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Thread: B.Sanders & R. Reich Don't Just Want to Tax the Rich, They Want to Abolish Billionair

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    Default B.Sanders & R. Reich Don't Just Want to Tax the Rich, They Want to Abolish Billionair

    For discussion ...
    Bernie Sanders and Robert Reich Don't Just Want to Tax the Rich, They Want to Abolish Billionaires

    7 HOURS AGORobert P. Murphy
    As part of the simmering war on the rich that is a central component of the progressive left’s campaign for 2020, Robert Reich recently wrote a blog post in which he argued that there were “basically only five ways to accumulate a billion dollars, and none of them has to do with being successful in free market capitalism.”
    I’ll go through the substantive problems with Reich’s analysis in a moment, but first let’s just remark on how the progressive left’s rhetoric — at least in US politics — has changed over the years. When I was growing up, the argument was that we needed higher taxes on the rich so that they would “pay their fair share,” and the purpose of those higher taxes was to raise revenue to spend on important social programs.
    Yet nowadays, the more honest among the Left don’t pretend that this is about raising tax revenue. Indeed, just about the only thing I liked in Thomas Piketty’s bestselling Capital in the Twenty-First Century is that he openly said the purpose of confiscatory (his actual term) income tax rates on top brackets, was to prevent such high salaries being paid in the first place. At this link, I provide more quotations, but here are three good samples, all taken from Piketty’s Capital in the Twenty-First Century:
    When a government taxes a certain level of income or inheritance at a rate of 70 or 80 percent, the primary goal is obviously not to raise additional revenue (because these very high brackets never yield much). It is rather to put an end to such incomes and large estates, which lawmakers have for one reason or another come to regard as socially unacceptable and economically unproductive … (p. 505)
    A rate of 80 percent applied to incomes above $500,000 or $1 million a year would not bring the government much in the way of revenue, because it would quickly fulfill its objective: to drastically reduce remuneration at this level but without reducing the productivity of the US economy, so that pay would rise at lower levels. … (p. 513)
    The primary purpose of the capital tax is not to finance the social state but to regulate capitalism. The goal is first to stop the indefinite increase in inequality of wealth, and second to impose effective regulation on the financial and banking system in order to avoid crises. (p. 518)
    Likewise, Bernie Sanders recently declared on Twitter:

    Billionaires should not exist. https://twitter.com/nytpolitics/status/1176459557473804297 …

    Twitter Ads info and privacyAgain, note the change in rhetoric here. This isn’t simply about adjusting the tax code to make sure the rich pay their fair share — this is declaring an entire group of people to be off-limits. (Note: after some critics accused Bernie of advocating pogroms, his defenders — and perhaps Bernie himself, though I can’t find it now — clarified that he meant people shouldn’t be allowed to have that much wealth. He didn’t mean "Let’s murder all of today’s billionaires.")
    This is the context in which I am placing Robert Reich’s blog post. Reich is pushing back against the notion that billionaires are simply productive people who generated a lot of wealth in the market. Reich’s commentary is designed to bolster the calls from some quarters to get rid of billionaires altogether.


