Senators Elizabeth Warren and Bernie Sanders and freshman Representative Alexandria Ocasio-Cortez, have all proposed major tax increases on wealthy Americans. History shows that the United States has not only survived, but thrived when the rich had higher marginal tax rates. But how much would increasing rates actually raise, and what could it do to the economy? The real reason to tax might be to decrease inequality itself.
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What Democrats' Tax Plans Could Mean For Growth And Inequality
Do you think the rich should be taxed more? How would you go about doing it?
GANTZ100pts (4 days ago)
If you like paying more for stuff that you're already paying then yeah, sure. Because all they will do is add that cost to us the consumers.
So no, we shouldn't. At least not at the rate that AOC wants to do it at.
Dsongs (18 days ago)
If this plan goes into effect, the rich will leave the country. That leaves the middle and lower class with the bill. Greed is wrong, but so is this idea of taxing the wealthy. The best way is a fair tax. If a consumer buys something the tax is paid. That way a person who buys more things will pay more taxes. People who buy less will pay less tax. Illegal or not, everyone pays into this system.
Dirk Tillaard (23 days ago)
Yes. Dont have to reinvent the wheel. Just copy western europe.
Asian Beats (24 days ago)
Jonathan Appleseed (1 month ago)
bruce baker The wealthiest people seem to live in the most taxed states if anything such as; California or New York.
Baller T (13 days ago)
So if I earn 10million I will get 4.5 million but if I earn 11 million then I will get 3.2 million . So what's he point of earning 11 million
Soubhick Saha (14 days ago)
Why not cut down the spending by not drinking overpriced coffee and by not using luxurious apple devices?
Marine Corps (15 days ago)
People speaking of old tax rates on the wealthy know nothing of loopholes and many other means many wick the rich still paid far less.
Kai Buergisser (17 days ago)
No just no
Kim Il-sung (19 days ago)
She is hot tho
Aaron (19 days ago)
Before we talk about taxes, let's cut 90% of government programs and departments. Lets start by replacing the DMV with an ATM machine that handles ALL DMV transactions.
LiberalsRFilth Libertarian4Life (20 days ago)
She killed 25,000 jobs from Amazon, she wants to starve people into submission like Venezuela. She is a socialist pig
AmyX (20 days ago)
15% flat tax. Maybe after the first $24k per person. $2000 a month is more than enough to live on, especially tax free. A flat tax with no loopholes is fairer than the current system - the rich pay a lower percentage because of all their tricks, middle class ends up paying the most.
Or maybe make it a status thing - oh, I paid 15% last year! No, I paid 20%! Lol.
Hrushikesh Chavan (21 days ago)
2 words. Ingvar Kampard.
Mustard Olive (22 days ago)
Here comes Venezuela.
beckomobil (23 days ago)
That defeats the purpose of trying to get rich. All these losers trying to get ur money. We should try to make poor ppl richer, not rich ppl poorer.
Gerry Smith (24 days ago)
I am one of those successful people. Steal the fruits of my labor with a 70% tax rate and I will close my business. I refuse to work more, to have it stolen. My employees will be the ones going hungry and homeless. Just because a Socialist thought I would work more just to be robbed. I and my family have assets so we will do just fine while former employees are in bread lines because of Ocasio Cortez and her 70% tax rates.
Mark Delaguaro (24 days ago)
You've got it as-backwards! It's not that the top 1/10% , wealthy, whatever, the answer is they need to pay their workers more money! Don't give it to the government give it to the people! Instead of giving themselves millions of dollars in raises!
Edruezzi (1 month ago)
Punitive taxes on the wealthy are immoral.
mgb gt (1 month ago)
It’s incredible what is happening in America today…
A huge Socialist movement has erupted in the Democratic Party.
For example: Alexandria Ocasio-Cortez, New York’s newest Congressional Representative, is pushing for free medical care, free college, and 70% tax rates.
