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Showing posts with label Bannon. Show all posts
Showing posts with label Bannon. Show all posts

July 28, 2017

Bannon calling for 44% tax on incomes over $5 million

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  3. Bannon calling for 44% tax on incomes over $5 million
Antifar 2 days ago#1
https://www.bloomberg.com/news/articles/2017-07-26/bannon-is-said-to-call-for-44-tax-on-incomes-above-5-million

White House chief strategist Steve Bannon supports paying for middle-class tax cuts with a new top rate of 44 percent for Americans who make more than $5 million a year, according to a person familiar with his thinking.

It’s unclear whether President Donald Trump would support the move, which would bring the top rate, currently 39.6 percent, to the highest level in 30 years. Trump has said he’s focused on tax changes that would help the middle class, but an analysis this month of the tax outline the White House released in April shows it would mostly benefit top earners.

That plan condensed the seven existing individual income tax rates to three, with a top rate of 35 percent. Income thresholds weren’t included in the outline.

White House officials and congressional leaders have been meeting weekly to agree on a framework to rewrite the tax code. So far, they haven’t announced any decisions on how deeply to cut tax rates or whether the lost revenue should be offset, and how.

It’s not the first time that kind of tax increase has been suggested.

During the 2016 presidential campaign, Democratic nominee Hillary Clinton had proposed a 4 percent surcharge on Americans making more than $5 million annually. It was part of a set of proposals that her campaign said would ensure the wealthy paid a higher effective tax rate than the middle class.

Bannon’s call for a 44 percent top rate was reported earlier today by the Intercept.


Broken clocks, man
kin to all that throbs
Liberals will be upset either way. Why bother?
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Tmaster148 2 days ago#3
I honestly can't believe he's the one advocating for high taxes on the wealthy.
prince_leo 2 days ago#4
BLAKUboy 2 days ago#5
prince_leo posted...
like Trump will listen to this

Like anyone in the GOP will listen to this.
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prince_leo posted...
like Trump will listen to this



And there it is. Gotta find something to be mad at Trump about.
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prince_leo 2 days ago#7
JustMyOpinion posted...
And there it is. Gotta find something to be mad at Trump about.

not mad. just saying, why would Trump push for something that would hurt him and his buddies?
Antifar 2 days ago#8
JustMyOpinion posted...
prince_leo posted...
like Trump will listen to this



And there it is. Gotta find something to be mad at Trump about.

In a topic about a proposal from a member of his administration, opining about whether Trump will push for it seems very reasonable.
kin to all that throbs
I can get behind this, though 60% would be better.
YellowSUV 2 days ago#10
I bet he's doing this since he thinks it will effect "The Jews" the most.
We all live in a Yellow SUV! a Yellow SUV!
BLAKUboy 2 days ago#11
YellowSUV posted...
I bet he's doing this since he thinks it will effect "The Jews" the most.

I wouldn't doubt it's something like this. It is Steve "PoS" Bannon after all.
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Samurontai 2 days ago#12
voldothegr8 2 days ago#13
Since when is Bannon a socialist?
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TheVipaGTS 2 days ago#14
Surprised. But as others have said why would Trump and the rest of the GOP support this? I can't see them suddenly changing their tune.
BLAKUboy 2 days ago#15
And this isn't the first he's talked about this, though I don't know that he's ever put real numbers to it before.
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voldothegr8 2 days ago#17
Also, LOL @ all the liberals who will suddenly love Bannon after calling him evil incarnate.
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BLAKUboy 2 days ago#18
voldothegr8 posted...
Also, LOL @ all the liberals who will suddenly love Bannon after calling him evil incarnate.

The ones that don't exist?
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Antifar 2 days ago#19
voldothegr8 posted...
Also, LOL @ all the liberals who will suddenly love Bannon after calling him evil incarnate.

Bad people can have good ideas without absolving their bad ones.
kin to all that throbs
Tmaster148 2 days ago#20
voldothegr8 posted...
Also, LOL @ all the liberals who will suddenly love Bannon after calling him evil incarnate.


You don't have like someone to agree with something they said.
TheVipaGTS 2 days ago#21
voldothegr8 posted...
Also, LOL @ all the liberals who will suddenly love Bannon after calling him evil incarnate.

Crediting him for a sensible proposal doesn't mean we "suddenly love him". What am I supposed to drop my own morals and hate this idea since he said it? It's time to grow up, man.
voldothegr8 posted...
Also, LOL @ all the liberals who will suddenly love Bannon after calling him evil incarnate.


