re: Bill Gates: Taxing the rich is fine, but some politicians miss the point

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Guys like Gates have so much money, they don't really care about the higher top marginal rate on regular income and his case as well as Bezos' and some others, even the Cap Gains rate

These tax proposals hit millionaires harder than billionaires.....plus guys like Gates have a lot of their money placed in trusts

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Exactly.

The wealthy pushes proposals that will never impact them.

Same with Hollywood progressives and immigration.

They build walls around their communities so that they don’t have to live with the policies they push.

Even better idea, Bill: Where do I show up to get my free Microsoft product?

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Instead, he said lawmakers should focus on things like the estate tax, taxes on capital and Social Security.

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Hurry up and die Bill Gates. But don't forget to go frick yourself before you do.

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Instead, he said lawmakers should focus on things like the estate tax

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Coming from someone who channels his US earned fortune out of the country for free, and will channel most of his entire net worth overseas the same way, perhaps this is worth everybody's attention.

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...taxing net worth...

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Oh dear God... what a horrible concept!

Net worth can not only be argued up or down, but can be "fluid"... So this year my home market value may be $200k.. but next year in a really good market it may be worth $275k...

the who determines the value of something ( do you really want the IRS to determine what something you own is worth..?? ) is a nightmare to consider...

Really Bad Idea!

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Sen. Elizabeth Warren's proposed tax policy that focuses on taxing net worth on households worth more than $50 million.

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Wait so if you had a net worth of 50 million you’d have to pay a high percentage of that every year? You’d make every wealthy person go completely broke

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I’ve heard it argued that the estate tax is a means by which to slow down accumulated wealth within one family to the point that they become so massively wealthy over generations that they become an entity that can unduly influence public policy and such. Think Rockefellers, Carnegies, Vanderbilts, etc.

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It is an argument made from Marxists.

The 3 families you just listed all built Universities, Hospitals, Libraries, and charities with their wealth.

Leftist teach that the great industrial capitalists were all robber barons who stole form the masses to accumulate wealth.
It is just another one of their great lies.
The great industrial capitalists lifted millions out of poverty and enriched the lives of millions on their own dime.

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Is any taxation policy in the US designed with the Laffer Curve in mind? Honestly asking.

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The Laffer Curve is definitely a thing, and in higher AOC 70% levels it would be pretty measurable. However beyond that, it’s not that useful because it doesn’t describe the situation accurately. Taxation policy shouldn’t be designed with the Laffer Curve in mind it should be designed with Hauser’s law.

What is Hauser’s law might you ask? Well Hauser’s law states that tax revenue, since WWII is almost always 19.5% of GDP. In fact, from the 1950s until the dotcom boom, tax receipts were never more than 20% of GDP and never less than 16%. It wasn’t until the late 90s and the dotcom boom did it pop over 20% and it wasn’t til the 08 financial crisis until they got below 15%. Think of the wild change in interest rates from the 80s, think of the Internet revolution. Think of the powerhouse that it is the US economy. Doesn’t matter what you do(within reason) you’re going to be at 19.5% of GDP.

Hauser’s law isn’t just a cute little trend, it’s almost an iron clad representation of the tipping point of taxation. Given all the changes in tax scheme and the revenues are almost identical. You start to tax too much above that, you’ll scare off growth, but the marginal propensity to consume is not constant so it’s okay that lower income and non-investors in the economy pay less than that. It’s only when you get too many people above that 19.5% area or too many below, are you really going to have problems.

I really wish people would stop mentioning the Laffer Curve all together because it only really is interesting the extreme highs and the extreme lows. For the large chunk of the taxation range(even when libs claim in the 50s we had top rates at 80%, effective rates were never more than 35%. Both sides just start arguing completely irrelevant tangents.

Hauser’s Law should be the frame work where we tax people. The rich should pay a little more, and the poor should pay a little less, and pro-growth schemes that aren’t too far below 19.5% will largely be successful. Why do think the US corporate tax being at 35% was so out of whack with the rest of the OECD hovering at 20? And why do you think it was so successful? Hauser’s law, bitches!!!

We should take 99.5% of the total assets of these people who promote this bullshite

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Bill is 100% free to donate 90% of his wealth to the Treasury.

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I believe he's just donating it to scholarships and other charities in general across the world to fight diseases and all sorts of things.