    Robert Reich: Five Ways to Become a Billionaire


    In the remainder of this post, I’ll quickly go through Reich’s putative “five ways” to become a billionaire.
    Way No. 1: Exploit a Monopoly
    Here’s Reich:
    The first way is to exploit a monopoly.
    Jamie Dimon is worth $1.6 billion. That’s not because he succeeded in the free market. In 2008 the government bailed out JPMorgan and four other giant Wall Street banks because it considered them “too big to fail.” …
    What about America’s much-vaulted entrepreneurs, such as Jeff Bezos, now worth $110 billion? You might say Bezos deserves this because he founded and built Amazon.
    But Amazon is a monopolist with nearly 50 percent of all e-commerce retail sales in America, and e-commerce is one of the biggest sectors of retail sales. In addition, Amazon’s business is protected by a slew of patents granted by the U.S. government.
    If the government enforced anti-monopoly laws, and didn’t give Amazon such broad patents, Bezos would be worth far less than $110 billion. [Bold added.]
    In the above, Reich has conflated two very different things. If a retailer (such as Amazon) has nearly 50 percent of the sales in an industry, that isn’t a monopoly by any definition. But even if Amazon had 100 percent of the sales, that in itself wouldn’t necessarily be a bad thing.
    As Rothbard argued in Man, Economy, and State, just about every seller has a “monopoly” in the sense of “single seller” if we define the product or service narrowly enough. For example, I have a monopoly on economics lectures provided by the Austrian school economist Robert P. Murphy. Yet that’s not what people have in mind when they wring their hands over “monopoly power” in big business.
    So long as the transactions are all voluntary, then a seller can only “capture” an entire industry by providing a superior product and/or a lower price. For readers who’ve never heard the story, I strongly recommend you check out Burt Folsom’s Myth of the Robber Barons to see how genuine entrepreneurs cut costs and gained market share through serving consumers. (Here’s a short clip of Tom DiLorenzo on C-SPAN correcting the historical record.)
    So, returning to Reich’s passage above, he is right to complain about government privileges given to the big banks that were bailed out, and — since I have been persuaded by the work of Stephan Kinsella on “intellectual property” (IP) — I also agree that government patents and other forms of IP enforcement are also illegitimate.
    Yet the solution of course isn’t to enact large taxes on the wealthy. The solution, instead, is to get rid of the illegitimate privileges given to some of the wealthy.
    Way No. 2: Exploit a Monopoly
    Reich goes on to the second method:
    A second way to make a billion is to get insider information unavailable to other investors.
    Hedge-fund maven Steven A. Cohen, worth $12.8 billion, headed up a hedge fund firm in which, according to a criminal complaint filed by the Justice Department, insider trading was “substantial, pervasive, and on a scale without known precedent in the hedge fund industry.” Nine of Cohen’s present or former employees pleaded guilty or were convicted. Cohen got off with a fine, changed the name of his firm, and apparently is back at the game.
    Insider trading is endemic in C-suites, too. SEC researchers have found that corporate executives are twice as likely to sell their stock on the days following their own stock buyback announcements as they are in the days leading up to the announcements.
    If government cracked down on insider-trading, hedge-fund mavens top corporate executives wouldn’t be raking in so much money.
    I always love it when progressives point to how awfully the government currently enforces existing laws in order to prove that we just need more government to achieve a just society. Even if we stipulate Reich’s narrative for the sake of argument, the feds let criminal masterminds walk even when they’re caught red-handed. So maybe the system is corrupt and we should try something other than trusting political officials to ensure honesty and integrity on Wall Street?
    But the deeper flaw here is that “insider trading,” generally speaking, should not be a crime at all. If individual firms have confidentiality agreements that key employees sign, then of course violation of such clauses would be a breach of contract and subject to penalty. But in general, we want people to trade on “inside” information, because it helps reduce the volatility in stock market prices.
    The average investor is actually helped when experts are maintaining vigilant watch on asset prices and minimizing the impact that a sudden announcement has on the markets. I go into more detail at this link, but suffice it to say that, if you actually think through a typical example of “insider trading,” you’ll see that the “victims” aren’t the general public — instead they are a small group of investors who otherwise would have benefited from dumb luck, but instead are having that “unearned” windfall accrue to someone else with superior knowledge of the asset.

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    Default Re: B.Sanders & R. Reich Don't Just Want to Tax the Rich, They Want to Abolish Billio