Just because he proposes something decent doesn't absolve him of being a piece of s***.
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E32005 2 days ago#23
BLAKUboy posted...
prince_leo posted...
like Trump will listen to this

Like anyone in the GOP will listen to this.

this.

I'd be all for that s*** but they'll never approve it.
voldothegr8 posted...
Also, LOL @ all the liberals who will suddenly love Bannon after calling him evil incarnate.

Hitler was a monster, but he instituted a few good ideas like an anti smoking campaign. apparently one of the first widespread, mainstream campaigns.

Which does absolutely jack s*** to mitigate his crimes.
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AlephZero 2 days ago#25
wtf i hate taxing the rich now
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voldothegr8 2 days ago#26
BLAKUboy posted...
voldothegr8 posted...
Also, LOL @ all the liberals who will suddenly love Bannon after calling him evil incarnate.

The ones that don't exist?


Antifar posted...
Bad people can have good ideas without absolving their bad ones.

Tmaster148 posted...
You don't have like someone to agree with something they said.

TheVipaGTS posted...
Crediting him for a sensible proposal doesn't mean we "suddenly love him". What am I supposed to drop my own morals and hate this idea since he said it? It's time to grow up, man.

SuperShake666 posted...
Just because he proposes something decent doesn't absolve him of being a piece of s***.

Makeveli_lives posted...
Hitler was a monster, but he instituted a few good ideas like an anti smoking campaign. apparently one of the first widespread, mainstream campaigns.

Which does absolutely jack s*** to mitigate his crimes

LOL just f***ing WOW!
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(edited 2 days ago)quote
Darkman124 2 days ago#27
voldothegr8 posted...

LOL just f***ing WOW!


be less obvious
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BLAKUboy 2 days ago#28
Darkman124 posted...
be less obvious

Let him pretend he didn't just get slammed.
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voldothegr8 2 days ago#29
BLAKUboy posted...
Darkman124 posted...
be less obvious

Let him pretend he didn't just get slammed.

Watching you all squirm is fun!
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TheVipaGTS 2 days ago#30
voldothegr8 posted...
BLAKUboy posted...
Darkman124 posted...
be less obvious

Let him pretend he didn't just get slammed.

Watching you all squirm is fun!

"lol jokes on them I was just pretending!"
voldothegr8 2 days ago#31
TheVipaGTS posted...
voldothegr8 posted...
BLAKUboy posted...
Darkman124 posted...
be less obvious

Let him pretend he didn't just get slammed.

Watching you all squirm is fun!

"lol jokes on them I was just pretending!"

Oh I wasn't joking, it's that crazy fast defense force that's amazing!
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voldothegr8 posted...
BLAKUboy posted...
Darkman124 posted...
be less obvious

Let him pretend he didn't just get slammed.

Watching you all squirm is fun!


things on the internet dont make me cringe much anymore but yikes
butts
Samurontai 2 days ago#33
Tmaster148 2 days ago#34
voldothegr8 posted...
TheVipaGTS posted...
voldothegr8 posted...
BLAKUboy posted...
Darkman124 posted...
be less obvious

Let him pretend he didn't just get slammed.

Watching you all squirm is fun!

"lol jokes on them I was just pretending!"

Oh I wasn't joking, it's that crazy fast defense force that's amazing!


No one here in this topic has said this idea is bad nor that they love bannon now. Maybe you shouldn't let your politics be defined by how the other party acts.
littlebro07 2 days ago#35
Well there it is. Once Trump gets rid of Sessions he'll go after Bannon next.
Axiom 2 days ago#36
voldothegr8 posted...
BLAKUboy posted...
Darkman124 posted...
be less obvious

Let him pretend he didn't just get slammed.

Watching you all squirm is fun!

Lol gotta love those alternative facts
(edited 2 days ago)quote
BLAKUboy 2 days ago#37
Samurontai posted...
How is that a "defense force".....?

He's just using the standard conservatroll tactic of stealing liberal s***poster buzzwords and misusing them.
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voldothegr8 posted...
Also, LOL @ all the liberals who will suddenly love Bannon after calling him evil incarnate.


I don't: I happen to agree with him on this particular issue.

If you agree with a Democrat on something, does that suddenly mean you approve and support everything they do? If you think people calling pointing broken clocks are hypocrites, I'm not sure you understand how basic mental functions work. People can agree with a person on one thing and disagree with them on another thing. This is how reality works.
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(edited 2 days ago)quote
There has to be more to this. I really can't see anyone in the Trump administration trying to push something like this.
(edited 2 days ago)quote
voldothegr8 posted...

