The end of capitalism in the US?
If Capital gains exceed 50% why would anyone invest here?
Link: https://www.msn.com/en-us/money/topstocks/biden-s-proposal-would-make-u-s-capital-gains-tax-rates-the-highest-in-the-world/vi-AA12oCx2?ocid=msedgntp&cvid=175f1a011779450681bb274bda1421ef&category=foryou
Replies to: The end of capitalism in the US?
It could be argued that the greatest threat to capitalism is the ever rising wealth gap.
I don't have a problem with people "earning" over $1M paying higher taxes. And I also don't think we need to worry that people will stop investing.
Inevitable-Dems are now going to increase taxes to pay for their spending sprees
(no message)
Here are the details of the proposed Bill...not quite 'Armageddon' for U.S. Capitalism...
(no message)
Link: https://smartasset.com/taxes/biden-capital-gains-tax
The top 20% of income earners pay 84% of total income taxes, THAT IS THE INVESTING CLASS
The more you tax them the less they invest.
Or... they move their investments to more profitable juriisdictions.
This why investors are fleeing high tax states for thise with lower rates.
Link: http://WGE
Taxes for the "Investing Class" reached 90% during the Eisenhower years...why didn't we
collapse then?
btw, I'm waiting for the "Mental Illness" shoe to drop ;-)...
Because nobody paid it.
Happily, we don't need to worry about Scranton Joe monkeying with the capital gains tax. Any change is DOA. Even dead-er after the midterms.
Link: https://taxfoundation.org/taxes-on-the-rich-1950s-not-high/
That's because there was no incentive for corporate boards to pay CxOs compensation that would
land them in those brackets...note also that CEO to Avg. Worker ratios were on the order of 21:1 in 1965...now it's 351:1...
pretty hard to claim that CEO productivity is that much better than the average worker's...it's time for the "Investing Class" to SHARE the fruits of EVERYONE's labor...btw, they'll still be very, very comfortable...AND...the average workers will also be able to invest...what a deal!
So, you're arguing the 90% tax was just a useless gesture?
Look, we're taxing these fat cats at a 90% rate! Vote for me!
It had the desired effect...i.e. keep those on 'Mahogany Row' from taking all the profits for
themselves...you have a problem with that?
That was its desired effect? Were you a legislator in the late 40’s, early 50’s?
They created this tax to keep the ratio of CEO pay to laborer pay at a certain level? They said, “We realize that if we succeed in this, our true quest, this tax will not generate revenue. But we’re going to pass it anyway.” Remarkable! Almost unbelievable.
Just look at the results, Iggle...(see link)...
If the article doesn't impress you enough, check out Thomas Piketty's book "Capital in the Twenty-First Century"...go to page 508 for a review of what 90% tax rates resulted in...but best you start on page 1 to appreciate why we tossed away an economy that benefitted everyone and built a robust "Middle Class".
Link: https://www.zocalopublicsquare.org/2017/12/19/eisenhowers-tax-policies-invested-future-not/ideas/essay/
Piketty, lol!!! Really?
A great entry from when the UK had top rate of 98%.
Occupation: Tax collector on 2% commission
This shit never works, Tyrone. People don't like paying the man most of their income.
Here's a review of Piketty's book...scoff all you want, but Bill Gates has "Standing" when it comes
to this issue...while he (Gates) has his own views that fill in 'gaps' in Piketty's recommendation on taxation, he definitely agrees that government needs to step in to help correct the obvious imbalances in income and wealth...the challenge is finding the right actions...but 'the 'status quo' is definitely not one of them.
btw, have you read Piketty's book?...as Gates and I have?
Link: https://www.gatesnotes.com/books/why-inequality-matters-capital-in-21st-century-review
WHATS THE MATTER WITH YOU IT WILL END CAPITALISM AND WE WILL ALL SOON BE LIVING IN COMMUNES
(no message)
JANUARY 6TH INSURRECTION .THE DAY DEMOCRACY ALMOST DIED! HORN HAT ALMOST SUCCEEDED!
(no message)
The most asburdly hyperbolic post ever in the US?
(no message)
Absurdly hyperbolic!!!!!
(no message)
Tell us who will invest if 50+% of his or her or whatever's gains get redistributed to the Dem base?
But you are correct... too many Dem politicians are all in on stocks they know will succeed based upon legislative favors.
You're right! It will be the end of investment and capitalism itself.
(no message)
C'mon. It's not like he said the last president would be the end of the Republic.
(no message)
Right? Dumb thing to say. Hope he doesn't make his living....er never mind!
(no message)
Wow. I wonder if my fidelity account can be transferred to a different country.
The rich will find a way to get around this, and Congress will be exempt, but everyone else will be fucked.