NYU Professor: Billionaire tax is the worst idea ever

it is not practicable, as you can't get a consensus as to what flat tax rate should be?

 

u miss my point, which why raise the capital gain tax when so many non-billionaires are also involved w capital gain transactions.

i m ok w increasing the tax burden on the top 1.3% of the tax-paying population, and leave the bottom 98,7% as is

 

The number is pretty easy to get to. Just look at the government's current incoming revenue, and do the math backwards. The reason why there is no consensus is because everyone that would have to pay more taxes are fighting it tooth and nail. Also tax attorneys wouldn't want it either.

 

The burden on the middle class is pretty small and we had the system before Bush Jr. The lower capital gains taxes implemented by Bush JR is one of the major reasons why we had deficits under Bush and why the rich has been crazy rich while paying lower tax rates than the average middle class person.

It's easy to reduce the burden on the middle class, just reduce the lower tax bracket to account for the added tax revenue from the really rich.

 

you contradicted yourself

 

'Mucian chickens only speak 'murican!

 

Hey Billionaires, if you don't love America and its taxes leave it. I am sure Mexico where politicians stay bought would welcome you with open arms to come down south of the Border and duplicate your winning formula!!! ... and am sure that there will be long line of Billionaire lined up at the southern border.

 

He simply makes the place less enjoyable. I would rather read one your posts or Basso's etc etc etc at least I will learn something from time to time. If you want to be funny be funny, unfortunately he is not that either. I feel sorry for him time to time as well it's not my problem. I don't want to sit there and insult the guy though just because he is hella annoying. Akin to picking on someone with a mental disorder, not cool.

 

I said getting to a number is pretty easy. I didn't say changing tax structure is easy. Nothing that deals with one set of people paying more and while another set of people paying less is easy. Someone is always going to get butt hurt, but figuring out a number is pretty easy if you have access to the data.

 

on the whole, it is not practicable, which is my position

 

Even without a deduction, if you're sufficiently funding things like healthcare, education, and housing, it's still a huge net positive. Liberals need to stop focusing on what looks/feels good to them and instead focus on what actually improves people's lives.

 

I mean, that's the case with pretty much everything now, so your point is kind of irrelevant.

Even if you could somehow get a consensus on the tax rate, partisanship would kick in and I guarantee you that if Democrats came out in favor of a flat tax tomorrow, the Republicans would come out in opposition to it a minute later.

 

thank you for emphasizing the point that it is not practicable

what is irrelevant is pushing for a specific policy that is not practicable

 

It's irrelevant because basically everything except shoveling money towards the wealthy is not practicable.

There's nothing about the flat tax itself that is "not practicable", it's just that the government is set up to not function at this point.

I'd love to be wrong. But I doubt it.

 

so, let's dispense w calling for a specific policy that the Gov is not able to execute.

 

Might as well all go jump in the suicide pods then. Or at the very least shut down the D&D.

 

So . . . a 20% Tax on everything over 1 million dollars in income/assets

That affects poor me how?

Rocket River

 

The goal should be to favor work over capital. Right now, you pay a higher tax on being employed than trading crypto endlessly. What you ideally want in your tax code is to either treat all activities equally, or favor the ones you want to reward and encourage. Right now, we do the exact opposite - meaning the easiest way to generate wealth is having wealth and doing things that, relatively speaking, don't contribute to society. Instead of trying target billionaires for being billionaires, the goal should be to improve the system so that its harder to become a billionaire and easier to make a middle class living. Raising the capital gains tax generates revenues which can be used to lower payroll or income taxes.

 

and trading stocks is not work?

why discriminate against stock traders?​

only if trading profit is > the salary

you know that all short-term capital gains are taxed as ordinary income, no?
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you know that not only does a wealth raises revenue; in addition it also lessens the tax burden on the lower ~98%, no?