Do We Have Any Bernie Sanders Supporters Among Us?

[Who is Yuri?]

Why a marginal tax on cap gains? Why is it important to you to punish people who make the large capital investments which drive the entire economy?

 

In response to Rob's House's question.Well, that's how I would get my hands on Buffett's money, Go easy on me buddy. I'm just a prospect here to learn. Sure, I blurt some silly things out sometimes, like the stuff about Buffett's Secretary, but I'm learning.

 

Here's a Sanders tax plan from 2013.

 

• Stop large corporations from stashing their profits in the Cayman Islands and other offshore tax havens to avoid paying U.S. taxes. Legislation already introduced by Sanders would raise more than $590 billion over the next decade.

• Establish a Wall Street speculation fee to ensure that large financial institutions pay their fair share in taxes. A speculation fee of 0.03 percent on the sale of credit default swaps, derivatives, options, futures, and large amounts of stock would reduce gambling on Wall Street, encourage the financial sector to invest in the productive economy, and reduce the deficit by $352 billion over 10 years.

• End tax breaks and subsidies for big oil, gas and coal companies to reduce the deficit by more than $113 billion over the next 10 years. The five largest oil companies in the United States have made more than $1 trillion in profits over the past decade. Exxon Mobil is now the most profitable corporation in the world. Large, profitable fossil fuel companies do not need a tax break.

• Tax capital gains and dividends the same as work. Taxing capital gains and dividends the same way that we tax work would raise more than $500 billion over the next decade. The top marginal income tax for working is 39.6 percent, but the top tax rate on corporate dividends and capital gains is only 20.

[Chef Jim]

 

 

In response to Rob's House's question.Well, that's how I would get my hands on Buffett's money, Go easy on me buddy. I'm just a prospect here to learn. Sure, I blurt some silly things out sometimes, like the stuff about Buffett's Secretary, but I'm learning.

 

Here's a Sanders tax plan from 2013.

 

• Stop large corporations from stashing their profits in the Cayman Islands and other offshore tax havens to avoid paying U.S. taxes. Legislation already introduced by Sanders would raise more than $590 billion over the next decade.

• Establish a Wall Street speculation fee to ensure that large financial institutions pay their fair share in taxes. A speculation fee of 0.03 percent on the sale of credit default swaps, derivatives, options, futures, and large amounts of stock would reduce gambling on Wall Street, encourage the financial sector to invest in the productive economy, and reduce the deficit by $352 billion over 10 years.

• End tax breaks and subsidies for big oil, gas and coal companies to reduce the deficit by more than $113 billion over the next 10 years. The five largest oil companies in the United States have made more than $1 trillion in profits over the past decade. Exxon Mobil is now the most profitable corporation in the world. Large, profitable fossil fuel companies do not need a tax break.

• Tax capital gains and dividends the same as work. Taxing capital gains and dividends the same way that we tax work would raise more than $500 billion over the next decade. The top marginal income tax for working is 39.6 percent, but the top tax rate on corporate dividends and capital gains is only 20.

 

 

To your first bullet point. How?

To your last. Why?

[keepthefaith]

 

 

In response to Rob's House's question.Well, that's how I would get my hands on Buffett's money, Go easy on me buddy. I'm just a prospect here to learn. Sure, I blurt some silly things out sometimes, like the stuff about Buffett's Secretary, but I'm learning.

 

Here's a Sanders tax plan from 2013.

 

• Stop large corporations from stashing their profits in the Cayman Islands and other offshore tax havens to avoid paying U.S. taxes. Legislation already introduced by Sanders would raise more than $590 billion over the next decade.

• Establish a Wall Street speculation fee to ensure that large financial institutions pay their fair share in taxes. A speculation fee of 0.03 percent on the sale of credit default swaps, derivatives, options, futures, and large amounts of stock would reduce gambling on Wall Street, encourage the financial sector to invest in the productive economy, and reduce the deficit by $352 billion over 10 years.

• End tax breaks and subsidies for big oil, gas and coal companies to reduce the deficit by more than $113 billion over the next 10 years. The five largest oil companies in the United States have made more than $1 trillion in profits over the past decade. Exxon Mobil is now the most profitable corporation in the world. Large, profitable fossil fuel companies do not need a tax break.

• Tax capital gains and dividends the same as work. Taxing capital gains and dividends the same way that we tax work would raise more than $500 billion over the next decade. The top marginal income tax for working is 39.6 percent, but the top tax rate on corporate dividends and capital gains is only 20.

 

You forgot the estate tax. The Government should take everything left by dead people.

[Who is Yuri?]

 

To your first bullet point. How?

To your last. Why?

Chef, I really don't know a lot about hiding money in tax havens, but it does seem like loopholes could be closed, either through mandatory financial disclosure, or by laws against overseas shell companies, and corporate inversions.

 

Conservatives talk about returning America to Greatness.

