Question to Socialists: Would 10% be enough?

Discussion in 'Budget & Taxes' started by kazenatsu, Mar 28, 2019.

  1. kazenatsu

    kazenatsu Well-Known Member Donor

    Joined:
    May 15, 2017
    Messages:
    11,674
    Likes Received:
    3,256
    Trophy Points:
    113
    Question to Socialists: Would 10% taxes on all income be enough to fund adequate (in your view) social programs? There would still be taxes on top of that for all the ordinary things, but 10% of all income would be directed towards socialist spending. Would that be enough?

    Have you sat down and done some basic calculations? What percent would be enough?
     
  2. wgabrie

    wgabrie Well-Known Member Donor

    Joined:
    May 31, 2011
    Messages:
    9,144
    Likes Received:
    1,184
    Trophy Points:
    113
    Gender:
    Male
    This is somewhat related to Andrew Yang's (Democrat, Presidential candidate for 2020) value added tax on the tech companies who usually get away with paying $0 tax despite record earnings. He wants to tax them at 10%.

    I don't think the poor could pay near anything if ALL income is taxed at 10%.
     
    Gorgeous George likes this.
  3. kazenatsu

    kazenatsu Well-Known Member Donor

    Joined:
    May 15, 2017
    Messages:
    11,674
    Likes Received:
    3,256
    Trophy Points:
    113
    Off-topic but where does that money go then?
     
  4. wgabrie

    wgabrie Well-Known Member Donor

    Joined:
    May 31, 2011
    Messages:
    9,144
    Likes Received:
    1,184
    Trophy Points:
    113
    Gender:
    Male
    I don't know but I would imagine it either goes into R&D or expanding their HQ, or, in the case of Amazon, creating a second HQ somewhere in the country.
     
  5. 61falcon

    61falcon Well-Known Member

    Joined:
    Apr 27, 2018
    Messages:
    6,670
    Likes Received:
    3,166
    Trophy Points:
    113
    Gender:
    Male
    40% of working Americans earn less than $15.00 per hour they should pay no tax federal state or local taxes.They will still have to pay sales tax on anything they purchase that's taxable as well as real estate tax if they own a home or even if they rent as the rent will include taxes.First $31,200 tax free then scale it up from there.Top rate 40% on those earning over $5 million.
     
  6. ralfy

    ralfy Active Member

    Joined:
    Oct 17, 2013
    Messages:
    659
    Likes Received:
    38
    Trophy Points:
    28
    On a global scale, a similar percentage on only the 200 richest people in the world will be enough to support basic needs worldwide.

    How insignificant is that amount for those rich people? They spend much less a year on their personal conveniences, and they will ironically recover what was taken easily through financial speculation and as the basic needs are used to pay for services and goods that their businesses provide.
     
    Gorgeous George likes this.
  7. wgabrie

    wgabrie Well-Known Member Donor

    Joined:
    May 31, 2011
    Messages:
    9,144
    Likes Received:
    1,184
    Trophy Points:
    113
    Gender:
    Male
    I have come to the conclusion that The VAT tax Will be Paid for by the consumer. Andrew Yang is proposing a UBI of $1000 a month to every citizen payed for with a 10% vat tax. I have heard rumors that Yang is starting to Discuss consolidating the existing welfare system. In other words, we're gonna cut the social programs in the Yang presidency.
     
    Gorgeous George likes this.
  8. Bluesguy

    Bluesguy Well-Known Member Donor

    Joined:
    Jun 13, 2010
    Messages:
    95,296
    Likes Received:
    12,435
    Trophy Points:
    113
    Gender:
    Male
    And loss carryovers, losses incurred for instance the first three years as they were starting up. And yes Amazon built a new distribution hub in the city next door last year. About 100 jobs. The cost to do so is expensed against profits. And contrary to what many believe Amazon is not all that profitable.

    From 2014

    "Amazon has never paid a dividend. But not because the company is amassing a giant hoard of cash, like Apple (Nasdaq:AAPL) famously does. Even today, having turned the corner, Amazon isn’t really that profitable in relation to its revenue. Its profit margin for the last quarter was less than 1%. Retail profit margins are traditionally lower than those in other industries, but still, a sub-1% margin is remarkable. Why is it so low, and is this by design?"
    https://www.investopedia.com/stock-...kes-money-no-one-cares-amzn-aapl-wag-azo.aspx
     
    Gorgeous George likes this.
  9. kazenatsu

    kazenatsu Well-Known Member Donor

    Joined:
    May 15, 2017
    Messages:
    11,674
    Likes Received:
    3,256
    Trophy Points:
    113
    Do you realize that's overall lower than what taxes currently are?
     
  10. MB74

    MB74 Member

    Joined:
    May 14, 2019
    Messages:
    36
    Likes Received:
    12
    Trophy Points:
    8
    The rate should be different for different income classes. As for socialist spending...they should start with universal health care...then move on from there.
     
