It’s wild how much more billionaires are spending to defeat Zohran than what his tax proposal would cost them. I guess they’re afraid of a wider movement.
I have much fun remindng people today that the time when “America was Great” aka the 1950’s also saw the median tax rate on the ultra-wealthy at over 90%. It’s a rough third of that now since most are earning wealth through non-taxable investment vehicles and not taxable income-based earnings.
91% was the top-tier tax rate, not the median. Nobody paid that rate: Those who would find themselves in that top tax bracket increased their spending on “business expenses” rather than cut punitively large checks to the IRS. Those “business expenses” were for products and services produced by workers; those “business expenses” paid worker salaries. The high marginal tax rates drove money out of the hands of the ultra-rich and straight into the pockets of the working class. Turns out that paying workers for their labor is more valuable to the ultra-rich than giving away their excess earnings to the IRS.
We need to restore the punitively high top-tier tax rates we had from the 1950s to the early 1970s, to drive more cash back into the working class.
But more importantly, we need to institute an annual, 1% tax on all registered securities. To keep the rich from playing fuck-fuck games, that tax should be paid in shares of the securities held, not the dollar value of those securities.
Natural persons may exempt up to $10 million worth of securities from this tax. Corporate “persons” may not exempt their portfolios. If you’ve got $20 million in your portfolio, you need to find another natural person, or start paying.
The SEC transfers non-exempt shares directly to the IRS; the IRS liquidates those shares on the open market, slowly over time. These liquidated shares will never comprise more than 1% of total traded volume.
It’s wild how much more billionaires are spending to defeat Zohran than what his tax proposal would cost them.
It’s not about beating Zohran once for a single term. It’s about beating the idea of a socialist mayor out of the voting public for another generation. Gotta get back to the idea that DeBlaiso was too radical and Eric Adams is what New Yorkers should expect.
And a win for Zohran isn’t just a single seat in a single city. There’s a municipal offices at play, including the NYPD chief. There’s half a dozen House Reps at play (chief among them Minority Leader Hakeem Jeffries’s seat). There’s state House and Senate seats. There’s the very real possibility of an insurgent campaign to unseat Kathy Hochul or threaten the increasingly unpopular Senator Gilibrand.
He’s a crack in the dam. And at the size and scale of NYC, its a fucking big one.
For their personal finance, yes. Running a company? Line go up this quarter, nothing else matters. Slowly destroying the planet and poisoning the population? Irrelevant, line must go up.
It’s wild how much more billionaires are spending to defeat Zohran than what his tax proposal would cost them. I guess they’re afraid of a wider movement.
That is exactly it.
I have much fun remindng people today that the time when “America was Great” aka the 1950’s also saw the median tax rate on the ultra-wealthy at over 90%. It’s a rough third of that now since most are earning wealth through non-taxable investment vehicles and not taxable income-based earnings.
Lotsa paper tigers out there…
And they could still afford to lobby to get their taxes lowered and deregulate their industries, so clearly 90% wasn’t enough!
Well, it’s been 70 years now, so it’s not as if the rich haven’t been playing the long game.
91% was the top-tier tax rate, not the median. Nobody paid that rate: Those who would find themselves in that top tax bracket increased their spending on “business expenses” rather than cut punitively large checks to the IRS. Those “business expenses” were for products and services produced by workers; those “business expenses” paid worker salaries. The high marginal tax rates drove money out of the hands of the ultra-rich and straight into the pockets of the working class. Turns out that paying workers for their labor is more valuable to the ultra-rich than giving away their excess earnings to the IRS.
We need to restore the punitively high top-tier tax rates we had from the 1950s to the early 1970s, to drive more cash back into the working class.
But more importantly, we need to institute an annual, 1% tax on all registered securities. To keep the rich from playing fuck-fuck games, that tax should be paid in shares of the securities held, not the dollar value of those securities.
Natural persons may exempt up to $10 million worth of securities from this tax. Corporate “persons” may not exempt their portfolios. If you’ve got $20 million in your portfolio, you need to find another natural person, or start paying.
The SEC transfers non-exempt shares directly to the IRS; the IRS liquidates those shares on the open market, slowly over time. These liquidated shares will never comprise more than 1% of total traded volume.
It’s not about beating Zohran once for a single term. It’s about beating the idea of a socialist mayor out of the voting public for another generation. Gotta get back to the idea that DeBlaiso was too radical and Eric Adams is what New Yorkers should expect.
And a win for Zohran isn’t just a single seat in a single city. There’s a municipal offices at play, including the NYPD chief. There’s half a dozen House Reps at play (chief among them Minority Leader Hakeem Jeffries’s seat). There’s state House and Senate seats. There’s the very real possibility of an insurgent campaign to unseat Kathy Hochul or threaten the increasingly unpopular Senator Gilibrand.
He’s a crack in the dam. And at the size and scale of NYC, its a fucking big one.
Wow! Didn’t know there was that much at stake in one election. When is it?
Early voting has already started. The final day to vote is Nov 4th.
Yes! And, taxes are abhorrent to their sense of justice. It’s disgusting.
Taxation is theft but wage theft is good business, I guess they’d say
When you boil it down the philosophy of the rich is “GIMME GIMME GIMME, MINE MINE MINE” and everything beyond that is blather.
One time fee vs forever more. These guys think in terms of the long game, not the 4 year cycles your government is concerned with.
For their personal finance, yes. Running a company? Line go up this quarter, nothing else matters. Slowly destroying the planet and poisoning the population? Irrelevant, line must go up.