This is why we need to tax the wealthy

[bigrebnc1775]

Billionaires Are Hoarding Trillions in Untaxed Wealth. They Want the Supreme Court to Keep It That Way

A new report from Americans for Tax Fairness found that America’s richest families accumulated $8.5 trillion in untaxed capital gains in 2022

www.yahoo.com

TRILLIONS in untaxed wealth. Good luck explaining this to republicans I guess. You have to explain the difference between the official tax rate and the EFFECTIVE tax rate of top earners.

The top 1% pay hundreds of millions of dollars in taxes

 

[Blues Man]

Imposing taxes has everythging to do with running a country and society, controlling inflation, and maintaining the value of the dollar, which is crucial for capitalism's existence. Under our current fiat, sovereign currency no longer based upon the amount of gold reserves the nation has, the US federal budget is constrained by our nation's GDP or production capacity. So unlike under the gold standard our federal government doesn't rely on taxes to fund itself as it did before, although taxes still serve an important function, by taking money out of the economy, maintaining the value of the currency, and controlling inflation.

Taxes are integral to a modern, market capitalist economy, without them capitalism collapses. The wealthy must pay their fair share in taxes, just like working-class people pay their taxes as well. We all pay taxes.

And we have taxes.

I said taxing a profit that has not yet been made has nothing to do with capitalism.

 

[DGS49]

Truly wealthy people have tremendous flexibility in whether or when they recognize income. If their wealth is largely in real estate, they get tremendous breaks that are not accessible to other sorts of investors.

The fact remains that, "payroll" taxes aside, the working class pays very little in FIT, and actually has nothing to complain about. The bottom half of the population pays less than three percent of the total FIT taxes each year.

Like it or not, the Tax Code has been written by the Peoples' representatives in Congress. In effect, it is YOU who make the tax laws.

 

[pknopp]

Truly wealthy people have tremendous flexibility in whether or when they recognize income. If their wealth is largely in real estate, they get tremendous breaks that are not accessible to other sorts of investors.

The fact remains that, "payroll" taxes aside, the working class pays very little in FIT, and actually has nothing to complain about. The bottom half of the population pays less than three percent of the total FIT taxes each year.

Like it or not, the Tax Code has been written by the Peoples' representatives in Congress. In effect, it is YOU who make the tax laws.

In this I agree. People complain about how things are run but what do they do over and over? Elect the same people who have set that all up.

They care more about what they claim they will do than what they actually do.

 

[Woodznutz]

Didn’t pay your taxes eh?

I paid my taxes with a smile, but they still wanted money.

 

[TruthNotBS]

The top 1% pay hundreds of millions of dollars in taxes

They have to pay 39% of their income in taxes, and unfortunately, many of them end up paying very little, if anything, due to having their money hidden in tax havens abroad and manipulating the system. The uber-wealthy sponsor bills in Congress that create a ton of legal loopholes that allow them to skirt taxes,hardly paying anything. This has to end and they have to start paying their fair share.

I'm for tax-cut incentives for employers who raise wages, improve working conditions, lower the cost of living, allow their employees to unionize, keep their businesses here in the US, and don't move them to Mexico. I'm a reasonable socialist. If a capitalist is a job-creator who pays good wages and is pro-labor, I will be in favor of him or her paying much less in taxes. Unfortunately, most of the big-money capitalists aren't like that. They're all about "numero uno", "me, myself, and I".

 

[TruthNotBS]

And we have taxes.

I said taxing a profit that has not yet been made has nothing to do with capitalism.

Without taxes there's no economy. Does capitalism need an economy? Infrastructure? Yeah.

 

[Blues Man]

Without taxes there's no economy. Does capitalism need an economy? Infrastructure? Yeah.

What do you not understand about the sentence.

Taxing profit that is not realized has nothing to do with capitalism

We have taxes of all sorts and have I ever said anything about abolishing ALL taxes?

 

[j-mac]

Society determines that not me or you as individuals. If billionaires, the uber-rich, undermine our democracy, with their super PACs and armies of lobbyists and cronies in government, we can determine as a community, how much money (POWER) an individual person or family can amass and hoard. Many of these super-wealthy capitalists pay very little in taxes if anything. Capitalism's bottom line is private-profits, not the public good or what is best for the community or country. Capitalism's main purpose and drive, isn't always what is best for society, hence it must be properly regulated or the result is a right-wing, plutocratic nightmare, with gross inequality, high cost of living, no one has medical coverage, employees lack rights, and work under horrible conditions, for crap wages.