    contd
    Way No. 3: Bribe Politicians to Change the Tax Code
    The next method is special because it is the goofiest of Reich’s five:
    A third way to make a billion is to buy off politicians.
    The Trump tax cut is estimated to save Charles and the late David Koch and their Koch Industries an estimated $1 to $1.4 billion a year …
    If we had tough anti-corruption laws preventing political payoffs, the Kochs and other high-rollers wouldn’t get the special tax breaks and other subsidies that have enlarged their fortunes.
    Everyone get that? Here Reich is telling us that the way to get a billion dollars is to first, get $50 billion. Then, pay politicians to reduce your tax bill by a billion. Boom! You just made a billion dollars. It’s just that simple.
    Reich's approach here reminds me of the old Steve Martin routine, where he says (I’m condensing), “You wanna become a millionaire and never pay taxes? First, get a million dollars. Then, when the IRS says you owe them money, just say, ‘I forgot!’”
    According to Reich, the problem is politicians taking bribes to reform the tax code, and so you’d think the solution would be to punish those politicians for taking bribes. But that’s never what guys like Reich advocate. Instead, the private citizens offering the bribes are the ones who need to be punished, not the politicians for accepting those bribes.
    Way No. 4: Defraud Investors
    On this one, I have to be honest. I don’t even get how this works:
    The fourth way to make a billion is to extort big investors.
    Adam Neumann conned JP Morgan, SoftBank, and other investors to sink hundreds of millions into WeWork, an office-sharing startup. Neumann used some of the money to buy buildings he leased back to WeWork and to enjoy a lifestyle that included a $60 million private jet. WeWork never made a nickel of profit.
    A few months ago, after Neumann was forced to disclose his personal conflicts of interest, WeWork’s initial public offering fell apart and the company’s estimated value plummeted. To salvage what they could, investors paid him over $1 billion to exit the board and give up his voting rights.
    On Reich’s telling, investors put “hundreds of millions” into a company that never produced a nickel of profit, and then were still willing to pay an additional billion dollars to get Neumann to walk away from the wreckage. If Reich’s narrative was the only relevant factor, these big investors are incredibly stupid, paying a billion dollars for something only worth a fraction of that, at most. Or, we can surmise that there’s more to the story than Reich is letting on. In any event, notice that one of the big investors was JP Morgan — which was the subject of Reich’s “first way” to become a billionaire — so at least these illegitimate billionaires seem to be canceling each other out.
    Way No. 5: Inheritance
    Finally we come to the last method:
    The fifth way to be a billionaire is to get the money from rich parents or relatives.
    About 60 percent of all the wealth in America today is inherited, according to estimates by economist Thomas Piketty and his colleagues. That’s because, under U.S. tax law — which is itself largely a product of lobbying by the wealthy — the capital gains of one generation are wiped out when those assets are transferred to the next, and the estate tax is so tiny that fewer than 0.2 percent of estates were subject to it last year.
    If unearned income were treated the same as earned income under the tax code, America’s non-working rich wouldn’t be billionaires. And if capital gains weren’t eliminated at death, many heirs wouldn’t be, either.
    I understand the fun in denigrating the idle rich born with silver spoons in their mouths, but if we’re trying to base government policy decisions on intuitive notions of fairness, then how in the world do we justify taking a huge chunk out of someone’s wealth just to make sure he can’t give it to his kids? To paraphrase a line I heard once from Arthur Laffer (referring to the estate or “death tax” in the late 2000s), “If you’re rich, once you’ve paid your taxes on your income, you’re free to spend it on booze and gambling in Vegas. But if you have the audacity to give it to your kids, that’s a threat to society and we’re going to tax the hell out of it.”
    The Billionaires No One Talks About

    What’s funny is that when Bernie Sanders or Robert Reich complain about billionaires per se, they never seem to list these ones: Oprah Winfrey ($2.7 billion), Michael Jordan ($1.9 billion), and J.K. Rowling ($1 billion by this estimate, though she had earlier been on and off the billionaire list because of Britain’s taxes and her large donations). Whatever you think of the merits of these individuals, it would be harder for Bernie to vilify the self-made Oprah, or to criticize the market for paying a boatload of money to the greatest basketball player of all time, and to the author of some of the most beloved books in a generation.
    More generally, as the global market continues to grow, we are going to see more billionaires. Quick: how many billionaires does the reader think there are, right now? The answer, according to Forbes, is 2,057.
    Conclusion

    There are plenty of billionaires who have benefited from special government privileges, or who have engaged in other forms of nefarious behavior. To the extent that we want the government to “do something” about this, the obvious answer is for government to stop giving such privileges to the super rich.
    However, to the extent that people accumulate wealth through voluntary means, then they should be able to retain it. Whipping up the public to hate billionaires is a very destructive turn in US politics. Progressive leftists always warn about the “harmful rhetoric” on the Right, and of course point to Nazi Germany to end all arguments. Well, we can look at the Reign of Terror in Revolutionary France to see what happens when the masses get fired up against the rich. https://mises.org/wire/bernie-sanders-and-robert-reich-dont-just-want-tax-rich-they-want-abolish-billionaires
    . . . perhaps none of this correct.

    What's your view?
    Last edited by Rum_Pirate; 12-20-2019 at 03:15 PM. Reason: ADD SOURCE

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    Default Re: B.Sanders & R. Reich Don't Just Want to Tax the Rich, They Want to Abolish Billio

    That’s a lot to read. Here’s a picture of a 8’ 350 lb flightless bird that was a top predator a couple million years ago in South America.



    I got this from Wikipedia, where did you get your article?

