Presidential Election: 11/3/20 ---Now the President Elect Joe Biden Thread

[bearrock]

7 minutes ago, Larry said:

 

And I haven't seen you support that claim.  

 

And you didn't say they would have 90% less than what they have now, you said their net worth would have been reduced by 90%.  

 

If, without BernieTax, then their net worth went from $1B to $100B

But with BernieTax, their net worth would have gone from $1B to$10B, 

 

Then that's not "had their net worth reduced by 90%".  That's "had their net worth increase by 90% less than it did"  

 

This is what I said in the original response

 

Quote

You are seeing drastic  reduction of wealth for some of the most successful  billionaires  in the US.  Some people down to 1/10th of their current worth.  And that's from the effect of wealth tax alone.  

 

But in case there's any issue of clarity, yes, I meant that the effect of wealth tax alone was that the uber wealthy's wealth increased by 90% less than it did otherwise.

 

1 minute ago, Larry said:

 

And once again, you're trying to support a claim of "reduce their net worth by 90%" with "Might not go up by enough to cover taxes, resulting in a slight decrease over time, which might eventually become, if you throw in a monsterous transfer to somebody else, . . . "  

 

I said without the effect of inheritance tax.  So it's entirely inaccurate to say that I said "if you throw in a monstrous transfer to somebody else" (unless you meant something else).

 

5-8% minus 52% of 7.76% is a net decrease of 1-4% per year.  Whether that's slight or not is up to individual opinion, but it will inevitably drop people to 10% of current worth and below.  That's simple math.

[visionary]

 

 

 

 

 

 

 

 

[visionary]

 

 

 

 

 

 

 

 

CNN seems to have stopped covering the speech a while ago, MSNBC is showing it now.

 

Biden seems pretty fired up now.

[Larry]

19 minutes ago, bearrock said:

5-8% minus 52% of 7.76% is a net decrease of 1-4% per year.  Whether that's slight or not is up to individual opinion, but it will inevitably drop people to 10% of current worth and below.  That's simple math.

 

True.  

 

A reduction in net worth of 3%/year, compounded annually, will result in a 90% reduction in worth.  

 

After 75 years.  

 

(At 1%/year, it takes 229 years)

[Momma There Goes That Man]

2 hours ago, tshile said:

This is the best thought on the subject I’ve read all day

 

 

he won’t endorse Biden or anyone until after the convention. Why would he other than to render his voice meaningless should his chosen candidate end up losing. He will rally around whoever the nominee is. 
 

 

[visionary]

 

 

 

 

 

 

[88Comrade2000]

5 minutes ago, visionary said:

 

 

CNN seems to have stopped covering the speech a while ago, MSNBC is showing it now.

 

Biden seems pretty fired up now.

Joe's alive, alive!!

[bearrock]

5 minutes ago, Larry said:

 

True.  

 

A reduction in net worth of 3%/year, compounded annually, will result in a 90% reduction in worth.  

 

After 75 years.  

 

At 1%, it's 67% of original worth in 40 years.  At 4%, 20% in 40 years.  Whether that sounds like a policy designed to eventually eliminate billionaires is up to you.

[visionary]

Biden introducing Beto now!

[Larry]

2 minutes ago, bearrock said:

 

At 1%, it's 67% of original worth in 40 years.  At 4%, 20% in 40 years.  Whether that sounds like a policy designed to eventually eliminate billionaires is up to you.

 

True, after 40 years, they've probably died.  

[visionary]

Beto calling out the counties and laying down some Spanish.

[AlvinWaltonIsMyBoy]

Isn’t there a math thread y’all can fight in? 

 

Good to see Biden fired up. He’s gonna need it. 

[88Comrade2000]

After tomorrow, Joe needs Elizabeth gone.  Unlikely, she does that.   We will find out tomorrow about Bloomberg.  If he doesn't win any delegates, I think he drops out despite what he said.

[bearrock]

1 minute ago, Larry said:

 

True, after 40 years, they've probably died.  

 

Now can we talk about the 77% inheritance tax?  Lol

1 minute ago, AlvinWaltonIsMyBoy said:

Isn’t there a math thread y’all can fight in? 

 

Good to see Biden fired up. He’s gonna need it. 

 

Alright, I'll shut up now

[visionary]

Beto giving a good emotional speech for Biden about how he can help heal the country.

[Larry]

Be all right with me if this can translate to "Biden wins Texas".  

 

Gut feeling is that this happened too close to the primary, though.  

 

 

[The Evil Genius]

Warren for Biden soon too. 

 

 

Think I'm going to vote Biden tomorrow in California.  I'd prefer Warren and Mayor Pete but they're done.

 

[visionary]

 

 

 

 

 

 

 

 

 

 

 

[CousinsCowgirl84]

Not to delve to deeply into the math problem but you would expect a billionaires roi to be well over 3 percent. So if his wealth gains 10 percent through investment but he has to pay 3 percent to the government he is still making money. 

[visionary]

CNN airing their Warren interview now.  (not sure how long it's been on for)

[Cooked Crack]

Beto showing why he was my first choice. If only Mayor Pete hadn't took his lane.

[88Comrade2000]

2 minutes ago, The Evil Genius said:

Warren for Biden soon too. 

 

Not really.  I think she would endorse Bernie if she drops out.  Bernie is closer to her views than Joe is.

 

Also, if she wins a couple of hundred delegates; she's not dropping out. She is going to attempt to pursue her contested convention strategy.

[visionary]

 

 

 

 

[China]

Interesting.  After perusing the last few pages of this thread, the primary candidates being discussed were Sanders and Biden, with a couple about Bloomberg.  Not until the last two posts did I see anything about Warren.  If this thread reflects the thinking of this country then Warren and Bloomberg will be done soon.  In this thread, at least, Biden seems to be surging.

[Renegade7]

1 minute ago, China said:

 In this thread, at least, Biden seems to be surging.

 

Surging or consolidating? 

 

This is what GOP shouldve done to try and stop Trump, but they waited too long.