Frank Strzelecki (1 month ago)
Gop are bunch of greedy scrooges who are looking for ways to spend it all only on themselves including a lot on stuff they don't really need, blessed by oh Lordie with free or very very cheap labour, and cheap labour is still a curse for them until enough migrant workers arrive to make it free. How much is enough? It's never enough for the GOP. Democrats are junkies who come up with equally primitive schemes to get rich fast and not die trying, by using government power for that to extort money from others for the cause - keeping half of it for themselves, while waste the rest on some childish schemes and causes which don't work.
Shadow Banned (1 month ago)
Jeff Bazos is paid 700 million per year he could give every employee at Amazon USA a $2000 Christmas bonus and still walk away with 200 million.
LUCY LOVE (1 month ago)
Total Destruction of America.
krion of Laguna (1 month ago)
Lmao investors will move out of america. The downfall of the great U.S.A is near bec of socialism. GOODLUCK BWHAHAHA AHAHAHA
Jie Landers (1 month ago)
I think we are top heavy in America...i don't think the rich are our problem..i think our government in general is just absolutely too big...and way too many benefits to work for the government on tax payers backs
Robo Monkey (1 month ago)
Just because some people work longer, harder, and are smarter does not mean people should be taxed more
Yes I know some people inherit it, but it is still their money
The rich do pay more, it is by percentage
pangmeister (1 month ago)
Here is the question. If we should close the gap between the rich and the rest in USA, should we do the same across the world? Shouldn't the same argument will apply inside a country and across the world?
Guru (1 month ago)
If the rich want to have the benefits of the American people and its economy then they need to pay much more in taxes. They wouldn’t be rich without all the institutions and infrastructure that was laid before them. It is imperative that they pay back to the people. We must reinvest into our people our infrastructure and our economy and the best way is to close loop holes and massively raise tax on the richest Americans. It’s their patriotic duty to pay it forward. It’s not left vs right. It’s about what’s the smart and ethical thing to do for the future of our nation. Can’t have a great country without a well educated and happy nation of people. So it’s time the rich pay up! The poor have taken the tax burden for far too long. #Bernie2020
Alasdair McBryde (1 month ago)
CUT THROUGH THE BULLSHIT HERE
LoOoL (1 month ago)
when bernie sander stop using private plane ill listen to him, just don't like hypocrite eps what his wife did with school funding
James (1 month ago)
Can someone explain to me how AOC has survived the Darwin effect?
Jetemiah Ballard (1 month ago)
I don’t want economic equality, I want a strong economy.
Emily (1 month ago)
WOW...Glad to know that she made 28k as a waitress in 2017 and she is making decisions for a country. Everyone you can type their name and look at their tax returns.
I consider someone making 1 million a year wealthy. Lets tax all these politicians who are making money on the side and tax them 70%
OH Yeh! (1 month ago)
Lazy Couch potatoes are so excited ! Stay home , collect free money and play video games lol
Loren D (1 month ago)
What do they want the money for? To pay down debt? For the army? To give it away to people "unwilling" to work?
Chris Matter (1 month ago)
If the politicians knew how to budget the money they get from our tax dollars, we would not be in this situation in the first place.
George MiLo (1 month ago)
The poor have never told the rich what to do.
Ni SSS (1 month ago)
People should understand that most of the wealth has been accumulated in financial assets such as stocks. Those rich people are rich on paper and most do not realize, when they do , they pay capital gains tax of 15% if they held assets more than 1 year. That is where the focus should be. On capital gains tax, not income tax.
Sniper Trading (1 month ago)
Ocasio-Cortez Living in Luxury Navy Yard Apartment Building
FabulousKilljoy917 (1 month ago)
See many of our allies have worked this out so I don’t know why so many in the US are being greedy and saying it won’t work because it seems like history says it will. Let the rich pay their fair share!
Heather Rice (1 month ago)
Ok let's say her stupid idea goes through and the top pays 70% let's say it's 20 million and more. So, if they have to give away 70% they over time will not have to pay any taxes. So, if people refuse to work and after a couple years everyone is under the 20 million mark. Who pays for her ignorant plan? Stealing!
