They were talking about percentages of income taxes in the past several posts, that is what I was responding to, not the wealth tax of the OP.
I have edited my post and removed the quote of your post, since it was about a different part of the subject of taxes.
Warren's wealth tax is a much lower percentage with a much higher threshold of wealth, but collected annually.
Sanders' proposed estate tax rates are:
$3.5 million to $10 million: 45 percent tax
$10 million to $50 million: 50 percent tax
$50 million to $1 billion: 55 percent tax
more than $1 billion: 77 percent tax
I'm not a fan of a wealth tax or an estate tax. And those numbers - that's a heck of a chunk!
Quote: Dalex64Quote: RSQuote: Dalex64
The proposal is to tax at 70% taxable income in excess of 10 million dollars.
From what I could tell, in 2014, the top 1% earned more than 456,000 dollars in adjusted GROSS income (which is greater than their taxable earnings)
What percentage of Americans earn more than 10 million in taxable earnings?
Does it matter? No. Wrong is wrong.
The bold bit, about how many it affects, was aimed more to your statement "Fact is you (general) would be taxed at a rate of 70% on something."
I'm not sure exactly what you meant by that, but if only a fraction of 1% is affected, then you (general) would not be taxed at a rate of 70% on anything.
I was talking about the people in that tax bracket, or at least that’s what I intended to write.
Once the tax tables have been fixed, the need for a wealth tax will decrease.
Add that to her new wealth bill, Ocasio-Cortez’ proposal for 70% top tax rate, Bernies Medicare for All, and Kamala’s ‘debt-free’ college, and the Party that oversaw seven of the eight past recessions, and eleven of the past thirteen bear markets is about to do it again.
I just checked my last tax statement. I happily paid my 0.318% wealth tax in Switzerland over the last few years. So to those that fear that a wealth tax, universal healthcare and free colleges would lead to a crumbling society: pay a visit to Switzerland, aka the richest country on the planet (no, Luxemburg doesn't count, and yes, per capita is the only metric that matters).
So I kinda get - from the American perspecitve - why a wealth tax would be a hard sell to some. The estate tax however - this not not money "deservedly earned through hard work". This is somebody elses (one's parents) hard work. Conservatives are all about "I built that" right? So you shouldn't become rich by inheritance. Everybody should do their own hard work. And even with 100% estate tax, it would still be very easy for rich people to give their children a head start in life. They'd still live in easy mode, even if they had to work with their own two hands a little.
Yeah get it together, Venezuela. It works when white ppl do it!
Even sarcastic racism kinda rubs me the wrong way, so let's just say whatever the color of your skin may be, don't put an idiot bus driver in charge. (Nothing against hard working bus drivers either, but statistics show they rarely win any Nobel prizes.)
So, assuming you had a national sales tax with that provision, what else do you need? Do we still need all the tax loopholes?