3 ms·
It really isn't clear to me what you are trying to say. As I pointed out, and you agreed, the 70% tax rates in the 1970's brought in <1% of total federal tax r
by opo 5y ago
It really isn't clear to me what you are trying to say.
As I pointed out, and you agreed, the 70% tax rates in the 1970's brought in <1% of total federal tax revenue. You then added:
>…The same rate and thresholds in 2021 would represent a significant fraction of the tax revenue raised by the IRS in 2021. Estimates range between 5 and 15%, depending on the pundit.
I then asked for clarification on where the 70% margin would start.
>…The threshold for the proposed 70% rate is $1 million,
What politician is suggesting a 70% rate a million? The suggestion by AOC was for a 70% rate at 10 million.
>In the 1990s, it shifted to a right-wing organization,
The wikipedia entry looks like a balanced take:
>…Its research and analysis has historically emphasized publicizing federal and state financial information, arguing against the use of tax systems for "social engineering," and urging "broad bases and low rates" tax reform.
I don't think their goals have changed:
>…The Tax Foundation's first project was a successful effort to stop a tax increase in Westchester County, New York, where they provided research and analysis (including an "Expenditure Survey" of state spending) to local activists.
https://en.wikipedia.org/wiki/Tax_Foundation https://en.wikipedia.org/wiki/Tax_Foundation
Trying to label a group or to talk about polarizing donors instead of their actual argument are just low effort attempts to poison the well.
>…My comment notes that even the TF low-balling the tax proposal would raise over $150 billion;
You haven't provided any analysis showing that they are "low balling" the revenue. Also they did not say it would raise 150 billion. (I don't know if you are simply misremembering, you are trying to mislead or if there is a different report on their web site.) They said it would depend greatly on the specifics of how it was done, so they showed two scenarios and in one version of a 70% tax would bring in 189 billion additional revenue over a period of 10 years and the other version would result in a tax loss of 63 billion over 10 years.
>…I did not specify a time-frame.
To be charitable, I thought that since you were saying how a 70% rate would raise 5-15 percent of federal revenue, that you must be thinking it was that much every year, otherwise you would likely just be trying to mislead by implying they had some level of agreement with you by conveniently not mentioning the actual timeframe they were using.
>…Conventional analyses note that the tax proposal is expected to raise at least $290 billion of the next 10 years,
You have provided no citation for that. Indeed the Tax Foundation is talking about the AOC proposal of a 70% tax rate at ten million, and you now seem to be saying that you are talking about a 70% tax rate starting at 1 million.
Your point at the start was:
>...The same rate and thresholds in 2021 would represent a significant fraction of the tax revenue raised by the IRS in 2021. Estimates range between 5 and 15%, depending on the pundit.
Federal revenue this year will be about 1.9 trillion. Even if your proposed tax would bring in an average of 29 billion a year, that is obviously not 5-15 percent of IRS tax revenue - it is much closer to 1%.
- gamblor956 5y agoTrying to label a group or to talk about polarizing donors instead of their actual argument are just low effort attempts to poison the well. The Tax Foundation is backed by ultra-right wing donors that funded, among other things, challenges to votes in November 2020, the seditionist protests in January 2021, and are are currently funding the vote "audit" in Arizona. As such, the fact that these ultra-right wing donors make up the bulk of the Tax Foundation's funding indicates their political bias is toward extreme far-right positions in which all tax cuts are good, and all tax increases are bad. And that is indeed what the Tax Foundation has spent the last ten years publishing. Yes, decades ago they were a nonpolitical organization, but that hasn't been true for longer than either of us have been alive.