This is why we need to tax the wealthy

[meaner gene]

I comprehend it just fine. You voted yourself God and get to decide how much money everyone is allowed to have, and want to steal anything over that.

That dumbassery has nothing to do with a fair share, Moron. Give us a percent of the total yearly tax bill you think the top 1% should pay. top 10%?

That's simple.

According to the ASEC, median household income was $74,580 in 2022,

Take the percentage of income the median households pay, and make that the "effective" rate for those making more.

 

[beagle9]

When was it people quit creating businesses because of taxes?

They didn't, but businesses have definitely had it way harder to exist within a hostile environment that is created by the moochers/Democrat voters who are using the Democrat government in order to fleese the American business sector in their names. Both moocher and Democrat government are benefitting from other people's generating of wealth by stealing to much of it.

 

[TruthNotBS]

Stop going back to the past, and realize that we've overcome a lot of obstacles over the year's, and those achievements will remain intact going Forward.

Problem we have today is a Democrat party that wants to use government to bully companies by making them jump through ridiculous hoops, and we have a government that wants the employee's not to depend on their companies, but to depend on the government to bully the companies in favor of the government and the employee's getting what they both want... One for political reasons, and one for citizen party loyalty to be a result of the situation.

If we don't learn from the past we're doomed to repeat it. Pointing the causes of our present economic and political crisis isn't "going back" to anything, it's just a means to move forward into the future without making the same mistakes. We need to reform or we're not going to survive as a nation, politically, socially, and economically. This country is falling apart, I give it maybe another ten or fifteen years at best, if that.

 

[Oldestyle]

In the early 1970s, we had the advent of , major companies investing heavily in computers and automation. That was the beginning of the problem for a workforce within a modern, new computerized capitalist system. We also had Vietnam, which caused inflation, which led to "stagflation" and eventually Ronald Reagan's "supply-side", trickle-down economics:

The Trickle Down Doesn't Trickle.

View attachment 886062​

Incentivizing corporations toward short-term, quick profits at the expense of the long-term success and health of our economy is why we don't have a manufacturing base or labor unions anymore. American manufacturing and Unionized labor is a fraction today of what it used to be and that's why working conditions are so dismal and unsustainable. During the pandemic, we were unable to provide our medical professionals with the gear and equipment they needed to do their jobs. We had to import most of the supplies from China and India. What the hell happened to us?

Vietnam caused inflation? How so?

 

[TruthNotBS]

Because it's retarded, arrogant, mooching collective in design. Newsflash, you have no claim on other people's wealth. Why don't you hop the fence into your neighbor's yard and steal his BBQ.

I and all members of society have a right to determine the rules of our country and community. If anyone is taking wealth away from others it's the big-money capitalists that you worship with their yearly subsidies:

