Want to know how to solve all spending problems?

[newdayneeded]

There are estimates of $36 trillion in American cash in offshore accounts. If these anti-american bastards could be forced to bring this money back to the American economy and have it taxed even at 10% it would be $3.6 trillion to cover a huge swath of any spending needed. 15% and we could drop the debt by a quick 2 trillion over night as well.

[Timewas]

1. Good Idea

But they will never do it...

[Hoyt]

2. Would be interested in where that estimate came from. Most of what I read is

more like $3T, although that is not insignificant.

Here’s just one source:

https://www.politifact.com/factchecks/2017/aug/03/donald-trump/are-there-over-4-trillion-untaxed-corporate-earnin/

[newdayneeded]

3. foriegnpolicy com

That's where I got the number from. Accurate? truth is, no one could know the amount. I do stand by my anti-american statement though. That money should be in the American economy and taxed.

[MichMan]

4. Why not 90% tax instead of 10%?

[Hoyt]

5. One reason is the top 10% pay 70% of income taxes now. We need to increase

taxes.

But we also need wealthy to tax if we want healthcare, to bolster social security, child care, jobs, improve safety net, reduce deficit, education, deal with climate, etc.

[newdayneeded]

6. I hate that "rich pay more taxes BS."

Hannity will have you believe that, but the truth is the rich pay the most monetarily, but NOWHERE near what we pay in %. The other thing is, an individual rich guy might pay 20 times more cash than I pay in, but he makes 100 or 1000 times what I make! I wish I could get these thoughts on every billboard in the US!

An Analogy for you, a women is stranded on the highway out of gas. A rich guy pulls up with a hummer with a 100 gallon tank, he gives her 2 gallons of gas. Another normal wage guy pulls up with a tiny cheap compact car with a 10 gallon tank and gives her 1 gallon of gas....Who gave more?

Rich guy gave 2% of his gas.

other guy gave 10% of his gas.

Hannity would praise the rich guy!

[Hoyt]

7. If you can't accept facts, it's hard to develop tax policy that will work long-term.

We could take every penny from say the top 20%. That would be good for about 6 months. Then, what?

Personally, I think we need to raise rates somewhat at top, develop a robust estate tax, increase capital gains substantially, etc. But we also need to encourage people making lots of money -- particularly those who make products good for society -- so that we have someone to tax.