Jackson Heights Life

you would have hated America under Eisenhower and Kennedy, then.

Nobody has commented on having a corporate tax rate of 70%. Does anyone think that a corporation that earns over 10 million a year should be taxed at 70%? If not, then what is the correct tax on corporations?

Even Paul Krugman says this is a good idea and he tends to be pretty measured in his evaluations. Basically, most very wealthy people make money off the gains on their investments. Most people don't understand this concept because they are used to getting paid for work they do.

So, only earned income is taxed at 70% and the above 10 million set will still thrive because capitol gains are taxed at a lower rate. Which will probably be targeted in a future republican administration.

https://www.nytimes.com/2019/01/05/opinion/alexandria-ocasio-cortez-tax-policy-dance.html

It’s ...amazing how effective the American dream scam is that all of these people who will never make $10 million a year worry about getting taxed on $10million because they think they can make that *one day* without a basic understanding of how taxes work.

What authority does government have to claim 70% of someone's earnings?

"The Congress shall have power to lay and collect taxes on incomes, from whatever source derived, without apportionment among the several States, and without regard to any census or enumeration."
- Amendment XVI, Constitution of United States of America 1789

Cute, but doesn't address the 70% question.  I could likewise assume based on your post that you believe congress has the authority to levy 100% taxes because of the 16th amendment.

Chingwa, please read the chart above. Taxes were much higher in the past. Your posts are tiresome and argumentative.