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Post by Sprockey on Sept 16, 2019 17:51:36 GMT -5
Is how Elizabeth Warren plans to fund all of her ideas. "Elizabeth has released countless plans that would truly change people's lives and level the playing field for working families. But with so many ideas that call for big, structural change, the first question is often, "how will we pay for that?" The answer? The Ultra-Millionaire Tax: Elizabeth's plan to have the top one-tenth of 1% of Americans pitch in their fair share: Just two cents for every dollar between $50 million and $1 billion. There's a lot you can do with two cents How can we cancel student debt for 95% of people who have it? The Ultra-Millionaire Tax. How would we pay for universal child care and pre-K for every child in this country from birth to school age? The Ultra-Millionaire Tax. How could we invest at least $50 billion in a new fund for Historically Black Colleges and Universities and other Minority Serving Institutions? The Ultra-Millionaire Tax. And what about that idea to provide universal free two-year and four-year public college and technical school? The Ultra-Millionaire Tax. It would pay for all of this — and so much more. It's amazing what you can do with two cents."  |
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Post by Sprockey on Sept 16, 2019 17:52:24 GMT -5
Thoughts?
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Post by villanelle on Sept 16, 2019 18:02:52 GMT -5
My thoughts are that, even if it would truly fund all those things, most of them are not things I think we should be funding. Canceling 85% of student loans? Don't support. Universal childcare (presumably free), don't support. Free two and four-year college for everyone? Don't support. $50b for minority-serving institutions? I support spending some money on this, but that seems excessive.
I'm also skeptical that they wouldn't just find ways to dodge most of this tax. I think it would need to be pretty tightly written.
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Post by Tpatt100 on Sept 16, 2019 18:13:57 GMT -5
I support a lot of that stuff but it requires massive streamlining of current government subsidies of various sorts. Since politicians don’t want to eliminate government jobs they will just add another layer to government and end up making things even less cost efficient.
It’s like universal income, politicians oversell it or make it sound like the spawn of satan.
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Post by Sprockey on Sept 17, 2019 10:55:39 GMT -5
"The Ultra-Millionaire Tax" is not a reasonable plan. How is it reasonable to transfer the burden of an entire countries shortcomings to one group of people and call that a fair share?
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mare
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Post by mare on Sept 17, 2019 11:11:18 GMT -5
"The Ultra-Millionaire Tax" is not a reasonable plan. How is it reasonable to transfer the burden of an entire countries shortcomings to one group of people and call that a fair share? It's not. However, we need major tax reform. It's also not fair that ultra rich people have legally allowed loopholes that allow them to pay a lower effective tax rate than most people. It's not fair that corporations have loopholes and agreements that allow them to pay very little in taxes. |
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Post by Sprockey on Sept 17, 2019 11:30:37 GMT -5
Tax reform, yes. I think there is definite room for improvement (or a rehaul) including getting those at the top to pay more.
An "Ultra-Millionaire Tax" to cover every pipe dream under the sun is dumb
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Post by Sprockey on Sept 17, 2019 11:32:59 GMT -5
Or maybe people who don't feel overly burdened or over-taxed (like realcranky) can pay in extra  We will call it the "IWantToPayMoreInTaxes" plan. |
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Post by Tpatt100 on Sept 17, 2019 13:24:21 GMT -5
Not sure if tax reform is going to make a difference. Politicians just use that as an excuse to add in their special interests and things that help their biggest demographic.
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Post by RichB on Sept 17, 2019 14:18:25 GMT -5
"The Ultra-Millionaire Tax" is not a reasonable plan. How is it reasonable to transfer the burden of an entire countries shortcomings to one group of people and call that a fair share? It's not. However, we need major tax reform. It's also not fair that ultra rich people have legally allowed loopholes that allow them to pay a lower effective tax rate than most people. It's not fair that corporations have loopholes and agreements that allow them to pay very little in taxes.
Are you including payroll rate when you talk about a lower effective tax rate?
A lot of tax credits and deductions went away with the last tax reform. You'd have to provide specific examples of which loopholes you're talking about.
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Post by realcranky on Sept 17, 2019 14:55:23 GMT -5
I think this is meant to be a wealth tax, not income tax?
I don't have $50 million, but thanks for mocking me!
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Post by Sprockey on Sept 17, 2019 15:02:48 GMT -5
What? I am not mocking you, I was poking you! LOL You have often said that you don't feel over taxed. I think you should pay more for those of us who do!  |
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mare
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Post by mare on Sept 17, 2019 15:20:02 GMT -5
It's not. However, we need major tax reform. It's also not fair that ultra rich people have legally allowed loopholes that allow them to pay a lower effective tax rate than most people. It's not fair that corporations have loopholes and agreements that allow them to pay very little in taxes.