RANK	PARENT	SUBSIDY VALUE.	NUMBER OF AWARDS
1	Boeing	$15,299,301,828	919
2	Intel	$8,355,493,707	126
3	Ford Motor	$7,711,954,966	685
4	General Motors	$7,474,648,736	763
5	Micron Technology	$6,785,681,915	18
6	Alcoa	$5,727,691,764	134
7	Cheniere Energy	$5,617,152,523	42
8	Amazon.com	$5,362,872,810	393
9	Foxconn Technology Group (Hon Hai Precision Industry Company)	$4,820,110,112	74
10	Volkswagen	$3,876,017,317	201
11	Sempra Energy	$3,828,022,782	51
12	NRG Energy	$3,405,383,876	262
13	Texas Instruments	$3,297,406,673	58
14	Venture Global LNG	$3,285,883,566	6
15	NextEra Energy	$3,008,691,129	117
16	Sasol	$2,836,049,845	72
17	Tesla Inc.	$2,829,855,494	114
18	Stellantis	$2,795,436,436	212
19	Nucor	$2,518,064,340	159
20	Walt Disney	$2,421,480,784	249
21	Iberdrola	$2,380,537,196	109
22	Toyota	$2,303,826,689	199
23	Shell PLC	$2,210,816,246	130
24	Oracle	$2,167,890,528	88
25	Mubadala Investment Company	$2,124,035,097	62
26	Nike	$2,104,917,829	138
27	Hyundai Motor	$2,048,610,159	17
28	Brookfield Asset Management	$1,965,174,610	221
29	Meta Platforms Inc.	$1,931,193,644	59
30	Alphabet Inc.	$1,927,519,074	121
31	Exxon Mobil	$1,891,153,489	207
32	Nissan	$1,842,814,165	87
33	Samsung	$1,824,560,806	72
34	Apple Inc.	$1,822,765,569	47
35	Berkshire Hathaway	$1,821,345,126	1,156
36	Summit Power	$1,783,593,414	6
37	Comcast	$1,757,958,784	383
38	Paramount Global	$1,751,931,557	318
39	Air Products & Chemicals	$1,723,155,312	78
40	Cleveland-Cliffs	$1,705,497,604	124
41	General Electric	$1,687,039,351	979
42	Southern Company	$1,671,678,366	43
43	JPMorgan Chase	$1,663,593,063	1,127
44	Energy Transfer	$1,634,128,172	106
45	Vornado Realty Trust	$1,623,857,336	33
46	Duke Energy	$1,579,449,473	85
47	Wolfspeed Inc.	$1,560,125,015	63
48	SkyWest	$1,550,492,958	683
49	Rivian Automotive Inc.	$1,532,854,012	3
50	IBM Corp.	$1,495,438,545	367
51	OGE Energy	$1,427,570,182	15
52	SCS Energy	$1,419,011,796	5
53	General Atomics	$1,408,185,425	105
54	Panasonic	$1,384,147,584	61
55	Lockheed Martin	$1,330,320,782	316
56	Sagamore Development	$1,320,000,000	2
57	Northrop Grumman	$1,274,514,883	249
58	Corning Inc.	$1,262,885,869	389
59	Vingroup	$1,254,000,000	1
60	Continental AG	$1,244,875,478	111
61	Microsoft	$1,217,430,220	104
62	RTX Corporation	$1,162,467,558	741
63	Jefferies Financial Group	$1,144,919,260	17
64	SK Holdings	$1,081,550,283	9
65	Valero Energy	$1,053,812,692	197
66	Dow Inc.	$1,049,354,213	619
67	AES Corp.	$1,030,194,632	132
68	Exelon	$982,955,949	58
69	CF Industries	$982,271,715	129
70	Abengoa	$979,241,701	39
71	Pyramid Companies	$966,050,097	91
72	Mazda Toyota Manufacturing, U.S.A., Inc.	$900,000,000	1
73	Apollo Global Management	$896,260,221	575
74	LG	$879,583,102	86
75	Delta Air Lines	$876,412,623	14
76	Centene	$875,369,834	55
77	Bayer	$850,128,391	200
78	Honda	$849,832,301	92
79	Shin-Etsu Chemical	$827,644,305	105
80	Enterprise Products Partners	$826,988,371	83
81	SunEdison	$813,584,873	113
82	Goldman Sachs	$800,873,386	253
83	E.ON	$782,609,880	38
84	Archer Daniels Midland	$771,669,569	1,085
85	EDF-Electricite de France	$759,943,523	35
86	Triple Five Worldwide	$748,000,000	4
87	Bank of America	$744,566,157	926
88	EDP-Energias de Portugal	$733,674,868	14
89	Warner Bros. Discovery Inc.	$725,762,690	209
90	Related Companies	$687,200,000	1
91	Koch Industries	$672,949,735	489
92	Caithness Energy	$670,379,738	28
93	Hyannis Air Service Inc.	$667,928,778	296
94	Wells Fargo	$648,073,003	525
95	Entergy	$638,345,893	234
96	OCI N.V.	$627,879,406	5
97	FedEx	$621,948,452	604
98	Bedrock Detroit	$618,000,000	1
99	Dominion Energy	$615,436,089	50

And government bailouts.

I and millions of other Americans hold that billionaires shouldn't be allowed to exist. Money is power, and it's dangerous for a democracy to have individuals who hoard and possess that much of it. It translates into corruption and less freedom for everyone. The figures that I gave are self-evidently more than reasonable. If a person isn't satisfied netting one million dollars monthly for a total of 12 million annually and feels deprived for not being permitted to own more than a hundred million in liquidity and assets, then the problem is with that person. Perhaps they should get some counseling. Get a good psychiatrist.