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    Default Re: B.Sanders & R. Reich Don't Just Want to Tax the Rich, They Want to Abolish Billio

    It is simply not possible for a billionaire to spend his way out of billionairehood. I doubt taxation could. Now, the guillotine, on the other hand...could be quite taxing.
    “Aren’t you supposed to be the gentlemen who lie for the good of their country?”
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    That’s politicians. Different game entirely.”

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    Default Re: B.Sanders & R. Reich Don't Just Want to Tax the Rich, They Want to Abolish Billio

    Quote Originally Posted by webishop14 View Post
    It is simply not possible for a billionaire to spend his way out of billionairehood. I doubt taxation could. Now, the guillotine, on the other hand...could be quite taxing.
    I’m pretty sure I could blow a billion dollars.

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    Default Re: B.Sanders & R. Reich Don't Just Want to Tax the Rich, They Want to Abolish Billio

    Quote Originally Posted by Rum_Pirate View Post
    contd . . . perhaps none of this correct.

    What's your view?
    My view is that the sentiments expressed in your C&P are largely a collection of rationalizations.

    Just as criticism of Israel does NOT equate to anti-semitism, neither does criticism of extreme wealth and income inequality equate to communism, socialism, or any other 'ism'.

    We in the US (more so than in any other developed country) are experiencing rising economic inequality, at levels not seen since the robber baron era. We know what history teaches us about this sort of thing: eventually, when the level gets intolerable, we get 'instability'.... historically, in the form of revolution, pitchforks and torches, and so on.

    Are we 'there' yet? Of course not... but there is hardly any question that our economic structure encourages rising levels of economic inequality....

    ...and we have to ask ourselves: what mechanisms are there to limit it? If it continues to increase, unabated, what sort of 'democracy' will we have?

    I could quote the statistics you've all heard before, about what tiny fraction of Americans hold what huge percentage of wealth in this country... but it wouldn't make any difference.

    Instead, let me ask a different question: what happens when 0.01% own 99.9% of the wealth in this county? Can we still be a democratic republic?

    'Preposterous', you say?

    Tell me what is there to prevent that from happening, and I'll shut up.
    "Reason and facts are sacrificed to opinion and myth. Demonstrable falsehoods are circulated and recycled as fact. Narrow minded opinion refuses to be subjected to thought and analysis. Too many now subject events to a prefabricated set of interpretations, usually provided by a biased media source. The myth is more comfortable than the often difficult search for truth."







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    Default Re: B.Sanders & R. Reich Don't Just Want to Tax the Rich, They Want to Abolish Billio

    However, to the extent that people accumulate wealth through voluntary means, then they should be able to retain it. (Followed by some silly blather about the 'reign of terror.')
    Why? What good does it accomplish when any individual has that large a share of the pie?

    A thought experiment: What if taxes were changed so that Oprah Winfrey was left with only, say, $500 million in accumulated wealth? What harm would that do, even to her?

    What is this with Von Mises and Austrian School economics all of a sudden? They're a bunch of cranks, to be blunt.
    Last edited by Keith Wilson; 12-20-2019 at 03:27 PM.
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    Default Re: B.Sanders & R. Reich Don't Just Want to Tax the Rich, They Want to Abolish Billio

    .
    Rejoice America! We are residing in a second Gilded Age surpassing that of the late 19th century. Critics are all vile, corrupt anti-American, socialists. And some are even worse.
    "I'll tell you why [religion's] not a scam. In my opinion, all right? Tide goes in, tide goes out. Never a miscommunication. You can't explain that."Bill O'Reilly

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    Default Re: B.Sanders & R. Reich Don't Just Want to Tax the Rich, They Want to Abolish Billio

    Ah yes the eternal childlike fallacy of libertarian government - that it’s possible to “stop giving things to the rich”.

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    Default Re: B.Sanders & R. Reich Don't Just Want to Tax the Rich, They Want to Abolish Billio

    JK Rowling gave £160 million to charity, thus knocking her off the billionaires list.

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    Default Re: B.Sanders & R. Reich Don't Just Want to Tax the Rich, They Want to Abolish Billio

    My view is that those people should start bragging about how much they pay in taxes, instead of complaining.

    Reorganize their incentives.

    Lazing around the afterdeck of some monstrous gin palace boasting of the number of libraries one has built, or the superfund cleanup sites one has cleaned up. That sort of thing.

    Make it a status symbol.

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    Default Re: B.Sanders & R. Reich Don't Just Want to Tax the Rich, They Want to Abolish Billio

    Alas... grasping avarice is more common than responsible citizenship and charitable instinct.

