Gotta say, as someone who identifies as a progressive, she’s really been beating my expectations compared to what she was saying and doing back in the 2020 primaries.
The fact that she didn’t have to face a primary this year is a political gift. She didn’t have to go.on record while jockeying to differentiate herself and the instant unanimous support from the entire Democratic party means she can just be herself
In the 2020 primaries the race was between the moderates and Bernie, why wouldn’t she have felt comfortable being more progressive when Bernie was doing so well?
She started out the 2020 primaries pretty progressive, but would usually roll-back her positions a day later, presumably after some adviser told her it wouldn’t play in Peoria or would anger a megadonor. Maybe that’s where her heart actually lies and her trainwreck of a campaign made her realize those advisors were bad people to listen to.
If Zucman is a fan, this is great news indeed. A 25% minimum tax on billionaire wealth sounds great, and with broad support, as the article notes (even 51% of Republicans).
Much better news, too, for those of us who only saw this part reported on til now:
The campaign spokesperson called the move—which would still leave the corporate tax rate lower than it was when Trump first took office in 2017—a “fiscally responsible way to put money back in the pockets of working people and ensure billionaires and big corporations pay their fair share.” (emphasis mine)
IIRC, the corporate tax rate was slashed by Trump from 30-something percent, maybe 35%, to something like 18%, so to see that Harris was not interested in reversing this Trump tax cut fully (only to 25%) felt til now like yet another depressing instance of the ratchet effect, where the right does what they do, and neoliberals only undo part of it when they are in power.
Tax them out of existence.
Tax those mother fuckers.
Should be over 50% to start. Simply to
alinealign with current tax brackets.fuck it. give them a certificate that says “you won capitalism” and tax everything over $1bn at 100%
align*
Aline is my ex. lolNot a common misspelling but the irony is pretty funny.
I mean…is she single?
I don’t think so but i don’t know for certain.
deleted by creator
Tyty. Looked wrong but was too tired to tell why
In the 1950s the top marginal tax rate for couples filing jointly making over $400,000/year was 91%. Adjusting for inflation, that’s $5,200,000. Just to put our current tax structure in context.
In 1945 the top tax rate in the USA was 94%. This should be a goal.
But please based on wealth rather than income.
Rich people don’t become rich from income.
I support a wealth tax as well, but even taxing income aggressively is a good start especially if it includes higher capital gains taxes.
I’m not super familiar with US tax law, but in Canada benefits like stock are taxed as income when granted. This would still be great.
Wealth taxes are unconstitutional in the United States. It would require an amendment to change that.
Capital gains should just be taxed an ordinary income. That would solve a lot of issues such as Medicare, social security, etc.
Whether they are constitutional seems to be a fairly open source of debate currently.
Not sure who those people are but they don’t seem well versed on the topic.
If you haven’t read the most recent SCOTUS ruling. It foreshadows their views on the topic. SCOTUS determines want is constitutional.
There hs enough case law from scotus to point to wealth taxes as being unconstitutional
In 1945, we operated under what was functionally a command economy at the tail end of a globe-spanning total war.
I mean, we can debate the efficacy of that economic model (re: The People’s Republic of Walmart), but I’d rather the US be funding and fighting fewer wars, not more of them. FFS, if you give any number of shits about climate change, a global mobilization of killing machines is not going to point us in the right direction.
The threat and urgency of climate change is all the more reason to take that money and apply it to those problems. Not only does that help tackle the issue directly, it takes resources away from the biggest contributors to the problem. You have asshole rich fucks commuting to the office by private jet.
Why do you assume the taxes have to go hand in hand with investing in war?
The threat and urgency of climate change is all the more reason to take that money and apply it to those problems.
I agree in theory. Idk if we’ll see that policy put into practice. Declines in emissions over the last four years have been minimal, despite an ostensibly large investment in alternatives. The biggest drop was during the peak of COVID, which should tell you everything you need to know about our domestic policies. We rebounded immediately afterwards as quarantines lifted.
You have asshole rich fucks commuting to the office by private jet.
