools. Is that what we should go back to?
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Why can't we retain just some of the 1950's, like the massive social spending and the high marginal taxes, while distributing them fairly across 21st Century standards?

Or, can your mind just not conceive of such a thing because it's too small?
 
TTQ64 said:
It's only a matter of time before America will start to accept taxing religion as well.

the racist right for decades has convinced the American people that paying taxes is a bad thing.
Click to expand...

An idea whose time is long overdue!

ZGb9w6H.jpg
 
countryboy said:
Sooo, you can't, or won't answer a couple of simple questions? I tried your link, but didn't even get through two sentences before it said I was an android winner, and wouldn't even let me back out of the screen.
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So after losing the argument on marginal rates, you now shift the goalposts to talk effective rates.

Well, effective tax rates for corporations were much higher than they are now.

US_Effective_Corporate_Tax_Rate_1947-2011_v2.jpg
 
countryboy said:
Sooo, you can't, or won't answer a couple of simple questions? I tried your link, but didn't even get through two sentences before it said I was an android winner, and wouldn't even let me back out of the screen.
Click to expand...

The irony here is very few, if any, actually paid that rate. At that time there were so many deductions plus just outright evasion.
 
countryboy said:
Sooo, you can't, or won't answer a couple of simple questions? I tried your link, but didn't even get through two sentences before it said I was an android winner, and wouldn't even let me back out of the screen.
Click to expand...

Also, the effective tax rate was higher in the 50's -when the top rate was 90%- than it is today...it was about 6% higher back then.

Average-Effective-Tax-Rate-on-the-Top-1-Percent-of-U.S.-Households.jpg

Effective Tax Rate 1950's: Approximately 42%
Effective Tax Rate 2014: Approximately 36%

So the effective rate was higher...unless numbers don't have value anymore because otherwise Conservatives can't make arguments.
 
cawacko said:
The irony here is very few, if any, actually paid that rate. At that time there were so many deductions plus just outright evasion.
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Name one single deduction from 1946-1981 that prevented any rich person from paying the top rate.

Just one.

I don't think you can do that.

You're just repeating bullshit you gleaned that confirms your bias, aren't you? You do that a lot, you know. It's kinda your habit.

So if no one paid the rate back then, what's the harm in raising it back to that rate today?
 
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