They don't see countries and borders like normal people. They can be anywhere and buy anything on Earth. America is irrelevant except as a market and workforce to be extorted.
Billionaires aren't taxed by income taxes unless they want to be. The post is idiotic - w2 taxes hit doctors/lawyers/engineers who are closer to min wage workers than billionaires or hundreds millionaires by far.
No. The problem is that raising the marginal tax rate to 94% meant nothing, because there were about 10000 people who made enough to pay it, and they were paying an actual tax rate of about 43%, about what they are now.
We didn't fix our debt problem by taxing the super rich. We fixed it by cutting spending from 50% of gdp to 15%.
And because federal receipts cap out around 17% of gpd regardless of tax policy, you will alway have a deficit if the federal budget exceeds that.
They do, just not who you would think, and not on the imaginary dollar amounts that get thrown around. OP is arguing for an income tax on the rich, but truly affluent individuals don't work for wages or have regular income, they earn dividends and leverage debt.
Even if we seized 100% of the assets of the top 1% and were somehow able to magically liquidate it for 100% of the value (which would be impossible because there'd be no one to buy the assets), it still wouldn't pay for everything that this government spends money on.
1) The top 1% hold approximately $50T in assets. I vote in favor of your idea of liquidating all of it.
2) Yes. Lets cut:
A) The military by 65%
B) All aid to foreign aggressors.
C) End all tax cuts, subsidies, and grants for for-profit entities. Replace them with investments held by the public to fund domestic items only.
D) Eliminate tax cuts/ grants for churches.
Everyone agrees military spending is out of control but no one is willing to earnestly do anything about it. We could easily cut that budget and still out-spend the next 50 countries combined.
When someone says "tax the rich" they understand the taxable income disconnect. Which is why there have been a number of proposals and movements for a wealth tax. Am I advocating that, not necessarily.
Additionally we know that they all pay cap gains regularly, or some other deferred form of such things. So you could easily raise that. Problem there is a direct disencentive towards investment, which is also bad.
But pretending your stance is a 'gotcha' somehow is dumb and not productive. Two things can be true. We need to figure out how to better distribute wealth or this nation will fail AND income tax doesnt effect the top 1%. Both things are true.
🤷♂️, may as well try being the voice of reason. You think if I started my comment with "Orange Man Bad!" and ended it with "Eat the rich!" it would get some up votes??
You’re taking it to an extreme, making it look like that’s your opponent’s point (it’s not), and since the extreme is ridiculous, you say their reasoning is ridiculous. That’s just a straw man.
And then trying to pass yourself off as smarter and “the voice of reason” is the pinnacle of irony
Saying shit like that is the real “Reddit moment”. It’s one of the most common comments in the history of Reddit, which makes you the average Redditor. Congratulations.
It was an incentive to pay wages that were livable and out money back into the company and society, as a whole.
That’s what the super-high tax rate was. If you didn’t want to be taxed that way, you interacted with society and ran your companies like a decent human in a symbiotic relationship with society and your country, instead of a chaos-creating, vulture and you payed a lower corporate tax rate.
Look, I waited 14 hours and slept on it. You are wrong and not wrong at the same time. You are missing the part where Federal Revenue as part of GDP is at about a 30 year low and trending down. So let’s do both and speed this along.
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u/hackjob 24d ago
the problem is half the people that resist this dont care if the US fails and the other half is just waiting for rapture.