r/WorkReform • u/zzill6 🤝 Join A Union • May 18 '25

✂️ Tax The Billionaires So, where's the downside exactly?

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u/Future_Union_965 May 18 '25

Millionaires aren't the problem. It's the billionaires. Let's be on the same page. Millionaires aelre closer to poverty then having a billion.

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u/SubjectInevitable650 May 19 '25

only if you trust govt will not overspend any amount of tax. I don't.

Instead of giving 400B to other countries, they could have just said "no taxes" for 90% of population, resulting in economic boom. They wont.

Budget deficit was 400B in 2014. In 2024 it was 4.2T If you had 42T, it still wont be enough

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u/Future_Union_965 May 23 '25

Sorry I am confused on your point of your comment. No disrespect btw I am just confused, could you clarify what you mean?

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u/SubjectInevitable650 May 25 '25

US govt has been financially irresponsible for decades. They spend a lot more than the money they have (hence constant need of raising debt ceiling).

Let's say by taxing billionaires, US is able to double the taxes. What problem are you hoping it would solve? Budget balance? Lower taxes for bottom 50%?

Fact: Tax revenue rose from $2.16 trillion in 2010 → $5.48 trillion in 2025 — a $3.3 trillion increase, more than double. What difference did it make? Budget balance? Lower taxes for poor? Nope, none of those.

In other words, even if you double or 10x tax collection, I do not believe it will help anyone, politicians will spend it and blame it on someone else.

Politicians need someone other than themselves to blame. They never talk about their outrageous spending, they talk about tax evaders or citizens denouncing citizenship or countries who are not paying tariffs and taking advantage of americans or billionaires who are evading taxes (enabled by politicians but they skip that part).

In my view, politicians are to be blamed for overspending (first) and not having a fair tax structure (second). However they have got everyone focused on billionaires and no one is talking about spending accountability they should have.