Watching you all squirm is fun!


Nobody is squirming. 

Claim A: Liberals will love Bannon now that he supports a liberal policy.

This claim has no backing evidence in this particular topic. The general consensus among left-minded people in this thread is "I agree with Bannon on this subject, but still dislike him." 

Claim B: Liberals are now squirming when they point out my logic.

No, they're just pointing out your faulty logic. You either live in a separate reality where liberals suddenly became Bannon worshipers, or you're doing a really bad attempt at saving face after you made a fool of yourself.
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(edited 2 days ago)quote
Tmaster148 2 days ago#41
UnholyMudcrab posted...
There has to be more to this. I really can't see anyone in the Trump administration trying to push something like this.


I can see some people on the right being for this, but at most it'll only be words. They will still likely just vote down party lines at the end of the day.
Zero_Destroyer posted...
I don't: I happen to agree with him on this particular issue.

If you agree with a Democrat on something, just does that suddenly mean you approve and support everything they do? If you think people calling pointing broken clocks are hypocrites, I'm not sure you understand how basic mental functions work. People can agree with a person on one thing and disagree with them on another thing. This is how reality works.

He's a /pol/ browsing redhat. He doesn't know anything about reality.
Steve Bannon doesn't have a lot of power in the White House anyway, so he's probably get out-voted
Axiom 2 days ago#44
UnholyMudcrab posted...
There has to be more to this. I really can't see anyone in the Trump administration trying to push something like this.

YellowSUV brought up a good point. The whole "Jewish people controlling the wealth/world" is definitely something he'd believe in
(edited 2 days ago)quote
voldothegr8 2 days ago#45
NinjaWarrior455 posted...
Zero_Destroyer posted...
I don't: I happen to agree with him on this particular issue.

If you agree with a Democrat on something, just does that suddenly mean you approve and support everything they do? If you think people calling pointing broken clocks are hypocrites, I'm not sure you understand how basic mental functions work. People can agree with a person on one thing and disagree with them on another thing. This is how reality works.

He's a /pol/ browsing redhat. He doesn't know anything about reality.

LOL wtf!?! I don't visit trash 4chan
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Antifar 2 days ago#46
Bannon has a lot of weird views, but fealty to the rich generally is not one of them.
kin to all that throbs
Friendly reminder that the top bracket was 91% in the Eisenhower era.
SSJ-Spiderman 10 hours ago#48
Questionmarktarius posted...
Friendly reminder that the top bracket was 91% in the Eisenhower era.

Eisenhower was a garbage president.
DevsBro 10 hours ago#49
SWN

44% is p much ludicrous but then again it's only about 4pp increase. I would be more interested to see what cuts for lower brackets would be tbh than worrying about 4pp in a tax bracket I and nobody I will ever know will ever fit into.
shockthemonkey 10 hours ago#50
We need more tax brackets and the idea of separating the rich from the super rich is definitely important. Bannon's ideas on economic nationalism are completely at odds with the GOP, though, and doesn't seem like Trump actually gives any f***s about anything other than "winning" in the short term, so there's no chance this gets out of the gate at all.
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    Transcendentia 10 hours ago#51
    I'm down for this as long as it actually pays for tax cuts for the middle class.
    Tmaster148 10 hours ago#52
    shockthemonkey posted...
    We need more tax brackets and the idea of separating the rich from the super rich is definitely important. Bannon's ideas on economic nationalism are completely at odds with the GOP, though, and doesn't seem like Trump actually gives any f***s about anything other than "winning" in the short term, so there's no chance this gets out of the gate at all.


    I think if there's one thing Trump would actually stand for it would be to not raise taxes on himself.
    Sativa_Rose 10 hours ago#53
    I am against this. I would rather see an increase in capital gains and dividends than with regular income, which is already taxed much much higher.
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    ChromaticAngel 10 hours ago#54
    44% is not high enough but it's a small step in the right direction.
    Iodine 10 hours ago#55
    Yeah there is no way in hell the GOP will go for this.
    In Belichick we Trust
    OpheliaAdenade 10 hours ago#56
    It may be for the wrong reasons but I'll take it!
    shockthemonkey 10 hours ago#57
    OpheliaAdenade posted...
    It may be for the wrong reasons but I'll take it!

    What wrong reasons? Genuinely curious what alternative reasons people think Bannon would advocate this.
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    Transcendentia 10 hours ago#58
    Sativa_Rose posted...
    I am against this. I would rather see an increase in capital gains and dividends than with regular income, which is already taxed much much higher.