Limiting the hoarding of capital, forces capitalists to take the extra money and reinvest it into the company, perhaps hiring more employees and expanding the business. They can also take that extra money they can't keep as income or an asset and donate it to a good cause. There are several ways to invest that money to benefit the business and its workers, along with the owner/s of the company.

 

[Oldestyle]

It's retarded not to do it.

Gee whiz, Sparky...what would individuals with large amounts of wealth do? What do they ALWAYS do! You think Bill Gates is going to stay in the US if you limit his wealth to your prescribed levels? You think Mark Cuban is? You think Jeff Bezos is going to base Amazon's expansion in the US? How naive are you? You only need to look at New Jersey and what happened there when they imposed a "millionaires tax" that was far less draconian than what you're proposing! The wealthy moved out of New Jersey in droves! What was supposed to increase tax revenues instead shrank them. Your "plan" would result in a literal stampede of capital and innovative people out of the US!

 

[Oldestyle]

NAFTA, and it was probably associated with huge kick backs from foreign governments that ended up participating in that new trade agreement, otherwise that began undermining our manufacturing industry, and ultimately undermining our country.

NAFTA was a HUGE contributing factor in that, Beagle! Something that a liberal like Christian will shy away from admitting though.

 

[ThunderKiss1965]

Hand it over to the Pentagon. Some things never change.

We spend more money on Social Security and Medicare than we do the Military. Guess which one in not mentioned in the Constitution ?

 

[pknopp]

They didn't, but businesses have definitely had it way harder to exist within a hostile environment that is created by the moochers/Democrat voters who are using the Democrat government in order to fleese the American business sector in their names. Both moocher and Democrat government are benefitting from other people's generating of wealth by stealing to much of it.

Paying for the things you use is not a hostile environment .

 

[Oldestyle]

Paying for the things you use is not a hostile environment .

Interesting. So requiring those on welfare that are physically able to work to look for work isn't "hostile"?

 

[TruthNotBS]

Vietnam caused inflation? How so?

The Vietnam War had significant economic impacts on the United States, including contributing to inflation. Here's an overview of how the Vietnam War caused inflation and the steps taken to mitigate it:

1. Increased Government Spending: The Vietnam War was a costly endeavor for the United States. The government increased its spending significantly to support the war effort. This increase in government spending, without a corresponding increase in taxes, led to a larger budget deficit. The US was under the gold standard at the time (Albeit, the gradual move out of it was on the way for a couple of decades by the 1960s) hence the amount of money our country could issue was in some ways limited by its gold reserves.
2. Demand-Pull Inflation: The war spending boosted the economy, increasing demand for goods and services. However, the production capacity of the economy was not able to keep up with this increased demand, leading to demand-pull inflation. Essentially, more money was chasing the same amount of goods and services, leading to higher prices.
3. Cost-Push Inflation: The war also disrupted supply chains and increased the costs of raw materials, contributing to cost-push inflation. For instance, military needs often took precedence over civilian needs, straining resources.
4. Monetary Policy: During this period, the U.S. Federal Reserve initially adopted an accommodative monetary policy, which meant they kept interest rates low. This policy was intended to support economic growth and employment, but it also contributed to inflation by increasing the money supply.

To mitigate the inflation caused by the Vietnam War, the following steps were taken:

1. Fiscal Policy Adjustment: The government eventually had to reduce its spending and increase taxes to address the budget deficit. This helped to slow down the economy and reduce inflationary pressure.
2. Tighter Monetary Policy: The Federal Reserve shifted to a tighter monetary policy by raising interest rates. Higher interest rates made borrowing more expensive, which reduced spending and investment, helping to cool down the economy and curb inflation.
3. Wage and Price Controls: In some instances, the government implemented wage and price controls to directly combat inflation. However, these measures were often seen as temporary fixes and not long-term solutions.
4. Encouraging Savings: Efforts were made to encourage savings among the American public, to reduce the amount of money in circulation and spending.
5. Supply-Side Measures: The government also took steps to improve the supply side of the economy, such as investing in infrastructure and technology, to increase the production capacity and efficiency of the economy.

When I say "Supply Side Measures", I'm not referring to Reagonomics or Supply Side as defined by right-wing Republicans, who only provide the "supply side" of the economy at the top with wealth at the expense of the people who are working in the factories, actually producing everything. Stripping America of its manufacturing base and labor unions switched our economy from one focused on production to finance (banking and Wall Street). We turned America, the world's manufacturing juggernaut, on the road to ruin and third-world status. There was a time when the world looked up at the US for its best products, it was truly the manufacturing hub of the world, for good quality tangible MADE IN THE USA products. Now we're a mere shadow of what we were.

