Most Americans already pay a wealth tax. It’s called property tax. Most Americans have most of their wealth tied up in their homes. It is only the super rich that have the majority of their wealth in stocks and bonds. And they do not have to pay any wealth tax on it.
Business insider is now a socialist newspaper?
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Mr. Trump, you are dead wrong. This is not a 'hot economy' when 62 percent of jobs in America cannot support a middle class life.
“On the one hand, taxation is an essential attribute of commercial society... on the other hand, it is almost inevitably ... an injury to the productive process.” Schumpeter, Capitalism, Socialism, and Democracy (1942), p. 198.
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Why is tearing down the top going to increase the bottom? Somehow the bottom become the next Steve Jobs, Bill Gates, Jeff Bezos Gonna create huge employers? I don’t get it.
😂😂😂😂😂. Ridiculous
真蠢
History shows that billionaire operate with trusts so they don’t normally pay estate tax. If you could explained her how it works, try to do it using apples and bananas
Resulting in an actual rate for those top earners in the 30% range. So the data is very deceiving. Take off you trump hatred hat and your ultra liberal politics and actual try and get the data straight and interpreted properly
This is embarrassing for business insider. Do some actual research before writing. If you actually did you would note as many have that when tax rates were at those levels decades ago the system had tons of loopholes and deductions that don’t exist today.
They should concentrate their efforts in tax evading and off shore shell companies that use tax heaven places to keep their fortunes tax free
Seems immoral to me
I agree that they should pay more but 70% is just ridiculous
dbongino is this for real?
In practice they take their companies to another country. One that is more favorable.
This is bananas, trying to minimize as just a small margin when that small margin already makes up the majority of taxes is just plan dumb. What will happen is assets will leave US. Then deeper trouble from coming up short revenue to fund these socialist fantasies. IT WON'T WORK
Business insider is making a huge mistake. Higher taxes hurt the economy. How can a business website promote this ridiculous idea?
The question is why not 100% tax rate on income over whatever... And if you are honest enough to answer this question then you will understand how immoral such proposals are. Just be honest
AngelinaSnow007 I am all about hurting the ultra-rich.They have been sucking the life out this country since the beginning, stepping on the spines of hard workig Americans on their way up. I could give two shits if they have to give up a few million every year.
BI has officially jumped the shark. Beyond stupid.
The higher taxes paid for our infrastructure, conservation, schools, national parks EVERYONE prospered not just 1/10 of 1%. 1700 Oligarchs/540 Billionaires own 80% of the wealth &don't want to share. Instead they get another trillion and hoard it off the taxpayers backs. TAX Them
What would it mean in practice for a billionaire to have this 70% tax?
AOC is generous with a 70% tax rate proposal. Eisenhower's tax rate was 92%. Wilson, FDR, Eisenhower & JFK's tax rates ranged from 70-92% tax on the wealthy. The entire country prospered until NeoLibDems & the GOP turned protectionists for the 1700 Oligarchs/540 billionaires.
History, economics, logic... it’s almost as if she’s right and they’ve been wrong for a very long time.
What happened to the link?
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