"cut the wealth of billionaires in half over 15 years, "

[georgephillip]

Sounds about right the top 1% makes about 20% of the income and pays 20% of all income taxes collected.

How is that inequality?

When billionaires pay a lower effective tax rate than 50% of productive workers, that widens economic inequality.
https://www.washingtonpost.com/busi...-lower-tax-rate-than-working-class-last-year/

The Secret IRS Files: Trove of Never-Before-Seen Records Reveal How the Wealthiest Avoid Income Tax

"The results are stark.

"According to Forbes, those 25 people saw their worth rise a collective $401 billion from 2014 to 2018.

"They paid a total of $13.6 billion in federal income taxes in those five years, the IRS data shows.

"That’s a staggering sum, but it amounts to a true tax rate of only 3.4%"

 

[BluesLegend]

Breaking News: 85% of the wealthiest...gave money to Democrats so there's not a chance in hell they will tax their sugar daddies.

 

[georgephillip]

Breaking News: 85% of the wealthiest...gave money to Democrats so there's not a chance in hell they will tax their sugar daddies.

Corporate Democrats AND Republicans follow the same Golden Rule.

Investment theory of party competition - Wikipedia

"The Investment theory of party competition is a political theory developed by Thomas Ferguson, Emeritus Professor of Political Science at the University of Massachusetts Boston.

"The theory focuses on how business elites, not voters, play the leading part in political systems.

"The theory offers an alternative to the conventional, voter-focused, Voter Realignment theory and Median voter theorem, which has been criticized by Ferguson and others."

 

[Wyatt earp]

Sounds about right the top 1% makes about 20% of the income and pays 20% of all income taxes collected.

How is that inequality?

When billionaires pay a lower effective tax rate than 50% of productive workers, that widens economic inequality.
https://www.washingtonpost.com/busi...-lower-tax-rate-than-working-class-last-year/

The Secret IRS Files: Trove of Never-Before-Seen Records Reveal How the Wealthiest Avoid Income Tax

"The results are stark.

"According to Forbes, those 25 people saw their worth rise a collective $401 billion from 2014 to 2018.

"They paid a total of $13.6 billion in federal income taxes in those five years, the IRS data shows.

"That’s a staggering sum, but it amounts to a true tax rate of only 3.4%"

So what happens when they pay a trillion dollars?

 

[Flash]

So says Bernie Sanders...https://berniesanders.com/issues/tax-extreme-wealth/
He says ..."Will raise an estimated $4.35 trillion over the next decade"
That's $435 billion additional tax revenue per year.
Right now... if the top 1% of US households (164 million households) or 1.64 million earn
$1,700,000 per year and pay right now about 20% of all federal tax revenue.
BUT if Bernie and the majority of the ignorant people on this board have their way...
according to Bernie these "billionaires" will have "cut the wealth of billionaires in half over 15 years,"
Hmmm... so if Bernie has his way and cuts these evil billionaires wealth in half... how will Bernie pay for the next 15 years?
Remember he is counting on these "billionaires" to pay $435 billion a year from their wealth which according to his plan will be reduced every year.
Which means the tax payments will be reduced. It's just simple economics.

It is called thievery and it is morally wrong.

 

[struth]

So says Bernie Sanders...https://berniesanders.com/issues/tax-extreme-wealth/
He says ..."Will raise an estimated $4.35 trillion over the next decade"
That's $435 billion additional tax revenue per year.
Right now... if the top 1% of US households (164 million households) or 1.64 million earn
$1,700,000 per year and pay right now about 20% of all federal tax revenue.
BUT if Bernie and the majority of the ignorant people on this board have their way...
according to Bernie these "billionaires" will have "cut the wealth of billionaires in half over 15 years,"
Hmmm... so if Bernie has his way and cuts these evil billionaires wealth in half... how will Bernie pay for the next 15 years?
Remember he is counting on these "billionaires" to pay $435 billion a year from their wealth which according to his plan will be reduced every year.
Which means the tax payments will be reduced. It's just simple economics.