And you’ve got businesses pitching “flying taxis” as next generation mass transit. Yeah, it looks incredibly bleak. I just don’t see any future administration in either party seriously curbing these excesses. Not when they’re so beholden to the money these private jet commuters spend during election season.
Why do you assume the taxes have to go hand in hand with investing in war?
Wars are incredibly expensive and put huge demands on domestic industry.
TBH I share much of your skepticism but even so I support taxing the money away from these people even if it’s simply burned in a big pile.
We need to put a cap on lifestyles, I’m sure most people will disagree and think that it’s a violation of freedom but these people are violating the social contract.
If someone comes to the theater and talks loudly during the movie while reeking up the theater, we’d be OK intruding on their rights. People globetrotting on private jets and yachts with helicopters and other yachts on them are farting in our theater. Take it all away from them and ask them to leave so we can all enjoy the show.
Correct if I’m wrong here, but is this article just “Economist comments on something it has been claimed the Harris campaign team said, but is not explicitly mentioned anywhere in writing or in speeches”?
If she planned on taxing billionaires, she’d be shouting it from the rooftops. That’s a popular policy. It’s not going to be something she keeps in her back pocket and then when she’s president goes SURPRISE MOTHERFUCKERS. Not that she could do it by EO anyway, but honestly, this is so far from a reality it just barely qualifies as news.
If she planned on taxing billionaires, she’d be shouting it from the rooftops. That’s a popular policy.
Not among corporate mega-donors, it isn’t! Keeping it in her back pocket – not until she’s president, but until shortly before the election and, crucially, after their checks clear – is exactly what she should do.
Nobody would be happier than me to see that happen, but seeing how nobody’s ever done something like that before I have my doubts. Can’t remember the last Democrat that actually got more radical than the platform they ran on. Certainly wasn’t anybody in the last 50 years.
Massachusetts did it. And it is a huge success.
https://www.cbsnews.com/news/massachusetts-millionaires-tax-free-lunch-every-kid/
The article cited the 2025 budget [PDF]. It’s under the section “Proposes a Minimum Tax on Billionaires”.
To finally address this glaring inequity, the Budget includes a 25 percent minimum tax on the wealthiest 0.01 percent, those with wealth of more than $100 million.
Though the Harris campaign is not directly mentioned, I think we may assume it’s coming from both Harris and Biden.
This is actually really helpful clarification, I did just miss some of that. It’s no wealth tax, but it’s better than nothing.
Vice President Kamala Harris will push to increase the corporate tax rate to 28% from the current 21%, her campaign said Monday, the first day of the Democratic National Convention in Chicago.
Coming days after she unveiled a four-part economic package that would provide tax relief to working and middle-class Americans, the corporate tax proposal marks Harris’ first effort to detail how she would pay for her policy platform should she win the presidential election.
"As President, Kamala Harris will focus on creating an opportunity economy for the middle class that advances their economic security, stability, and dignity,” campaign spokesperson James Singer said in a statement. “Her plan is a fiscally responsible way to put money back in the pockets of working people and ensure billionaires and big corporations pay their fair share.”
The commondreams article says “endorsement of taxes on ultra-wealthy individuals and large corporations” - your linked article says she’s raising the corporate tax rate not even up to what it was before Trump. So, sure, I guess that technically counts as the “large corporations” part, but it doesn’t meet the “ultra-wealthy individuals” language or the “billionaires tax” claim in the headlines.
I love that she says she wants to raise it somewhat. I love that she wants to give tax breaks to working class people. I don’t love that this makes it out to be something it’s not.
Believe it or not, Taxation is a field of study on its own, with countless people spending their whole life studying it. I wonder how this is going to actually work out legally.
The supreme court will call it unlawful theft of profits and strike it down. What else could possibly happen in a federalist controlled legal system?
We really need to stop calling the republican party republican. It’s not at all what it once was. It’s the Federalist Society party.
First stop Joe Rogan. Not a billionaire, but he is an ignorant little bitch.
