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(The Raw Story)   President Bannon proposes a 44% income tax on those earning over $5 million per year. Wait, what?   ( rawstory.com) divider line
    More: Strange, President of the United States, banker Steve Bannon, United States Congress, House senior strategist, federal tax increase, American Jews, previous tax plan, Million  
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1828 clicks; posted to Politics » on 26 Jul 2017 at 8:03 PM (20 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2017-07-26 07:25:59 PM  
proposes a 44% income tax on those earning over $5 3 million per year.

I'm OK with this.
Can we spend it all on infrastructure where contracts are awarded on a local/regional level?
Assuming  that they are near competitive.
Maybe energy Independence.  It ties in nicely with infrastructure.
Just asking.
 
2017-07-26 07:30:31 PM  
And the reason Bannon floated that particular number is that by doing so, he can threaten the rich if they don't support his plans for a lower tax rate.
 
2017-07-26 07:42:48 PM  
Some people just want to see the world burn.
 
2017-07-26 07:48:42 PM  
In related news, his other proposal is to have anyone earning under $200,000 pay a flat 99% tax.  Boy, we're gonna retire that deficit lickety split.
 
2017-07-26 07:50:49 PM  
Virtually nobody makes $5M in W2 earnings.  Unless this applies to capital gains, it's meaningless.
 
2017-07-26 07:51:08 PM  

blender61: proposes a 44% income tax on those earning over $5 3 million per year.

I'm OK with this.
Can we spend it all on infrastructure where contracts are awarded on a local/regional level?
Assuming  that they are near competitive.
Maybe energy Independence.  It ties in nicely with infrastructure.
Just asking.


Yeah, that's what he wants to spend it on. Sure.

I'm imagining some sort of eugenics program to field an army of 20,000,000 white super soldiers.
 
2017-07-26 07:59:22 PM  
Oh hey, that'll more than pay for having transgenders in the military.

/of course, that's not why Trump supporters approve of today's move.
 
2017-07-26 08:06:10 PM  
Let them eat cake!
 
2017-07-26 08:06:14 PM  

blender61: proposes a 44% income tax on those earning over $5 3 million per year.

I'm OK with this.
Can we spend it all on infrastructure where contracts are awarded on a local/regional level?
Assuming  that they are near competitive.
Maybe energy Independence.  It ties in nicely with infrastructure.
Just asking.


Sometimes it is better to remain silent.

/this is one of those times
 
2017-07-26 08:06:54 PM  

OptionC: Virtually nobody makes $5M in W2 earnings.  Unless this applies to capital gains, it's meaningless.


Yep.

Make that the rate on capital gains over five million and now we are talking.
 
2017-07-26 08:08:14 PM  

OptionC: Virtually nobody makes $5M in W2 earnings.  Unless this applies to capital gains, it's meaningless.


Then you throw in all of waivers, exemptions, deductions, and freebies, and it's completely meaningless. The wealthy will continue to pay less than the middle class.
 
2017-07-26 08:09:35 PM  

blender61: proposes a 44% income tax on those earning over $5 3 million per year.

I'm OK with this.
Can we spend it all on infrastructure where contracts are awarded on a local/regional level?
Assuming  that they are near competitive.
Maybe energy Independence.  It ties in nicely with infrastructure.
Just asking.


3 million a year......after deducting a whole shait load of crap that people making 100K wouldn't even have or be able to deduct. "gas and up keep for Yacht ", "salary paid for Pool Boy, Maid, Cook", "Upkeep and deprecation for detached home office", "Salary for my Charitable Org" (Whose CEO is my Daughter), "Cost of Yacht, as it used for parties, venue and housing for "Development and funding" for fundraisers to the Charity org, Donation to Church and Temple grounds (For the mediation garden on my estate). Hermitage and Hermit fees....etc.
 
2017-07-26 08:09:53 PM  

NewportBarGuy: blender61: proposes a 44% income tax on those earning over $5 3 million per year.

I'm OK with this.
Can we spend it all on infrastructure where contracts are awarded on a local/regional level?
Assuming  that they are near competitive.
Maybe energy Independence.  It ties in nicely with infrastructure.
Just asking.

Yeah, that's what he wants to spend it on. Sure.

I'm imagining some sort of eugenics program to field an army of 20,000,000 white super soldiers.