Sanders is one of the new leaders of the DNC. Let’s make sure we understand what he wants…take half the wealth of individuals to give to the Govt, so that he and his party can then distribute how they see fit

 

[georgephillip]

Thank you to all of those billionaire entrepreneurs that helped make humanity more prosperous through their ingenuity, hard work and fearless risk taking. May all the looters that want to steal the fruits of their labor using government as a club burn in hell.

Thanks to the proliferation of trickle-down economic policies like tax cuts for the rich, wage suppression for the vast majority of productive workers, and stock market deregulation, 90% of all Americans are worse off financially than they were 50 years ago.

How much worse?

The wealthiest 1% has taken $50 trillion from working Americans and redistributed it, a new study finds. Here's what that means.

"If the ultrarich hadn't rigged the system in their favor, your annual pay would be doubled — somewhere between $48,000 and $63,000 higher per year.

"That's about $1,000 or more per weekly paycheck that you could have spent in your community, invested in home improvements, or saved for a rainy day, but which instead went to the wealthiest Americans."

 

[BluesLegend]

Thank you to all of those billionaire entrepreneurs that helped make humanity more prosperous through their ingenuity, hard work and fearless risk taking. May all the looters that want to steal the fruits of their labor using government as a club burn in hell.

Thanks to the proliferation of trickle-down economic policies like tax cuts for the rich, wage suppression for the vast majority of productive workers, and stock market deregulation, 90% of all Americans are worse off financially than they were 50 years ago.

How much worse?

The wealthiest 1% has taken $50 trillion from working Americans and redistributed it, a new study finds. Here's what that means.

"If the ultrarich hadn't rigged the system in their favor, your annual pay would be doubled — somewhere between $48,000 and $63,000 higher per year.

"That's about $1,000 or more per weekly paycheck that you could have spent in your community, invested in home improvements, or saved for a rainy day, but which instead went to the wealthiest Americans."

Newsflash, it's the rich's money they earned it, stop trying to mooch off them and earn your own wealth.

 

[Resnic]

Why?

It's their money, they earned it, it belongs to them.

I mean a guy makes 250k a year is a billionaire compared to a homeless person but no one it outraged by the 250k a year guy. He doesn't deserve to have his money cut because he makes more than others.

The world needs billionaires. If it weren't for billionaires we wouldn't have smart phones, independent space travel, 120inch 8k tvs, and so on. Billionaires help create all our fancy toys.

So fuck off with that. It's their money, it belongs to them.

 

[georgephillip]

He sounds like an idiot. How would we be better off if the government took half of all Elon Musk's money?

Would we better off if Musk's net worth gain over the last year was taxed and that money used to fund Covid-19 vaccinations in parts of the world where virtually no one has been vaccinated?

https://www.washingtonpost.com/business/2021/01/01/bezos-musk-wealth-pandemic/

"The pandemic has forced untold hardships onto many Americans, with tens of millions of families now reporting that they don’t have enough to eat and millions more out of work on account of layoffs and lockdowns.

"America’s wealthiest, on the other hand, had a very different kind of year: Billionaires as a class have added about $1 trillion to their total net worth since the pandemic began.

"And roughly one-fifth of that haul flowed into the pockets of just two men: Jeff Bezos, chief executive of Amazon (and owner of The Washington Post), and Elon Musk of Tesla and SpaceX fame."

 

[georgephillip]

What the fact does that mean? Do businessmen hire employees? Of course, How does that entitle them to any of the businessman's wealth?

Businessmen who bribe corrupt politicians to profit from monopolies deserve to be taxed beyond the grave:

John D. Rockefeller - Wikipedia

"Although it always had hundreds of competitors, Standard Oil gradually gained dominance of oil refining and sales as market share in the United States through horizontal integration, ending up with about 90% of the US market."

