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Reply to "Austerity Doesn’t Work"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]In 2022 Massachusetts raised taxes on millionaires by 4%, and conservatives said the rich would flee. Instead, the state saw a 39% increase in the number of millionaires. The state passed universal free breakfast and lunch for all public school children. It is now one of the least poverty-stricken states in the country. NYC mayoral candidate Mamdani proposed raising taxes on the rich by 2%.[/quote] Millionaires like someone has over $1-2 m saved for retirement ? [/quote] No. It’s tax on the excess of annual income over $1million. That revenue is then held for transportation and education programs/projects. The idea is redistribution from wealthier communities to poorer ones for key infrastructure. [/quote] Agree - and I also support Warren's suggestion of a wealth tax, to apply an annual tax of 2% on net worth between $50m and $1b going up to 6% on all net worth over $1b. Economists have projected that this would raise $3.75 trillion in revenue over 10 years. That would significantly reduce deficit. There would also be a 40% exit tax on people with net worth over $50m if they try to evade taxes by renouncing US citizenship. [/quote]
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