Hooray! Richest 1% Now Paying Lower Tax Rate Than Workers

[Cellblock2429]

It seems as if the authors of this "study" want the government to tax "unrealized" capital gains, as those gains aren't taxed by the government yet it appears as if they are counting those unrealized gains as income.

To do as the authors of this bullshit suggest would require a legion of assessors to assign a value to each asset in the country and outside the country for property owned by US citizens.

It would lead to tens of thousands of appeals as people would contest those tax assessments, it would be one expensive venture.

Further, if a property owner disposes of property to get the funds to pay the tax, that will reduce the value of that class of property, should it reduce the tax owed?

If Bezos has to sell a million shares of AMZN to pay his tax, what will that do to the nest eggs and retirement of the other shareholders?

/---/ The tax envy crowd, whom I'm certain take every tax break allowable, can't see past their own noses.

 

[Harpy Eagle]

/----/ Sorry you feel so put upon. Move to Belguim, where you really get soaked. Maybe then you'll appreciate where you live.

Highest Taxed Countries 2024

worldpopulationreview.com

Country	Highest Marginal Rate
Belgium	79.5%
Finland	66.75%
Portugal	64%
United Kingdom	63.25%
Switzerland	59.7%
Aruba	58.95%
Estonia	58.4%
Denmark	57.11%
Japan	55%
Austria	55%

You are just not very bright.

Let me try this again...it was stated....Any rational tax code would have SOME AMOUNT that is the maximum tax. Pick a number. But at some point, you have paid ENOUGH in FIT, and shouldn't be required to pay any more.

Then I asked if such a tax code existed anywhere.

As for moving, once we move to Panama I will have just about zero taxes outside of sales tax. After 330 days of living there our first 110k in income is not taxed by the US.

 

[Crepitus]

Its shocking. Why did we buy this shit ?

"we" didn't. The republicans did.

This is all their fault.

 

[Grumblenuts]

Which is why I bucked the trend and supported AOC and her position that you should not give Amazon massive, multi-billion dollar tax breaks for the benefit of them employing a few thousand minimum wage employees in New York. Make Amazon pay for the extra gas to ship products from out of state.

Both sides have spit on capitalism, each have their own talking points pretending they are looking out for the little guy.

Small and medium sized companies should get some breaks, not some of the wealthiest corporations on earth. I am all for lower taxes for EVERYONE. THis would mean getting rid of the fat in government spending, good luck with that.

Not that I agree much, but thanks for that highly rational response.

 

[Crepitus]

Nobody paid 56% tax rate in 1960.

You are correct. The nominal top rate was 90%.

 

[Darkwind]

What is ludicrous is a tax rate based on envy.

You and the government are no more entitled to the money of another, regardless of how much they earn.
If you are concerned that the rich are not paying more of a rate than you, YOU are the problem.

 

[struth]

"we" didn't. The republicans did.

This is all their fault.

Last I checked a Dem is in the white house....the Dems control the US Senate, they had the House as well for two years.....why didn't they do anything?

AT least since the GOP has had the House they have attempted to lower taxes on the working class, only to be blocked by the Dems

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www.congress.gov

This is Joey Xiden's America

 

[Crepitus]

It is foolish and unreal to look at taxes in terms of percentages.

BZZZZZZZZZZZZZZZZZZZZZZZTTTTTT!!!!!!!!!!

That is incorrect!!

Taxes must be looked at in percentages to det a realistic view of their impact.

A $3,000 tax bill is devastating to a minimum wage employee because it's a large percentage of his income.

It's nothing to a billionaire. A small fraction of 1%.

 

[Crepitus]

What is ludicrous is a tax rate based on envy.

You and the government are no more entitled to the money of another, regardless of how much they earn.
If you are concerned that the rich are not paying more of a rate than you, YOU are the problem.

It's not envy.

 

[Crepitus]

Then why not change it?

Opposition from the rich people with the influence.

