Yes by all means as long as the funds are then used to create jobs since the trickle down never happened. Tax the rich = Fund a new WPA
I would like to see more details of this proposal, plus I have no soul. What I'm wondering is wasn't the Alternative Minimum Tax supposed to address these things and could this be handled better by strengthening existing tax policy?
yip. but Trump's tax cut for the billionaires eliminated AMT. so, just un-do the tax legislation that was passed under Trump's watch, which overwhelmingly favors the uber rich
I agree with this and like @rockbox ideally I would be for an extremely simplified and flat tax code. I think if we can get what the wealthy and corporations pay and taxes to actually match their marginal tax rates that would solve a lot of problems along with reducing the amount spent on CPA's and tax attorneys. The problem is though is that the tax code is one of the favorite things now to address policy issues including social policy. I caught myself the other day praising the EIC so admit I'm not immune to it.
My understanding is that while it greatly limited the AMT the AMT is still there. Could this reform just put back the AMT at pre-Trump levels or even pre-Bush levels?
2% wealth tax isn't taking all their wealth dude. If anything it incentivizes the trust fund babies of the world who are children of real estate moguls to actually keep on investing so their wealth doesn't wilt down every year by 2%.
I don’t want to pay taxes so dumb politicians will cancel GTA 6 because they think it’s causing crime
Man if they taxed smart people like the 99ers we would have Bernie Sanders banging at our door everyday
And when regular people ask for LESSER loopholes, we start to hear mindless chants about SOCIALISM! Many of the people that would BENEFIT from this would rather hold down their neighbors than lift everyone up.
How about they give the money to NO SEGMENT of the population and instead pool it into alleviating healthcare costs (would it even make a dent?)?
I have no problem with guys like Bezos and Musk becoming filthy rich. I have big problems with guys like Trump, Paris Hilton, the Walton clan who didn't do **** to be rich. I also have big problems which a family owning a ranch the size of Rhode Island for 200 years, because some guy decided to fight Mexico over the right to own slaves. Putting more money into healthcare does not solve the underlying issue. The US puts more money into healthcare than any other country by a large margin. This is why I though Obamacare was a band-aid solution. The problem with healthcare in the US is that too many people not involved in delivering healthcare are making money from it. Too many administrators and middlemen. Too many different IT systems, too many insurance providers, too many IT systems, too many billing systems, too many people asking your if you have prior conditions because records are all over the place, too many lawyers suing, too much malpractice insurance, too many people suing, too many FDA regulations, too many everything. And none of this has anything to improve health and provide healthcare.
Sounds like M4A would be a great solution to reduce all this waste. Regarding the original post, I don't necessarily like the idea of using the ultra rich as a piggy bank, however, I'm tired of the growing wealth inequality in this country and continuing to allow these billionaires to continue getting more and more rich while the poor get more poor. So **** it, lets do it. We should all have an opportunity to achieve the American dream.
I'm all for M4A as long as there are other options available. America is all about choice. It works for a large and most need part of the population so there is no reason why it can't work for the young and healthy.
I don't really care too much about a wealth tax either way but I predict it would bring in less revenue then projected by its proponents and cost more to enforce then projected by its proponents. Just a continuation of the massive expansion of the federal government and more expensive bureaucrats.
No, because one day I'm going to sell enough essential oils that I too will be a Billionaire. You fat commie chumps need to reach for your bootstraps.
Hey, take a tip from a fellow billionaire. I made my money selling boot leg VHS tapes many years ago, but if you want to make money now, start selling Scentsy ...... there is a LOT of money in that man. You can make $40 on a weekend,
I want Eisenhower's plan - a corporate tax rate of like 52% and a wealth tax beyond say 300 or 400k........that escalates. DD
My preference would be to address the issue directly. A 10% VAT would force companies with revenues to pay taxes on that. A flat tax like corporate and individual AMT would limit deductions to the flat tax amount, probably cancelling out many tax loop holes.