 

[2aguy]

So says Bernie Sanders...https://berniesanders.com/issues/tax-extreme-wealth/
He says ..."Will raise an estimated $4.35 trillion over the next decade"
That's $435 billion additional tax revenue per year.
Right now... if the top 1% of US households (164 million households) or 1.64 million earn
$1,700,000 per year and pay right now about 20% of all federal tax revenue.
BUT if Bernie and the majority of the ignorant people on this board have their way...
according to Bernie these "billionaires" will have "cut the wealth of billionaires in half over 15 years,"
Hmmm... so if Bernie has his way and cuts these evil billionaires wealth in half... how will Bernie pay for the next 15 years?
Remember he is counting on these "billionaires" to pay $435 billion a year from their wealth which according to his plan will be reduced every year.
Which means the tax payments will be reduced. It's just simple economics.

And the weeks before the idiot democrats would sign this bill....American billionaires would move their billions out of the country............

 

[Blues Man]

Sounds about right the top 1% makes about 20% of the income and pays 20% of all income taxes collected.

How is that inequality?

When billionaires pay a lower effective tax rate than 50% of productive workers, that widens economic inequality.
https://www.washingtonpost.com/busi...-lower-tax-rate-than-working-class-last-year/

The Secret IRS Files: Trove of Never-Before-Seen Records Reveal How the Wealthiest Avoid Income Tax

"The results are stark.

"According to Forbes, those 25 people saw their worth rise a collective $401 billion from 2014 to 2018.

"They paid a total of $13.6 billion in federal income taxes in those five years, the IRS data shows.

"That’s a staggering sum, but it amounts to a true tax rate of only 3.4%"

So those without W2 wages pay capital gains taxes.

People without W2 income do not pay Social Security taxes because they do not collect Social Security so adding FICA taxes into your examples is intentionally misleading.

 

[Soupnazi630]

Thank you to all of those billionaire entrepreneurs that helped make humanity more prosperous through their ingenuity, hard work and fearless risk taking. May all the looters that want to steal the fruits of their labor using government as a club burn in hell.

Thanks to the proliferation of trickle-down economic policies like tax cuts for the rich, wage suppression for the vast majority of productive workers, and stock market deregulation, 90% of all Americans are worse off financially than they were 50 years ago.

How much worse?

The wealthiest 1% has taken $50 trillion from working Americans and redistributed it, a new study finds. Here's what that means.

"If the ultrarich hadn't rigged the system in their favor, your annual pay would be doubled — somewhere between $48,000 and $63,000 higher per year.

"That's about $1,000 or more per weekly paycheck that you could have spent in your community, invested in home improvements, or saved for a rainy day, but which instead went to the wealthiest Americans."

Not true.

The study begins with a false assumption which is that the wealthy TAKE their wealth from working Americans.

They do not.

Until you get past that fallacy you have nothing but petty lealousy

 

[bripat9643]

What the fact does that mean? Do businessmen hire employees? Of course, How does that entitle them to any of the businessman's wealth?

Businessmen who bribe corrupt politicians to profit from monopolies deserve to be taxed beyond the grave:

John D. Rockefeller - Wikipedia

"Although it always had hundreds of competitors, Standard Oil gradually gained dominance of oil refining and sales as market share in the United States through horizontal integration, ending up with about 90% of the US market."

How do you write a tax law so that only "Businessmen who bribe corrupt politicians to profit from monopolies" get taxed?

The price of Kerosene went down every year of the existence of Standard Oil.

 

[bripat9643]

He sounds like an idiot. How would we be better off if the government took half of all Elon Musk's money?

Would we better off if Musk's net worth gain over the last year was taxed and that money used to fund Covid-19 vaccinations in parts of the world where virtually no one has been vaccinated?

No.

 

[bripat9643]

Thank you to all of those billionaire entrepreneurs that helped make humanity more prosperous through their ingenuity, hard work and fearless risk taking. May all the looters that want to steal the fruits of their labor using government as a club burn in hell.

