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Ocasio-Cortez Says 70% Ultra-Rich Tax Could Pay for Climate Plan

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Re: Ocasio-Cortez Says 70% Ultra-Rich Tax Could Pay for Climate Plan

#21

Post by sharemywin »

https://en.wikipedia.org/wiki/Green_New_Deal

-- Government-led investment in energy and resource efficiency, as well as reusable energies and microgeneration;

--Low-carbon infrastructure redevelopment in order to create jobs;

--A directed tax on the profits of oil and gas companies with proceeds being invested in renewable energy and energy efficiency;

--Financial incentives for green investment and reduced energy usage, including low interest rates for green investment;

--Re-regulation of international finance, including capital controls, and increased scrutiny of financial derivatives - likely along the lines of Basel II;

--Curbing corporate tax evasion through compulsory financial reporting and by clamping down on tax havens;

Re: Ocasio-Cortez Says 70% Ultra-Rich Tax Could Pay for Climate Plan

#22

Post by AnimalMuppet »

weberc2 wrote: post #15

I applaud ambitious efforts and I'm open to raising taxes for the very rich (albeit easy for me to say down here in the middle class), but AOC doesn't strike be as competent in the slightest (although as her supporters are so fond of rationalizing, she's not the least competent public official). She has charisma, which is an important leadership quality, but not much else as far as I can tell. Certainly not the perso…

Or on tax reform.

Re: Ocasio-Cortez Says 70% Ultra-Rich Tax Could Pay for Climate Plan

#23

Post by thinkingkong »

In federal accounting how does one allocate tax revenue to a project? Is it not just a big fungible resource that then gets allocated? To me the funding doesnt seem to be the problem in so much as making tackling climate change and allocating actual dollars.

Re: Ocasio-Cortez Says 70% Ultra-Rich Tax Could Pay for Climate Plan

#24

Post by CWuestefeld »

Not a word about the logistics of making such a huge change in such a short amount of time? Surely AOC realizes that money isn't the only obstacle, but also replacing an enormous amount of infrastructure. When you think about how ubiquitous our usage of gasoline, home heating oil, CNG for heating and cooking, and on and on, it quickly becomes clear that while finances would be very difficult, that's dwarfed by the amount of physical change that would be required.

Start looking at how all the replacement transportation can be put in place 11 years - either getting all cars off the road, and manufacturing new electric ones; or building other mass transit that can serve everyone (and how long does it take to get a train line built these days?). How are we going to find enough building contractors to install electric heat or heat pumps into every house that uses oil or gas, and to build and install electric stoves?

And of course there's the upheaval of jobs for all the people in the current industries, and trying to find a place for them in the new industries.

Money's not the bottleneck here, we're more constrained by logistics.

Re: Ocasio-Cortez Says 70% Ultra-Rich Tax Could Pay for Climate Plan

#25

Post by AnimalMuppet »

lghh wrote: post #9
paulcole wrote: post #4

Get elected. Say something you know will never happen to excite your base. String them along for years. Get elected again. They said she was an outsider but she sure is learning fast.

So she's just not supposed to start talking about ideas?

Maybe it would be more useful to talk about ideas that have an actual chance of being enacted.

Re: Ocasio-Cortez Says 70% Ultra-Rich Tax Could Pay for Climate Plan

#26

Post by johnny313 »

cleansy wrote: post #17

> Income tax hikes are dead on arrival while Republicans control the Senate and White House. Such a steep increase also isn’t likely to find much support among many congressional Democrats. And rightfully so. When pretty much everyone benefited from lax climate controls and externalities that are not directly included in the price of a product or service, why should only on special group pay for it? If there were a g…

> When pretty much everyone benefited from lax climate controls and externalities that are not directly included in the price of a product or service

I think the argument would be that the ultra-wealthy benefited more from a carbon-based economy than the average worker, in the form of their accumulated fortune.

Re: Ocasio-Cortez Says 70% Ultra-Rich Tax Could Pay for Climate Plan

#27

Post by wafflesraccoon »

bigfartchili wrote: post #14

I openly admit I am a republican but I have never understood why there are not more tax brackets. A person making 100k per year is not even close to the same as a person making 100m per year but are taxed at the same rate.

I've never really understood why there are brackets in the first place, can't we just write a function to calculate your taxes based off your total income?

Re: Ocasio-Cortez Says 70% Ultra-Rich Tax Could Pay for Climate Plan

#28

Post by throwawaysea »

https://en.wikipedia.org/wiki/Income_tax_in_the_United_State...

> During World War I, the top rate rose to 77% and the income threshold to be in this top bracket increased to $1,000,000 (equivalent to $19.6 million[68] in 2018 dollars).

> During 1944 and 1945, the top rate was its all-time high at 94% applied to income above $200,000 (equivalent to $2.85 million[68] in 2018 dollars).

Nominal Tax Rates and Brackets, 1913-2013: https://files.taxfoundation.org/legacy/docs/fed_individual_r...

Inflation-adjusted Tax Rates and Brackets, 1913-2013 (in 2012 Dollars): https://files.taxfoundation.org/legacy/docs/fed_individual_r...

Re: Ocasio-Cortez Says 70% Ultra-Rich Tax Could Pay for Climate Plan

#29

Post by sharemywin »

robotrout wrote: post #13
beepboopbeep wrote: post #2

I would not shed a tear over this.

The original income tax was also promised to be only a tax on the rich. These things have a way of finding the non-rich eventually. Also, remember in 1970, the bank secrecy act put in place a $10,000 threshold for deposits or withdrawals, that were not reported on a "suspicious activities" list. This is also where we got the $10,000 travel disclosure rule. You will note that in 50 years, that threshold has not budged…

Most tax brackets are adjusted every couple of years for the average person. doubt it's becomes an issue for tax brackets.

Re: Ocasio-Cortez Says 70% Ultra-Rich Tax Could Pay for Climate Plan

#30

Post by tashoecraft »

maccio92 wrote: post #18
umvi wrote: post #11

Diminishing returns sounds like a good idea on paper, because then the richer you get, the more you contribute. But remember that the people who are experiencing the diminishing returns aren't going to like it (besides Warren Buffett) and will probably fight against it. It's a bit of a conundrum. The richer you get, the more power you have (via money). We want to tap into that wealth/power for the greater good. Those…

Because if I'm able to make myself sufficiently wealthy, I should be trusted to handle my money myself, not have it redistributed by some third party that doesn't always operate very efficiently.

This isn't about trust, no one cares whether a rich person can handle their money. That's not why they pay taxes or that those who aren't super rich pay taxes because they can't be trusted. It's about funding the society that helped enable you to become wealthy. That instead of relying on the christian idea of charity that we instead fund a society that can create a more stable environment.
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