Anonymous (1 month ago)
*It's not higher taxes BUT WHERE IT'S BEING SPENT = MENTAL HEALTHCARE, EVERYONE HATES IT AND IT'S BANKRUPTING AMERICA, AGAIN DEMOCRATS AND REPUBLICANS HATE IT AND THE MEDICAL GASLIGHTING FEEDING IT!!*
Jen ONE (1 month ago)
There is no money in taxing the wealthy. If you are not paying attention to NYC the rich are leaving and moving their wealth to other states. This has costed NYC over 2 billion in tax revenues. Amazon just pulled out of NYC which will cost 27 billion in tax revenue money that could have went into schools and infrastructure. In Sweden, the socialist utopian ideal of AOC and Bernie Sanders. It is not the billionaires paying for their ample welfare programs. Some one in Sweden making 30k a year they can expect to pay 60% in taxes in addition to all the other taxes. Billionaires only pay 20-30%. The reason is simple the lower earners are most likely to be drawing on those welfare programs. It is far more lucrative to tax the middle and working class because they are loyal taxpayers that can't pull their money out of the system. Millionaires and billionaires quickly can and do when law and taxation threaten their wealth. So the question is how will you feel when you are inevitably paying 50% 70% in tax because all the billionaires pulled thier wealth from our country?
Elizabeth Di Francesca (1 month ago)
And what about their wealth ? Elizabeth Warren, Pelosi, Feinstein, Waters and on and on dirty rich Bernie Sanders took campaign money and bought another home he has millions
Guy Tetreault (1 month ago)
Seems that Omar and AOC are part of the rare American politicians who understand the gravity of the situation and can SPEAK with power
The PUPPET MASTERS who are making TRILLIONS of $$$ out of AMERICA will do EVERYTHING to silence them
Yugioh Pokemon (1 month ago)
So.the poor.dont.lile that the rich save money? Well if poor people saved money they could be rich one day too
Yugioh Pokemon (1 month ago)
Dems are so stupid if they want.to tax a certain bracket to get the most money the ones they should hit.are the ones making.250 to 350k they would generate more there
Yugioh Pokemon (1 month ago)
They had more loopholes and deductions in.the 50s no one paid 90 percent even back then
Neo Shi (1 month ago)
Tony Stark (1 month ago)
Most people don't understand that if you raise taxes on companies they will leave to other countries. IRELAND LOWERED their corporate tax rates to 10% , nobody without a job in Ireland. If they raise it , companies just LEAVE.
Tony Stark (1 month ago)
Funny how Bernie is keeping his distance from her. Doesn't want to be close when she blows up.
prmr619 (1 month ago)
This increase has nothing to do with the taxes a business will pay. This is a personal income tax. If any business owner says that they'll close business because of this increase they're lying.
Jesse Leinard (1 month ago)
Wonder if Bernie s tapping that thing
Gunslinger1875 (1 month ago)
I hate liberals, therefore i'm for letting the rich keep the money. 😏
KEIGAN McD (1 month ago)
"You see greater level of opportunity in countries with lower income inequality" you sir, are a moron. Cambodia, Congo, Cuba, Croatia...thats just a few of the C's shall I continue down the alphabet?
godwantsplastic (1 month ago)
Those who benefit the most from a system have the most responsibility to maintaining that system.
Danny Perez (1 month ago)
Ocasio-Cortez is a simple minded anti-Semite.
Thomas Watts (1 month ago)
The lefties always stir people up by preaching about soaking the rich. Simple fact: there are not enough rich to soak to make a difference for long. Then things decline into poverty and despotism for most. Most are equally miserable. Don't fall for it!
Phil King (1 month ago)
Ask Warren Buffet how much personal income he takes from his Corp. per annum.
it’s probably less than what a mid level manager makes.
Jackson Beverly (1 month ago)
They talk wealth inequality but all politicians r wealthy, they should practice what they preach and then I'll listen
U Haul (1 month ago)
95% tax on anyone with a million dollars gross income annually.
MST3Killa (1 month ago)
LOL, well it'll be awfully hard for her to tax wealthy people while she's simultaneously driving them out of her state. You can tax them at 100% and confiscate every cent of their wealth if you want, but if they don't live there, she still gets absolutely ZERO...and she's happy about that... she's happy seeing people struggle because it means she can control them with government promises, that is until the citizens say enough is enough and throw her into the river.
