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[–]magnora7[S] 8 insightful - 4 fun8 insightful - 3 fun9 insightful - 4 fun -  (4 children)

This is kind of insane. And this is coming from the head of the Federal Reserve, basically.

It's like they're trying to upset as many people as possible in order to incite a revolution deliberately? Or maybe they're just being greedy while they can, as not to waste a crisis?

They just printed 40% of the total USD money supply in the last year, and now they desperately need to drain everyone's unrealized capital gains too? Ridiculous. It's like they want America to implode. It may be reactionary in a way that's sensible from where they're sitting, but it seems like this is not a good idea in the long-run for the middle class. Remember when the goal used to be to grow the middle class, instead of destroy it?

[–][deleted] 5 insightful - 1 fun5 insightful - 0 fun6 insightful - 1 fun -  (3 children)

Indeed - this idea of Yellen's is interesting, even if it would have absolutely no chance of getting approval. She mentioned this in January. It's not meant for the 99%, however, as it's specificallly for the .01% who have a substantial part of their wealth in capital gains. Those who are in the lower tax brackets would not be included. During the years that the GOP (and some Dems) gave themselves massive tax breaks, to the tune of trillions that were subsequently borrowed from China (helping increase the naitonal debt to $27 trillion by January), there was no visible investment in the economy, and no reasonable tax base for infrastructure and government programs. Yellen is making arguments for a much needed correction to these tax breaks. It won't work because corporations can buy the two Democrats who will vote with the GOP, who are also in the corporations' pockets. She's throwing spaghetti at the wall until one of them sticks, and the GOP are spinning this as a war on the middle class, who will not be impacted, whereas the GOP are succeeding in their war on the middle class, having them pay China for loans that paid for tax cuts. Until the wealthy pay their fair share in taxes, the US will continue in the direction of a banana republic.

[–]tyranicaloverlord 2 insightful - 2 fun2 insightful - 1 fun3 insightful - 2 fun -  (2 children)

. It's not meant for the 99%, however, as it's specificallly for the .01% who have a substantial part of their wealth in capital gains.

At least you mention that you are a Democrat on your flair so I know why you would say such and insane thing.

Democrats are so easily blinded by their own support for their parties greed as something virtuous. Democrats always say they want to pass on any taxes as if it's only ever always aimed at the .01%.

Here's why you are wrong, everyone has investments who aren't children, or under thirty Democrats. There's more home owners of all income brackets. This entire thing, just like the $600 spy plan, is aimed at EVERYONE.

This is the Democrat way, do everything to have government take over business and ownership, tax the shit out of people in to subservience. All disguised as going after "the man" and to help "spread the wealth." In reality, they are a party of authoritarian thieves.

Bottom line, and it's not defendable, Democrats LOVE taxes.

PS : Before you call me a right winger, I'm a libertarian. Ya'll are a bunch of authoritarians, but Democrats are worse with their taxation.

[–][deleted] 2 insightful - 2 fun2 insightful - 1 fun3 insightful - 2 fun -  (1 child)

Here's why you are wrong, everyone has investments who aren't children, or under thirty Democrats

You make a good point that they introduce these measures claiming it only affects the wealthy when that basically never happens.

But you're overly optimistic about investments. The average American couldn't afford an unexpected $500 bill before the pandemic money. Living paycheck to paycheck, possibly buried in debt, doesn't leave anything left over to invest. And some people have the money they could invest but don't.

The Federal Reserve's Survey of Consumer Finances shows that only 53% of all US families owned publicly traded stock in some form in 2019 and the average stock owner is most likely to be invested through mutual funds and retirement plans.

[–]tyranicaloverlord 3 insightful - 2 fun3 insightful - 1 fun4 insightful - 2 fun -  (0 children)

The average American couldn't afford an unexpected $500 bill before the pandemic money. Living paycheck to paycheck, possibly buried in debt, doesn't leave anything left over to invest.

There is truth to that, and it's our own consumerism, and failed at-home teaching that get people in to these messes. It can be fixed, but people don't want to, the government doesn't want to. They rely on people like you to make this as an excuse, and blame the billionaire.

This goes beyond just having stock. It goes after 401k. It goes after home owners. It goes after saving accounts. It goes after mutual funds. It goes after retirement accounts.

Taxation is NOT the solution. The Democrats have done that for way too fucking long, look at where we are at. Between the morality taxes from the GOP, and operational taxes from the Democrats, we are taxed in to fucking oblivion.

What just boils me is that as far in taxed as we are right now, these Democrat retards think throwing more taxes at the problem will fucking fix it. IT HASN'T FUCKING WORKED. MORE WILL NOT WORK.

The billionaires WANT you taxed, because it taxes you out of participating in making money. It's the exact reason that places like walmart and target support hiking the minimum wage, it prices out small business from affording employees.

I can go on, but I know what I have to say falls on deaf ears, especially those locked in to the paradigm, and those committing sin of greed and envy towards the billionair class.