5 ms·

Dems propose raising corporate tax to 26.5% and 3% surtax on income above $5M

13 points by xqcgrek2 5y ago

Bostonian 5y ago
When you can single out a very small fraction of the population for a surtax, I think this violates the spirit of "no taxation without representation". If people with last names ending in A-Y supported a special tax on people with names ending in Z, that would not be right either, even if the Z's get to vote like everyone else.
- rektide 5y ago
  i dont agree that any special group is being singled out. this is a basic tax structure decision. our current tax schedules would be just as intolerable, even if the rate of increase in tax as income goes up is not as high now. what you seem to be proposing is that the only acceptable, non-discriminatory tax is a flat tax, likely with no exemptions, and i doubt that would treat the wealthy better than this modest adjustment. i also feel like those making over $5m a year are incredibly fantastically well represented in congress, have for my entire life been given favoritism & benefit, a constant march of tax cuts that they overwhelmingly benefit from, and that there are almost no instances of this group ever having had to make a sizable adjustment. these people are very well represented & that's the problem.
- smt88 5y ago
  1. "Taxation without representation" is not a law anywhere in the US. Non-citizens and DC residents pay taxes and aren't represented in Congress, for example. 2. Are you honestly trying to argue that people making more than $5M are underrepresented in politics? They are the voiceless, oppressed class we need to protect?
- monkeydreams 5y ago
  Any scaled taxation would TWR under your definition. Even flat taxes impose extra burdens upon the poor as the marginal value of each dollar is very high near the poverty line. Tax is the least restrictive aspect of US democracy.
vgeek 5y ago
Drop it from 35 to 21, no problem from anyone. Try to split the difference for the nominal value (Dutch/Irish sandwich means even lower effective rates) of what it was for nearly 30 years? Heresy! Won't someone think of the poor corporations struggling to generate billions in shareholder value.
- smt88 5y ago
  I know you're joking, but I've seen multiple essays by Ayn Rand followers arguing that people are unfairly "bullying" (using that exact word) big banks, oil companies, etc.
naveen99 5y ago
What happens to the qualified dividend tax rate ? does it decrease to 13% or also increase to 27% ?
- naveen99 5y ago
  Democrats are reducing corporate tax to 18% (from 21) on the first 400k of income unless you go over $10 million. Nice ! That was unexpected. At this rate I might change my view on surprises. Probably not, but still nice.

13 points by xqcgrek2 5y ago

When you can single out a very small fraction of the population for a surtax, I think this violates the spirit of "no taxation without representation". If people with last names ending in A-Y supported a special tax on people with names ending in Z, that would not be right either, even if the Z's get to vote like everyone else.

rektide 5y ago
i dont agree that any special group is being singled out. this is a basic tax structure decision. our current tax schedules would be just as intolerable, even if the rate of increase in tax as income goes up is not as high now. what you seem to be proposing is that the only acceptable, non-discriminatory tax is a flat tax, likely with no exemptions, and i doubt that would treat the wealthy better than this modest adjustment. i also feel like those making over $5m a year are incredibly fantastically well represented in congress, have for my entire life been given favoritism & benefit, a constant march of tax cuts that they overwhelmingly benefit from, and that there are almost no instances of this group ever having had to make a sizable adjustment. these people are very well represented & that's the problem.
smt88 5y ago
1. "Taxation without representation" is not a law anywhere in the US. Non-citizens and DC residents pay taxes and aren't represented in Congress, for example. 2. Are you honestly trying to argue that people making more than $5M are underrepresented in politics? They are the voiceless, oppressed class we need to protect?
monkeydreams 5y ago
Any scaled taxation would TWR under your definition. Even flat taxes impose extra burdens upon the poor as the marginal value of each dollar is very high near the poverty line. Tax is the least restrictive aspect of US democracy.

vgeek 5y ago

Drop it from 35 to 21, no problem from anyone. Try to split the difference for the nominal value (Dutch/Irish sandwich means even lower effective rates) of what it was for nearly 30 years? Heresy! Won't someone think of the poor corporations struggling to generate billions in shareholder value.

smt88 5y ago
I know you're joking, but I've seen multiple essays by Ayn Rand followers arguing that people are unfairly "bullying" (using that exact word) big banks, oil companies, etc.

naveen99 5y ago

What happens to the qualified dividend tax rate ? does it decrease to 13% or also increase to 27% ?

naveen99 5y ago
Democrats are reducing corporate tax to 18% (from 21) on the first 400k of income unless you go over $10 million. Nice ! That was unexpected. At this rate I might change my view on surprises. Probably not, but still nice.