3 ms·

An obscene and thoroughly unconstitutional (Article I, Section 9) move. The wealthy pay an incredible amount of tax - Cuomo just said that a single percent of

An obscene and thoroughly unconstitutional (Article I, Section 9) move. The wealthy pay an incredible amount of tax - Cuomo just said that a single percent of New Yorkers pay half of the entire tax take. That may be good and just - it may even be right to increase that share - but to slap a retroactive tax on their POST-TAX wealth is heinous. This is before we get into practicalities... if I recall correctly, nonpartisan modelling of Warren's wealth tax plan would've levied tax rates over 100% on certain people, and been incredibly inefficient (the cost of collecting the money, all said, negated a good portion of the takings... much more than any existing tax targeted at the wealthy does). Class war greed. It should be opposed. IMHO.

verroq 6y ago
They only got this wealthy because the Fed injected trillions into the stock market, pumping all of their holdings.
- Wolfenstein98k 6y ago
  The Fed didn't pump that money into stocks, it pumped it into the hands of the citizens, many of whom decided those stocks were the safest place for it. I am one such person, though in a different country, who has felt these stocks are the safest place for a good chunk of my portfolio. What alternatives are there? There's no argument for taxing the heck out of people who lead incredibly successful (and safe, for investors) companies, just because they have managed to make that situation so.
  - verroq 6y ago
    > The Fed didn't pump that money into stocks What is Fed Open Market Operations? What is unlimited QE easing? Do you know how big the Fed balance sheet grew to prop up stocks?
cosmiccatnap 6y ago
If I gave them a 99% tax rate they would still be richer than almost any of us will ever be. At some point you are asking the question "is it ok if people starve to death if billionaires get to keep extravagant weath regardless of how they earned it?" And your answer is a firm "yes, I'm fine with their suffering and death as long as the economy is unaffected"

verroq 6y ago

They only got this wealthy because the Fed injected trillions into the stock market, pumping all of their holdings.

Wolfenstein98k 6y ago
The Fed didn't pump that money into stocks, it pumped it into the hands of the citizens, many of whom decided those stocks were the safest place for it. I am one such person, though in a different country, who has felt these stocks are the safest place for a good chunk of my portfolio. What alternatives are there? There's no argument for taxing the heck out of people who lead incredibly successful (and safe, for investors) companies, just because they have managed to make that situation so.
- verroq 6y ago
  > The Fed didn't pump that money into stocks What is Fed Open Market Operations? What is unlimited QE easing? Do you know how big the Fed balance sheet grew to prop up stocks?

cosmiccatnap 6y ago

If I gave them a 99% tax rate they would still be richer than almost any of us will ever be. At some point you are asking the question "is it ok if people starve to death if billionaires get to keep extravagant weath regardless of how they earned it?" And your answer is a firm "yes, I'm fine with their suffering and death as long as the economy is unaffected"