Donald Trump Says It’s a Tax the Rich Can’t Avoid

People crack me up!

by O Society Jan 29, 2019

People act like Nancy Pelosi is some sort of superhero crime fighter for not funding Trump’s wall. Do you think so? 

If she was authentic, a real person, not acting head of the inauthentic opposition party, you know what she’d do?

She’d take things like this, things that really matter, and beat Trump all about the head and neck with them.  Things like this:

“It is a win-win idea for the American people, an idea no conventional politician would have the guts to put forward.”

~ Donald Trump, proposing a one-time tax on wealth

That’s what I’d do. I’d announce publicly in a big news conference on Fox News and CNN and MSNBC:

“Hey Trump, look, you said tax the rich. We do that, you can build your wall AND help your base out with tax breaks AT THE SAME TIME! WINNING!!! WIN-WIN! You’re right! What do you say, Trumpets? Ready for a tax break AND a wall?

Trump wants $5.7 Billion to fund your wall. Well hell’s bells, listen here! Trump says we can get $5.7 TRILLION  (with a “T”) by taxing folks like him. AND he said all other politicians are skeert to say it, much less do it.

Well, here I am, Donald. Come and get some…”

One guess how long Trump’s government shutdown fake crisis would have lasted.

A day. At most. Not even.

You think Pelosi is some kind of genius? Some sort of hero? Are you serious?

Trumpsoaktherich.jpg

Why doesn’t she plaster this report from the NY Daily News in red white and blue, and the one from CNN below that has the whole interview, and dig up the video to play for folks who don’t like to read (which is most people these days), and so on and so on and make a big damn Trump-o-nomics telethon out of this?

You know, Jerry Lewis. Phones are ringing. Operators standing by…

“Pledge how much YOU want your local billionaires to pledge. To our team of volunteers. They’re all beauty pageant winners just looking for some charity work to do as part of their official duties. And here they are now! They’d love to get your call! Come and get some…”

That’s what I’d say as your MC of The Great Trump-o-nomics Wall-fare Telethon!

cmn-telethon-miss-tn

People act like Trump is some sort of James Bond supervillian. No, he’s an idiot. He’s always been an idiot. He’s just mean. 

Someone who was actually smart could slap the silver spoon right out of his mouth and get this all over with. Pronto.

But you’d have to be authentic to do it and pull it off, because otherwise, Trump will hammer you in return for your hypocrisy.

People like Pelosi and Clinton and Ryan and McConnell don’t qualify as authentic. So they can’t go after Trump on his corruption and lies. So they mumble something about “Russia did it” instead, and wait.

Superheroes my ass. They’re frauds. All of them.

Know who “won” the government shutdown?

We, the People lost again.

~ O Society

Trump proposes massive one-time tax on the rich

By Phil Hirschkorn/CNN November 9, 1999

NEW YORK (CNN) — Billionaire businessman Donald Trump has a plan to pay off the national debt, grant a middle class a tax cut, and keep Social Security afloat: tax rich people like himself.

Trump, a prospective candidate for the Reform Party presidential nomination, is proposing a one-time “net worth tax” on individuals and trusts worth $10 million or more

By Trump’s calculations, his proposed 14.25 percent levy on such net worth would raise $5.7 trillion and wipe out the debt in one full swoop.

The U.S. national debt decreased by $9.7 billion in September but remains at $5.66 trillion, according to the latest U.S. Treasury figures.

The net worth tax is the cornerstone of Trump’s economic plan released Tuesday morning.

“No one has put forward a plan to make this country entirely debt free as we enter the next millenium,” Trump said in a written statement.

“The plan I am proposing today does not involve smoke and mirrors, phony numbers, financial gimmicks, or the usual economic chicanery you usually find in Disneyland-on-the-Potomac,” Trump said.

Trump would exempt the value of an individual’s principal home from the net worth total.

“By my calculations, 1 percent of Americans, who control 90 percent of the wealth in this country, would be affected by my plan,” Trump said.

“The other 99 percent of the people would get deep reductions in their federal income taxes,” he said.

Eliminating the national debt would save the federal government $200 billion a year in interest payments, Trump said. He proposes to earmark half the savings for middle class tax cuts, and the other half for Social Security.

Trump said depositing $100 billion annually in the Social Security trust fund would generate $3 trillion “over the next 30-years, when the trust fund is scheduled to go broke” and instead keep the fund “solvent through the next century.”

The tax also would lead to the repeal the current federal inheritance tax “which really hurts farmers and small businessman and women more than anything else,” Trump said.

Trump, whose own net worth is an estimated $5 billion, says the wealthy would not suffer if his economic plan were enacted.

“Personally this plan would cost me hundreds of millions of dollars, but in all honesty, it’s worth it,” Trump said.

Trump predicts his debt elimination combined with his tax cuts would trigger a 35 to 40 percent boost in economic activity, with more business start-ups, more jobs, and more prosperity.

It is a win-win for the American people, an idea no conventional politician would have the guts to put forward,” Trump said.

Last month, Trump formed a committee to explore seeking the presidential nomination of the Reform Party, which will automatically be on the ballot in 21 states next year (2000).

A Tax the Rich Can’t Avoid

New income is only a fraction of their fortunes—we need to target their wealth.

wealth tax

noun

1. A policy to break up the enormous, unearned assets of super-rich families

Can’t we just raise the income tax?

As bad as income inequality is in the U.S., wealth inequality is worse. The top 1% now own more wealth than the bottom 90 percent combined. Three families with multigenerational wealth—the Waltons, the Kochs and the Marses—have a combined fortune of $365.7 billion, more than 5 million times the median wealth of U.S. families. Increasing the income tax on the top brackets is good policy, but it doesn’t tackle the immense dynastic wealth handed down from the ultrarich to their descendants.

Don’t we already have an estate tax?

Yes, but it’s full of exemptions and loopholes that have benefited people like Sheldon Adelson and Donald Trump. The Right has steadily chipped away at its effectiveness, painting it as a “death tax” on families who have just lost loved ones. Trump nearly succeeded in axing it entirely in the 2018 tax bill, and the final version passed by the GOP will reduce taxation on wealthy estates by an estimated $83 billion over the next decade.

One alternative is simply to extend the federal income tax to include large inheritances. Dozens of developed countries, including Japan, the U.K. and France, tax wealth in this manner. While we’re at it, we could also tax the wealth before the rich die. An additional 1 percent wealth tax on households with more than $20 million in assets would bring in an estimated $1.9 trillion in revenue over the next decade, according to the Institute for Policy Studies.

What could we do with all that money?

Full lead pipe replacement, universal housing, student debt cancellation, oh my! Since concentrated wealth also translates to outsized political power—look at the Koch brothers—breaking up these fortunes gets us closer to a system of government where “don’t make the rich people mad” is no longer the driving principle.

Is this actually possible?

Not with that attitude! Consider this: Beginning in the 1890s, reformers used taxes to expropriate the fortunes of the Gilded Age. Marginal tax rates on the rich rose as high as 94 percent in 1944, resulting in a steady de-concentration of wealth up until the 1980s—followed by a rapid shift back in the other direction with the advent of Reaganomics and neoliberal economic policy. In the aftermath of the 2008 financial crisis—and thanks to Occupy, Bernie and a renewed movement for democratic socialism—there’s real momentum to take on the billionaires once again.

 Just Taxing the 1 Percent as Much as We Tax the Poor Would Yield Billions for Cash-Strapped States

The GOP Tax Bill Is Everything That’s Wrong With Our Democracy

Why Don’t the American People Want to Tax the Rich? Oh Wait, They Do

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