I kind of wish this was true so he can convert to full Bond villain status
 
2017-07-26 08:11:23 PM  

blender61: proposes a 44% income tax on those earning over $5 3 million per year.

I'm OK with this.
Can we spend it all on infrastructure where contracts are awarded on a local/regional level?
Assuming  that they are near competitive.
Maybe energy Independence.  It ties in nicely with infrastructure.
Just asking.


I think they have just one paritcular infrastructure project in mind.  The biggliest, beautifulist, most fantastical Wall you have ever seen.    With contracts awarded to teams that Mr. Trump has used on his wall.  And they want to put, ya know, those solar cell thingies on the Wall, so there's you're energy independence.

/just spitballing, I know nothing.
 
2017-07-26 08:13:04 PM  

quizzical: blender61: proposes a 44% income tax on those earning over $5 3 million per year.

I'm OK with this.
Can we spend it all on infrastructure where contracts are awarded on a local/regional level?
Assuming  that they are near competitive.
Maybe energy Independence.  It ties in nicely with infrastructure.
Just asking.

I think they have just one paritcular infrastructure project in mind.  The biggliest, beautifulist, most fantastical Wall you have ever seen.    With contracts awarded to teams that Mr. Trump has used on his wall.  And they want to put, ya know, those solar cell thingies on the Wall, so there's you're energy independence.

/just spitballing, I know nothing.


...teams Trump has used for his HOTELS.

/wishes Fark had an edit post function
 
2017-07-26 08:14:42 PM  
Not sure rich are going to want to pay for a wall.
 
2017-07-26 08:17:57 PM  
It's a start but only a 4.4% increase from present law.  I'm also sure that many of those who would be hit by the increase will figure out a way around it such as by incorporating yourself.
 
2017-07-26 08:21:17 PM  

NewportBarGuy: blender61: proposes a 44% income tax on those earning over $5 3 million per year.

I'm OK with this.
Can we spend it all on infrastructure where contracts are awarded on a local/regional level?
Assuming  that they are near competitive.
Maybe energy Independence.  It ties in nicely with infrastructure.
Just asking.

Yeah, that's what he wants to spend it on. Sure.

I'm imagining some sort of eugenics program to field an army of 20,000,000 white super soldiers.


On a trivial budget of ~18 billion a year?  Good luck.  Do you know how much a set of sheets cost these days?  Plus the tattooing, petroleum jelly, and dildos.  This shiat gets expensive quick.
 
2017-07-26 08:21:57 PM  
Honestly, the problem is not people who earn more than $5 million a year, it's people who have $500 million in assets, make a shiat ton off capital gains, and earn $0. As far as they're concerned, the people who earn $5 million a year are peons just like the rest of us.
 
2017-07-26 08:26:53 PM  
He must have the idea that if he taxes certain people that he can make himself higher on the scale.
 
2017-07-26 08:27:32 PM  
F*cking marginal tax rates, how do they work??
 
2017-07-26 08:28:02 PM  

phrawgh: Let them eat cake!


Champagne popsicles this #MemorialDay
 
2017-07-26 08:28:52 PM  

NewportBarGuy: blender61: proposes a 44% income tax on those earning over $5 3 million per year.

I'm OK with this.
Can we spend it all on infrastructure where contracts are awarded on a local/regional level?
Assuming  that they are near competitive.
Maybe energy Independence.  It ties in nicely with infrastructure.
Just asking.

Yeah, that's what he wants to spend it on. Sure.

I'm imagining some sort of eugenics program to field an army of 20,000,000 white super soldiers.


Of course that's  not what he want to spend it on.
Way to miss the point of my post.

Because I have no posting history.
 
2017-07-26 08:28:53 PM  
It's all smoke and mirrors, especially (since it's been pointed out by numerous people here) that the obscenely wealthy don't actually make any money that would be on a W2, it's mostly capital gains.

But, I also expect that this might be cover for adding an incredibly regressive tax rate on anyone making $50/yr and less.
 
2017-07-26 08:30:54 PM  

thismomentinblackhistory: blender61: proposes a 44% income tax on those earning over $5 3 million per year.

I'm OK with this.
Can we spend it all on infrastructure where contracts are awarded on a local/regional level?
Assuming  that they are near competitive.
Maybe energy Independence.  It ties in nicely with infrastructure.
Just asking.

