Ocasio-Cortez Floats 70 percent Tax on the Super Wealthy to fund Green New Deal

You have no idea how her tax proposition would work I take it.

If they want to reinvest the money in the company, it would never leave the company in the first place. Earning slightly less when you're already at 192K a week won't make much change. You're still at $192K a week before you're hit with 70% tax on anything you make above that.

Take their business elsewhere? It's clearly a marked for it in US. How many business owners would actually be affected by this? It's not like the regular mom&pop shop are earning that much. You're running a few or several successful ones to be taking in that much.

And believe it or not, people manage to get rich even with higher taxes.

@Solaryellow: tax cuts? How will the debt be paid then? That doesn't make sense. Of course id like to see tax increases and spending cuts. Get the deficit under control then pay down the debt, then we can talk about tax cuts.

It's irresponsible to cut taxes when the country is in such a big hole.

@luzarius: that's why I said no point in raising taxes like that on the rich when they will just pack up and move. The best thing to do is to get rid of government protections and open up competition in the free market. Gut patents, trademarks, contract laws, anti free market regulations and let the rich really face strong competition. Right now the government provides protections to the rich that shouldn't be there and that wouldn't exist in a real free market. Imagine if there's not 1 but 5 different apple corporations. Or 5 different Google's. The people would benefit the most from this arrangement.

Most countries have a higher tax rate so where are they movie? A third world country.

oh they will move alright, theres tons of countries that have loop holes just to attract the rich. If I remember right, Ireland has a 0% tax rate on the rich....thats just one example. Besides, if you raise the top tax rate to 70%, its virtually guaranteed that every european country and asian first world country has a lower top tax rate. They will move and then continue to do business in the US as normal. Theyd stay in the US as a 'non citizen' for 6-8 months of the year just doing business. Pretty sweet arrangement for the rich, pay no taxes and continue doing business as usual. Not much more commie than this.

Again, I keep saying this again and again....there isn't something inherently special about the rich person. Usually someone ends up being rich because they take a risk and work their ass off. I actually applaud their success, they took a risk, worked hard and it paid off. I'm only against the after the fact, government protections that enable this person to easily increase their wealth. Theres probably millions of other people out there who could provide the same service, do the same job at the same or higher level as this rich person if the government allowed it. Why do you think patent laws and scam intellectual property rights exist? Its so the rich can stay rich, and the politicians get a cut out of this scam arrangement.

Which countries have a higher tax rate than 70%

I can´t think of any but you must know of some since you claim it.

Want to defeat tax loopholes? Get countries to work together on it. Pay taxes where the money is earned.

Will never happen,

Countries are too dependent on their sovereignty.

They worked somewhat together to open up these loopholes.

Some journalists investigated Nike in Europe this summer or the previous one. According to US headquarters, Nike Holding Europe had about 1.3 billion $ in surplus before taxes, yet Nike Holding Europe reports to the government in Netherlands (where the offices are) a loss at about 50 million $.

The money stream went something like this when a purchase is made in Norway: Some are left in Norway to cover salary and other expenses linked directly to selling in Norway. Rest is sent to Nike company in Netherlands which has a few expenses linked to sponsoring different soccer clubs. What is left after that is sent to Nike Holding Europe. Which apparently only rents the Nike logo and name from US and the bill for renting is always larger than the surplus.

Yep, if you look at the EU, the loopholes come by an idea of a global world where trade and services can be moved across borders with the same ease as if it was inside to stimulate trade among nations.

And it´s not just Nike, Apple reportedly keeps around 90% of their total revenue abroad in tax-shelters like Ireland and The Netherlands simply because they can and does not have to pay tax, think it was 0.0005% tax Google was reported to have paid and which they got fined by the EU.

But some countries are doing something internally, i read that Germany and some other EU countries are going to put an extra tax on these big companies so they can´t avoid it, which is kinda crazy and i can´t wait for this to come to the courts.

In France, there was approx. 12,000. 7,000 in Paris alone. Their tax scheme worked exactly like the one AOC is proposing.

https://www.marketwatch.com/story/this-country-is-no-1-for-millionaire-migrants-and-its-not-the-us-2017-02-27

Plus, we have no idea if these green investments would work. It was a national outrage when Solyndra blew $550 of our tax money befor going out of business. Imagine that happening on a scale of hundreds of billions of dollars.

I used Nike as example because I had an article easy accessible. I know Google, Apple and other major companies are no better.

EU shouldn't really have any problem dealing with this problem. I doubt Germany alone will be able to do much with it. Granted don't know the tax laws there. In Norway one type of tax exemption was recently revoked for certain type of computer companies. Namely computer mining, like mining bitcoin. I was quite surprised they were able to do this, and it hasn't been tested in courts yet. Hopefully the law will hold in court if it goes there.

Basically the old(or old interpretation) law made it such that Norway (which is a high cost country) was cheaper than many Asian countries for computer mining due to the high power use and a tax exemption that comes with extremely high power use by our standards. It was originally used by Hydro for aluminium production in Norway which required shit load of power, but also generated high income in terms of taxes due to the number of employees and valuable knowledge. This isn't the case with computer mining companies.

The tax Google and Apple paid in Ireland was mostly symbolic I think. It's disgusting to let companies earn so much money and not have any public responsibility like the average citizen has. If these companies paid their taxes like normal people would be forced to (or just smaller companies would) the tax burden on the rest of us could be smaller. Or improved services.

Guess there were 7 000 millionaires in Paris that didn't like Paris. One in Norway recently(well last 5 years or so) did the same thing(and being openly public about it). It limits his time being in the country though. He was more or less alone in doing so.

It's not the best source, but here it's mentioned that about 13 000 families would be hit by a 70% tax bracket at 10 million +. Or 0.01% of the taxpayers. Numbers are from 2013.

Good idea.