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At the thought of supporting a 70% marginal tax rate, the global elite at Davos burst into laughter

Ottaro

Ottaro

Member
Oct 25, 2017
3,527
When billionaire chief executive Michael Dell was asked on Wednesday whether he would support a proposal put forth by Rep. Alexandria Ocasio-Cortez (D-N.Y.) to tax millionaires at a 70 percent tax rate on income exceeding $10 million, the audience for a Davos panel about tech and global inequality burst into laughter before he could answer.

Dell, founder and head of Dell Technologies, first responded by saying he's more comfortable allocating significant resources through his private foundation than handing over that money to the government. But then he answered more directly.

"No, I am not supportive of that, and I don't think it would help the growth of the U.S. economy," he said in response to questions from The Washington Post.
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https://www.washingtonpost.com/tech...ax-rich/?noredirect=on&utm_term=.d4967209e364

The rich have and will continue to argue that the safest hands for world security are their own and that the best solution to continued problems is to dole out their wealth only in the way they see fit.
 
SageShinigami

SageShinigami

Member
Oct 27, 2017
30,471
Was the purpose of this tax rate ever to actually get the money, or just to force CEOs an other stupidly rich people to stop lining their fucking pockets and reinvest it in their business and workers?
 
entremet

entremet

You wouldn't toast a NES cartridge
Member
Oct 26, 2017
60,073
I don't think the marginal rate is the issue. It's the loopholes. Many wealthy people still used the loopholes when the top marginal rate was higher.
 
Sulik2

Sulik2

Banned
Oct 27, 2017
8,168
User warned: Historical reference implying violence
Time to invest in guillotines. The world is gonna need a lot of em.
 
Musubi

Musubi

Unshakable Resolve - Prophet of Truth
Banned
Oct 25, 2017
23,611
Lucky for us they don't have to support it for it to be law.
 
NullPointer

NullPointer

Member
Oct 27, 2017
3,172
Mars
When billionaire chief executive Michael Dell was asked on Wednesday whether he would support a proposal put forth by Rep. Alexandria Ocasio-Cortez (D-N.Y.) to tax millionaires at a 70 percent tax rate on income exceeding $10 million, the audience for a Davos panel about tech and global inequality burst into laughter before he could answer.

...

When Dell was asked to explain why he thinks that, he said, "Name a country where that's worked — ever."

Co-panelist and MIT professor Erik Brynjolfsson jumped in to offer an answer: "the United States."
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.
 
entremet

entremet

You wouldn't toast a NES cartridge
Member
Oct 26, 2017
60,073
Also Michael Dell is a big Republican, so no surprise.

Warren Buffett is a Democrat he's for higher rates.
 

ISOM

Banned
Nov 6, 2017
2,684
DukeBlueBall said:
He has a point. Let's tax the rich, take their money, and then give it to other rich people through lucrative and waste government contracts.
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The point is to make society more equitable and stop or slow down the wealth inequality. If some people get rich on the way, that's really meaningless.
 

onadesertedisland

Member
Oct 27, 2017
10,660
If we could get to the point where these scumbag oligarch's only influence on things were their singular votes things would be good.
 
SageShinigami

SageShinigami

Member
Oct 27, 2017
30,471
Kernel said:
I'd say the latter.

But you need to eliminate loopholes.
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I'm fine with closing the loopholes. If you're rich you need to pay your fuckin' taxes. I'm also fine though with a high ass tax rate that exists just to keep people from putting money in their own pockets and America's government gets almost nothing from.
 
