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Thread: Rep. Ilhan Omar proposes taxing wealthiest Americans up to 90%

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    Re: Rep. Ilhan Omar proposes taxing wealthiest Americans up to 90%

    The Beatles managed to get rich on 95% tax. See "Taxman"
    Never eat anything that's served in a bucket.

    "We look to Scotland for all our ideas of civilisation." ..François-Marie Arouet. French philosopher. 1694 - 1778.

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    Re: Rep. Ilhan Omar proposes taxing wealthiest Americans up to 90%

    Quote Originally Posted by ttwtt78640 View Post
    Yep, and I will gladly give up my third home to help the homeless. Of course, the fact that I have no third home makes that generosity rather meaningless.
    Its amazing how willing people are to give up money that isn't theirs.

    Pure altruism.

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    Re: Rep. Ilhan Omar proposes taxing wealthiest Americans up to 90%

    Quote Originally Posted by Bum View Post
    Its amazing how willing people are to give up money that isn't theirs.

    Pure altruism.
    Even more amazing that they feel entitled to demand that it be done. This is why we need to have a two number federal income tax code for personal income (and get rid of taxing the income of corporations entirely). There should be fairly generous, yet truly standard, deduction (say $40K) and then a flat tax rate (say 25%) applied to any and all income over that amount. Yes, those at the bottom still get a free ride, but all others from the lower middle class to the mega-rich get any and all of their "excess" income taxed at the same rate (actually it is still quite progressive - due to the truly standard deduction).
    “The reasonable man adapts himself to the world: the unreasonable one persists to adapt the world to himself.
    Therefore all progress depends on the unreasonable man.” ― George Bernard Shaw, Man and Superman

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    Re: Rep. Ilhan Omar proposes taxing wealthiest Americans up to 90%

    Quote Originally Posted by ttwtt78640 View Post
    Even more amazing that they feel entitled to demand that it be done. This is why we need to have a two number federal income tax code for personal income (and get rid of taxing the income of corporations entirely). There should be fairly generous, yet truly standard, deduction (say $40K) and then a flat tax rate (say 25%) applied to any and all income over that amount. Yes, those at the bottom still get a free ride, but all others from the lower middle class to the mega-rich get any and all of their "excess" income taxed at the same rate (actually it is still quite progressive - due to the truly standard deduction).
    That would exempt nearly half of the population from taxation, which is wrong. The exemption should be no more than to avoid taxing the truly poor. Everyone should pay something, even if its a token dollar.

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    Re: Rep. Ilhan Omar proposes taxing wealthiest Americans up to 90%

    Quote Originally Posted by jonny5 View Post
    That would exempt nearly half of the population from taxation, which is wrong. The exemption should be no more than to avoid taxing the truly poor. Everyone should pay something, even if its a token dollar.
    That (bolded above) is already the case (as long as you choose to ignore the federal payroll tax of 15.3%), but under the two number system at least nobody "pays" federal income tax at a negative rate.

    https://nypost.com/2017/04/18/almost...al-income-tax/
    “The reasonable man adapts himself to the world: the unreasonable one persists to adapt the world to himself.
    Therefore all progress depends on the unreasonable man.” ― George Bernard Shaw, Man and Superman

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    Re: Rep. Ilhan Omar proposes taxing wealthiest Americans up to 90%

    Quote Originally Posted by marke View Post
    The chickens are now coming home to roost. Who knew that giving women the right to vote wound result in female idiots invading the halls of Congress to advocate for the destruction of the foundations of American freedoms and prosperity?
    It's not about them being women. There are plenty of idiots in congress. That has nothing to do with gender.

    My favorite congressional quote... Rep Hank Johnson on increasing the number of troops stationed on Guam...
    "My fear is that the whole island will become so overly populated that it will tip over and capsize,"

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    Re: Rep. Ilhan Omar proposes taxing wealthiest Americans up to 90%

    Quote Originally Posted by ttwtt78640 View Post
    That (bolded above) is already the case (as long as you choose to ignore the federal payroll tax of 15.3%), but under the two number system at least nobody "pays" federal income tax at a negative rate.

    https://nypost.com/2017/04/18/almost...al-income-tax/
    Yeah, its already wrong. But you would be making it more wrong by getting rid of payroll tax and exempting them. Sure, getting rid of actual tax subsidies is a step forward, but not good enough. ANy tax system need to make sure everyone is contributing in some way to the funding of the national defense and justice. All other services should be fee based. Heck, medicare A, and SS, everything else being equal are the two programs that are most fair.

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    Re: Rep. Ilhan Omar proposes taxing wealthiest Americans up to 90%

    Quote Originally Posted by jonny5 View Post
    Yeah, its already wrong. But you would be making it more wrong by getting rid of payroll tax and exempting them. Sure, getting rid of actual tax subsidies is a step forward, but not good enough. ANy tax system need to make sure everyone is contributing in some way to the funding of the national defense and justice. All other services should be fee based. Heck, medicare A, and SS, everything else being equal are the two programs that are most fair.
    That (bolded above) assertion is totally false. I challenge you to produce any post of mine indicating that to be my position.
    “The reasonable man adapts himself to the world: the unreasonable one persists to adapt the world to himself.
    Therefore all progress depends on the unreasonable man.” ― George Bernard Shaw, Man and Superman

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    Re: Rep. Ilhan Omar proposes taxing wealthiest Americans up to 90%

    Quote Originally Posted by ttwtt78640 View Post
    That (bolded above) assertion is totally false. I challenge you to produce any post of mine indicating that to be my position.
    "There should be fairly generous, yet truly standard, deduction (say $40K) and then a flat tax rate (say 25%) applied to any and all income over that amount. "

    Perhaps I misunderstood. Are you saying this would be on top of the existing payroll tax?

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    Re: Rep. Ilhan Omar proposes taxing wealthiest Americans up to 90%

    Quote Originally Posted by Bum View Post
    Rep. Ilhan Omar outlines some of the ways programs like Medicare for All and the Green New Deal could be funded, including taxing the wealthiest Americans up to 90 percent.


    https://news.yahoo.com/rep-ilhan-oma...214107728.html


    Sounds like an echo of AOC, but the number jumped from 70% to 90%.

    One-upmanship?

    I mean
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