(January 25, 2019 at 2:22 pm)Brian37 Wrote:(January 25, 2019 at 2:05 pm)Yonadav Wrote: I really like what Elizabeth Warren is trying to do. A tax like this would bring in a lot of revenue. But what I really like about it, is that it would be a major step toward taming our offshore tax dodging beast.
https://www.realclearpolitics.com/video/...iting.html
AOC has proposed pretty much the same tax policies we had post WW2 prior to Reagan. I think both would be a better plan then what the GOP offer which is, "let the rich do whatever they want."
Our pay gap explosion started with Reagan's deregulation. Both Warren and AOC want to fix that.
In regard to taxes, one of our biggest problems is offshore. That's why I said that I like Warren's plan so much. Raising taxes on the wealthy simply won't do any good at all, as long as they have a way to dodge the taxes. The more you raise taxes, the more aggressive they become about avoiding them.
The post WWII tax of over ninety percent is a bit misleading. That was at a time when the bulk of our economy was domestic. People didn't really have anywhere that they could go with their money. The choice was to either take profits as personal income or reinvest. The very high tax on very high incomes discouraged people from taking profits as personal income that they would then hoard. It encouraged them to reinvest the money, instead. So almost no one paid that really high tax. There were always better options than that. I agree with AOC that it would probably be a good idea to have a system like that again, but it isn't something that is likely to generate a bunch of extra revenue for the government. But it absolutely doesn't make sense to try to put it in place before we have our offshore beast under control. Jacking up taxes before the offshore beast is under control would just cause more of our national wealth to move offshore.
We do not inherit the world from our parents. We borrow it from our children.
