Republicans outraged by the proposed 2percent tax on families with assets in excess of 50MM until they realized Trump wouldn’t qualify.
This one is notable because it adopts the California (proposed) wealth "tax" architecture. It is not an income tax. It proposes to tax "total assets" at 2% per year. This new vector to go after assets instead of income is confiscatory socialism. So it starts at 50m but we'll see what happens with that number. By "assets" they mean worldwide holdings, property etc. At the same time there are proposals for a national VAT. The squeeze is on. America isn't America anymore when they punish you for success. If it ever became law you would see an exodus of capital out of this country.
Im against the so-called wealth tax but I’m interested in when you think America was better off. We used to have an extremely high income tax on top earners and a high tax on businesses for a very long time.
Very strong middle class during those times.Many families could live off just the father working and the mom staying home raising the kids.Reagan cut the taxes and now families need mom and dad working 50 hours a week to survive while The Kardashions and other reality TV raises the kids.
What I can say about those days is that the American government was much more fiscally stable and growth was much more robust. I have a theory that a higher tax rate on business and high incomes can actually be a growth incentive. It may seem counterintuitive but most businesses and people have a bottom line and higher taxes may incentivize growth due to the desire to realize profits in a higher tax environment.