This is worth reading, and watch the video:
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Bernie Sanders (@SenSanders) |
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We have a rigged tax code that has essentially legalized tax-dodging for large corporations and the world's wealthiest individuals. It is time to end these egregious loopholes and make the wealthy pay their fair share. pic.twitter.com/kCChn6dJFM
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And now I have the video (but it's not as good as Bernie's version):
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Really good stuff this.
But the African lady in your version of the excerpt talking about working conditions in answer to the jobs question being used to throw people off the scent of tax is well worth listening to as well.
I mean grown ups wearing nappies on production lines to prevent toilet breaks.
Outrageous.
It’s an open secret that there were so many loopholes and exemptions back in the 1960s and 1970s that virtually no one actually paid these top rates of tax in the USA and UK. So when people such as Bregman cite these times as an example of economies growing strongly despite there being high rates of tax, they are misleading people.
I beg to differ
In the 50s and sixties that was not true
And remember CT rate was up to 52%
So I fear you are making this up
I certainly saw 60% + 15% IIS paid
I admit that I more acquainted with USA tax than uk tax, but in the USA (which Bergman was referring to), avoidance was rife. In particular, prior to the USA introducing CFC rules in 1962, the wealthy would simply park their earnings money offshore. Indeed it is for precisely that reason that the CFC rules were introduced. There is also a quote floating about from jfk where even he admitted that the personal income tax was too high.
With regard to the present proposal, leaving aside the tiny amount of people who this would affect, and therefore the tiny amount of revenue this would bring in, who on earth would draw a salary above $10m, when you could either just sit and wait for the rate to be abolished (and it would be) or take out money as dividends or shares? The people who it would affect simply aren’t going to pay tax at those rates.
And the top rates continued well after 1962
Sanders is not the only US politician and potential/actual Presidential candidate talking about this issue. I’ve recently watched Senator Elizabeth Warren talking very forcefully and knowledgeably about taxation and her plans for a wealth tax. It seems clear that this is going to be a central issue in the Democratic Presidential primaries once they get underway.
Which is great.
One problem with this is that a lot of people (believe it or not) don’t understand that this a marginal tax rate that would only apply to income that is ‘earned’ over and above the first $10million.They unthinkingly assume that it would apply to the entire income.
Some education needing to be done in the campaigning.
Agreed
Are you sure the evidence supports your claim? This suggests you are wrong
https://www.continentaltelegraph.com/tax/oh-dear-rutger-bregman-at-davos-is-ignorant-of-hausers-law-high-tax-rates-make-no-difference/
You aren’t seriously quoting Woprstall at me and then think I am going to comment when he has not a shred of credibility?
Come on…..
Somewhere recently in this forum (with another post) I advised readers to dismiss anything that began with the words: “Oh dear”
Well that (link) just proved my point .
Do you know what – that is a salient point Marco.
Taxation has such a bad rap.
And people under estimate what the top 1-5% actually earn and over estimate the effect of say ‘trickle down’ making no allowance for tax breaks or offshore – money moving side ways and simply disappearing.
They also under estimate how much of this undertaxed money end ups being used in politics to further certain agendas.
There’s so many tax loopholes for the rich. Why not tackle it at the front-end – income, a maximum wage?
Tell me how that could be achieved?