With corporate tax off table, U.S. Democrats turn to billionaires

Re:With corporate tax off table, U.S. Democrats turn to bill... by notananthem on Monday October 25, 2021 @12:29PM (#28989748)

Paywall, but yes, great. Sucks they're limiting the tax to the 0.0001% instead of the 1% though but understand.

[ Parent | on HN ]

Re:With corporate tax off table, U.S. Democrats turn to bill... by coolspot on Monday October 25, 2021 @12:40PM (#28989917)

To be in the top 1% by income a family has to earn $421,926 (basically povetry level in Bay Area)

https://www.cnbc.com/2018/07/27/how-much-you-have-to-earn-to...

[ Parent | on HN ]

Re:With corporate tax off table, U.S. Democrats turn to bill... by refurb on Monday October 25, 2021 @12:55PM (#28990138)

You didn’t just claim $421,926 per year for a family in the Bay Area is “basically poverty level” did you?

[ Parent | on HN ]

Re:With corporate tax off table, U.S. Democrats turn to bill... by nrmitchi on Monday October 25, 2021 @01:10PM (#28990343)

Some people seem to have a very skewed perspective on "poverty". "After paying all of the expenses for my upper-middle-class lifestyle, and saving for retirement, and supporting my aging parents, I have barely anything left over. It's basically poverty!!"

[ Parent | on HN ]

Re:With corporate tax off table, U.S. Democrats turn to bill... by jxidjhdhdhdhfhf on Monday October 25, 2021 @01:18PM (#28990465)

Classic Hacker News: I earn $800k at my FAANG job which puts me barely above the poverty line in CA. Please don't raise my taxes or I'll be living under a bridge.

[ Parent | on HN ]

Re:With corporate tax off table, U.S. Democrats turn to bill... by carnitine on Tuesday October 26, 2021 @06:29AM (#28998579)

You see, after funding my incredibly comfortable lifestyle and saving for retirement, I only have a thousand per month to spend on toys.

[ Parent | on HN ]

Re:With corporate tax off table, U.S. Democrats turn to bill... by jelliclesfarm on Monday October 25, 2021 @01:09PM (#28990332)

Yes, they did. This is why everyone hates Silicon Valley tech bros.

[ Parent | on HN ]

Re:With corporate tax off table, U.S. Democrats turn to bill... by jxidjhdhdhdhfhf on Monday October 25, 2021 @01:30PM (#28990624)

High COL is not an excuse to avoid paying higher taxes. If you can't afford CA (you definitely can on $421k) then live somewhere else. There are dev jobs everywhere.

[ Parent | on HN ]

Re:With corporate tax off table, U.S. Democrats turn to bill... by coolspot on Monday October 25, 2021 @01:38PM (#28990730)

But they already paying higher taxes, that what progressive tax scale is for!

[ Parent | on HN ]

Re:With corporate tax off table, U.S. Democrats turn to bill... by jxidjhdhdhdhfhf on Monday October 25, 2021 @01:38PM (#28990734)

Doesn't mean they can't pay more.

[ Parent | on HN ]

Re:With corporate tax off table, U.S. Democrats turn to bill... by WkndTriathlete on Monday October 25, 2021 @01:04PM (#28990268)

The top 0.1% - 10% already pay the majority of taxes in the US. Beyond 0.1% the tax rate drops off due to loopholes in the tax code.

Eliminating all of the loopholes, re-evaluating the marginal tax rates, and taxes on corporate income or a VAT make sense. Unfortunately it seems to easy to whip up people into a frenzy about some of those solutions because they can't math.

[ Parent | on HN ]

Re:With corporate tax off table, U.S. Democrats turn to bill... by throw_nbvc1234 on Monday October 25, 2021 @12:35PM (#28989832)

http://paulgraham.com/wtax.html

60 year timeframe is probably off for most billionaires but the underlying point still stands.

[ Parent | on HN ]