A potential problem for the left if they plan on using the rich to shore up medicare and ss

[Matty]

According to this chart,

hiking our highest tax bracket to 70% would barely cover the 6% of gdp shortfall these 2 programs are facing



Ignoring the potential economic effects of such a steep increase and ignoring the difficulty such hikes would face even in a democratic congress, here is where the problem comes in:

Ok great, you've hiked income taxes on the rich to 70%, you've restored the corproate tax rate to 35%, making it the highest in developed world, you've successfully passed an 8% wealth tax (lol)

All of those funds would go to keeping ss and medicare solvent

The question then becomes:

with income taxes on the rich already at 70%, with the corp tax rate restored so high, with a huge, internationally unprecedented 8% wealth tax already in effect.......

*where would any new tax revenue come from if a dem president would like to pass medicare for all or other big spending plans?*

you've already squeezed all the juice from everything to keep ss and medicare solvent.

And american progressives are religiously devoted to not hiking taxes on the middle class to pay for medicare for all, so where will the money come from?

[jojoju1998]

According to this chart,

hiking our highest tax bracket to 70% would barely cover the 6% of gdp shortfall these 2 programs are facing



Ignoring the potential economic effects of such a steep increase and ignoring the difficulty such hikes would face even in a democratic congress, here is where the problem comes in:

Ok great, you've hiked income taxes on the rich to 70%, you've restored the corproate tax rate to 35%, making it the highest in developed world, you've successfully passed an 8% wealth tax (lol)

All of those funds would go to keeping ss and medicare solvent

The question then becomes:

with income taxes on the rich already at 70%, with the corp tax rate restored so high, with a huge, internationally unprecedented 8% wealth tax already in effect.......

*where would any new tax revenue come from if a dem president would like to pass medicare for all or other big spending plans?*

you've already squeezed all the juice from everything to keep ss and medicare solvent.

And american progressives are religiously devoted to not hiking taxes on the middle class to pay for medicare for all, so where will the money come from?

Most other countries rely on the VAT.

[coloradocowboi]

Do you have methodology data? And was it peer reviewed?

[100% pro-choice no matter what]

Do you have methodology data? And was it peer reviewed?

It is from the Manhattan Institute, whose CEO decried the Bush Administration... for being too big government. lmao

[Wrong about 2024 Ghost]

Outside my expertise, but I note that the capital gains increase on the chart is only for income over $1 million. I also don't see any mention of taxing 'unearned income', nor do I see any mention of increasing the top marginal tax rate to over 80%, as it was from 1940 to 1963.

[Skill and Chance]

The standard center-left proposal to fix social security is to eliminate the income cap on the payroll taxes.  It's currently around $160K and adjusts for inflation every year.  This would mean applying a 7.65% tax to all work income above that threshold.  It's not a trivial change, but it's hardly a 70% rate. 

[หมูเด้ง]

Aren't these the people who pushed forward the narrative that someone can make $74,000 a year on welfare?

[coloradocowboi]

Do you have methodology data? And was it peer reviewed?

It is from the Manhattan Institute, whose CEO decried the Bush Administration... for being too big government. lmao

I know, it was a rhetorical question lol. Tbh I also think there is probably an element of truth to this. Taxes will have to go up on people like me, making good but not great money. I'll go on fewer vacations, but also step over fewer crackheads on my way to the public transport that might actually work with a little funding. Leftists should be more honest though that our agenda does mean less consumption oriented income for the petit bourgeoisie in exchange for a more livable society

[100% pro-choice no matter what]

These people also seem to have never heard of deficit spending. The debt rising is not a problem as long as the growth is in line with GDP growth.