Monday, November 18, 2019

Warren is now struggling as well...

Warren's tax plan could bring rates over 100% for some billionaires
Tax rates higher than 100 percent could result from the combination of several tax hikes the Massachusetts senator has called for on the ultra-wealthy, as first reported by The Wall Street Journal. That includes increasing the top income-tax rate to 39.6 percent from 37 percent; imposing a new 14.8 percent on Social Security; slapping a 6 percent tax on individuals worth more than $1 billion and requiring investors to pay capital-gains taxes at the same rates as other incomes.
For instance, a billionaire with a $1,000 investment who earns a 6 percent return, or $60, as a capital gain, dividend or interest could owe 58.2 percent of that, or $35 in federal tax. On top of that, that person would be hit with a 6 percent wealth tax, or an additional $60. The result: taxes as high as $95 on income of $60 for a combined tax rate of 158 percent, according to the Journal.

This is a classic problem for the socialist wing of the Democratic Party. Their plans are all about whipping up their base, and nothing about the actual substance. You obviously cannot create a tax plan where people are paying more in taxes than they are actually earning. But that is still what Warren (and many of her potential voters would want).

The problem is that the average person does actually want logical solutions that can actually be implemented over pie in the sky wishing well fantasies that have no chance to succeed. Dream big is a nice idea, but the people in the world who succeed actually perform big.

Warren has gone from a bit over 50% for the betting odds, to just under 30%. A fairly dramatic drop. She still leads the pack in those regards, with Biden barely edging out the surging Buttigieg. The ever-present (but never leading) Sanders has drifted into fourth. So to the degree that she has lost ground, it hasn't been to Biden or Sanders (as one might expect), but rather to Buttigieg (who is the new flavor of the month).

So wonder so many Democrats believe that they can enter the race "late" and still win.
Nobody really wants to take control of this thing.

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