We aren’t even debating the typical Dem-GOP argument of higher income taxes. This is an 8% “wealth tax” as in We Will Take Your Shit.
When people understand this, they will flip. I look back with fondness when we debated such simple things like whether or not it is a good idea to take more of a person’s income because he or she “could afford it.” This is not that. This is confiscation, not only of Amazon, but of pretty much every major corporation because he is going to tax the corporation at the same rate as if it was an individual. The corporation, if it makes over $10 million/yr gets taxed at 52% and individuals who get dividends also get taxed at their marginal rate (PLUS 12.6% as social security is not capped).
Further, after the wealth tax kicks in and you have confiscated wealth above a certain amount, how then do you keep paying for these myriad of programs when there is no more wealth to tax? And these numbers keep adding up…52% income tax (including capital gains), 7.5% health insurance tax for all employees, 8% wealth tax, 12.6% social security (no cap), 4% health insurance tax (for yourself), plus whatever else I missed in Bernie’s confiscatory tax plan.
Hey, but those are rich bastards, right? They can afford it. You think Amazon will cost the same for the end consumer? You think the little guy won’t pay more for food in the grocery store when the shipping costs have went through the roof because of fossil fuel taxes?
You think investment in startup companies will continue at the same pace when the tax rate goes from 15% to 52%+12.6% or 64.6%? Maybe helping you start your widget company was worth it for Daddy McRichbucks at 15% but they’ll be a swath of businesses never getting off the ground because of the nearly 35% surcharge that Bernie has put on investment.
Again, I’ll remember with fondness our debates over whether the top marginal tax rate should be 33% or 39.6%. I just hope you, or I, the SDMB can still afford to get on here and post about it.
And what is all of this for? For a health care universal plan when most people are already satisfied with what they have? Free everything? Wouldn’t it be far, far, far better just to patch the holes in the current system which is largely working well?