    Keep in mind that most of these 21st century, mega-wealthy Americans are members of a generation who thought the joking goal of "the one who acquires the most toys wins" was funny and even attainable.
    "I'll tell you why [religion's] not a scam. In my opinion, all right? Tide goes in, tide goes out. Never a miscommunication. You can't explain that."Bill O'Reilly

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    Default Re: B.Sanders & R. Reich Don't Just Want to Tax the Rich, They Want to Abolish Billio

    Jeff Bezos is worth 110 billion dollars, when you hear about how he treats his distribution center employees, you know that's just wrong, we are heading back into the steel and coal Barron's model of the late 1800 to early 1900's, we fixed it once I hear we won't this time around.

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    Default

    Quote Originally Posted by webishop14 View Post
    It is simply not possible for a billionaire to spend his way out of billionairehood. I doubt taxation could. Now, the guillotine, on the other hand...could be quite taxing.

    That's what I was going to suggest. Too many billionaires exercising too much "free speech" (if speech is dollars).

    When things get unbalanced, they tend to self-correct. Sometimes, it can be rather bloodier than others.
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    Default Re: B.Sanders & R. Reich Don't Just Want to Tax the Rich, They Want to Abolish Billio

    .
    "Heading back?" We are there and have been there this entire century.
    "I'll tell you why [religion's] not a scam. In my opinion, all right? Tide goes in, tide goes out. Never a miscommunication. You can't explain that."Bill O'Reilly

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    Default Re: B.Sanders & R. Reich Don't Just Want to Tax the Rich, They Want to Abolish Billio

    I have no problem whatsoever with eliminating billionaires. If they start feeling the pinch, they can maybe get a second job slinging fries.

    What are you doing about it?




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    Default Re: B.Sanders & R. Reich Don't Just Want to Tax the Rich, They Want to Abolish Billio

    Y'know, Eisenhower era personal tax rates worked just fine without killing the economy. If there is a redistribution of wealth from oligarchs to the middle and lower classes, that is just fine.
    Gerard>
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    Default Re: B.Sanders & R. Reich Don't Just Want to Tax the Rich, They Want to Abolish Billio

    Quote Originally Posted by Rum_Pirate View Post
    contd . . . perhaps none of this correct.

    What's your view?
    It is also possible to be smart and sell a product that costs little to produce but that people are willing to pay a lot for.
    Life is complex.

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    Default Re: B.Sanders & R. Reich Don't Just Want to Tax the Rich, They Want to Abolish Billio

    You would not enjoy Nietzsche, sir. He is fundamentally unsound. — P.G. Wodehouse (Carry On, Jeeves)

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    Default Re: B.Sanders & R. Reich Don't Just Want to Tax the Rich, They Want to Abolish Billio

    Quote Originally Posted by Flying Orca View Post
    I have no problem whatsoever with eliminating billionaires. If they start feeling the pinch, they can maybe get a second job slinging fries.
    +1 ! If I was holding $1B I would be ashamed of myself and fearful of facing my creator in judgement.

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    Default Re: B.Sanders & R. Reich Don't Just Want to Tax the Rich, They Want to Abolish Billio

    It is also possible to be smart and sell a product that costs little to produce that people are willing to pay a lot for, make gobs of profit, and be socially responsible and give gobs of money to those less fortunate, as well as happily pay a fair share of tax as a responsible citizen.

    But grasping avarice is more common than plentiful charity. I offer Donald J. Trump as an example.

    As Jesus said, "It is easier for a camel to pass through the eye of a needle than for a rich person to enter the Kingdom of Heaven."
    Last edited by Tom Montgomery; 12-20-2019 at 06:55 PM.
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    Default Re: B.Sanders & R. Reich Don't Just Want to Tax the Rich, They Want to Abolish Billio

    Doe the action figure have a detachable head?
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    for nature cannot be fooled."

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    Default Re: B.Sanders & R. Reich Don't Just Want to Tax the Rich, They Want to Abolish Billio

    If you got $5000 a day every day since Columbus crossed the Atlantic you still wouldn’t be a billionaire today.

