Is Warren As Robin Hood Really The Answer?

[mark46]

Warren wants a wealth tax, as do most Democrats. This is simply taking from the undeserving rich and giving to the bottom half of income makers.
======
My modest suggestion is that the issue is the rate of taxation of INCOME that is the issue. And no, I do NOT want to roll back the tax cut. A huge increase in tax rates isn't the answer. This dozen suggestions would likely help a lot.

PERSONAL RATES
1) Should there be a minimum percentage paid by all (at what level), and should there be exceptions?
2) Should payroll taxes be paid on all earned income, rather than being capped?
3) Should an additional bracket be created for those who have adjusted gross incomes of $300K a year?
4) Should the earned income credit be increased?
5) Should there be a credit for college costs or for payments on college debt?
6) Should there be tax deductions and credits for costs of trade schools and classes?

BUSINESS RATES
3) Should there be a minimum percentage paid by all (at what percent) and should there be exceptions?
4) What is the appropriate corporate tax rate (my guess is that we came close this last time, and it should be just 2% higher).
5) What deductions should be lowered or removed? [hedge funds & real estate benefit greatly]
6) Shouldn't capital gains be taxed at the same rate as income?

 

[Deade]

Warren wants a wealth tax, as do most Democrats. This is simply taking from the undeserving rich and giving to the bottom half of income makers.
======
My modest suggestion is that the issue is the rate of taxation of INCOME that is the issue. And no, I do NOT want to roll back the tax cut. A huge increase in tax rates isn't the answer. This dozen suggestions would likely help a lot.

PERSONAL RATES
1) Should there be a minimum percentage paid by all (at what level), and should there be exceptions?
2) Should payroll taxes be paid on all earned income, rather than being capped?
3) Should an additional bracket be created for those who have adjusted gross incomes of $300K a year?
4) Should the earned income credit be increased?
5) Should there be a credit for college costs or for payments on college debt?
6) Should there be tax deductions and credits for costs of trade schools and classes?

BUSINESS RATES
3) Should there be a minimum percentage paid by all (at what percent) and should there be exceptions?
4) What is the appropriate corporate tax rate (my guess is that we came close this last time, and it should be just 2% higher).
5) What deductions should be lowered or removed? [hedge funds & real estate benefit greatly]
6) Shouldn't capital gains be taxed at the same rate as income?

It won't work, it has been tried. Taxing the rich to balance out income for the poor folk is just another attempt at socialism. The business owners that make up the upper income levels will not submit to more taxation. You Democrats want government to fix everything, but government doesn't do anything well. Taxing corporations is double taxation, as the board members are taxed individually. It comes down to a penalty for being successful.

 

[Kentonio]

Oh no, won't somebody think of the poor rich people!?

 

[Albion]

PERSONAL RATES
1) Should there be a minimum percentage paid by all....PROBABLY SO.
(at what level), and should there be exceptions? HARD TO SAY, OFFHAND.
2) Should payroll taxes be paid on all earned income, rather than being capped? NO.
3) Should an additional bracket be created for those who have adjusted gross incomes of $300K a year? MAYBE
4) Should the earned income credit be increased? NO.
5) Should there be a credit for college costs or for payments on college debt? NO
6) Should there be tax deductions and credits for costs of trade schools and classes? NO

 

[essentialsaltes]

Warren wants a wealth tax, as do most Democrats.

As do a majority of Republicans.

Just 26 percent of [all] respondents said they were opposed to the wealth tax.

Strong majorities of both sexes said they favored the tax, as did a majority of Republicans. Sixty-five percent of GOP voters supported it while only 35 percent opposed it.

 

[FireDragon76]

Sanders and Warren's proposals are alot more popular... and that scares some people. People who are so greedy they don't want to part with a nickle of their billions if it would help any of their fellow citizens.

 

[Deade]

As do a majority of Republicans.

Just 26 percent of [all] respondents said they were opposed to the wealth tax.

Strong majorities of both sexes said they favored the tax, as did a majority of Republicans. Sixty-five percent of GOP voters supported it while only 35 percent opposed it.

Sanders and Warren's proposals are alot more popular... and that scares some people. People who are so greedy they don't want to part with a nickle of their billions if it would help any of their fellow citizens.

The wealthy will simply move their money offshore if we keep penalizing them. They still are the ones that create most jobs, when they are doing well.

 

[HannahT]

The wealthy will simply move their money offshore if we keep penalizing them. They still are the ones that create most jobs, when they are doing well.

They stopped using their money during the lean times of Obama years. Individuals/Companies move to different states due to high taxes, etc. They will move again if it gets that bad.

They need to concentrate on the job market and wages. People want a sense of worth by doing it themselves, and to many politicians assume they just want handouts. They appreciate help no doubt during the times they need it, but would much rather have jobs with benefits to support themselves.

I assume the smart people in Washington can't figure this out, and turned to pushing envy instead. You need to hate the wealthy, corporations, etc. The only way for you to get your fair share is by us taxing them to get it.

There are plenty of circumstances in which the government made things worse. You look at areas that need housing that people can afford. How did the housing get so expensive? They will blame business and the wealthy for it, and then they followed it up by super high taxes. That made it worse, because housing costs then went through the roof.

When I was younger college was expensive, but not like today. It seemed like every time the government stepped in to help with costs? Tuition went up faster than the help you received. I noticed they didn't get the colleges to cut it out either. They just allowed it to happen.

A couple of our friends just retired, and sold their businesses within the 5 years or so. People assumed - they are business owners they are RICH - which is hardly the case. They saw the writing on the wall with the regulations and new taxes, and they made sure their employees didn't take the biggest bite due to the extra costs. They couldn't afford to expand the business, and they had moved stuff around so much money wise? It wasn't worth the stress, and they sold the business. That was their retirement fund at that point, because they used the rest to keep things going.

If government would STOP being so simplistic about solving things it would help. I think at times they throw stuff against the wall and see what resonates with people...and then go for it.

Right now they are trying to destroy Bernie. Warren will be next. They are going to take them out one at a time.

 

[KCfromNC]

The wealthy will simply move their money offshore if we keep penalizing them.

Good thing this discussion is about taxation rather than punishments.

 

[FireDragon76]

The wealthy will simply move their money offshore if we keep penalizing them. They still are the ones that create most jobs, when they are doing well.

Keep parroting the propaganda of your plutocratic overlords. Perhaps they will have a potential opening as a press secretary.

 

[mark46]

I agree that the rich should be pay a higher share of the costs of federal, state, and local tax expenditures. The recent tax cut went a bit overboard. However, simply taking money from the rich and giving it to the poor is NOT the answer. It is poor policy, no matter what percentage support this idea. Each of the following would take some money from the top 10%, without changing the tax burden of the bottom
90%. This includes SOME of the idea listed above.

PERSONAL
1) Create an additional marginal bracket for those earning above $300K.
2) Have a minimum rate that all earners must pay, perhaps 10% of income.
3) Tax investment income at the same rate as ordinary income.

The bottom line is that these three wouldn't have the negative effect of a wealth tax, which would incentivize moving money out of the country. [The rich would still earn lots of money; it just wouldn't stay in the US]. One of the elements of the tax cut that worked was that part that helps bring money back into the US. Reversing that effect is NOT a good idea.

Sanders and Warren's proposals are alot more popular... and that scares some people. People who are so greedy they don't want to part with a nickle of their billions if it would help any of their fellow citizens.