4 years of Obama, US deficit cut in half

[Torie]

Yes, we are going down from catastrophic levels, to just chronically toxic levels.

[Torie]

Yes, we are going down from catastrophic levels, to just chronically toxic levels.

So, are you advocating a 70% tax rate for yourself?

I understand your preference opebo for an unbalanced approach, as opposed to a "balanced approach" (where have I heard that phrase before?), but that aside, it would be next to impossible to reach that figure actually. I can explain why if you are interested enough in the lacunaes of the tax code.

[Torie]

Yes, we are going down from catastrophic levels, to just chronically toxic levels.

So, are you advocating a 70% tax rate for yourself?

I understand your preference opebo for an unbalanced approach, as opposed to a "balanced approach" (where have I heard that phrase before?), but that aside, it would be next to impossible to reach that figure actually. I can explain why if you are interested enough in the lacunaes of the tax code.

Obviously the IRS and tax law would need to be made reasonably effective rather than the joke your party has made them, in order to effectively implement a 70% rate.  The point is we need to get the money out of your class, one way or another.  I would prefer the guillotine, but failing that, no doubt, over time, there would be ways to increase the take.

Regarding 'balanced' - what utter rot!  Your class has benefited from stealing the labor of those beneath you.  If you are allowed anything it is imbalanced.

Well one of the revisions will need to be to get rid of the tax free feature of Muni bonds. Good luck.

Regarding the wealth tax, putting aside the wisdom of it, how is it going to be enforced? What would happen, is that a lot of wealth would go into expensive jewelry and precious metals, that cannot be traced, and out of publically traded securities and real estate, that can. And for non publically traded assets, you have a valuation problem, and tons of litigation, with appraiser experts and all. It would be a nightmare. It would distort the economy, lead to huge enforcement costs, and massive untraceable tax evasion. It will never happen. It's tough enough to do it once in a lifetime with the estate tax, for those few who are subject to it.