Thanks to the proliferation of trickle-down economic policies like tax cuts for the rich, wage suppression for the vast majority of productive workers, and stock market deregulation, 90% of all Americans are worse off financially than they were 50 years ago.

How much worse?

The wealthiest 1% has taken $50 trillion from working Americans and redistributed it, a new study finds. Here's what that means.

"If the ultrarich hadn't rigged the system in their favor, your annual pay would be doubled — somewhere between $48,000 and $63,000 higher per year.

"That's about $1,000 or more per weekly paycheck that you could have spent in your community, invested in home improvements, or saved for a rainy day, but which instead went to the wealthiest Americans."

Communist propaganda.

 

[Flash]

He sounds like an idiot. How would we be better off if the government took half of all Elon Musk's money?

Would we better off if Musk's net worth gain over the last year was taxed and that money used to fund Covid-19 vaccinations in parts of the world where virtually no one has been vaccinated?

https://www.washingtonpost.com/business/2021/01/01/bezos-musk-wealth-pandemic/

"The pandemic has forced untold hardships onto many Americans, with tens of millions of families now reporting that they don’t have enough to eat and millions more out of work on account of layoffs and lockdowns.

"America’s wealthiest, on the other hand, had a very different kind of year: Billionaires as a class have added about $1 trillion to their total net worth since the pandemic began.

"And roughly one-fifth of that haul flowed into the pockets of just two men: Jeff Bezos, chief executive of Amazon (and owner of The Washington Post), and Elon Musk of Tesla and SpaceX fame."

Tony Soprano was always "better off" when he stole money from other people.

It is morally wrong for us to justify being "better off" by stealing money from other people to satisfy our greed.

 

[daveman]

Asclepias AND what? Is 1/2 billion, i.e. 500 million too much for you to handle?

Nothing is too much for me to handle. I was just wondering how drastically your life would be changed if you only had half a billion instead of 1 billion.

How much of what other people earn is your fair share?

 

[daveman]

Asclepias
Let's see...
BEFORE the 1 billion is cut in half... way far sooner than that... the billionaires will move their $$ offshore.
See I deal in reality.

Super Rich Hide $21 Trillion Offshore, Study Says​

Super Rich Hide $21 Trillion Offshore, Study Says

It's isn't beaches like this that draw the extremely wealthy to the Cayman Islands. (Photo credit: toddwickersty) A new report finds that around the world the extremely wealthy have accumulated at least $21 trillion in secretive offshore accounts. That's a sum equal to the gross domestic...

www.forbes.com

So as a result what was being taxed by the government i.e. the billionaires... is reduced.
So how can taxes be paid if there isn't any income to be made?

More importantly though... are you truly that stupid to think that billionaires keep their billions buried in their
backyards or under their mattresses? You can't be that dumb.
After buying yachts (I know this one well as I did consulting to a yacht manufacturer one time and boy the
workers loved those rich yacht buyers...) airplanes, homes, and all that they want, they still have $$ left over.
So what do they do with it? Do you know?
Some goes into banks that hey turn around and lend it out!
Some goes into businesses to hire hmmm... more people, build facilities... wait the government could do that!!
Some goes into the stock market... but honestly and probably surprising to you... very little is kept in cash in their backyards or under their mattresses! Called economics.

One of my mentors is a white billionaire so I am well aware of what they do with their money. What they do with it is not something I would give you for free. I would make you pay for that information.

We have had many discussions about taxes and he and I only differ on one thing. He feels he specifically would be better off determining where his money goes. I have to admit that in his case I agree as he is awesome in what he does. He pays for his employees children college educations and he builds schools in the areas that his employees live.

We will all be better off if billionaires decide what to do with their money rather than the government.

Not really. Even he says most billionaires dont think like he does.

You know what's keeping him from sending more money to the Treasury voluntarily?

Nothing.