• Welcome to OGBoards 10.0, keep in mind that we will be making LOTS of changes to smooth out the experience here and make it as close as possible functionally to the old software, but feel free to drop suggestions or requests in the Tech Support subforum!

income inequality debate

Shooshmoo said:
Chris, you've never kicked anyone's ass in your life. And now you're playing the socialist card. Right out of the playbook.
Click to expand...
What do you call a group of economists who think a 70 percent marginal rate is to low? We will let you run your business but we will just confiscate all of your profits.

I am sorry i don't find your appeal to authority compelling.

I have already told you the easiest and most effective way to make the tax code more progressive than it is. Raise income tax rates at the high brackets (although 80% would be a big mistake.)

I also told you how to tax corporations. Institute a VAT.

Are those Republican talking points also?
 
Last edited:
If it's good enough for the far left's beloved Nordic economies then why isn't it good enough for us?
 
Do you mean countries like Norway and Switzerland that have a wealth tax?

And there need to be additional income tax brackets at much higher rates for incomes higher than $1M. Income tax brackets as they stand now, which lump anyone making more than $500k a year in multi-millionaires and billionaires (who end up paying a lower effective rate than the average American middle class members), are nonsensical.
 
Shooshmoo said:
Do you mean countries like Norway and Switzerland that have a wealth tax?

And there need to be additional income tax brackets at much higher rates for incomes higher than $1M. Income tax brackets as they stand now, which lump anyone making more than $500k a year in multi-millionaires and billionaires (who end up paying a lower effective rate than the average American middle class members), are nonsensical.
Click to expand...

I'd be willing to wager a large sum that Chris agrees with this post, although I guess the two of you could slap-fight about the actual rates.
 
ChrisL68 said:
What do you call a group of economists who think a 70 percent marginal rate is to low? We will let you run your business but we will just confiscate all of your profits.

I am sorry i don't find your appeal to authority compelling.

I have already told you the easiest and most effective way to make the tax code more progressive than it is. Raise income tax rates at the high brackets (although 80% would be a big mistake.)

I also told you how to tax corporations. Institute a VAT.

Are those Republican talking points also?
Click to expand...

A real socialist would laugh at your definition.
 
I agree that we need more income tax brackets.

Pretty much every party in Norway is on board to eliminating the wealth tax and the rates have been going down. Norway has always been the most tax heavy closest to socialist (ie democratic socialist or social democracy as to not rile the purists) Nordic country and has benefitted greatly from the high amounts of fossil fuel wealth that accrues to the population. By the way, Norway's wealth tax is broad based. 0.85% for wealth over $185K. You on board for that or is this only a good idea for the super-rich?

Switzerland isn't a Nordic country, but they also have a wealth tax that applies at very low wealth levels ($100k) albeit progressive in its rates.

The trend around the world is not towards wealth taxes.

You also need to consider o what extent these countries have property taxes as well. In the US, there are pretty hefty property tax rates on average so a lot of this wealth is already being taxed.
 
Last edited:
ChrisL68 said:
Pretty much every party in Norway is on board to eliminating the wealth tax and the rates have been going down. Norway has always been the most tax heavy closest to socialist (ie democratic socialist or social democracy as to not rile the purists) Nordic country and has benefitted greatly from the high amounts of fossil fuel wealth that accrues to the population. By the way, Norway's wealth tax is broad based. 0.85% for wealth over $185K. You on board for that or is this only a good idea for the super-rich?
Click to expand...

Yes, only a good idea for the super rich, and the way European countries have made is broad based is part of the reason it has not been successfully done in Europe.

Glad you raised the property tax, which is a wealth tax that we are already paying.
 
Last edited:
The intention of the gilti law wasn't to tax income that was subject to high foreign taxes. Thats why an 80% foreign tax credit was allowed which would effectively exempt foreign income that was taxed at a rate of 13.125% or above. Some companies were getting whipsawed by expense allocation rules that require you to allocate us interest expense against that foreign income.

GILTI is the 2nd regime of foreign income subject to US tax after the historical Subpart F regime which is still in effect. Subpart F has a high tax exception.
 
Last edited:
I think the main reason Sanders and Warren put a wealth tax in their platform is because it polls really well, not necessarily because it's the most optimal means of taxation. Given the number of concerns, including constitutional (even if it ultimately is determined to be constitutional, there *will* be lawsuits that tie it up for years), I think there are other options that would probably be better choices from a practical perspective. I think you can get most of the way there with much simpler reforms that could still raise a ton of revenue. More income brackets makes sense. I'd be on board with eliminating most (maybe even all?) deductions. The pass through deduction should go away. Dems are being dumb about the SALT cap thing. Repeal stepped up basis at death (which has the added bonus of raising the revenue maximizing rate of capital gains taxes). Reform the estate tax (at the very least the exemptions should go way down). Raise capital gains taxes (if paired with repeal of stepped up basis, these can be close to ordinary tax rates). Big increase in funding for the IRS is also a big net positive from a revenue perspective, and should be a no brainer.

If we were going to do a "big" reform, I think we'd be better off enacting a VAT (which also taxes wealth) and/or considering a mark to market accrual tax system rather than a wealth tax, imo.
 
 
Wear some damn gloves touching all that delicious looking pie.
 
 
what sane person accepts an offer to have their dog walked by a fucking package delivery person?
 
avalon said:
Click to expand...

Yet another example of Americans trying to restore slavery. We have a modern serfdom in which people are paid just another to barely survive so they can keep working to make rich people richer.
 
You must log in or register to reply here.
Back
Top