M A (1 month ago)
Of course the rich should pay more. They are parasites.
bigtruck guy (1 month ago)
They can keep their wealth or their heads. Not both. Pitchforks are coming for these economic terrorists....
bigtruck guy (1 month ago)
The economy is like a 10 slice pizza for 10 people. Except the first guy took 9 pieces....
henry fu (1 month ago)
I agree that the rich should be contributing more, but I don’t think they should be forced to by law.
Karla Faulkner (1 month ago)
I don't think people in this world should be able to hoard money, while other people are suffering.
shadowdance4666 (1 month ago)
I’m surprised corporate media was allowed to produce this piece which they probably buried and aired on a Sunday afternoon
ユーネポ / Yuunepo (1 month ago)
eat the rich
ユーネポ / Yuunepo (1 month ago)
*Should be 95% tax on the rich*
Ray Milligan (1 month ago)
CNBC is Fake News !
Harry Wehrman (1 month ago)
Hey I have to pay property tax on my little aluminum fishing boat, so the rich should have to pay tax on yachts, planes and other luxury play things too!
Arole Flynn (1 month ago)
So let's have open borders so we cam import more poverty, higher crime and more and more deficits.
Arole Flynn (1 month ago)
I own a company. Higher taxes? I will start laying off people. Go ahead. Make your day.
neo69121 (1 month ago)
well all in all it all comes to a scarce society that we live in... everything is limited especially basic things like electircity generation and food i believe that in the future these might be engineered to such a degree that basicaly they will become extremely cheap or even free... just imagine what would the economically viable fusion do to the world and economies it would be the new golden era, imagine what would the vertical farming with 99% efficiancey do to the production of food and also lab grown meat then imagine new materials invented and long into the future maybe even asteroid mining... i think we are still in the transition and in the very primitive stages of our own development
Yeah Right (1 month ago)
tax the rich 70% and they will all bail. no thanks
jackson bravo (1 month ago)
Please cover Bernie Sanders more! He’s the most well known democratic politician and he’s policies are one of the most popular! Please stop being bias!
TeddyBear (1 month ago)
Let's put the top rate at 98% and introduce Universal Basic Income.
Raussl (1 month ago)
they just compared effective tax rate in the 60's with the 36% (before deduction) of today...just WOW. Can't be more obvious with your "neutral" bias CNBC. In other words the only thing you named that seems to work against raising taxes on the top 1% earners is completely fabricated.
Jeff Lectka (1 month ago)
Wait, I know....let’s set up a system where there is no incentive to succeed in any way and everyone can just depend on government elites to decide what we get in our life. You can all be happy with the bare minimum while watching your dem plantation owners mysteriously become worth $100 million in ten years on a congressional salary.
Cynthia Rowley (1 month ago)
Socialism is nothing more than theft, a Gospel of envy! Socialism doesn't work, has never worked in fact. Look at France, many parts of Europe and Venezuela! When you tax the wealthy, they leave. Socialism only works until you run out of their money and then you hit collapse!! Socialism ALWAYS ends up in a dictatorship or huge Government control!! Trump lowered taxes for all of us across the board and because of this, companies have been coming back to the US and employing millions! We now have the best economy we've had in 60 years. Capitalism has worked time and time again!
Jeff Lectka (1 month ago)
Lol. Equality of outcomes will doom our country. Unable or UNWILLING to work?!?
Why would anyone continue to innovate, build, or create when it will just be taken by a govt that only cares about itself? And, gee, who will exempt themselves from the taxes, regulations, and health care choices we little people have to deal with? Two guesses.
The dems are the party who do not believe in the potential of human beings, only their capacity to serve dem interests.
indika blu (1 month ago)
Ohhhhh noooo... she wants everyone to have an equal chance 😱 and she’s pushing for common sense change? Gross!
Joe Crow (1 month ago)
Warren is the worst I'd tell her to take a hike what I have is none of her business once I pay the initial tax the rest is mine to do as I please. To say I have to tell people like Warren what I have so you can tax me for having it is crazy it's my property you're not putting GPS on my money or property period .....fake ass Indian wanna be
Joseph Semmes (1 month ago)
Any country that creates its own currency can never run out of money. Therefore, the affordability question regarding social programs is irrelevant. The metric policy makers must pay attention to is inflation due to increased demand for goods and services by people spending more money they get from social programs.
