[kadabra9]

And where will we get the money to fund this fantasy land in 8 months after the government runs out of money and we’ve already stolen all the billionaires assets?

Should we move on to anyone with a net worth over $1M and start stealing their assets too?

[tw04]

What do you think happens to the money when it gets distributed to low income people?

They spend it, it gets injected back into the economy and the economy grows. It doesn’t sit in a hidden bank account to avoid paying taxes on it.

[shimman]

Probably the same way that the republicans are able to generate funds out of thin air to pay for tax cuts. If MMT is good enough for them, it's good enough for everything else.

[trymas]

> And where will we get the money to fund this fantasy land ...

What are you talking about? Current administration is doing exactly that. Cutting taxes for the wealthy and adding all those loses to national debt at record level increments. No fiscal responsibility at all.

Total fantasy and essentially poor and middle-class funds the rich through their taxes (and government money printer), not to mention how mega companies like Walmart constantly underpays workers that those workers then need to survive on government subsidies, yet another funding for the rich.

This is happening with every USA government (AFAIK especially/only republican ones) since Reagan.

EDIT: also as sibling comment said - poor people spend money instantly, returning it back to economy. America was already taxing wealthy through the teeth years ago - that helped fund incredible amounts of infrastructure and let built strongest middle class (probably in history) for decades. Now all that wealth is just accumulating in someones back accounts. Trickling any day now...

[kadabra9]

> America was already taxing wealthy through the teeth years ago

Except they weren’t. Those lovely 90% tax rates from the 1950s everyone on Reddit loves to bring up weren’t really paid by anyone. The effective tax rate paid after the loopholes and deductions was much lower, closer to 40%

[trymas]

let's make _effective tax rate_ 40% then...

[kadabra9]

It's already 37% (for Federal). Add in another 14% for California and its over 50%.

But even for simplicity sake, going to 40% would be far better and more practical than confiscating 5% of total assets and net worth.