    That'd have a bigger negative affect on the economy than simply taxing income at a higher rate, imo
    Friendly reminder that the top bracket was 6%, when the 16th amendment income tax first began.
    Sativa_Rose 10 hours ago#60
    Transcendentia posted...
    Sativa_Rose posted...
    I am against this. I would rather see an increase in capital gains and dividends than with regular income, which is already taxed much much higher.


    That'd have a bigger negative affect on the economy than simply taxing income at a higher rate, imo


    If the money was spent by the government on critical investments like education and infrastructure, then I think it would be spent well.
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    AsucaHayashi 10 hours ago#61
    good.

    get on denmark's level :
    https://wikimedia.org/api/rest_v1/media/math/render/svg/de8ea313aeb3d6b3a2ac1d4d5ac585116e4705b1

    and that's not even anywhere close to $5million dkk(6-7dkk = 1usd) before you reach that tax level.
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    Balrog0 10 hours ago#62
    yeah it's an okay idea

    I dunno what the politics are on the conservative side. For a liberal, I'd say a better way to raise taxes would be to go after "loopholes" but maybe if you approach it from the alt-right it is more feasible to advocate for rate increases. Idk
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    BLAKUboy 9 hours ago#63
    I'm definitely more of the opinion of at least reevaluating all the loopholes the rich exploit, rather than just increasing the rate arbitrarily.
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    Sativa_Rose 9 hours ago#64
    AsucaHayashi posted...
    good.

    get on denmark's level :
    https://wikimedia.org/api/rest_v1/media/math/render/svg/de8ea313aeb3d6b3a2ac1d4d5ac585116e4705b1

    and that's not even anywhere close to $5million dkk(6-7dkk = 1usd) before you reach that tax level.


    Do you have state taxes on top of that though? Many states have state taxes that would be added on top of this tax rate. In California it's like 10-11% or something, so it would put you around 55% for your top marginal tax rate.
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    CruelBuffalo 9 hours ago#65
    JustMyOpinion posted...
    prince_leo posted...
    like Trump will listen to this



    And there it is. Gotta find something to be mad at Trump about.


    We're discussing if Trump would advocate this...we think he won't..that's not being mad at him. This is how a political discussion works.
    (edited 9 hours ago)quote
    AsucaHayashi 9 hours ago#66
    Sativa_Rose posted...
    AsucaHayashi posted...
    good.

    get on denmark's level :
    https://wikimedia.org/api/rest_v1/media/math/render/svg/de8ea313aeb3d6b3a2ac1d4d5ac585116e4705b1

    and that's not even anywhere close to $5million dkk(6-7dkk = 1usd) before you reach that tax level.


    Do you have state taxes on top of that though? Many states have state taxes that would be added on top of this tax rate. In California it's like 10-11% or something, so it would put you around 55% for your top marginal tax rate.


    that's including everything, ie. tax in DK cannot exceed 55.8%.
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    Sativa_Rose 9 hours ago#67
    AsucaHayashi posted...
    Sativa_Rose posted...
    AsucaHayashi posted...
    good.

    get on denmark's level :
    https://wikimedia.org/api/rest_v1/media/math/render/svg/de8ea313aeb3d6b3a2ac1d4d5ac585116e4705b1

    and that's not even anywhere close to $5million dkk(6-7dkk = 1usd) before you reach that tax level.


    Do you have state taxes on top of that though? Many states have state taxes that would be added on top of this tax rate. In California it's like 10-11% or something, so it would put you around 55% for your top marginal tax rate.


    that's including everything, ie. tax in DK cannot exceed 55.8%.


    Oh, well you could have people with higher marginal tax rates in the US then under Bannon's proposal given that state and sometimes local taxes exist too. That's also not even getting into property taxes and whatnot.
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    Balrog0 9 hours ago#68
    I didn't know Denmark had a maximum income tax, that's kinda interesting. I wonder how it's enforced in practice.
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    Balrog0 9 hours ago#69
    Sativa_Rose posted...
    Oh, well you could have people with higher marginal tax rates in the US then under Bannon's proposal given that state and sometimes local taxes exist too. That's also not even getting into property taxes and whatnot.


    this is pretty important since most western nations outside the US have a national sales tax (well, VAT)

    actually I think denmark has lower corporate taxes than we do though lol
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    Balrog0 9 hours ago#70
    https://files.taxfoundation.org/legacy/docs/Top%20Marginal%20Corporate%20Income%20Tax.png
    He would make his mark, if not on this tree, then on that wall; if not with teeth and claws, then with penknife and razor.
    Gojak_v3 9 hours ago#71
    Tmaster148 posted...
    I honestly can't believe he's the one advocating for high taxes on the wealthy.


