Taxing Bill Gates $100 Billion, Counters Bernie Sanders, Could End Homelessness and.....

[guillaumeb]

Taxing Bill Gates $100 Billion, Counters Bernie Sanders, Could End Homelessness and Microsoft Founder 'Would Still Be a Multibillionaire'

From the article:

As Sen. Bernie Sanders (I-Vt.), who is also running for the Democratic nomination for president in 2020, pointed out on Twitter, Gates' fortune is valued at roughly $106.8 billion, leaving $6.8 billion after the hypothetical tax hit.
"Say Bill Gates was actually taxed $100 billion," said Sanders. "We could end homelessness and provide safe drinking water to everyone in this country. Bill would still be a multibillionaire."

To read more:

https://www.commondreams.org/news/2019/11/07/taxing-bill-gates-100-billion-counters-bernie-sanders-could-end-homelessness-and?cd-origin=rss&utm_term=AO&utm_campaign=Daily%20Newsletter&utm_content=email&utm_source=Daily%20Newsletter&utm_medium=Email

Gates and others at his economic level epitomize greed above all else.

[wasupaloopa]

1. Where does the idea come from that the House which initiates all tax legislation will pass a bill

taxing Bill Gates 1 Billion dollars?

Are any adults running for President on the left?

Get fucking real and talk about the issues in a realistic way! We have 1 year to defeat trump! Stop acting like kids in a candy store!

[guillaumeb]

4. In the 1950s and 1960s,

the top marginal tax rate was 91%.

Knowledge of history is not childish, nor is it unrealistic.

Sanders was making a valid point. The very rich are hugely undertaxed.

[George II]

6. The top MARGINAL rate was 91%, it wasn't 91% on everything....

Not real numbers, but here's an example:

For $100M in INCOME (not net worth):

The first $1M taxed at 20%
The next $20M taxed at 30%
The next $50M taxed at 30%
The last $19M taxed at 91%

So in this example, only 19% is taxed at 91%, not the entire $100M, that's why it's called the "marginal rate".

[guillaumeb]

7. And given that my reply was:

In the 1950s and 1960s,

the top marginal tax rate was 91%.

Knowledge of history is not childish, nor is it unrealistic.

Sanders was making a valid point. The very rich are hugely undertaxed.

your point is understood by me.

[wasupaloopa]

10. That wasn't your point. You inferred that rich people were taxed at 91%. Until you learned

other wise.

[guillaumeb]

13. Laughable.

The words are clear.

[George II]

11. Thanks....

[wasupaloopa]

8. Give me a break. There were so many deductions that no ne paid 91%. I did tax returns in a CPA

firm.

Selective history is rampant on the left!

[guillaumeb]

9. So if literally no one paid the top marginal rate,

why has income inequality exploded over the past 40 years as the rich get far richer and everyone else falls behind?

And why did the far right fight so hard to lower the top marginal rate?

Yes. selective history is definitely an issue.

[wasupaloopa]

12. income inequality exploded because the right was in charge of tax policy. That began with Reagan.

[guillaumeb]

14. And the GOP has been cutting tax rates since that time.

And speculative investment increased greatly while productive investment diminished. There is no penalty for taking massive compensation, and no incentive to reinvest.

[OAITW r.2.0]

2. I like it, but....just pay fair taxes Rich People.

I really don't want to give Bill Gates credit for dealing with the Homeless. It's not like anyone should get PR credit for giving tax dollars to a particular need. It ought to be your willing social obligation to pay taxes. Your tax lawyers have already shown how you can evade your social responsibility. That's why you have more $ then you will ever need.

Just tax the ultra-rich for a $1000BB (or $1TT) and let the federal government figure out where to spend it.

[msongs]

3. bernie's a millionaire. should we tax him at 90% nt

[guillaumeb]

5. So bring back the top marginal tax rate of 91%?

Agreed.