I don't disagree with taxing the really rich either. I'm just curious how Bernie thinks only taxing the rich will solve the revenue required to offer free healthcare, social welfare and schooling he is proposing? Every successful democratic socialist country has a 50% tax on GDP as Denny put out there. Taxing the rich won't give you that. Everyone needs to pay the kitty, which I doubt the poor or lower middle class will support:
The self-described socialist senator from Vermont wants to reverse the "massive transfer of wealth from the middle class to the top one-tenth of 1 percent." The 90 percent top income tax rates America had during the 1950s might not be too high, he said. But yeah, he didn't say that at all.
Obamacare really kicks in 2016, which I believe requires 3 trillion per year. <--- correct me if I'm wrong here. http://www.usdebtclock.org/ has us bringing in roughly 3.1 trillion in tax revenue. That revenue alone won't be able to pay for obamacare. So were does the rest of the money come from where the rich already pay 42% of their income to federal, while paying additional 8-15% to state? EDIT: Obamacare doesn't cost 3 trillion in 1 year. The total cost is spread for 10 years. So actually its about 300 billion per year. My mistake....
This is everything I have learned in the past 7 decades about the two party political races. The Democrats promise to increase government spending to improve the welfare of our country. In reality, they have spent less than they promised. The Republicans promise to reduce government spending to improve the welfare of our country. In reality, they have spent more than they promised. Everything either party member says they will do to improve our country is pure bullshit just to get elected. In the last 50 years, we have had very few presidents that did what was right for our country, and improved the welfare of our country, from either party. Debatable, but I believe only Reagan and Clinton did what was right for our country. Not all of the time, but enough of the time to help improve our country, even though they had very different political and economic beliefs. In the last 50 years, every other president has hurt our country more than they improved it. Both systems, Capitalism and Socialism, can work; even a blend of Democratic socialism/capitalism can work. Results have more to do with the government leaders making the right decisions within the system they believe in. We need leaders that fix problems, not create more problems. There in lies the real problem, which person running for president do you trust to make the right decisions?
And the one thing both those presidents have in common was their ability to have both parties agree for the most part. Both sides have had their fair share of leaders that created segregation more than cooperation.
I don't know what you're talking about. I've been bitching ever since Reagan took the top marginal tax rate down from 79% to 29%. Fuck trickle down economics. They have never worked and never will work.
No, it didn't work. Most new income goes to the top 1%. How's that working out for the rest of the 90%? It's not.
More bullshit that you're pulling out of your ass. He's talking about taxing the top 1% at 90%. I'm all for that.
Link on the top 1% earning 90% of all revenue in the USA. I'm calling bullshit Oh wait, you want to tax them 90%? Lmao like that is gonna happen. And even if it did, that's only 40% of all revenue (being very gracious). And they are already being taxes 42%. So what else???
He said he wants to do that, but he also said he wants to follow the economic model of the Scandinavian countries. They are all +50% GDP. So copying that model would mean that we will tax accordingly right???
That's a goddamn lie. How many one percenters do you know? I know three personally and they want their taxes raised. They certainly have found a way to avoid paying taxes. Their effective tax rate is not anywhere near 42%. Remember when Mitt Romney was only paying 13% plus? The fact that you want to spout 42% is just complete bullshit.
A lie?! It's the tax code. Are you saying get rid of the tax loop holes??? Well shit yeah we do that! But anyone making over 500k must pay 42% fed tax.
AND, anyone making less than $18,550 paid no taxes at all. Tax cuts for everyone (not just the rich) meant more money in consumers' pockets, which they spent. This stimulated business growth and additional hiring. Result: Reagan's policies were an important part of bringing about the second longest peacetime economic expansion in U.S. history.
See this is why I can call bullshit. Most people making over 500k don't do it in earned income. They usually do it with capital gains. That's why Mitt Romney is only paying 13% plus. So when you throw this bullshit as 42% number out it's misleading and you know it. Am I saying get rid of tax loopholes? Hell fucking yes I am! Let's get rid of the ability to put your business in the Cayman Islands in Dodge taxes. Let's get rid of the subsidies that we give to oil companies in agro companies. Monsanto doesn't need any more of our money. On top of it, all of you day traders need a STET Tax too. Privatize you're losses instead of socializing them. Those bankers sure loved socialism when it was paying their bailout...
Bush expanded Reagan's trickle down economics and look what happened. He put it on steroids and we know the outcome. Do you really want to charge someone that's making less than $19,000 a year taxes? Really? This whole idea of balancing the budget on the backs of the poor sickens me.
BTW. The longest peacetime economic expansion in US history (about 60 years), happened when there was no Federal Income Tax. The long economic expansion ended about the same time the Income tax system we have today was ratified.
