The reason the socialists miss the picture is because they think their idea will garner more votes and they can become a socialist country since they promise everything is going to be free. All socialists think the same way – once they become socialist country – they forget they will be lead by a dictator who will use other people’s money – until it runs out.
Tell me one country that has been a successful country as a socialist one? A good example is Venezuela. We should send Pelosi and the Democratic Party to Venezuela and then let them return and tell us how good it was.
Bill Gates: Tax plans like Ocasio-Cortez’s miss the picture
Bill Gates, the billionaire founder of Microsoft, doesn’t have a problem with the idea of raising taxes on the rich, but he also believes “extreme” proposals like Rep. Alexandria Ocasio-Cortez’s 70% marginal tax rate on income over $10 million are “missing the picture.”
That’s Gates explaining to The Verge how the world’s richest people hardly rely on a salary. Instead, they raise their cash by selling investments, which isn’t taxed as income.
“It has nothing to do with the 39.6% marginal ordinary income rate,” said Gates, who pointed out that the top 400 earners in the U.S. pay something like a 20% tax rate. “So it’s a misfocus. If you focus on that, you’re missing the picture.”
There are better ways to increase tax revenue, than the “so beyond” approach taken by politicians like Ocaso-Cortez, he added.
“We can be more progressive, the estate tax and the tax on capital, the way the FICA and Social Security taxes work,” he said. “We can be more progressive without really threatening income generation.”
The notion of raising taxes on the wealthy has gained momentum lately thanks to the likes of Ocasio-Cortez and presidential hopeful Sen. Elizabeth Warren, whose plan would slap a new tax on households worth $50 million or more
According to a recent Politico poll, 76% of registered voters in the U.S. think the wealthiest Americans should pay more, with 61% approving of Warren’s “wealth tax.” Ocasio-Cortez’s proposal saw support of 45% vs. 32% who opposed the idea.
Ocasio-Cortez doesn’t know squat; but, she is being led by this adviser socialist professor, Robert Hockett, a Cornell public policy and law professor – who is toting her on his hip.