New Democrat Plan To Tax The Rich, Taxing Assets. Will It Work?

[Wally]

I didn't read the whole proposal, but the 30% seemed to be the low water mark. The "poor" would receive relief ($) in an effort to level the playing field. I like the proposal, some sort of flat tax collected by the state and pushed up to the federal level makes sense. The 30% home purchasing tax could be a trouble spot.

People instantly stop spending with a 30 percent tax. Second hand stuff that "fell off the truck" becomes attractive.

 

[Fred's Myth]

Black Market will become the new Economy.

 

[Wally]

Black Market will become the new Economy.

Absolutely. It will be lucrative to sell stuff borrowed from elsewhere. Thieves will clean up.

 

[Babagounj]

Removing wealth by taxes strips the economy of needed funds to keep legitimate businesses going.

 

[newolddude]

 

[vantexan]

Thank goodness for Newt Gingrich.

 

[Up In Smoke]

Thank goodness for Newt Gingrich.

You meant Tom Daschel. Nothing moves without the Senate leader

 

[vantexan]

You meant Tom Daschel. Nothing moves without the Senate leader

I mean Newt Gingrich. The purse is controlled by the House of Representatives and there's no way we'd have reached a balanced budget without his leadership.

 

[vantexan]

You meant Tom Daschel. Nothing moves without the Senate leader

By the way the Senate majority leader was Dick Armey.

 

[Jiangshi]

By the way the Senate majority leader was Dick Armey.

When was Dick Armey in the Senate?

 

[vantexan]

When was Dick Armey in the Senate?

You got me there, it was Bob Dole in 1995 then Trent Lott. Dick Armey was Republican majority leader in the House. But I did know that the Republicans controlled both houses after the '94 election so Tom Daschle had no control over spending as Up in Smoke suggested.

 

[Up In Smoke]

My bad too.

 

[TearsInRain]

The only taxes that should exist are land value taxes and tariffs

Wealth taxes never work and sales taxes crush the poor and middle class

 

[TearsInRain]

Now overlap it with who controlled congress

 

[nWo]

 

[Wally]

So what do we do now that any cut is "starving children" or "killing grandma"?

 

[nWo]

A group of over 150 millionaires are calling on the elite attendees of this year's World Economic Forum in Davos, to tax them more.

The group, known as "Patriotic Millionaires," published an open letter on Monday reiterating calls for the attendees of WEF to "acknowledge the danger of unchecked wealth inequality around the world, and publicly support efforts to tax the rich."

Millionaires are telling the government to tax them more. Meanwhile poor working class people are freaking out at the thought that the ultra wealthy might be taxed more.

 

[nWo]

More than 200 millionaires say they have a message for the corporate executives and billionaires attending the World Economic Forum in Davos this week: "Tax the ultra rich."

The group, which includes actor Mark Ruffalo and Disney heir Abigail Disney, argues that the rich aren't paying their fair share, allowing them to become even richer while inequality widens across the globe.

Meanwhile, a group of lawmakers in seven states plans to introduce bills this week that would raise taxes on the rich, the Washington Post reported. The states include California, Connecticut, Hawaii, Illinois, Maryland, New York and Washington.

The push for higher taxes on the rich comes as the U.S. is hurtling toward an economic crisis over reaching the debt ceiling, currently at $31.4 trillion, on Thursday. That figure represents borrowing the Treasury taps to fund financial obligations, from social safety-net programs like Social Security to the military budget and infrastructure spending. The number has ballooned from $24 trillion since President Donald Trump's 2017 tax cuts, which primarily helped the rich and corporations lower their tax burdens.

In the past decade, the richest 1% of Americans have seen their wealth grow 19 times faster than the bottom half of the population. On a dollar basis, that means $37 of every $100 has gone to the top 1%, while the bottom 50% received $2, it found.

Why 200 millionaires want higher taxes: Inequality is "eating our world alive"

Tax cuts enacted under President Donald Trump have allowed rich to become richer while national debt has soared.

www.cbsnews.com

Guys we clearly have to pool all of our resources to fight for lower taxes for billionaires and corporations while the poor and middle class suffer.

 

[nWo]

 

[nWo]