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Anyone up for 42% Sales Tax or 100% Income Tax over $408k?

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  • Anyone up for 42% Sales Tax or 100% Income Tax over $408k?

    A couple of options for funding the "slogan" plan "Medicare for All". I call them slogans, with respect. I do not believe anyone expects this to actually fly.

    Interesting numbers. I really like the idea of everyone having healthcare.  The problem I see that isn't addressed is Medicare ONLY covers 80%. Who is paying for that? I forgot, part D drug coverage is on the individual as well. This is not intended as political, I just wish the healthcare debate was more than slogans.

    https://news.yahoo.com/the-democratic-plan-for-a-42-national-sales-tax-202549219.html

  • #2
    If they do that, I'm gonna go find me a VA job and start farming.

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    • #3
      Just figure out how to find it later. Right?

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      • #4
        Yeah, not gonna happen.  I mean, super unlikely based upon observations with health care reform under Clinton and Obama.

        But, if it does, at least that makes a lot of financial planning decisions pretty easy.

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        • #5
          Let's take it all after $408K.  I'll never make that much anyway

          On the surface it seems logical.  Why can't the wealthiest country in the world, afford universal healthcare?  But we are the wealthiest for the simple reason that in theory, you should get to keep what you earn minus some taxes that are needed to protect this country and provide infrastructure.  Although, our country didn't originally have taxes, but I digress.

          The Gov't mandating that I keep less so that people who aren't working as hard get benefits that they are not entitled to, sits wrong with most Americans.  There are outliers of course, but when I see people on Section 8 with iPhone Xs, 84-inch TVs, Cable, and large SUVs clamoring to have their health benefits paid for by me, I do have a problem with that.

          Anyone, anytime can feel free to pay someone's bills.  If you want to take your $ and provide them benefits, go ahead.  But please stop trying to have the Gov't take mine to do it.

          cd :O)
          Yet those who wait for the LORD Will gain new strength; They will mount up with wings like eagles, They will run and not get tired, They will walk and not become weary. -- Isaiah 40:31

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          • #6
            I don't think the public has any idea exactly how much the costs for some of these plans (not just healthcare) are going to be. It's going to be beyond imagination. Most of me adamantly refuses to sit back and let things like this happen but there is a very small part of me that thinks if this is what a true majority of the people want then that's what they should get. As for me if that happens? I'll be retired in Latin America.

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            • #7
              Even Canada would be a tax Haven.

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              • #8




                Even Canada would be a tax Haven.
                Click to expand...


                Too cold. Plus I would assume my chances of running into a polar bear would be significantly higher than my chances right now.

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                • #9
                  Plot twist- @cordmcnally ends up in Venezuela...

                   

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                  • #10
                    I can't imagine Warren feels good about hitching herself to Bernie's wagon right now.  She may be able to get away with all the hand-waving against Trump but it seems unsustainable for her to pretend trillions of dollars will just grow on trees for the next six months of the Dem primary.

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                    • #11
                      I don't understand why how to pay for medicare for all is a question when you just have to pay for it:

                      https://twitter.com/AOC/status/1058494889430786048?ref_src=twsrc%5Etfw%7Ctwcamp%5 Etweetembed&ref_url=https%3A%2F%2Fwww.foxnews.com%2Fpolitics%2 Focasio-cortez-calls-question-about-how-to-pay-for-medicare-for-all-puzzling

                      Kind of frightening that she is one of our policy makers.   I understand what she is saying, that if you added up all the money that employers pay for healthcare premiums, that people pay for their healthcare, and that the government spent on healthcare already, it would be cheaper if you could re-direct all of those funds to have a single payer system.  Just not sure if she has thought about how you actually go about implementing it.  It's funny how she thought those were good answers to be giving on an interview and posted it on her own twitter page.

                       

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                      • #12
                        Easy solution. My better half would quit working right away and I'd go down to 50%. Plan to retire at 50 and let some other suckers pay for my retirement. Can see some good in that to be honest with you. On the other hand the whole thing would quickly implode. These folks are all interested in how to fund it but nobody talks about the elephant in the room. Americans are unhealthy and are not conservative when it comes to end of life decisions. It does not matter who and how you pay for it, but the health care expenses are gonna be super high because of those 2 factors alone. If those elements are not addressed (and nobody is addressing them) the outcome will not get any better.

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                        • #13


                          I don’t understand why how to pay for medicare for all is a question when you just have to pay for it:
                          Click to expand...


                          I never thought about it like that until I watched that. It all seems so easy now!

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                          • #14
                            Warren released her proposals to pay for M4A today, promising not to raise any taxes on the middle class:

                            In her proposal on Friday, Warren unveiled a variety of pay-fors:



                            • Employer contributions: Instead of paying premiums to insurers, companies would send an estimated $8.8 trillion over 10 years to the federal government as an "Employer Medicare Contribution."

                            • Taxes on the wealthy: Billionaires would be subject to a new tax of three cents on the dollar on net worth above $1 billion. This is in addition to the wealth tax she announced earlier this year, which would also place a 3 percentage point levy on billionaires. Also, the wealthiest 1% would be taxed on capital gains income annually, rather than at the time of sale, and the capital gains rate would be raised to match income tax rates. Combined, this would raise $3 trillion.

                            • Reducing tax evasion: Warren argues that she can collect $2.3 trillion by empowering the Internal Revenue Service to crack down on tax evasion and fraud, redirecting the agency's focus to high-income earners.

                            • Levies on financial sector and large corporations: Warren would impose a financial transaction tax of .01% on the sale of stocks, bonds and derivatives. She would also make several significant changes to corporate tax law. All together, these would generate $3.8 trillion.

                            • Taxing additional take-home pay: Since employees would no longer have to pay their share of health care premiums, their take-home pay would go up. This would raise $1.4 trillion.



                            Supposing any of that somehow gets through the Senate and then is blessed by our conservative Supreme Court once it is inevitably challenged.  I was looking through historical examples of a wealth tax and saw zero examples of anything approaching 6% (would you invest in anything with a 6% AUM fee?).  There are just over 600 billionaires in the US.  Every single one of them can hire the best team of tax attorneys available.  How is the IRS going to assess the wealth of someone like Bill Gates or Mark Zuckerberg?  And how much is that and all the court fees going to cost?  And if they lose, how many billionaires would renounce their citizenship, effectively killing the golden goose?  It sounds completely harebrained.  I consider myself a proud American, but every privilege has a price.

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                            • #15
                              Warren's plan is the equivalent of AOC's plan of saying just paying for it.   It would take some absurd mathematical gymnastics to expect that you can add a 20-40 K per year benefit for every person and only charge the top 0.1% for it, especially when you have already allocated part of the 0.1%'s wealth for other purposes.    When you are adding in trillions of dollars you will magically find by "fighting tax evasion", you aren't serious about paying for your plan.  I put this plan up there with the student loan forgiveness calculator she put on her campaign website, which ironically was also gong to be paid for by the top 0.1%.  I don't think that the top 0.1% will have any difficulty avoiding all of these taxes that she has already "spent" in her mind, it's not like they would have any difficulty moving to whatever country they chose (as a last case resort).   I really do dislike Elizabeth Warren, I think that she is smart enough to realize that these are not serious proposals but just puts them out there to see if it will generate her more votes.

                               

                              https://elizabethwarren.com/debt/

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