DukeBlueBall

DukeBlueBall

Banned
Oct 27, 2017
9,059
Seattle, WA
ISOM said:
The point is to make society more equitable and stop or slow down the wealth inequality. If some people get rich on the way, that's really meaningless.
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What's wrong with wealth inequality as long as the basic standards of living keeps improving? Wealth inequality is an artificial concept. If 1 person holds 99% of the wealth, but the rest of the people have improving living standards year over year, that's progress. that's more preferable to a equal society where the basic living standards are low, which is a LOT of third world countries.
 
tabris

tabris

Member
Oct 27, 2017
4,235
We need more higher end brackets and the $10 million above bracket definitely should be 70%. So much dead money at the top. Highest velocity of money is on the lowest income brackets as that money recycles into the economy much quicker (or at all) from money at highest brackets. Needs to be redistributed into universal basic income (this kills the "well people abusing the system" as everyone gets the same amount - create a baseline and working/jobs is about having the "nice things" in life) and creates economic growth via all the spending that will be done via more money at bottom.

It just makes economic sense.
 
Maxim726x

Maxim726x

Avenger
Oct 27, 2017
13,063
entremet said:
I don't think the marginal rate is the issue. It's the loopholes. Many wealthy people still used the loopholes when the top marginal rate was higher.
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Marginal income tax rate isn't the issue, either.

Capital gains is where billionaires make their money. That should be the target of any progressive taxation if we want to stem the tide of upward wealth distribution.
 
danm999

danm999

Member
Oct 29, 2017
17,125
Sydney
Bit shocked they'd let this out there it doesn't make for the most sympathetic portrayal of the mega rich.
 
Swauny Jones

Swauny Jones

Banned
Oct 25, 2017
1,863
Anybody who thinks this is even remotely possible is on some serious drugs. Regardless of how you feel about the wealthy elite there is no way in hell they should be forced to pay 70%
 

onadesertedisland

Member
Oct 27, 2017
10,660
Capitalists need to pay the main share of national expenses since their maintenance of capital exploits and uses a majority of things like the military, infrastructure, law enforcement, etc.
 
a916

a916

Member
Oct 25, 2017
8,833
I always thought Gates and Buffet had the same mindset. I know Buffet is for higher taxes and thinks it's unfair he gets taxed at a lower rate than his secretary.
 

ISOM

Banned
Nov 6, 2017
2,684
DukeBlueBall said:
What's wrong with wealth inequality as long as the basic standards of living keeps improving? Wealth inequality is an artificial concept. If 1 person holds 99% of the wealth, but the rest of the people have improving living standards year over year, that's progress. that's more preferable to a equal society where the basic living standards are low, which is a LOT of third world countries.
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I'm not recommending communism here so your post misses the mark.
 
RDreamer

RDreamer

Member
Oct 25, 2017
14,106
These people are pretty lucky. Back in the old days when people felt this fucked over they'd just go kill the rich people. Society protects them far more than anyone else's poor ass. That's also why they should pay in more.

SageShinigami said:
Was the purpose of this tax rate ever to actually get the money, or just to force CEOs an other stupidly rich people to stop lining their fucking pockets and reinvest it in their business and workers?
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The latter. Fiat monetary systems don't need to get money to finance anything (Not to say they can have infinite money or zero taxes. They need to tax to give value to the money and keep inflation in check)
 
entremet

entremet

You wouldn't toast a NES cartridge
Member
Oct 26, 2017
60,073
Angry Grimace said:
For what it's worth, that's what used to happen when wealth became ultra-consolidated and average folk were denied the ability to feed themselves. I don't actually know why the ultra rich and far right think they're immune to angry mobs.
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Harder these days with gated communities, private security, and a state apparatus that protects them disportionately.
 
tabris

tabris

Member
Oct 27, 2017
4,235
Swauny Jones said:
Anybody who thinks this is even remotely possible is on some serious drugs. Regardless of how you feel about the wealthy elite there is no way in hell they should be forced to pay 70%
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You know how marginal taxes work right? They would only need to pay 70% on all income above $10 million, the income below that would be taxes at different rates.

https://www.bankrate.com/finance/taxes/tax-brackets.aspx

It would be about adding a bracket to this that says $10m or more - 70%, the $600k to $10m would 37% (this should change as well with more brackets in between).
 
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