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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Don't ever let this man get near the oval office.

..... and $73 Billion deficit.

[twitter]https://twitter.com/CityJournal/status/1776576840703811992[/twitter][/quote]

How many do we need to explain that this deficit is tied to the vicissitudes of the tech and media economy in California? When IPOs and VC were hot, they had a huge budget surplus. This is really no different and definitely not because it's Newsom's fault. You conservatives really are that ignorant. [/quote]

[b]You can’t keep taxing the 1%[/b] while providing more and more benefits like health insurance to all undocumented migrants, free residential drug rehab for anyone in the country who enters CA and says they are going to stay (the vast majority aren’t successful and way too many end up as homeless addicts in the streets), etc. The highest tax rate in CA is now over 14%. It is by far the highest in the country. So many very wealthy CA are leaving the state. So the state was counting in getting those taxes no longer are. 75,000 people left CA in 2023.[/quote]

They hold over 30% of the wealth in the US, why the hell can't or shouldn't we?  Tax the hell out of them and if they try to leave the country exit tax the hell out of them. Billionaires shouldn't exist. Hell, hundred-millionaires shouldn't exist when people are on the streets and going hungry. I have zero sympathy for any of them. [/quote]

+1, actually, we once did this and radically narrowed inequality in this country. Too bad you MAGAs only want to make America great with the racial segregation and LGBTQs in the closet and your own brand of McCarthyism (except you now love the Russians) of the 1940s and 1950s instead of the tax structure of the times.[/quote]

Why do idiot Democrats constantly point out to ‘90% TaXes iN tHE 1950s!!’….

As if they are making some point.  No dimwits, why don’t you also tell us what the tax code at the time was as well?  That’s because if you actually took those tax brackets in their historical context relative to the tax code at the time you’d realize it is a nothing burger.  Back then, the tax code was also infinitely more complex and there were tons and tons of more tax breaks and write offs. Virtually zero people were paying 90% rates after you factor in the tax code, but Dems never tell you that.

Taxes as a percent of total GDP have stayed remarkably consistent for decades, which is also a fact Dems never tell you when they try to say we need more taxes like we used to in the past.  The only problem is that we really didn’t have more total taxes in the past.  What is different is the current mentality for more free govt handouts and spending.

Learn some facts:
[img]https://i.imgur.com/yXJbFZO.png[/img]
[/quote]

The part you're missing, moron, is the composition of those taxes. That is, who is paying them. Let's look - capital gains tax and corporate tax rates were much higher during that era (https://www.wolterskluwer.com/en/expert-insights/whole-ball-of-tax-historical-capital-gains-rates). So was the estate tax (https://www.wolterskluwer.com/en/expert-insights/whole-ball-of-tax-historical-estate-and-gift-tax-rates). As you can see from this chart, individuals, rather than corporations are paying a much larger portion of the Federal taxes over time: https://taxfoundation.org/data/all/federal/composition-of-federal-revenue-over-time/.

Still don't believe me? Then, let's just look at average tax rate by percentile of income since 1980 (since that data is available): https://taxfoundation.org/data/all/federal/latest-federal-income-tax-data-2024/

Table 8. Average Tax Rate, 1980–2021 (Percent of AGI Paid in Income Taxes)

In 1980, the top 1% paid an average tax rate of 34.5%.
In 2021, the top 1% paid 25.9%. The 0.1% are paying even less at 25.7% and much, much higher income.

We don't even need to go back to the 1950s. Let's just move back to the average tax rates for the wealthiest pre-Reagan for starters.[/quote]

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