Taxation is an *inflationary* control: If demand exceeds production / supply, increased taxes lead to reduced spending, while lower taxes lead to higher spending (at least for those that aren't rich, i.e. most people). Another argument for higher taxes on rich people might be that this would slow down growth in the financial sector, since rich people usually don't spend all of their money on consumption goods. Shrinking finance might be a good idea since this sector is largely responsible for a lot of the instability that wrecks the real economy.
Nunya Bizness (1 month ago)
Comment at 7:34 is not entirely true. Millionaires and billionaires give more to medical research and other charitable foundations. Taxing the rich sounds like a good idea but it will have a ripple effect on everyone
double negation (1 month ago)
100% tax on any earner making more than 10 million. There's no reason to need more money than this besides buying political power, owning the government, absorbing competition and monopolizing the market. It effectively robs ordinary people of the genuine freedom to act and shape their world in a meaningful way. The market should not be placed above society and politics. People over profit!
Big Daddy (1 month ago)
Rich people will just move to another country. ..
Daian Moi (1 month ago)
Let them move and give us back our government. We can't let them control us with that kind of threat. If they are willing to leave, then they do not consider themselves American.
car pek (1 month ago)
How about a 250-500k investment of every million the rich make in a local American community, or risk a 70% tax without pulling out
—————— (1 month ago)
Fools don’t understand that the 1% comprise only about 1%! Not only would taxing the hell out of them not be enough, but more importantly, they would just leave or stop working so damn hard. Try a little gratitude for the fact that a few smart people are willing to work hard and pay most of the tax already.
napoleon sango (1 month ago)
increase taxes, cut spending!!!
Kalla H (1 month ago)
They have the same taxes for the richest 1% as we have for kids that work and go school at the same time. We have higher taxes for the rich, if you earn 1,5 million you pay ca 50% and so on. Taxes are for helping your fellow human and if that's to much for them thei get sent to prison or out of our paradise. I live in Norway though😁
Ash Muntz (1 month ago)
go after pelosi tax that 100mill...gotta see that....then the big company s move out...oh communism...gotta love that
Adam Cortright (1 month ago)
Suprisingly, this was a fairly even handed mini-doc on this most important issue of the day. One doesn't necessarily expect this coming from a network whose purpose is to be the spokesperson of Wall Street.
Joseph (1 month ago)
Socialism for the rich is ok, but coming up with revenue for healthcare for all is a problem
william jonas (1 month ago)
NOT ONE POSSIBILITY OF JUST REFUSING TO PAY THOSE TAXES . AND MEANING IT ?
William Sullivan (1 month ago)
Why is it every state ran by Democrats is over taxed and under served? California, New York, Connecticut, New Jersey....
funghazi (1 month ago)
Get taxed or get the firing squad
Tony Estep (1 month ago)
the democrat are trying to ruin america
Tony Estep (1 month ago)
if you dont like it here go home
Theo Flamouropoulos (1 month ago)
It is time to admit that the trickle down economics theoory, for those who are old enough to remember the Reagan years, has been an abject failure. The broad economic deregulation of finance, medicine, etc have done nothing for the middle and working class. The cherry on the cake was the financial disaster of 2008.
It seems that the people of the USA had forgotten the lessons of late 19th and early 20th history and proceeded to repeat it starting with the 1980's through 2008! So now we have come full circle with an FDR avatar in the form of Bernie/Alexandria/Elisabeth! This avatar will bring us the next phase of the social safety net evolution, which is health care as a right, jobs through infrastructure initiatives to create the technologies of the future, and, oh yeah, high taxes for the rich to remedy (in part) economic inequality. This is only right!
Jessie james (1 month ago)
some of the fastest growth periods in american history were at times when taxes were very similar to aoc's plan.
Shaun M (1 month ago)
Yes. I would make it illegal to horde wealth and make it mandatory for anyone earning over $3m to pay an incremental tax up to 70%. This isn't rocket science.