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What's 'Ridiculous,' Says Warren, Is Not Tax on Wealth But Billionaires Like Schultz 'Who Think They Can Buy the Presidency'

#27

Thing IS, SCHULTZ KNOWS HE CAN! Just look at how trump did it! arrrgh

#28

Recently, some prominent Democrats have gone from the vague advocacy of “making the very rich pay their fair share” to specific proposals to shifting the tax burden back on to the rich. Senator and announced presidential candidate Elizabeth Warren (D-Mass.) is proposing an annual “wealth tax” on Americans with more than $50 million in assets. The tax would be 2% on the amount in excess of $50 million and 3% on amounts above $1 billion. Celebrity member of Congress, Alexandria Ocasio-Cortez (D-NY), is calling for a 70% top marginal tax rate on incomes above $10 million.

The probability of the 2020 election resulting in a change in the tax code that significantly reverses the massive shift in the in the tax burden away from the rich and onto the middle class is still very probably low as long as the Democrats continue to combine such tax proposals with plans to spend the proceeds on various social programs like free college tuition. However, a plan to raise taxes on those with assets above $50 million and/or incomes above $10 million and use all of the proceeds to reduce the taxes on everyone else might have a much higher probability of being enacted.

It is hard to envision the Democrats being politically savvy or ideologically flexible enough to embrace a policy of directly shifting the tax burden away from the middle class and onto the rich. The Democrats have generally been deluded in their belief that the current level of taxes on the middle class is politically sustainable. In Hilary Clinton’s speech announcing her candidacy, she said that the middle class pays too much taxes. She never mentioned a middle class tax cut again. Presumably due to pressure from Sanders, who pushed her to the left, which severely hurt her chances in the general election. Most Democrat politicians are not aware that by far the best thing government could do for most middle-class households would be to lower their taxes. Thus, in many cases, middle-class voters have been willing to grasp at any chance they think could lower their tax burden, and thus support candidates who promise them a tax cut, no matter how odious the candidates might be otherwise…"
https://seekingalpha.com/article/4236965

#29

The way to bring Howard down to earth is to stop buying Starbucks. Same with Bezos, Zuckerberg and all the rest of those like schmucks. We also need Citizens United thrown out.

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#30

Why does the media (msm/npr) fail to do their jobs? Are you serious? Because they are owned by just a very few plutocrats which also own our government.

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#31

As more and more independent media news and editorial programs are eliminated, we, as a country, get ever closer to being exactly what we have been taught to fear. Revolution will be the only way out of this fascist mess we are in.

2 Likes
#32

Please keep the truth of Obama, the Clinton’s and Bernie out of the shadows with excellent comments like you just made.

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#33

If Howard Shultz thinks Americans are “hungry” for an out of touch billionaire then serve him up with with a side of bagel. He’ll be eaten for breakfast.

#34

If only it were that “easy”.
All of them get obscene amounts of wealth by way of corporate welfare, which is taken directly from taxpayers. Typically in the form of 0% interest loans that are then re-invested elsewhere, but also tax breaks and other incentives, including outright cash transfers.
Bezos got his start with massive low interest loans which only a handful of people can get and
both he and Zuckerberg has partnered with the CIA who in turn have invested heavily in their companies, and therefore have a vested interest in keeping them afloat.
Not saying that anyone should buy their products, but boycotts alone won’t bankrupt them, even if it is a good start.
Just look at GM who would not even exist as a company if they were not gobbling up millions in taxpayer funded handouts every year.
What they loose in car sales and general mismanagement the government gives them in “aid”, purportedly to keep the oh so important jobs open.
To really bring them down one would have to end corporate welfare.

1 Like
#35

Unfortunately, since America is an oligarchy in all but rhetoric and the voting process has been so thoroughly corrupted that the will of the people can be safely ignored, there is absolutely no chance of the wealthy paying their fair share under the current paradigm.
As per usual, the democratic contenders will spew “progressive” talking points to get elected, and follow through on none of it once in office.
If there are any changes to the tax code they will be accompanied by ten different loopholes, and existing loopholes will continue to be ignored.

#36

Schultz hired Steve Schmidt as his campaign manager …a very talented guy. But this is hopeless.

#37

Just one thing - what the hell was Bernie SUPPOSED to do? Support Trump? The Democrat ruling clique and voters in the Primaries put him right between the proverbial rock and the proverbial hard place - or between the devil and the deep blue sea, if you’d prefer that.

#39

As someone said recently, “It’s all about the Benjamins”