Are you including payroll rate when you talk about a lower effective tax rate?
A lot of tax credits and deductions went away with the last tax reform. You'd have to provide specific examples of which loopholes you're talking about.
The corporate tax rate was reduced under the 2017 changes. Lots of loopholes apparently still exist that probably need to be eliminated. itep.org/notadime/ |
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Post by RichB on Sept 17, 2019 16:11:13 GMT -5
Are you including payroll rate when you talk about a lower effective tax rate?
A lot of tax credits and deductions went away with the last tax reform. You'd have to provide specific examples of which loopholes you're talking about.
The corporate tax rate was reduced under the 2017 changes. Lots of loopholes apparently still exist that probably need to be eliminated. itep.org/notadime/
The corporate tax rate needed to be reduced as it was making the US uncompetitive.
There are legitimate reasons for a lot of those tax breaks, although I'm sure that some could be reduced. What I find amusing is that a lot of people who complain the most about corporate welfare are the same ones who want to do anything in the name of climate change. From your link: Alternative Energy Tax Subsidies
A number of companies took advantage of alternative-energy tax breaks as well. Duke Energy enjoyed $129 million in renewable energy production tax credits in 2018. The so-called Bipartisan Budget Act of 2018 expanded these credits. DTE Energy reduced its taxes by $223 million using production tax credits. WEC Energy reported $12 million in production tax credits, and Xcel Energy claimed $75 million in wind production tax credits. CMS Energy also reported renewable electricity production tax credits of $14 million, and Dominion Energy claimed $21 million.
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mare
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Post by mare on Sept 18, 2019 6:28:27 GMT -5
The corporate tax rate was reduced under the 2017 changes. Lots of loopholes apparently still exist that probably need to be eliminated. itep.org/notadime/
The corporate tax rate needed to be reduced as it was making the US uncompetitive.
There are legitimate reasons for a lot of those tax breaks, although I'm sure that some could be reduced. What I find amusing is that a lot of people who complain the most about corporate welfare are the same ones who want to do anything in the name of climate change. From your link: Alternative Energy Tax Subsidies
A number of companies took advantage of alternative-energy tax breaks as well. Duke Energy enjoyed $129 million in renewable energy production tax credits in 2018. The so-called Bipartisan Budget Act of 2018 expanded these credits. DTE Energy reduced its taxes by $223 million using production tax credits. WEC Energy reported $12 million in production tax credits, and Xcel Energy claimed $75 million in wind production tax credits. CMS Energy also reported renewable electricity production tax credits of $14 million, and Dominion Energy claimed $21 million.
Reducing the corporate tax rate and still having in place tax incentives, tax credits, or whatever program that allows some companies to pay essentially no taxes is a problem, imo. People who are extremely wealthy and pay a lower tax rate than the average Joe because of tax avoidance strategies (however legal) is a problem, imo. I think our tax code needs to be improved along with other laws that place an unfair burden on the middle class. Taking 2% from the uber wealthy shouldn't be the solution for solving the problem of how to pay for any proposed program without fixing our current system first. |
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Post by Tpatt100 on Sept 18, 2019 8:12:23 GMT -5
Much of the middle class doesn’t even pay their fair share as is. It’s shifting to the upper middle class primarily. Politicians give tax cuts to their vocal demographics and try to make up some of the difference by reducing tax benefits for the upper middle class.
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Post by Sprockey on Sept 18, 2019 8:37:36 GMT -5
Much of the middle class doesn’t even pay their fair share as is. According to who? |
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Post by Tpatt100 on Sept 18, 2019 9:09:31 GMT -5
Much of the middle class doesn’t even pay their fair share as is. According to who? The definition of middle class is so wide and people have stretched what they think “middle class means”. I always hear people say “well in some parts of the country you need to make 100K a year to survive” yet the median income in some of those areas is typically well below that amount. I guess if by surviving they mean having only a three bedroom home and two car payments, sacrifice is only having one car payment and one used car. This is from 2010 www.npr.org/sections/itsallpolitics/2010/09/16/129918761/pelosi-sticks-with-tax-cuts-for-middle-class-not-wealthyPelosi Firm On Tax Cuts For Incomes Of $250,000 Or Less |
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Post by villanelle on Sept 18, 2019 11:09:20 GMT -5
Much of the middle class doesn’t even pay their fair share as is. According to who? Probably according to you! Admittedly, I don't know your income, but I'm guessing you are in that "upper middle class" he says are carrying more of the burden. ETA: My definition of "upper middle class" is probably more broad than most. Most people seem to draw that line just above wherever they are. lol |
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Post by Tpatt100 on Sept 18, 2019 11:13:53 GMT -5
We can only go on a cruise once a year so we are defiantly middle class 😩
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