Who would Democrat tax increases effect?

[_Res Ipsa]

Warren’s wealth tax is clearly a tax on the richest folks. I don’t know whether 1% is the right number, but it’s something like that.

It's people making $250k or more a year. What percentage of these people vote Democrat?

The 1% is certainly people making a lot more than $250k/year right?

You're confusing a wealth tax with a payroll tax.

[_ajax18]

You may or may not be aware that it is a common poli sci forecast that minority males are going to increasingly shuffle into the Republican fold in the medium term.

Maybe. It's funny how well I get along with minority males in real life. Most of them get nothing for free, work for a living or die, suffer abuse from their wives and baby mamas. Many of them hate welfare just as I do. Most will not live long enough to see a penny that they paid into socialist security just as I won't. Most work for the elites and are underpaid just as I was once was. Trump was right to point out that minorities have been voting Democratic forever and things have not improved for them. Yeah, it's about time many of these working people of all races saw the light and joined the Republican party.

I love the song Ms. Jackson by Outkast. Sounds strange doesn't it?

My baby's drama mama, don't like me
She be doing things like having them boys come from her neighborhood
To the studio trying to fight me
She need to get a, piece of the american pie and take her bite out
That's my house, I'll disconnect the cable and turn the lights out
And let her know her grandchild is a baby, and not a paycheck
Private school, daycare, crap medical bills I pay that

[_Some Schmo]

My only request on this to start is can we try to stick to the topic and avoid the temptation to inject race into this conversation.

Who, except moronic racists obsessed with race, would be tempted to inject race in the conversation?

damned guy doesn't even try to hide it.

[_canpakes]

,900. Ta%

People who are working their asses off to earn $20,000 a year are paying 12.4% of their income in payroll taxes. Meanwhile, people with cushy jobs who make $1,000,000 a year only pay 1.65%. I don’t think that is fair.

As well, the 'payout' is partially dictated by an income earner's history, and tilts the odds in favor of higher-earning folks ending up with a larger monthly SS check anyway, up to a point, post-retirement age.

The historically poorest earners are not getting wealthy off the backs of millionaires and billionaires via Social Security.

[_ajax18]

The historically poorest earners are not getting wealthy off the backs of millionaires and billionaires via Social Security.

No they're just living in eternal poverty of money but a wealth of idle time. At best they're pulling a disability check and getting paid cash for odd jobs they do under the table. A large number of people get on disability before they're even 30. It's a way of life. These are the people that vote Democrat (often don't have voter ID), not union steel mill workers, or auto manufacturers.

Seriously, how does anyone actually pay their bills on $20k/year in New York city. It's not possible unless you're illegally sleeping on the street and defecating on the sidewalks like they do in California.

[_Brackite]

Taxes are eventually going to need to be raised with the debt and pension liabilities.


Ray Dalio says the US will have no other option but to raise taxes in coming years

Bridgewater Associates co-Chairman Ray Dalio said Tuesday that the U.S. will have little choice but to raise taxes in the coming years to offset its mounting liabilities and debts.
Dalio, who founded the hedge fund in 1975, told CNBC from the Greenwich Economic Forum that the national debt, pension liabilities and health-care liabilities will ultimately have to result in higher taxes since defaulting isn't an option.
"We're dealing with almost a currency issue, longer term, in terms of what is the value of currency when those liabilities – not only the debt liabilities, but the pension liabilities and the health-care liabilities, which are like debt. They are promises that have to be paid – they will either be paid by higher taxes or they'll be not paid and defaulted on," he said.

"I don't think they will be defaulted on," he added. "I think by and large they're going to be paid, but if they raise taxes too much, then it changes the nature of that economics."
The warnings about potential debt problems come as the total federal debt outstanding has surged to $22.9 trillion, or about 103% of GDP. Excluding intragovernmental obligations, debt held by the public is $16.9 trillion, or 78% of GDP.
That total, thought to be more important as an economic burden, is likely to rise to 105% by 2028, according to Congressional Budget Office projections. However, the CBO notes that the numbers are subject to revision depending on how government policies play out.
The debt bubble includes traditional levels of public debt like bonds but also financial debt and all its complexities as well as future obligations for so-called entitlement programs like Social Security, Medicare and public pensions.

https://www.cnbc.com/amp/2019/11/05/ray ... taxes.html

[_Brackite]

Public debt during Trump's Presidency has increased from $14.403 trillion to $17.050 trillion. Link

[_ajax18]

Taxes are eventually going to need to be raised with the debt and pension liabilities.

Will these taxes only be raised on the rich? Who qualifies as the "rich?"

[_Brackite]

Taxes are eventually going to need to be raised with the debt and pension liabilities.

Will these taxes only be raised on the rich? Who qualifies as the "rich?"

I believe that taxes will eventually also have to be raised on the middle class as well.

[_ajax18]

I believe that taxes will eventually also have to be raised on the middle class as well.

Thank you for being honest. It's a shame more people don't realize this.