Sometimes it is better to remain silent.

/this is one of those times


Is it?
 
2017-07-26 08:33:20 PM  

optikeye: blender61: proposes a 44% income tax on those earning over $5 3 million per year.

I'm OK with this.
Can we spend it all on infrastructure where contracts are awarded on a local/regional level?
Assuming  that they are near competitive.
Maybe energy Independence.  It ties in nicely with infrastructure.
Just asking.

3 million a year......after deducting a whole shait load of crap that people making 100K wouldn't even have or be able to deduct. "gas and up keep for Yacht ", "salary paid for Pool Boy, Maid, Cook", "Upkeep and deprecation for detached home office", "Salary for my Charitable Org" (Whose CEO is my Daughter), "Cost of Yacht, as it used for parties, venue and housing for "Development and funding" for fundraisers to the Charity org, Donation to Church and Temple grounds (For the mediation garden on my estate). Hermitage and Hermit fees....etc.


thanks for a prop. I think?
I'm being bombed
 
2017-07-26 08:33:50 PM  
Gotta pay for world domination and China won't be lending.
 
2017-07-26 08:34:58 PM  

The Drawing Board: Yep. Make that the rate on capital gains over five million and now we are talking.


FTFY.  Let's call subsidized gambling what it is, and tax it accordingly.

I daydream about a flat 1% tax on the purchase and sale of any security (including shares of closely-held corps), commodity contract, or derivative, and a 0.1% tax on the market value of any order placed on a regulated exchange, whether it gets filled or not.  I'd love to see day traders and HFT spambots die.
 
2017-07-26 08:35:16 PM  

quizzical: blender61: proposes a 44% income tax on those earning over $5 3 million per year.

I'm OK with this.
Can we spend it all on infrastructure where contracts are awarded on a local/regional level?
Assuming  that they are near competitive.
Maybe energy Independence.  It ties in nicely with infrastructure.
Just asking.

I think they have just one paritcular infrastructure project in mind.  The biggliest, beautifulist, most fantastical Wall you have ever seen.    With contracts awarded to teams that Mr. Trump has used on his wall.  And they want to put, ya know, those solar cell thingies on the Wall, so there's you're energy independence.

/just spitballing, I know nothing.


I agree.
Perhaps you know more than you think.
 
2017-07-26 08:35:19 PM  

El_Dan: Honestly, the problem is not people who earn more than $5 million a year, it's people who have $500 million in assets, make a shiat ton off capital gains, and earn $0. As far as they're concerned, the people who earn $5 million a year are peons just like the rest of us.


Various called "the bosses", "the owners", "rentiers", "landowners".

/I apologize for the image below
//it showed up in a search for "by any other name mandrake"
///now realize that was not the right Dr. Strangelove quote

img.fark.netView Full Size
 
2017-07-26 08:35:42 PM  

OptionC: Virtually nobody makes $5M in W2 earnings.  Unless this applies to capital gains, it's meaningless.


Intuition tells me you are correct, but TFA states that there are 43,000 Americans it would hit, raising $180 billion over 10 years. Or enough for 3 more F-35 fighter jets, which is nice.
 
2017-07-26 08:36:20 PM  

OptionC: Virtually nobody makes $5M in W2 earnings.  Unless this applies to capital gains, it's meaningless.


Plus, anyone who makes $5 million or more pays an accountant to make sure they barely any taxes, if they pay any at all.

Why do you think Two Scoops is fighting like hell to make sure no one sees his tax returns.
 
2017-07-26 08:38:00 PM  

OptionC: Virtually nobody makes $5M in W2 earnings.  Unless this applies to capital gains, it's meaningless.


This asshole gets it.

We need to up the Cap Gains not the income, that's where the cash is.

Of course, we could just get rid of Cap Gains and label all income/profits as income.
 
2017-07-26 08:42:03 PM  

blender61: NewportBarGuy: blender61: proposes a 44% income tax on those earning over $5 3 million per year.

I'm OK with this.
Can we spend it all on infrastructure where contracts are awarded on a local/regional level?
Assuming  that they are near competitive.
Maybe energy Independence.  It ties in nicely with infrastructure.
Just asking.

Yeah, that's what he wants to spend it on. Sure.