    Gorgeous George likes this.
  11. Kode

    Kode Well-Known Member

    Joined:
    Feb 5, 2016
    Messages:
    20,077
    Likes Received:
    4,668
    Trophy Points:
    113
    Gender:
    Male
    Three or four percent would be enough.
     
    Gorgeous George likes this.
  12. kazenatsu

    kazenatsu Well-Known Member Donor

    Joined:
    May 15, 2017
    Messages:
    11,674
    Likes Received:
    3,256
    Trophy Points:
    113
    Get rid of all unfunded mandates and I'd agree to a deal.
     
  13. emilynghiem

    emilynghiem Active Member Past Donor

    Joined:
    Feb 20, 2014
    Messages:
    420
    Likes Received:
    57
    Trophy Points:
    28
    A better question I'd like to ask @kazenatsu
    If Socialists could pay for health care and education
    instead of paying for prisons and executions,
    wouldn't that be enough to cover the costs?
     
    Last edited: May 28, 2019
    Gorgeous George likes this.
  14. Gorgeous George

    Gorgeous George Well-Known Member

    Joined:
    Jan 8, 2019
    Messages:
    1,862
    Likes Received:
    736
    Trophy Points:
    113
    Gender:
    Male
    Labor should never be taxed. Only goods should be taxed.

    Taxing labor is slavery by proxy.
     
    DavidMK likes this.
  15. Distraff

    Distraff Well-Known Member

    Joined:
    Feb 4, 2011
    Messages:
    7,440
    Likes Received:
    2,559
    Trophy Points:
    113
    For socialists, about 50%, maybe more like 75% for the rich and 40% for the middle class.
     
    Gorgeous George likes this.
  16. CourtJester

    CourtJester Well-Known Member

    Joined:
    Apr 1, 2013
    Messages:
    25,362
    Likes Received:
    4,360
    Trophy Points:
    113
    Define income. It is not a trivial question since I already pay a lower percentage on capital gains and nothing on tax free bonds and if I die my money will go to my heirs on a stepped up tax basis. And now of course we have the Roth IRA where the gains are never taxed. The current system is already stacked to benefit the rich and we won't even bother to get into the more obscure tax dodges that are available.

    There really is a reason that more and more money keeps accruing at the top.
     
    Last edited: Jun 1, 2019
  17. a better world

    a better world Well-Known Member

    Joined:
    May 8, 2016
    Messages:
    1,187
    Likes Received:
    109
    Trophy Points:
    63
    It's time to expand your awareness of the possibilities. Here is a well-researched proposal for an above-poverty Job Guarantee, without raising taxes (from Prof. Randall Wray, of the Levy Econ0omics Institute at Bard College, N.Y.).

    http://www.levyinstitute.org/pubs/pn_2018_3.pdf

    7 pages, highly recommended.
     
    Gorgeous George likes this.
  18. Old Man Fred

    Old Man Fred Active Member

    Joined:
    Jul 22, 2017
    Messages:
    730
    Likes Received:
    229
    Trophy Points:
    43
    Gender:
    Male
    The United States currently spends about $4 trillion on public education, health care, and anti poverty programs, including Social Security.

    So no it wouldn't
     
    Gorgeous George likes this.
  19. Old Man Fred

    Old Man Fred Active Member

    Joined:
    Jul 22, 2017
    Messages:
    730
    Likes Received:
    229
    Trophy Points:
    43
    Gender:
    Male
    The rich can not contribute to a Roth
     
    Gorgeous George likes this.
  20. Old Man Fred

    Old Man Fred Active Member

    Joined:
    Jul 22, 2017
    Messages:
    730
    Likes Received:
    229
    Trophy Points:
    43
    Gender:
    Male
    I wholeheartedly agree.

    To purchase a product is a voluntarily act, while labor is not.
     
    Gorgeous George likes this.
  21. CourtJester

    CourtJester Well-Known Member

    Joined:
    Apr 1, 2013
    Messages:
    25,362
    Likes Received:
    4,360
    Trophy Points:
    113
    Gorgeous George likes this.
  22. Old Man Fred

    Old Man Fred Active Member

    Joined:
    Jul 22, 2017
    Messages:
    730
    Likes Received:
    229
    Trophy Points:
    43
    Gender:
    Male
    Gorgeous George likes this.
  23. CourtJester

    CourtJester Well-Known Member

    Joined:
    Apr 1, 2013
    Messages:
    25,362
    Likes Received:
    4,360
    Trophy Points:
    113
    Something wrong with working for your money? And you just hire wealth managers who do it all for you.
     
    Old Man Fred and Gorgeous George like this.
  24. Old Man Fred

    Old Man Fred Active Member

    Joined:
    Jul 22, 2017
    Messages:
    730
    Likes Received:
    229
    Trophy Points:
    43
    Gender:
    Male
    I'm no slouch, but apparently not on that level
     

Share This Page