- cross-posted to:
- politics@lemmy.world
- oregon@lemmy.ml
- cross-posted to:
- politics@lemmy.world
- oregon@lemmy.ml
These are the stupid ideas the Democrats come up with. There are three billionaires in Oregon. Three. If this passes I suspect they will just move.
At the federal level, this would be unconstitutional.
It can’t. Social security is done by the Feds.
It’s against the constitution to tax wealth. The second someone tried to pass that, it would be struck down by scotus.
At most a state could do it and they’d lose the billionaires.
To do this they’d have a pass an amendment and there is zero chance they’ll happen.
And when have democrats radically raised taxes? Trump was the last one to screw with high income tax earners with the salt limit
https://www.ntu.org/foundation/detail/is-a-wealth-tax-constitutional
https://www.npr.org/2017/12/19/571754894/charts-see-how-much-of-gop-tax-cuts-will-go-to-the-middle-class
https://www.investopedia.com/taxes/trumps-tax-reform-plan-explained/
“The overhaul was forecast to raise the federal deficit by hundreds of billions of dollars—the Congressional Budget Office estimating $1.9 trillion—over the coming decade.”
“For the wealthy, banks, and other corporations, the tax reform package was considered a lopsided victory given its significant and permanent tax cuts to corporate profits, investment income, estate tax, and more. Financial services companies stood to see huge gains based on the new, lower corporate rate (21%), as well as the more preferable tax treatment of pass-through companies.3 Some banks said their effective tax rate would drop under 21%.”
https://www.americanprogress.org/article/tcja-2-years-later-corporations-not-workers-big-winners/
Maybe you don’t understand what salt is.
ALso look at revenues. They went up after the cuts.
https://www.thebalancemoney.com/current-u-s-federal-government-tax-revenue-3305762#:~:text=U.S. Tax Revenue by Year , %243.33 trillion 56 more rows
The issue isn’t revenue. It’s spending. We spend too much money.