 

[Crepitus]

It seems as if the authors of this "study" want the government to tax "unrealized" capital gains, as those gains aren't taxed by the government yet it appears as if they are counting those unrealized gains as income.

To do as the authors of this bullshit suggest would require a legion of assessors to assign a value to each asset in the country and outside the country for property owned by US citizens.

It would lead to tens of thousands of appeals as people would contest those tax assessments, it would be one expensive venture.

Further, if a property owner disposes of property to get the funds to pay the tax, that will reduce the value of that class of property, should it reduce the tax owed?

If Bezos has to sell a million shares of AMZN to pay his tax, what will that do to the nest eggs and retirement of the other shareholders?

Just because you didn't sell the stock doesn't mean it didn't make you money.

 

[Polishprince]

It's not envy.

You are right.

Its Government Greed.

Government isn't "envious" of rich guys, they are just greedy to expand

 

[Crepitus]

Welcome to Joey Xiden's America.

What a retarded thing to say.

I have to ask, do you kids practice being this stupid or does it just come naturally to you?

 

[Grumblenuts]

I mean, who doesnt base their politics off random pictures from random posters on X?

Rutger Bregman - Wikipedia

en.wikipedia.org

 

[Crepitus]

You are right.

Its Government Greed.

Government isn't "envious" of rich guys, they are just greedy to expand

It's not greed either.

Except for the side that makes billions and doesn't wanna pay their share.

 

[Crepitus]

/----/ Sorry you feel so put upon. Move to Belguim, where you really get soaked. Maybe then you'll appreciate where you live.

Highest Taxed Countries 2024

worldpopulationreview.com

Country	Highest Marginal Rate
Belgium	79.5%
Finland	66.75%
Portugal	64%
United Kingdom	63.25%
Switzerland	59.7%
Aruba	58.95%
Estonia	58.4%
Denmark	57.11%
Japan	55%
Austria	55%

So no, no other tax structure like ours?

 

[1srelluc]

The Historical Lessons of Lower Tax Rates

There is a distinct pattern throughout American history: When tax rates are reduced, the economy's growth rate improves and living standards increase. Good tax policy has a number of interesting side effects. For instance, history tells us that tax revenues grow and "rich" taxpayers pay more tax...

www.heritage.org

The Kennedy tax cuts​

President Hoover dramatically increased tax rates in the 1930s and President Roosevelt compounded the damage by pushing marginal tax rates to more than 90 percent. Recognizing that high tax rates were hindering the economy, President Kennedy proposed across-the-board tax rate reductions that reduced the top tax rate from more than 90 percent down to 70 percent. What happened? Tax revenues climbed from $94 billion in 1961 to $153 billion in 1968, an increase of 62 percent (33 percent after adjusting for inflation).

According to President John F. Kennedy:

Our true choice is not between tax reduction, on the one hand, and the avoidance of large Federal deficits on the other. It is increasingly clear that no matter what party is in power, so long as our national security needs keep rising, an economy hampered by restrictive tax rates will never produce enough revenues to balance our budget just as it will never produce enough jobs or enough profits… In short, it is a paradoxical truth that tax rates are too high today and tax revenues are too low and the soundest way to raise the revenues in the long run is to cut the rates now.

Such were the times when dems were not retarded.

 

[Crepitus]

Last I checked a Dem is in the white house....the Dems control the US Senate, they had the House as well for two years.....why didn't they do anything?

AT least since the GOP has had the House they have attempted to lower taxes on the working class, only to be blocked by the Dems

Loading…

www.congress.gov

This is Joey Xiden's America

Lol, you think this happened overnight?

You're even dumber than I thought.

 

[struth]

What a retarded thing to say.

I have to ask, do you kids practice being this stupid or does it just come naturally to you?

Who's President? Who's running the Govt, who's enforcing the tax code? Joey Xiden.

 

[Grumblenuts]

What a retarded thing to say.

I have to ask, do you kids practice being this stupid or does it just come naturally to you?

Some are born that way. Some work at it every day. Then there's both.