I'm imagining some sort of eugenics program to field an army of 20,000,000 white super soldiers.

Of course that's  not what he want to spend it on.
Way to miss the point of my post.

Because I have no posting history.


Didn't miss it, just used as an opportunity to post my Universal Soldier theory.
 
2017-07-26 08:42:37 PM  

optikeye: blender61: proposes a 44% income tax on those earning over $5 3 million per year.

I'm OK with this.
Can we spend it all on infrastructure where contracts are awarded on a local/regional level?
Assuming  that they are near competitive.
Maybe energy Independence.  It ties in nicely with infrastructure.
Just asking.

3 million a year......after deducting a whole shait load of crap that people making 100K wouldn't even have or be able to deduct. "gas and up keep for Yacht ", "salary paid for Pool Boy, Maid, Cook", "Upkeep and deprecation for detached home office", "Salary for my Charitable Org" (Whose CEO is my Daughter), "Cost of Yacht, as it used for parties, venue and housing for "Development and funding" for fundraisers to the Charity org, Donation to Church and Temple grounds (For the mediation garden on my estate). Hermitage and Hermit fees....etc.


You forgot expenses related to "therapeutic prancing horse" training and maintenance. That one really puts a strain on the family budget.
 
2017-07-26 08:42:37 PM  
I repaired a HD for a Church that was comprised of investment bankers and real estate developers at the admin level. In the 80's
They'd donate land purchases to the Church/school..etc.
one of the deacon's 18 yo daughter was making about 70 K a year as 'youth counselor' in born again capital gains free money.  Double bonus for the Dad's donation of the property to a charity.
 
2017-07-26 08:44:58 PM  

The Continental Op: NewportBarGuy: blender61: proposes a 44% income tax on those earning over $5 3 million per year.

I'm OK with this.
Can we spend it all on infrastructure where contracts are awarded on a local/regional level?
Assuming  that they are near competitive.
Maybe energy Independence.  It ties in nicely with infrastructure.
Just asking.

Yeah, that's what he wants to spend it on. Sure.

I'm imagining some sort of eugenics program to field an army of 20,000,000 white super soldiers.

On a trivial budget of ~18 billion a year?  Good luck.  Do you know how much a set of sheets cost these days?  Plus the tattooing, petroleum jelly, and dildos.  This shiat gets expensive quick.


That's funny.
I just bought a set. $130
It's not even a high thread count Egyptian cotton.  :)
 
2017-07-26 08:45:45 PM  
*does not apply to incomes earned in rubles.
 
2017-07-26 08:47:20 PM  

stoli n coke: OptionC: Virtually nobody makes $5M in W2 earnings.  Unless this applies to capital gains, it's meaningless.

Plus, anyone who makes $5 million or more pays an accountant to make sure they barely any taxes, if they pay any at all.

Why do you think Two Scoops is fighting like hell to make sure no one sees his tax returns.


Russia.

They also need to start taxing Capital Gains as income and I am sure there are ways to tap into the billions that float around untouched within Wall St. Possibly reduce the business tax rate to a flat 27% with NO deductions, end corporate welfare, and end some of the welfare to people by issuing fines against companies like Walmart who collect corporate welfare while paying a wage so low their employees are dependent on gov't.

/not an economist, so maybe I am way off
 
2017-07-26 08:48:08 PM  
44 is halfway to 88.
 
2017-07-26 08:48:36 PM  

NewportBarGuy: blender61: NewportBarGuy: blender61: proposes a 44% income tax on those earning over $5 3 million per year.

I'm OK with this.
Can we spend it all on infrastructure where contracts are awarded on a local/regional level?
Assuming  that they are near competitive.
Maybe energy Independence.  It ties in nicely with infrastructure.
Just asking.

Yeah, that's what he wants to spend it on. Sure.

I'm imagining some sort of eugenics program to field an army of 20,000,000 white super soldiers.

Of course that's  not what he want to spend it on.
Way to miss the point of my post.

Because I have no posting history.

Didn't miss it, just used as an opportunity to post my Universal Soldier theory.


I don't get it??
What is a "Universal Soldier theory"
 
2017-07-26 08:49:41 PM  

blender61: The Continental Op: NewportBarGuy: blender61: proposes a 44% income tax on those earning over $5 3 million per year.

