Warren's Wealth Tax

[Yonadav]

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

[Brian37]

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.

[Yonadav]

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.

[Brian37]

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.

Well yea. The amount of overseas tax hiding exploded with Reagan. 

It isn't either or. I agree with Warren, we need to regulate and close these loopholes, but even with that, AOC's tax rate also needs to be implemented.

[Yonadav]

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.

Well yea. The amount of overseas tax hiding exploded with Reagan. 

It isn't either or. I agree with Warren, we need to regulate and close these loopholes, but even with that, AOC's tax rate also needs to be implemented.

In theory, offshore tax dodging slowed down a little bit with Reagan. One of the ideas behind low corporate taxes is to encourage offshore money to find its way home. I'm not saying that it works.  An awful lot of offshore money did return during Reagan's presidency, but that had nothing to do with taxes. It happened because of Reagan's experiment with Monetarism. When M1 went up, the fed would respond with rate hikes. But instead of M1 shrinking a little, a bunch of offshore money would come flooding in.

[Brian37]

Well yea. The amount of overseas tax hiding exploded with Reagan. 

It isn't either or. I agree with Warren, we need to regulate and close these loopholes, but even with that, AOC's tax rate also needs to be implemented.

In theory, offshore tax dodging slowed down a little bit with Reagan. One of the ideas behind low corporate taxes is to encourage offshore money to find its way home. I'm not saying that it works.  An awful lot of offshore money did return during Reagan's presidency, but that had nothing to do with taxes. It happened because of Reagan's experiment with Monetarism. When M1 went up, the fed would respond with rate hikes. But instead of M1 shrinking a little, a bunch of offshore money would come flooding in.

No matter the subject, no matter the intent, no matter the law, there is always going to be greedy people who figure out how to avoid those laws, and or have enough power over years or decades to exploit or neuter the law to the point it is mute. 

If you were to talk to Ron Jr, he'd tell you his dad had good intent. I believe him looking back. Even Jr had said that his dad had told him he really didn't see the problem with same sex couples, but that never got out in mass scale considering the times. Reagan also defeated the U.S.S.R which Putin wants to take Russia back to.

But regardless, Reagan and the GOP set the stage for the economic conditions we see today. Ironically Reagan's successful attack on the air traffic control unions is coming back to bite them in the ass today. No, they cannot strike now. But the conditions for airport security and air traffic control are getting so bad that even the billionaire CEOs of the Airline companies are saying that the shutdown is dangerous. 

Point is, long term, the rich of the world have to face the fact they are humans like everyone else, and our global economy is connected and without workers they would not be rich.