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Thread: 2020 Presidential Candidates

  1. #931
    Senior Member iris lilies's Avatar
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    I dont know what Elizabeth Warren’s number is for assets to tax but I am sure we are way below it.

    but once the mechanism is in place to measure and report assets, the slide can move down toward me. No thanks.

  2. #932
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    IL it's $50 million.

  3. #933
    Simpleton Alan's Avatar
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    Quote Originally Posted by iris lilies View Post
    I dont know what Elizabeth Warren’s number is for assets to tax but I am sure we are way below it.

    but once the mechanism is in place to measure and report assets, the slide can move down toward me. No thanks.
    Of course it will eventually get to you and me. Warren and Sanders are currently competing with each other to see who can spend the most public money. I believe that both are promising somewhere in the vicinity of $50T or more of new spending over 10 years while their wealth taxes are expected to pull in somewhere between $2T and $4T during that same period. My guess is they'll need to nationalize private retirement accounts in order to make up part of the difference and I have no faith in their supporters admitting that would be a bad thing.
    "Things should be made as simple as possible, but not one bit simpler." ~ Albert Einstein

  4. #934
    Senior Member Teacher Terry's Avatar
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    I don’t for one second believe they will want to nationalize private retirement accounts and we have them. However, I am not in favor of increasing our national debt. I would be in favor of redirecting money from some government areas to others. We definitely can’t afford everything being proposed. We as a country could spend our money more wisely.

  5. #935
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    Today I heard Bill Weld speak. I liked him enough to vote for him for governor and still like his views but his candidacy is not going anywhere. There was no enthusiasm for him. The moderator had to prompt the audience to clap for him and the applause was tepid. I walked right past him to get into the room but got a standoffish vibe and did not try to shake his hand. The entire event was stuffy and patrician.

  6. #936
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    Quote Originally Posted by Alan View Post
    Of course it will eventually get to you and me. Warren and Sanders are currently competing with each other to see who can spend the most public money. I believe that both are promising somewhere in the vicinity of $50T or more of new spending over 10 years while their wealth taxes are expected to pull in somewhere between $2T and $4T during that same period. My guess is they'll need to nationalize private retirement accounts in order to make up part of the difference and I have no faith in their supporters admitting that would be a bad thing.
    Even if we elect to become a woker and broker country, I don’t think we will see the bald nationalization of private retirement assets. It will more likely take the form of a death of a thousand cuts. Higher income taxes. Value added taxes. Financial transaction taxes. Higher payroll taxes. The insidious wealth tax that is a targeted inflation policy. The more explicit wealth taxes proposed by Sanders and Warren will no doubt be defined down to the Kulak level as the needs of “the common good” dictate.

  7. #937
    Senior Member Rogar's Avatar
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    The theory that I think I've heard Bernie try to explain on Medicare for All is that you might pay more taxes, but the cost savings by not paying for health insurance and any other savings by streamling the medical system could be a wash or actually put more money into peoples pockets. That's the theory anyway. Tax is a four letter word in a lot of voters minds and I am not sure they are hearing what he is trying to say. But I'm not sure how it would all work either.

    I think it's too early to judge how this would all work. They're obviously being pressured to provided more details and there are a few things like Medicare for All that are turning out to be not so popular. An alternative would be to just ramp up national debt. It seems popular these days.

  8. #938
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    Quote Originally Posted by Alan View Post
    Of course it will eventually get to you and me. Warren and Sanders are currently competing with each other to see who can spend the most public money. I believe that both are promising somewhere in the vicinity of $50T or more of new spending over 10 years while their wealth taxes are expected to pull in somewhere between $2T and $4T during that same period. My guess is they'll need to nationalize private retirement accounts in order to make up part of the difference and I have no faith in their supporters admitting that would be a bad thing.
    See the national debt has risen by 26% just this past year. Talk about spending!

  9. #939
    Simpleton Alan's Avatar
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    Quote Originally Posted by frugal-one View Post
    See the national debt has risen by 26% just this past year. Talk about spending!
    Yep, we need to insist that Congress get back in the business of creating annual budgets rather than going with continuing resolutions every few months. Having a life long Democrat as head of the Republican party has just exacerbated the problem.
    "Things should be made as simple as possible, but not one bit simpler." ~ Albert Einstein

  10. #940
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    Quote Originally Posted by Alan View Post
    Yep, we need to insist that Congress get back in the business of creating annual budgets rather than going with continuing resolutions every few months. Having a life long Democrat as head of the Republican party has just exacerbated the problem.
    Insisting on building a stupid wall has exasperated the problem!!! Whoa.... you actually said something against trump? Finally seeing the light?

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