I'm OK with this.
Can we spend it all on infrastructure where contracts are awarded on a local/regional level?
Assuming  that they are near competitive.
Maybe energy Independence.  It ties in nicely with infrastructure.
Just asking.

Yeah, that's what he wants to spend it on. Sure.

I'm imagining some sort of eugenics program to field an army of 20,000,000 white super soldiers.

On a trivial budget of ~18 billion a year?  Good luck.  Do you know how much a set of sheets cost these days?  Plus the tattooing, petroleum jelly, and dildos.  This shiat gets expensive quick.

That's funny.
I just bought a set. $130
It's not even a high thread count Egyptian cotton.  :)


Exactly.  I refuse to pay it.  I sleep on top of the crust that forms from my sweat, pistachio shells, and cigarette ashes.
 
2017-07-26 08:52:45 PM  
Why? What's the justification?
And what's with the support for it?
Because those people do better than you isn't a reason. (Or even uncommon, really ).
 
2017-07-26 08:56:11 PM  

blender61: NewportBarGuy: blender61: NewportBarGuy: blender61: proposes a 44% income tax on those earning over $5 3 million per year.

I'm OK with this.
Can we spend it all on infrastructure where contracts are awarded on a local/regional level?
Assuming  that they are near competitive.
Maybe energy Independence.  It ties in nicely with infrastructure.
Just asking.

Yeah, that's what he wants to spend it on. Sure.

I'm imagining some sort of eugenics program to field an army of 20,000,000 white super soldiers.

Of course that's  not what he want to spend it on.
Way to miss the point of my post.

Because I have no posting history.

Didn't miss it, just used as an opportunity to post my Universal Soldier theory.

I don't get it??
What is a "Universal Soldier theory"


Im also interested in a "universal soldier theory" explanation.

Does it involve a bathtub full of ice?
 
2017-07-26 09:02:45 PM  
The super rich don't make money from labor (ie: income). They make it from capital.

The only people paying this tax would be athletes, movie stars and other high profile entertainers. Not a single dime would come from Wall Street or Fortune 500 CEOs.
 
2017-07-26 09:07:29 PM  

Ishkur: The super rich don't make money from labor (ie: income). They make it from capital.

The only people paying this tax would be athletes, movie stars and other high profile entertainers. Not a single dime would come from Wall Street or Fortune 500 CEOs.


This is true in that a "capitalist" makes money  by using their money as leverage.  There is no end product.
It is a transference of money through instruments.
 
2017-07-26 09:16:48 PM  

OptionC: Virtually nobody makes $5M in W2 earnings.  Unless this applies to capital gains, it's meaningless.


Came to say this.  I expect the new income tax revenue would be more than offset by tax breaks for capital gains, corporate taxes, and other major sources of income for the donor/owner class.
 
2017-07-26 09:28:54 PM  

Ishkur: The super rich don't make money from labor (ie: income). They make it from capital.

The only people paying this tax would be athletes, movie stars and other high profile entertainers. Not a single dime would come from Wall Street or Fortune 500 CEOs.


Came here to say, the only people who rack up that kind of earned income and don't manage to switch it to a shell corp are athletes.

Which are mostly, you know, those people.
 
2017-07-26 09:31:55 PM  

The Drawing Board: OptionC: Virtually nobody makes $5M in W2 earnings.  Unless this applies to capital gains, it's meaningless.

Yep.

Make that the rate on capital gains over five million and now we are talking.


This is what I don't get.  The cry is always "low capital gains taxes help those on fixed investment incomes like grandma! Do you want to see grandma's taxes go up?!"

Well, no. So lets make capital gains 5% on 50k, 10% on 100k to protect the people on retirement incomes, then ratchet it up to 25% at 1M, and 50% on anything over 100M.

Why would this be bad?
 
2017-07-26 09:33:57 PM  

NewportBarGuy: blender61: proposes a 44% income tax on those earning over $5 3 million per year.

I'm OK with this.
Can we spend it all on infrastructure where contracts are awarded on a local/regional level?
Assuming  that they are near competitive.
Maybe energy Independence.  It ties in nicely with infrastructure.
Just asking.

Yeah, that's what he wants to spend it on. Sure.

I'm imagining some sort of eugenics program to field an army of 20,000,000 white super soldiers.


With biononic implants.
 
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