It starts out with a good explanation of the Marginal Tax Rate Increase, and the Wealth Tax.
AOC proposed an increase to 70% for anything over $10M in a year:
- So you pay the usual 37% on everything up to $10,000,000.00 (that's 37% assuming your clever tax accountant can't jigger up a way to exempt it)
Warren's proposal of a Wealth Tax:
- 0% tax on anything up to $50,000,000.00
- 2% on everything over that
Sorry not sorry, but I'm not going to believe you'd be plunged into destitution if we forced you to live on 63% of $10M, plus 30% of another $10M.
You can't live on $750,000 a month? You're gonna have to scrimp? Maybe give up HBO?
Give it a fuckin rest.
Robert Reich:
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