Bill Burr On AOC's 70% Tax Plan

[Piff Perkins]

Like most of the things she says, the plan is half baked. If you want to tax rich people you should basically do the inverse of what the Trump tax plan did: eliminate nearly every tax deduction and incentive for the rich, increase the top rate back to pre-Bush tax cut levels (hell, or even go higher by a few points), increase the estate tax, and increase capital gains taxes.

Consider the financial situation of the country in 2016. Deficit was decreasing yearly since 2013, when Obama allowed the "fiscal cliff" to go into effect (ie letting the Bush tax cuts for the rich expire). Tax revenue increased, deficit decreased. Imagine how even more effective it would be if we actually shytcanned incentives the rich exploit to avoid taxes - not to mention corporation loopholes.

A 70% marginal tax rate is not extreme in of itself. We've had higher rates - the top tax rate was 90% until JFK dropped it to around 70%. But the US labor force was constantly growing at the time. Post WWII, soldiers came home to jobs. By the 1970s and 80s, women started entering the work force heavily. Right now the labor force is not going in the direction it needs to go in...and automation and the death of retail are slowly strangling our economy. Throwing a 70% marginal tax rate on top of that isn't going to fix anything. We need more people to enter the work force, period.

 

[Sohh_lifted]

Rich Cac doesnt want to pay taxes, what a suprise.

 

[Don Homer]

this nikka said "regular people" will take up the bill for a 70% tax on 10 million. Cuz regular nikkas make 10 milli

 

[omnifax]

This type of talk is a central problem as to why it's so difficult to enact the massive wealth redistribution this country needs. People who aren't rich or who are maybe on the cusp of being rich identify with those who already are and fight for them on this issue instead of those who aren't. I understand Bill's net worth is somewhere around 6-9 million so he's up there but he needs to chill. he'll be fine with his 10 million.

 

[George's Dilemma]

He's completely on point. That kind of taxing discourages ambition. What AOC proposes is the modern day Russian peasants in rural areas vs those in the towns. Lot more at stake than famines.

 

[Donald J Trump]

He's completely on point. That kind of taxing discourages ambition. What AOC proposes is the modern day Russian peasants in rural areas vs those in the towns. Lot more at stake than famines.

We already have that tho

 

[Dr. Acula]

AOC is more right than wrong on most issues.

But 70% in a globalized economy isn't going to fly unfortunately. 40 to 45 percent may be more doable.

This isn't a pre and shortly after ww2 period.

 

[hayesc0]

70% tax rate is just going back to the tax rates when america was doing well...
people are acting like this is some radical idea....

I've actually given up politically recently on these issues although you are absolutely right and I agree. America doesn't want to do better is the sad truth.

 

[Savvir]

AOC is more right than wrong on most issues.

But 70% in a globalized economy isn't going to fly unfortunately. 40 to 45 percent may be more doable.

This isn't a pre and shortly after ww2 period.

alot of you need to do your research BEFORE you start posting like you did your research.

Historical Income Tax Rates and Brackets, 1862-2013 - Tax Foundation