If your wages don't cover your rent, food, medical..etc, when you're earning $15 or even $25 hourly, you're living in a nation with a dysfunctional economy. The system is screwed up.

Well, that sounds terrible! I don’t know why you’d continue to live in such a horrible place…

 

[Ghost of a Rider]

I said exactly what I said.

Obviously you said what you said, that's not at issue.

Some are and I gave an example.

Have I suggested that no rich person is guilty of cheating or breaking the law?

 

[j-mac]

I paid my taxes with a smile, but they still wanted money.

I feel ya…but, as far as I know, the only way you didn’t get a stimulus check, is if you owed back taxes…

 

[pknopp]

Obviously you said what you said, that's not at issue.

Have I suggested that no rich person is guilty of cheating or breaking the law?

Just wondering why those who complain let the biggest of them lead.

It's something to strive for?

 

[Ghost of a Rider]

Of course it would slow down borrowing lol.

No it wouldn't. That's the aspect of human nature and the nature of the U.S. government you're overlooking: The more money they have, the more they look for ways to spend it. After having spent the additional tax revenue from the wealthy, they will just come up with other things they need (want) to spend money on and so they will resort to borrowing all over again.

That is the exact effect it would have. To suggest otherwise doesn’t make any sense. Who even is they anyway? This is spending across the board. It all doesn’t work the same way.

You seem to be unaware of a basic preliminary fact: the tax revenue they receive now is sufficient to provide the basics that government is tasked to provide.

Government waste is a fact of life that is as certain as death and, well, taxes. But no one ever considers cutting out the waste. It's always: we need more money.

 

[Ghost of a Rider]

Just wondering why those who complain let the biggest of them lead.

It's something to strive for?

I'm not the one complaining, you are.

I understand that fraud happens but we have rules and laws in place to punish those actually guilty of it. My problem is the apparent (to me) mentality that all the rich should be held accountable for the fraud of a few by paying more taxes.

I've always liked the idea of a flat tax rate for everyone. There's no logical reason that a rich person should pay a higher tax rate by simple virtue of having more money.

 

[Soupnazi630]

We need to tax the living snot out of the rich.

A lot people go picking on the USSR but they have no clue about all the advantages the USSR had over the United States.

"The USSR has a multitude of achievements

USSR had a more nutritious diet than the US, according to the CIA. Calories consumed surpassed the US.

Ended famines.

Productive forces were not organized for capital gain and private enrichment; public ownership of the means of production supplanted private ownership. It was illegal to hire others and accumulate personal wealth from their labor.

Had the 2nd fastest growing economy of the 20th century after Japan. The USSR started out at the same level of economic development and population as Brazil in 1920, which makes comparisons to the US, an already industrialized country by the 1920s, even more spectacular.

Free Universal Health care, and most doctors per capita in the world. 42 doctors per 10k population, vs 24 in Denmark and Sweden, 19 in US.

Had near zero unemployment, continuous economic growth for 70 straight years. The "continuous" part should make sense – the USSR was a planned, non-market economy, so market crashes á la capitalism were pretty much impossible.

USSR moved from 58.5-hour workweeks to 41.6 hour workweeks (-0.36 h/yr) between 1913 and 1960 USSR averaged 22 days of paid leave in 1986 while USA averaged 7.6 in 1996.,

In 1987, people in the USSR could retire with pension at 55 (female) and 60 (male) while receiving 50% of their wages at a at minimum. Meanwhile, in USA the average retirement age was 62-67.

All education, including university level, free.

99% literacy

Saved the world from Fascism, Taking on the majority of Nazi divisions, and killing 90% of Nazi soldiers. Bore the enormous cost of blood and pain in WW2 (25M dead), with the bloodiest battles in the history of warfare.. An estimated 70% of Soviet housing was destroyed by Nazi invasion. Nazis were in retreat after the battle of Stalingrad in 1942, a full 2 years before the US landed troops in normandy.

