Billionaires Could Face Tax Rates
Up to 97.5% Under Sanders
Bloomberg Politics,
by
Rich Miller
&
Laura Davison
Original Article
Posted By: NorthernDog,
10/14/2019 1:33:16 PM
Billionaires may have much more to fear from a Bernie Sanders presidency than they do from an Elizabeth Warren administration, according to two economists advising both candidates. That’s one of the conclusions of a new interactive website developed by University of California, Berkeley professors Emmanuel Saez and Gabriel Zucman. If Sanders had his way, they calculate that the 400 richest Americans, on average, would have an effective tax rate of 97.5%. That includes not only their income, but also a wealth tax that whittles away at the family fortune. The 97.5% average effective tax rate under his plans compares with
Reply 1 - Posted by:
Clinger 10/14/2019 1:38:07 PM (No. 207153)
And Bernie, how much lost tax revenue and jobs would result as these Billionaires no longer continued to produce just so you can steal from them? Fool.
6 people like this.
Reply 2 - Posted by:
singermom9820 10/14/2019 1:43:28 PM (No. 207159)
The rich will leave and take their money with them. I bet other countries will start to built houses, stores, hospitals with American doctors ready to start accepting these people.
If the libs take away our healthcare other countries will build hospitals and American doctors will work in them. No person with money is just going to give it to the government. Just an FYI-I also do not understand why and man would vote for the dems. with their visceral hatred of men. And they MEAN it.
7 people like this.
Reply 3 - Posted by:
pinger 10/14/2019 1:45:46 PM (No. 207162)
No worries. There’s better than a 97.5% chance that Ol’ Bernie will never become President.
9 people like this.
Reply 4 - Posted by:
DARling 10/14/2019 1:48:12 PM (No. 207168)
I would move my company to a place about 100 miles outside of the U.S. boundary and laugh at those who thought they were entitled to the money I had earned through honest labor and business dealings.
3 people like this.
Reply 5 - Posted by:
MrDeplorable 10/14/2019 2:15:29 PM (No. 207185)
Who is John Galt?
9 people like this.
Reply 6 - Posted by:
bpl40 10/14/2019 2:15:37 PM (No. 207186)
Bernie is a crazed Bolshevik crackpot. He is about to implode.
7 people like this.
Reply 7 - Posted by:
bobn.t 10/14/2019 2:18:34 PM (No. 207190)
Well, gollyeeeee.
He is a socialist.
Wouldn't you expect that?
4 people like this.
Reply 8 - Posted by:
JL80863 10/14/2019 2:26:14 PM (No. 207194)
Too many politicians think the electorate is as dumb as they are.
5 people like this.
Reply 9 - Posted by:
curious1 10/14/2019 3:12:30 PM (No. 207235)
#1, and there is still some question whether the 16th amendment was truly voted on by the requisite number of states or merely deemed passed by the guy doing the tallying in DC. A lawsuit was started in OK about that a couple decades ago, ISTR. Never heard what became of it or why - which makes you wonder as the 'media' would certainly ballyhoo any decision upholding their favorite form of confiscation...
1 person likes this.
Reply 10 - Posted by:
3XALADY 10/14/2019 3:32:49 PM (No. 207252)
Bernie combs his hair with a balloon. Unfortunately, not my quote.
4 people like this.
Reply 11 - Posted by:
Ida Lou Pino 10/14/2019 3:39:23 PM (No. 207264)
This is outrageous!
Boinie should get the entire 100%!
1 person likes this.
Reply 12 - Posted by:
HotRod 10/14/2019 3:46:46 PM (No. 207276)
No, the billionaires could not face those kind of confiscatory taxes. They will not be here to be taxed. They are not stupid, like Bernie or his supporters!
4 people like this.
Reply 13 - Posted by:
john56 10/14/2019 3:55:12 PM (No. 207288)
Elizabeth Warren just introduced her Billionaires Tax Plan. She lets them keep $20 and takes the rest.
Joe Biden also has a plan. All Billionaires send him $600,000 and hire Hunter at $50,000 a month.
Kamala Harris also has a plan. Billionaires just leave the money in an envelope on the hotel room dresser.
10 people like this.
Reply 14 - Posted by:
MickTurn 10/14/2019 4:27:46 PM (No. 207325)
This Sanders clown talks about corporate greed, what about Government GREED?
6 people like this.
Reply 15 - Posted by:
DVC 10/14/2019 4:49:13 PM (No. 207343)
If this idiot were elected, and if the other idiots gave him this in a bill......there would be NO billionaires in the USA - they would all move.
3 people like this.
Reply 16 - Posted by:
ginadee 10/14/2019 4:51:04 PM (No. 207346)
Leave the rich and the super rich alone. They likely earned their money and should be able to keep it. If their taxes are too high, they may resort to lower charitable contributions. Every thing has its limits.
2 people like this.
Reply 17 - Posted by:
Proud Texan 10/14/2019 4:57:30 PM (No. 207350)
High taxes such as these are one way Franklin D. Roosevelt kept the Great Depression around so long before WWII pulled us out of it. This proves Bernie has a great idea when it comes to keeping the serfs under control.
4 people like this.
Reply 18 - Posted by:
lakerman1 10/14/2019 5:02:04 PM (No. 207356)
The top federal income tax rate during WWII, up until JFKs tax reform, was 91%.
The only person held to that rate was Joe Lewis, and he was hounded nearly to death by the IRS, even though he raised billions for the war effort.
The punitive nature of the progressive income tax comes out of the Communist Manifesto, which the dimocrats seem to be using.
5 people like this.
Reply 19 - Posted by:
planetgeo 10/14/2019 7:10:44 PM (No. 207469)
Somebody ask Bernie what the tax rate should be for someone with 3 homes.
4 people like this.
Reply 20 - Posted by:
JimBob 10/14/2019 7:28:19 PM (No. 207485)
#3, ya beat me to it!
0 people like this.
Reply 21 - Posted by:
cor-vet 10/14/2019 9:49:31 PM (No. 207579)
Start with Soros!
0 people like this.
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What Leftists refuse to admit is that people would simply quit trying to earn more money. So tax receipts would actually plummet.