    It's almost like you haven't been paying attention then. He's alt-right, not a conservative.

    I'm frankly amazed at how many in this topic seem oblivious to this. Low information voters and all though, they'll just vote for who has the D next to their name.
    (edited 9 hours ago)quote
    It needs to be closer to 47-48% bit atleast we're having a discussion
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    Solar_Crimson 9 hours ago#73
    Gojak_v3 posted...
    Low information voters and all though, they'll just vote for who has the R next to their name.
    Sounds good to me.
    Sativa_Rose 9 hours ago#75
    Balrog0 posted...
    Sativa_Rose posted...
    Oh, well you could have people with higher marginal tax rates in the US then under Bannon's proposal given that state and sometimes local taxes exist too. That's also not even getting into property taxes and whatnot.


    this is pretty important since most western nations outside the US have a national sales tax (well, VAT)

    actually I think denmark has lower corporate taxes than we do though lol


    Yes, in the business community it is actually well known that the US has unusually high corporate tax rates. It's something that the political left seems to be in complete denial about, though.

    And it is a good point to mention that they have the VAT in Denmark. That contributes significantly more to the amount of taxes they pay if you were to include that. It's a big part of why the cost of living in countries like Denmark is so high I'm sure.
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    Gojak_v3 9 hours ago#76
    At any rate 44% has no chance at all. At the end of the day it will probably be worked into a few point reduction which I'm fine with. You won't get flat tax overnight.
    Gojak_v3 posted...
    At any rate 44% has no chance at all. At the end of the day it will probably be worked into a few point reduction which I'm fine with. You won't get flat tax overnight.

    Seems like this is just asking for another ($5000000+) bracket, not a flat 44% tax on pentuple-millionaires.
    Gojak_v3 9 hours ago#78
    Questionmarktarius posted...
    Gojak_v3 posted...
    At any rate 44% has no chance at all. At the end of the day it will probably be worked into a few point reduction which I'm fine with. You won't get flat tax overnight.

    Seems like this is just asking for another ($5000000+) bracket, not a flat 44% tax on pentuple-millionaires.


    Maybe if 44% was the target rate for a flat tax.
    Gojak_v3 posted...
    Questionmarktarius posted...
    Gojak_v3 posted...
    At any rate 44% has no chance at all. At the end of the day it will probably be worked into a few point reduction which I'm fine with. You won't get flat tax overnight.

    Seems like this is just asking for another ($5000000+) bracket, not a flat 44% tax on pentuple-millionaires.


    Maybe if 44% was the target rate for a flat tax.

    ...what?
    uwnim 8 hours ago#80
    Questionmarktarius posted...
    Gojak_v3 posted...
    Questionmarktarius posted...
    Gojak_v3 posted...
    At any rate 44% has no chance at all. At the end of the day it will probably be worked into a few point reduction which I'm fine with. You won't get flat tax overnight.

    Seems like this is just asking for another ($5000000+) bracket, not a flat 44% tax on pentuple-millionaires.


    Maybe if 44% was the target rate for a flat tax.

    ...what?

    A 44% flat tax is absurd, I don't know what sort of political beliefs would result in someone thinking that is a good idea.
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    Spooking 8 hours ago#81
    Open discrimination. One group pays 0% income tax, another pays 15%, and another pays 35%.
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    Giant_Aspirin 8 hours ago#82
    JustMyOpinion posted...
    Liberals will be upset either way. Why bother?


    that would make me just giddy, and I'm a Liberal, so you're wrong. again.
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    Mr Sandbag 8 hours ago#83
    Fake news. Tc fell for it. Sad!
    got sand?
    The wall just got 10 feet higher
    shockthemonkey posted...
    OpheliaAdenade posted...
    It may be for the wrong reasons but I'll take it!

    What wrong reasons? Genuinely curious what alternative reasons people think Bannon would advocate this.


    Sticking it to the jews. He's one of those people who believes in some giant Zionist conspiracy where everything is secretly controlled by a league of rich Jewish people.

    But in practice, the tax hike is a good thing. Of course he's going to try to spend it all the more on more military s***, but it is a start at least. Less incentive to cut other programs that actually help people.
    (edited 7 hours ago)quote
    OpheliaAdenade posted...
    But in practice, the tax hike is a good thing. Of course he's going to try to spend it all the more on more military s***, but it is a start at least. Less incentive to cut other programs that actually help people.

    The F-35 program is helping someone, to the tune of a trillion dollars or two.
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