Doubled life expectancy. Eliminated poverty.

Combatted (systemic) sex inequality.

Ended (systemic) Racial inequality.

Feudalism to space travel in 40 years. First satellite, rocket, space walk, woman, man, animal, space station, moon and mars probes.

Soviet power production per capita in 1990 was more than the EU, Great Britain, or China's in 2014.

Eliminated homelessness

And the list goes on and on

The fall of the USSR also led to the greatest drop in life expectancy ever, millions dead and millions more homeless, etc"

--source

WRONG

We need to cut taxes on the rich and everyone else

Your CIA report is FICTION

The USSR absolutely did end famines by deliberately engineering famine as a weapon and then starving the millions to death thus ending it

Productive forces were organized which means taken from the individual WHICH IS SLAVERY

The economic growth of the USSR was a sham desgined to make it look good. They simply built worthless factories with loans they never paid back. They then forced farrmers into the factories to produce JUNK which no one wanted.

When you measure growth as factories buiild and people employed it looks great but it was nothing more than slavery for symbolic appearances.

There work week and hours worked were far longer than anyone in the west but the numbers simply made up to look better

Their universal heath care was a disaster with shorter life expectencies and higher infant mortality.\

Of course their government reported the false numbers you use as propoganda.

The fall of the USSR was the greatest gift to humanity of the twentieth century

you are brainwashhed with marxist propoganda but the above facts prove you wrong

 

[Soupnazi630]

Your rich employer determines what your wages are. You miss the point. Society has the right to regulate capitalism, impose taxes and determine how much power or money an individual can amass because too much power in the hands of one individual or family undermines democracy. If you want to live in a capitalist-run oligarchy and plutocracy, where vested interests determine government policy, rather than what is best for the American public (the country), don't properly regulate capitalism. You'll end up with an unsustainable economy and unstable society, on the brink of collapse. You'll have 1% of the population, owning 50%+ of the nation's wealth, and the working class will be consigned to living in deteriorating, horrible conditions.

Society has no rightrs at all

Society is a vague idea and nothing more. Only indiciduals have rights.

Employers and employees determine wages through agreement. No one else especially fucking society has a right to make demands or interfere with that

Your notion of society is strictly a smoke screen for a desire to enslave others.

When the economy is unregulated it is better and more succesful

 

[jc456]

What do you suppose the gov't. will do with the money?

give it to foreign countries, like they do today.

 

[Soupnazi630]

WRONG

We need to cut taxes on the rich and everyone else

Your CIA report is FICTION

The USSR absolutely did end famines by deliberately engineering famine as a weapon and then starving the millions to death thus ending it

Productive forces were organized which means taken from the individual WHICH IS SLAVERY

The economic frowth of the USSR was a sham desgined to make it look good. They simply built worthles factories with loans they never paid back. They then forced farrmers into the facotries to produce JUNK which no one wanted.

When you measure growth as factories buiild and people employed it looks great but it was nothing mroe than slavery for sympolic appearances.

There work week and hours worked were far longer than anyone in the west but the numbers simply made up to look better

Their universal heath care was a disaster with shorter life expectencies and highrr infant mortality.\

Of course their government reported the false numbers you use as propoganda.

The fall of the USSR was the greates gift to humanity of the twentieth century

 

[jc456]

Billionaires Are Hoarding Trillions in Untaxed Wealth. They Want the Supreme Court to Keep It That Way

A new report from Americans for Tax Fairness found that America’s richest families accumulated $8.5 trillion in untaxed capital gains in 2022

www.yahoo.com

TRILLIONS in untaxed wealth. Good luck explaining this to republicans I guess. You have to explain the difference between the official tax rate and the EFFECTIVE tax rate of top earners.

Unrealized gains? stay away from my money, stop giving money to foreign countries and spend that cash for the people who provide the funds. It's sad you don't support that, why would you need to get to my unrealized gains? What is it you need additional money for? let us know.

 

[jc456]

We dont need to raise taxes. We need to do away with expenditures.
You people are so simple minded

stop giving our hard earned money to foreign countries. let's start there first? All that does is line the pockets of the demofks and conservative politicians. Close the border and ship the illegals back to their homes and use tax money for those who earned it.