We MUST Raise Taxes on Millionaires

[davefromqueens]

For over 40 years this country has had socialism. But that socialism has been for the wealthy. It's been "capitalism" for everyone else.

For over 40 years this country has had redistribution of wealth. But it's been money taken from the poor and middle class and given to the lazy rich who have used government as their personal welfare trough.

For over 40 years America has had class warfare. But the victims have been the middle class while the pillagers have been at the very top.

As a result of corporate communism, wealthfare, and redistribution of wealth upwards, we have a crumbling domestic infrastructure, record deficits, and a 10 trillion dollar debt.

So how do we fix this mess? How do we rebuild our infrastructure, eliminate debt, create more economic opportunity for the middle class, and reduce the deficit dramatically? The primary way to do this is simple - You MUST raise taxes on the very rich.

Restoring the tax to 39% and letting the Bush tax scam expire immediately is bread crumbs. In order to fix our country and in fact save it from economic ruination, tax rates on wealth over 5 million dollars should be taxed at 70% with that rate increasing to 90% on wealth over 100 million dollars. Therefore we should be arguing for 70% tax rate for those making over 5 million a year combined with eliminating every loophole out there and establishing an alternative minimum tax for large corporations to prevent the tax evasion from sending jobs overseas or hiding assets offshore.

Your thoughts?

[gristy]

1. When you talk about taxing "wealth" I think you mean income

If not, that rich guy isn't going to have much wealth left after 2 or 3 years.

[davefromqueens]

2. Yes income

I'd be amenable to a 1 time assets tax on individual wealth over 100 million but other than that I basically mean income (which could include some of the "stocks" or perks they put into those salaries.

[fasttense]

10. Why do we tax labor more than we tax wealth?

Interest, stock sales profits, dividends, large investment returns are merely very wealthy people looking for somewhere to stash their millions and get something back from it. They do no work, they contribute very little. Why is their wealth taxed less than the sweat of my brow?

[gristy]

13. By definition, these are all income

Interest, stock sales profits, dividends, large investment returns

[angryfirelord]

3. I agree

Although our tax code is horrendous and trying to fix every loophole would be a nightmare. I'd say the best solution is to throw the entire thing in the shredder and start from scratch.

Oh, and we can also be better off by getting rid of the Federal Reserve as well. That's primarily the reason why our currency is in the toilet and why we have such a huge gap in terms of income among people. (inflation)

[Nothing Without Hope]

4. And all too many CORPORATIONS evade taxes, often completely.

Must be stopped.

[Citizen Number 9]

7. Interesting theory. I wonder if it is correct.

How do they evade taxes, often completely?

[lligrd]

5. Exactly! And Anyone Who Is Able To Make Over 100 Million

should be patriotic enough to pay the tax happily to show how grateful he/she is to live in a country that allowed him/her the opportunity to do so.

[DLnyc]

6. Precisely

Also, a return to the estate tax, focused on very large estates (say over 10,000,000) and with an exception for family farms, is important to prevent excessive concentration of wealth.

[fasttense]

9. That family farm fantasy land story told by tickle down economists is BS.

The problem with very large family farms is not the Tax but the family itself. Family members argue, don't get along and no one wants to be the one running the farm and doing all the work, while only getting a portion of the profits. So the family farm gets sold not because of taxes but because of family disputes.

There has been no documented cases where a family farm had to be sold to pay inheritance taxes. It is just another lie told by Republicons.

[Historic NY]

8. I agree they aren't doing crap to help out the peasants...

even thou it is a small amout it will trickle down since nothing else seems to.

[newtothegame]

11. One major problem is that we've used the tax code to create incentives and disincentives...

This has created so many loopholes it's unbelievable. What's the tax rate on a millionaire now though...I thought they already paid higher than us average Americans, both in percentage and real dollars.

[SlowDownFast]

12. What about the billionaires?

:shrug: