Wednesday on MSNBC’s Democratic Candidates’ Debate, 2020 hopeful Mayor of New York City Bill de Blasio said the Democratic Party has to fix income inequality with a “70% tax rate on the wealthy” and free college for young people.
De Blasio said, “We have been addressing income inequality in New York City by raising wages by raising benefits and putting money back in the hands of the people with $15 minimum wage, paid sick days, pre-k for all. Things that are making a difference in people’s lives. What we are hearing in the first round is that battle for the heart and soul of our party. I want to make it clear. This is supposed to be the party of working people. Yes, we are supposed to be for 70% tax rate on the wealthy. Yes, we are supposed for free college, free public college for young people.We are supposed to break up big corporations when they are not serving our democracy.”
He added, “This Democratic Party has to be strong and bold and progressive. In New York, we have proven that we can do something very different and put money back in the hands of working people. Every time you talk about investing in people and their communities, you hear folks say there is not enough money. What I say every time, there is plenty of money in this world, there is plenty of money in this country, it’s just in the wrong hands. Democrats have to fix that”
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Lol
ReplyDeleteWhatta putz!
ReplyDeleteI got ten bucks that says nobody here understands what a 70% tax really means and how marginal tax rates works. Here's a hint: if some rich dude makes $10 million a year, it DOESN'T mean he takes home $3 million and the gov't gets $7 million. If honest, hard-working, middle class folks really understood it, they wouldn't be against it.
ReplyDeleterather not work and get free stuff you do what you want
Delete6:29 Can you explain what a 70% tax rate is? That is what I learned in school many years ago, unless I missed something.
DeleteThe way marginal tax rates work is complicated, but basically, say you make $50k and another guy makes $10 mill, with rates of 25% first 50k, 50% at $1 mill, and 70% at $9 mill. For the first $50k you and millionaire make, you both pay 25% in taxes. However, he also pays only 25% on his income between 50k and 1 mill. For the next $8 mill he makes between $1 and 9 mill, he pays 50% in taxes. Finally, for his last $1 million he makes ( the $9-10 million range) he pays 70%.
DeleteSo, in total, you pay $12,500 in taxes.
The guy making $10 million pays $12,500 for that first $50k, $237,500 for his income from $50k-$1 mill, $4 million for his income from $1 mill to $9 mill, and $750,000 for his income from $9 mill to $10 mill. Thus, he only effectively pays $5 million in taxes (provided I’m adding everything right), not $7 million.
Also, as an aside, from 1940 to about 1980ish, top marginal tax rates were regularly between 50 and 95%. The “greatest” years in American history involved these sacrifices by rich people to help the country as a whole.
Money is in the wrong hands? So, Bill, your plan is to give free stuff so NYC can become even more decrepit? Obviously these loons do not understand capitalism; it is all very simple and one only need read "Atlas Shrugged" to understand the mechanics and how a socialist mentality would fritter everything away. PROSPERITY through PRODUCTIVITY. And, what you are suggesting by taxing entrepreneurs at such a high rate is success has no place in society and all one's hard work, sacrifice, and ideas should be shared by those who are idle. Lunacy!
ReplyDeleteAt least he is honest about it
ReplyDeleteSomebody needs to do a tox scan on that dude! He's got to be on some seriously good weed.
ReplyDeleteActually, Bill is 100% correct, money IS on the wrong hands. So let's just keep all our money and stop giving 35% of it to the Government every year and we'll all buy our own stuff and give away what we want to others as WE see fit! Just think; if you could keep and save ALL your own money, you could afford to educate ALL your children at learning institutions that actually taught real life skills and have money left over for food and vacations.
ReplyDeleteWon't work 8:09, who would pay for the infrastructure so vital for our country to function?
DeleteThey're all idiots. TRUMP 2020
ReplyDeleteSooooo does that mean Billy boy is going to fork over a considerable amount of his billions to New Yorkers??? Probably not but actions speak louder than words. Same thing goes for all of the Socialist Democrats that are crazy rich. You need er hear about them giving away their money just talking about giving away other people's money while they stay rich.
ReplyDeleteSooooo does that mean Billy boy is going to fork over a considerable amount of his billions to New Yorkers??? Probably not but actions speak louder than words. Same thing goes for all of the Socialist Democrats that are crazy rich. You need er hear about them giving away their money just talking about giving away other people's money while they stay rich.
ReplyDeleteThere would be plenty of money for our government at 10% if the waste and give away programs were curbed
ReplyDeleteTRUMP we're is the INVESTIGATION into deblasios wife $900.000 ??????????
ReplyDelete809
ReplyDeleteHear here!
This is how you impoverish and control the population
ReplyDeleteI would just like to see how some people became so rich without a product or service to sell. Bernie Sanders, Cummings, Biden, Pelsoi, and many many more.
ReplyDeleteBribed and traitors.
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