 

http://www.theguardian.com/sustainable-business/2014/jul/22/tax-havens-avoidance-pay-taxes-walgreens-google-microsoft

 

"At its post-WWII peak in 1952, the corporate tax generated 32.1% of all federal tax revenue. In that same year the individual tax accounted for 42.2% of federal revenue, and the payroll tax accounted for 9.7% of revenue. Today, the corporate tax accounts for 8.9% of federal tax revenue, whereas the individual and payroll taxes generate 41.5% and 40.0%, respectively, of federal revenue."

 

Secondly, the reason you would tax capital gains the same as work would be to increase tax revenue. This is a way to increase taxes on the very wealthy. Under Bush I, the rate was Capital Gains tax rate was 31%.

 

Really, I get the whole Socratic Method trick to pick apart any proposal, but I have the day off and taxes are such an exciting topic. So there's some fodder for the grist mill.

[Chef Jim]

Chef, I really don't know a lot about hiding money in tax havens, but it does seem like loopholes could be closed, either through mandatory financial disclosure, or by laws against overseas shell companies, and corporate inversions.

 

Conservatives talk about returning America to Greatness.

 

http://www.theguardian.com/sustainable-business/2014/jul/22/tax-havens-avoidance-pay-taxes-walgreens-google-microsoft

 

"At its post-WWII peak in 1952, the corporate tax generated 32.1% of all federal tax revenue. In that same year the individual tax accounted for 42.2% of federal revenue, and the payroll tax accounted for 9.7% of revenue. Today, the corporate tax accounts for 8.9% of federal tax revenue, whereas the individual and payroll taxes generate 41.5% and 40.0%, respectively, of federal revenue."

 

Secondly, the reason you would tax capital gains the same as work would be to increase tax revenue. This is a way to increase taxes on the very wealthy. Under Bush I, the rate was Capital Gains tax rate was 31%.

 

Really, I get the whole Socratic Method trick to pick apart any proposal, but I have the day off and taxes are such an exciting topic. So there's some fodder for the grist mill.

 

How about incentives for them to bring it back. That's the problem with the left you demonize vs incentivize.

 

Any thoughts about cutting waste in government or is your only solution to or budget issue is more revenue? Yeah, that always works out well. See CA.

 

And the Socratic Method is not a trick. It's a debate method. Sorry you feel tricked in a debate.

[Who is Yuri?]

 

How about incentives for them to bring it back. That's the problem with the left you demonize vs incentivize.

 

Any thoughts about cutting waste in government or is your only solution to or budget issue is more revenue? Yeah, that always works out well. See CA.

 

And the Socratic Method is not a trick. It's a debate method. Sorry you feel tricked in a debate.

I know, it's a useful method. Yes, we should cut fraud and waste in government. On that we can agree. I'd start with the Department of Defense. Where would you start?

[Magox]

 

 

 

And the Socratic Method is not a trick. It's a debate method. Sorry you feel tricked in a debate.

 

Ahhhh,

 

So that's why you always ask questions like this....GG is another Jedi of the socratic method

[Chef Jim]

I know, it's a useful method. Yes, we should cut fraud and waste in government. On that we can agree. I'd start with the Department of Defense. Where would you start?

 

I'd start with a detailed audit of all government agencies to find the real waste not just what the perceived waste is. You know like multi-billion dollar SUCCESSFUL companies do.

 

How much would you cut from the DOD and why?

 

Ahhhh,

 

So that's why you always ask questions like this....GG is another Jedi of the socratic method

 

Well actually not. I do it because it makes gatorman cry.

Edited August 19, 2015 by Chef Jim

[IDBillzFan]

I'd start with the Department of Defense. Where would you start?

 

Tell you what, let's meet in the middle. Let's cut defense, shut down Homeland Security and completely defund the Dept. of Education.

[Who is Yuri?]

[Chef Jim]

 

Oh that's a pretty little chart. Where is the rest of the spending?

[GG]

 

Ahhhh,

 

So that's why you always ask questions like this....GG is another Jedi of the socratic method

 

A master one at that, I be

[IDBillzFan]

Hey...I have one of those, too!

 

[Chef Jim]

Hey...I have one of those, too!

 

 

Ohhhh, there it is!!

[Who is Yuri?]

 

Oh that's a pretty little chart. Where is the rest of the spending?

As per your request, here is the rest of the spending:

 

[Chef Jim]

As per your request, here is the rest of the spending:

 

 

Cute. And the point of this chart has what to do with regard to the US spending?

[GG]

As per your request, here is the rest of the spending:

 

 

So what's your point? That there's room for cost savings in a $800bn budget item? Congratulations, most people here would agree with that. What does that have to do with confiscatory tax rates?

[Chef Jim]

 

What does that have to do with confiscatory tax rates?

 

[Who is Yuri?]

 

Cute. And the point of this chart has what to do with regard to the US spending?

The point of the chart is to illustrate that the United States spends almost as much on its "defense," as the rest of the world combined. That would make it fairly obvious to the average voter that military spending deserves serious attention when it comes to waste in government. I'd also save the taxpayer the expense of the detailed audit that Chef has wastefully proposed upthread. Next question.

[IDBillzFan]

The point of the chart is to illustrate that the United States spends almost as much on its "defense," as the rest of the world combined.

 

Also Sweden. And Ikea.