Sounds like a solid plan! I would be surprised if the public opinion here would be any different. There are no billionaires on Lemmy.
Not now, no, but I need to make sure they have a favorable tax regime for when my scratch-offs inevitably raise me to my appropriate station.
Pro tip: Have other people do the scratching.
The only way to become a billionaire is to exploit the labor of others.
Futurama?
click
Yep, Futurama.
No, but there are still plenty of billionaire meat-riders here.
for realsies this time? is anyone really expecting this to happen? is this really news?
i mean come fucking on.
No, we aren’t. We’re hoping. Which, much as you might dislike it, is a huge reason why we fight.
i’m sorry but it sounds like you are coping. you know this won’t happen.
are you seriously exchanging a few empty promises from a politician for what will be covert fascism again?
i might have put the word “harris” on my filterlist. why is this “news”
You’re expecting things to never change, or if they do it’ll be for the worst. I can’t blame you for that. Thing is, there has already been change for the better. This is why we are still here and still fighting. Why we still have hope. If all those just like you joined us, imagine what we could do. All you’d have to do is expend some effort - the very same energy being used to express hate, dislike, and skepticism.
I am sorry you feel this way. It must really not feel great.
You know as well as we do that only one of two possible people will be elected, and that even if one party in power might have a measly 10% chance of having billionaires pay even half of their fair share, the other party being in charge has a -500% chance of doing so.
It’s an unnecessary dichotomy, but it is not a false one. At least one of the choices is willing to say it needs to be done, even if they are still by definition a politician who can’t really be trusted (and who won’t have the power to unilaterally make shit happen).
is anyone really expecting this to happen?
Something’s got to give. The hard split with Russia and the increasing soft split with China is threatening the global dominance of the petro-dollar. At some point, the US is going to need to in-source large parts of its economy, and that’s going to require public sector investment in a period of retreating dollar-dominance. That means either we gut spending on education, transportation, and health care (which would undermine re-industrialization at home) or we raise taxes.
Twelve years ago, you had Mitt Romney talking about putting more lower-class American “skin in the game” by imposing a higher taxes to cover the 47% of Americans who don’t owe income taxes. That was a prelude to the modern moment, which we’d been kinda-sorta fortunate enough to forestall by deepening our trade relations with “enemy” nations and riding a new DotCom bubble out of the COVID crisis.
But now we’ve got serious revenue problems at the federal and state levels. We’ve cut too deeply on upper class taxes, and our political incentives are only to cut deeper. Gotta make that up from somewhere, or you’re back to another inflationary spiral as the US floods with its own cheap money.
Common Dreams - News Source Context (Click to view Full Report)
Information for Common Dreams:
MBFC: Left - Credibility: High - Factual Reporting: High - United States of America
Wikipedia about this sourceSearch topics on Ground.News
https://www.commondreams.org/news/kamala-harris-billionaires-tax
Why are people downvoting the mediabias bot?
Her word means nothing.
All talk. I have yet to see a single politician actually give the people what they want. She had 4 years to do it, and crickets.
Idk what she’s done, or even can do as VP, but Joe’s helped get some good legislation passed, negotiated drug prices and I think he passed some gun control? Those seem like things some people want, although you might have a specific people in mind that I’m not aware of.
That’s just distraction legislation, not what people truly need. This has been happening since the early days of the election process, but none of these measures address the real needs of the public because it’s all political theater. The actual control lies elsewhere (i.e. global elite). I’ve been aware of this for decades, but only recently have others started to see it too.
Do you know who these global elite are and how exactly they exert their control? My conspiracy theory alarm bells are goin off lol. Also how does lowering prescription drug prices not address some “real need” of some portion of the public? Not to mention the infrastructure bill which put a ton of money towards renewable energy, which is a step towards stopping global warming… You may argue these steps aren’t proportional to what actually needs to be done, but looking pragmatically its kinda hard to do really good stuff when half the country (and thus half the legislature) is whipped into a populist fervor, which you seem to also support given the main thing populists hate are the elite!)