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    Default Re: B.Sanders & R. Reich Don't Just Want to Tax the Rich, They Want to Abolish Billio

    Quote Originally Posted by Too Little Time View Post
    It is also possible to be smart and sell a product that costs little to produce but that people are willing to pay a lot for.
    It’s also possible, if you have enough money, and give it to politicians, to get a monopoly in your field of business, thus allowing you to set your own prices and reap vast profits. (See Drug Companies, Amazon, Facebook, etc, etc)

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    Default Re: B.Sanders & R. Reich Don't Just Want to Tax the Rich, They Want to Abolish Billio

    Quote Originally Posted by Too Little Time View Post
    It is also possible to be smart and sell a product that costs little to produce but that people are willing to pay a lot for.
    opium! It does an empire good!

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    Default Re: B.Sanders & R. Reich Don't Just Want to Tax the Rich, They Want to Abolish Billio

    robert p murphy
    von mises institute - pure douchebaggeriness comes out of there

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    Default Re: B.Sanders & R. Reich Don't Just Want to Tax the Rich, They Want to Abolish Billio

    Quote Originally Posted by Gerarddm View Post
    Y'know, Eisenhower era personal tax rates worked just fine without killing the economy. If there is a redistribution of wealth from oligarchs to the middle and lower classes, that is just fine.
    Right there. Exactly.
    When you can take the pebble from my hand, it will be time for you to leave.

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    Default Re: B.Sanders & R. Reich Don't Just Want to Tax the Rich, They Want to Abolish Billio

    More Grade-A Claptrap from the usual DingbatRight suspects. Sheeesh.
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    Default Re: B.Sanders & R. Reich Don't Just Want to Tax the Rich, They Want to Abolish Billio

    Yeah but I got the bird in.

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    Default Re: B.Sanders & R. Reich Don't Just Want to Tax the Rich, They Want to Abolish Billio

    Quote Originally Posted by LeeG View Post
    Yeah but I got the bird in.
    We all got the bird...

    Jeff C

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    Default Re: B.Sanders & R. Reich Don't Just Want to Tax the Rich, They Want to Abolish Billio

    Quote Originally Posted by David G
    More Grade-A Claptrap from the usual DingbatRight suspects. Sheeesh.
    HEY! I resemble that remark!
    "I'll tell you why [religion's] not a scam. In my opinion, all right? Tide goes in, tide goes out. Never a miscommunication. You can't explain that."Bill O'Reilly

  32. #32
    Join Date
    May 2009
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    Default Re: B.Sanders & R. Reich Don't Just Want to Tax the Rich, They Want to Abolish Billio

    Quote Originally Posted by Bob (oh, THAT Bob) View Post
    Right there. Exactly.
    Yes, but now they've started a myth, similar to the trickle down economy myth, that if upper income taxes are raised to the rates they were when America was "Great", that the wealthy will simply leave, and apparently many, most likely "witch hunt" types, believe them.

    Money buys it's own truths now.

  33. #33
    Join Date
    Apr 2005
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    45,563

    Default Re: B.Sanders & R. Reich Don't Just Want to Tax the Rich, They Want to Abolish Billio

    The billionaires seem to have the money to pay for this sort of claptrap. Gee - how does that work? The OP is so full of carefully laid out BS that it was obviously expensive to have written.

    This is the sort of thing that helps the 1% get more & the rest of us less. Scary thing is some of those not in the 1% believe it. Gosh! Some day I might have a billion & I'd want to be able to keep it - so sure they should not only be able to keep it, but pay lower (effective) taxes than the rest of us.
    "If it ain't broke, you're not trying." - Red Green

  34. #34
    Join Date
    Jan 2009
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    Wrocław, Poland
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    Default Re: B.Sanders & R. Reich Don't Just Want to Tax the Rich, They Want to Abolish Billio

    Quote Originally Posted by Keith Wilson View Post
    Doe the action figure have a detachable head?
    Were you never a young boy, Keith? ALL action figures have detachable heads!

    Tom
    Ponoszenie konsekwencji!

    www.tompamperin.com

  35. #35
    Join Date
    Jan 2009
    Location
    Wrocław, Poland
    Posts
    13,506

    Default Re: B.Sanders & R. Reich Don't Just Want to Tax the Rich, They Want to Abolish Billio

    Actually, I thought the OP's quotations from Piketty were spot on. The reason for high tax rates is to decrease inequality by reducing the huge gap between top and bottom, not (primarily) to generate revenue.

    Of course, such a move WOULD generate revenue, as the low end would also be making more, and paying more in taxes.

    The OP seems almost comically unaware that pointing this out is no surprise to anyone who has been paying attention, and that it is no bad thing.

    Tom
    Ponoszenie konsekwencji!

    www.tompamperin.com

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