Wyden believes that the hundreds of billions of dollars that could be generated from this tax could be used to shore up funding for Social Security and Medicare, both of which are facing impending shortfalls, or address childcare needs.
A billionaire's tax could increase tax revenues, contributing to a lower budget deficit. In fact, that's how I know conservative politicians aren't serious about the budget deficit: they quite literally never propose to increase tax revenue, only decrease social spending. Like this next budget showdown coming up at the beginning of the year will feature another crappy Republican budget that seeks to cut everything and leave Mike Johnson with an even worse career as Speaker than McCarthy.
While it might make for a good conversation-starter, recent history proves that such a proposal would be unlikely to make it through Congress, even if Democrats controlled both chambers once more.
Yeah, basically all wealth redistribution policies are dead on arrival regardless of the party holding Congress. Blatant wealth redistribution to regular people through taxation is somehow a taboo policy....but let a fossil fuel lobbyist ask for tax cuts, and suddenly the entire business class gets a permanent one.
"The overhaul was forecast to raise the federal deficit by hundreds of billions of dollars—the Congressional Budget Office estimating $1.9 trillion—over the coming decade."
"For the wealthy, banks, and other corporations, the tax reform package was considered a lopsided victory given its significant and permanent tax cuts to corporate profits, investment income, estate tax, and more. Financial services companies stood to see huge gains based on the new, lower corporate rate (21%), as well as the more preferable tax treatment of pass-through companies.3 Some banks said their effective tax rate would drop under 21%."
The ruling entity, whatever it whoever it is, will never give the proceeds back.
The courts just ordered guiliani to cough up the lifetime earnings of 100 average Americans... he's a career politician, a consummate professional among the american ruling class. This is who you're suggesting gets to put their hands in those pockets.
What's the point? The point is that they've already got their hands in YOUR pockets, they're already accustomed to spending twice as much as they get out of your pockets, and giving them a windfall like that is just gonna raise the bar on how much they're able to spend, and when the billionaires get bled dry, they're gonna eventually look deeper into everyone else's pockets...
It's a fucking bad idea... We the people are not going to inherit the means of production, the spendy ass ruling class professional politicians will, and you're out of your fucking mind if you think they're gonna give it back. Giving them permission to raid pockets with abandon is invariably going to put your own pocket in those crosshairs. It's already in those crosshairs...
Stupid democrat idea: tax people that won't even feel it, vs. stupid republican idea:
https://taxjustice.net/faq/does-cutting-taxes-boost-the-economy/
"Does cutting taxes boost the economy and lead to more taxes?
Cutting taxes does not boost economic growth nor lead to more taxes being collected. The notion that it does, known as the Laffer Curve hypothesis, has been widely discredited. Late President George H.W. Bush described the hypothesis as “voodoo economics”.
The Laffer Curve – named after economist Arthur Laffer who drew his theory in the form of a graph on the back of a napkin for Dick Cheney, who would later become U.S. Vice-President and popularise the hypothesis – predicts that cutting taxes ultimately increases tax revenues by creating an explosion of economic dynamism and reduces tax avoidance."
It's been tried for years and it hasn't worked. It doesn't work. The only people who benefit from lower taxes are the crooks who keep calling for more tax cuts.
The article is misstating the Laffer curve but considering it is coming for a left site I am not surprised. The Laffer curve isn't as simple as cut taxes and revenue will increase.
It is about finding the right place for taxes to increase the revenue.
Maybe instead of citing a lefty site, you should actually read what it is.
It suggests that taxes could be too low or too high to produce maximum revenue and both a 0% income tax rate and a 100% income tax rate generate $0 in receipts.