Politicians & Lobbyists.
Medicare For All.
The simple solution?
AOC proposed – and I think I have this right – an 80% tax on the super rich. The tax would kick in on income earned annually over, let me say that again in bold print, over $10 million.
That’s what her plan was. Actually, I’m sure the outcry was worse because it was a woman who suggested such outrageousness.
People were incensed that there would be a special income tax for people earning over $10 million a year. Personally, I was surprised at how not surprised I was. In my mind, I bet that there were more people making less – far less – than that threshold that panned the plan because, y’know…the American Dream.
One day, that might be me!
For some context for what “we’re” against.
Robert Downey Jr made $75 million last year, 2018.
He made one movie. Maybe you heard of it? I dunno. Seemed like a big deal at the time.
But, since his payout included backend pay – calm down, Diezel – what he got paid up front for the $2 billion-worldwide-grossing movie was only the beginning. And the small part.
I mention this for two reasons:
First, it seems safe to assume that RDJ didn’t suit up for the sequel to Infinity Wars for a smaller up front or potential total payday. This is important because Endgame made $1.2 billion worldwide in its opening weekend. That’s 60% of what it’s predecessor made altogether in five days!
Second, RDJ also only made one film in 2017. Spider-Man: Homecoming. He was paid $15 million for three days of work!
And people are upset that he’d be taxed unfairly on his earnings over $10 mil.
Hey, everyone…it’s time for a breakdown!
Let’s see how AOC’s progressive tax may have put poor RDJ on the streets.
2017: Let’s assume RDJ would have been taxed at the basic 28% tax rate on his first $10 mil. He’s keeping $7.2 of that. Now, for the $5 mil over the threshold, he’s gonna have to cough up $4 mil at that 80% tax rate, keeping a paltry one mil for himself.
Oh, a paltry one mil on top of the $7.2 that was taxed at a normal rate.
Ok, A) I don’t even have the friggin’ one mil!
<cough, cough> buy my book <cough>
But, then…B) His total after tax annual income was still $8.2 friggin’ mil.
I know, I know…agents and staff.
Those are write offs that could reduce his taxable income so that his 2017 income never even breached the $10 mil threshold.
Again…for three days of work. Out of 365.
Now, 2018: What havoc would a socialist tax plan wreak for poor old RDJ?
On his first $10 mil, we know he’s keeping $7.2, right? That doesn’t change. But on that $65 mil over the threshold? He’s taking home $13 million and coughing up $52 mil to the Pothole Fixing People.
That’s a lot of potholes. Hell, it’s maybe even a small bridge. Anyone need a bridge?
So, overall, he’s gonna be pretty ok with a little over $20 million to get through the year – just the year! He can make more money this year!
I would imagine that’s do-able.
And that’s just one example. There’s a lot of CEOs and people we’ve never even heard of that make $10 million plus a year. I say “a lot” thinking hundreds of our 325 million Americans. Maybe thousands. I’m for sure not even thinking this affects tens of thousands of Americans.
Assuming that’s true, and this affects 9000 Americans – this would only be a factor in the lives of .000028% of Americans.
Benefitting the other 99.999972% of Americans by, y’know…curing cancer.
And if I’m wrong?
I could be wrong by a factor of 36+ and still not be out of the infamous 1%.
And yet, 290-million-ish aren’t demanding this be the status quo. Talk about the tail wagging the dog.
Did I say Stupid Americans?
Ok, fine. Maybe it’s hard to stick it to one of our beloveds like RDJ, or Ellen or Oprah.
I get that. American bravery is more of an anonymous thing these days. Looking at you, Internet Trolls.
How about the CEO of Google. Anyone know him?
I mean, if you do…I could use $20 mil (before the tax plan kicks in, plz) or some search engine optimization, so hook a homo up!
His name is Sundar Pichai. And let’s be honest, is there anything that would get Trump supporters to back AOC’s progressive tax faster than that name?
No. Because there’s an overwhelming number of racists amongst his supporters. That number – I imagine – is dwarfed only by the number of closet racists amongst his supporters.
Personally, I’d like to watch them wrestle with their love of Trump versus their realization that a progressive tax would make coughing up $5.2 billion in federal money for a border wall laughably easy.
Hell, tell Trump he’d have enough to build it in gold with a progressive tax and he might forget about how it would affect him personally long enough to sign the tax plan!
Ready for this breakdown?
We know there’s a $7.2 million guarantee on his first $10 mil, so this is really about the remaining $460 million.
That’s how much tax money one person could contribute annually to our country and its various crisis. Let’s face it, even at the $10 million threshold, these Richie Riches potentially pay more in taxes in one year than I will in my lifetime.
And still this nice Sundar guy would have $99,200,000 to live on personally.
For a year.
For my $.02 – which is becoming starkly literal in contrast – I’m thinking that more wealthy Americans would start to invest more of their super-wealth to organizations committed to solving these problems on a national or international level.
I’m ok with that. I think this country needs a few hundred million citizens with a Robin Hood mentality instead of the current Sheriff of Nottingham dream.
For whatever reason, Americans hate paying taxes.
Case in point:
If people think the government can’t be trusted with that kind of money – they could be right – then Benioff might be their role model. And, hey…it’s another guy we’ve never heard of!