Top income brackets should be taxed at 99%.

I know and want to weaponize government to squash its competitors

 

How have they done this?

 

There is no reason someone that earns 1million or more should pay a higher percent of tax on their "Ordinary income".than other ordinary tax payers. This is the tax on your earned income minus deductions and tax credits.
Tax on earned income is progressive, meaning higher income is taxed at a higher tax rate. Why? We need a flat tax on Ordinary income. How much ok her before need to run er

 

See the reply you got from William, that taxation is "taking other people's money"?.

That's why I'm happy to see MMT beginning to gain traction among academics and central bankers, with the likes of Krugman, Summers, and Rogoff being forced to defend their obviously failing neoliberal orthodoxy, in a number of public forums.

(In MMT, government spends first (using its currency issuing capacity), and only employs taxation to cool sectoral overheating in the private sector, if or as required to avoid inflation).

Revolutionary - and admittedly unintuitive: but hopefully schools will soon be teaching that budgets of households (users of the currency, and subject to debt repayment by the due date) are NOT equivalent to budgets of governments (issuers of the currency with debt that can be rolled over indefinitely - eg, look at a graph of US debt since Clinton's surplus - subject to sustainable productive capacity of the economy being maintained, moving forward.

 

I'm guessing that MMT could not be a thing unless FDR confiscated everyone's actual real gold money, right?

 

You'd be guessing wrong. I suggest you google Krugman versus Kelton on MMT.

However, you can choose to remain an economic flat earther, (which I'm sure you will choose to do) while the academics who at least have some knowledge of what they are talking about, engage in the serious debates.

 

So MMT could work with a commodity money? How?

 

...gosh, you're off the gold standard already, there's hope for you yet....now educate yourself: Krugman and Kelton are available on google.

 

You avoided my direct question. Could MMT work with a commodity money?

 

the something for nothing crowd makes politicians and bankers smile.
Bravo

 

Who said they're not offering 'solutions'? How do you know they're not supporting or assisting family members who are less wealthy?

Hopefully you grasp that taking responsibility for our own is the actual solution.

 

why would there be debt if they issued their own currency ?

 

Ding ding ding ding

 

Cause reasons.

 

I already discussed this with Ted in the Shed, at length, some time ago with you looking on...(if your memory is failing, you have my condolences).

Politicians who have no knowledge of fiat-currency economics, maybe, but not bankers; read about Warren Mosler, a successful banker turned MMT'er.

...gosh, like Longshot, you are showing signs of asking the right questions too, now time for some self education...google means you have no excuse to waste time.

 

So.....could MMT work with a commodity money, like gold or silver?

 

Given that Australia has one of the best social safety net programs in the world it is NOT even remotely comparable to what we have here in the USA.

https://www.businessinsider.com.au/...tem-in-the-world-matters-to-australia-2016-10

Obviously anyone who has lived and worked with such a comprehensive safety net would not be able to understand what it is like to have nothing comparable in the way of "solutions".

 

Gosh, just you posting "google" as part of your answer means you can't address the topic intelligently

 

Oh .. so you think America is poorer and more compromised than the poorest Third World nations? Because they manage to survive without ANY of the benefits of American life, and they are able to do so because they look out for each other.

The poverty and dissolution problems of the First World are a direct result of the failure of the people to care for each other. Australia too, has a growing underclass of dissolution and homelessness, which proves that point succinctly.

 

https://www.washingtonpost.com/nati...ec26b2-21ca-11ea-bed5-880264cc91a9_story.html

In the first months after her husband’s fall, Marlene had helped Earl Kennedy (a couple both in their eighties) move into a nursing home three minutes from their house in Broken Bow, a town of 3,000, close enough that she could visit him twice a day. But then that nursing home went bankrupt and closed in May, one of more than 260 rural nursing facilities across the country to shut down for financial reasons in the past three years, sending another family on a desperate search for the basic medical care that is disappearing from rural America.

For God's sake, when will you remove your ideological blinkers long enough, to understand that your "personal responsibility" mantra is only HALF THE STORY? Wake up!

["Looking out for each other" means keeping those rural nursing facilities open].

 

Assuming you've done some homework: fiat money - issued by government - gains it's value from the management of a nation's available resources AND productive capacity (labour + knowhow).

Assuming sustainability of these elements, going forward, then fiat currency will hold or indeed increase it's value, because the productive capacity of economies will always improve with technological progress (ignoring trade disputes and other conflicts, etc)

"could MMT work with a commodity money?"

MMT rejects the concept of commodity money, whose value can rise or fall depending on supply and demand for the particular commodity...obviously no sound basis for managing an economy, as outlined above, and impractical as a basis for international trade. (That's why gold, of which even the US didn't have enough - or any other commodity standard, was abandoned).

 

Dont take half my money in taxes, giving it to bloated, wasteful bureaucrats and corporatists, and I'll take care of my own

 

Prior to fiat money, a silver dollar always had the same value. Its value didn't rise and fall depending upon supply and demand. The value of a silver dollar was always a dollar.

 

Impossibility

 

Better to let those with the ability to exploit you for personal power and profit regulate your money