 

[pknopp]

Interesting. So requiring those on welfare that are physically able to work to look for work isn't "hostile"?

Not necessarily, no. But why do you have such an issue with paying for what you use?

 

[Nostra]

I and all members of society have a right to determine the rules of our country and community. If anyone is taking wealth away from others it's the big-money capitalists that you worship with their yearly subsidies:

RANK	PARENT	SUBSIDY VALUE.	NUMBER OF AWARDS
1	Boeing	$15,299,301,828	919
2	Intel	$8,355,493,707	126
3	Ford Motor	$7,711,954,966	685
4	General Motors	$7,474,648,736	763
5	Micron Technology	$6,785,681,915	18
6	Alcoa	$5,727,691,764	134
7	Cheniere Energy	$5,617,152,523	42
8	Amazon.com	$5,362,872,810	393
9	Foxconn Technology Group (Hon Hai Precision Industry Company)	$4,820,110,112	74
10	Volkswagen	$3,876,017,317	201
11	Sempra Energy	$3,828,022,782	51
12	NRG Energy	$3,405,383,876	262
13	Texas Instruments	$3,297,406,673	58
14	Venture Global LNG	$3,285,883,566	6
15	NextEra Energy	$3,008,691,129	117
16	Sasol	$2,836,049,845	72
17	Tesla Inc.	$2,829,855,494	114
18	Stellantis	$2,795,436,436	212
19	Nucor	$2,518,064,340	159
20	Walt Disney	$2,421,480,784	249
21	Iberdrola	$2,380,537,196	109
22	Toyota	$2,303,826,689	199
23	Shell PLC	$2,210,816,246	130
24	Oracle	$2,167,890,528	88
25	Mubadala Investment Company	$2,124,035,097	62
26	Nike	$2,104,917,829	138
27	Hyundai Motor	$2,048,610,159	17
28	Brookfield Asset Management	$1,965,174,610	221
29	Meta Platforms Inc.	$1,931,193,644	59
30	Alphabet Inc.	$1,927,519,074	121
31	Exxon Mobil	$1,891,153,489	207
32	Nissan	$1,842,814,165	87
33	Samsung	$1,824,560,806	72
34	Apple Inc.	$1,822,765,569	47
35	Berkshire Hathaway	$1,821,345,126	1,156
36	Summit Power	$1,783,593,414	6
37	Comcast	$1,757,958,784	383
38	Paramount Global	$1,751,931,557	318
39	Air Products & Chemicals	$1,723,155,312	78
40	Cleveland-Cliffs	$1,705,497,604	124
41	General Electric	$1,687,039,351	979
42	Southern Company	$1,671,678,366	43
43	JPMorgan Chase	$1,663,593,063	1,127
44	Energy Transfer	$1,634,128,172	106
45	Vornado Realty Trust	$1,623,857,336	33
46	Duke Energy	$1,579,449,473	85
47	Wolfspeed Inc.	$1,560,125,015	63
48	SkyWest	$1,550,492,958	683
49	Rivian Automotive Inc.	$1,532,854,012	3
50	IBM Corp.	$1,495,438,545	367
51	OGE Energy	$1,427,570,182	15
52	SCS Energy	$1,419,011,796	5
53	General Atomics	$1,408,185,425	105
54	Panasonic	$1,384,147,584	61
55	Lockheed Martin	$1,330,320,782	316
56	Sagamore Development	$1,320,000,000	2
57	Northrop Grumman	$1,274,514,883	249
58	Corning Inc.	$1,262,885,869	389
59	Vingroup	$1,254,000,000	1
60	Continental AG	$1,244,875,478	111
61	Microsoft	$1,217,430,220	104
62	RTX Corporation	$1,162,467,558	741
63	Jefferies Financial Group	$1,144,919,260	17
64	SK Holdings	$1,081,550,283	9
65	Valero Energy	$1,053,812,692	197
66	Dow Inc.	$1,049,354,213	619
67	AES Corp.	$1,030,194,632	132
68	Exelon	$982,955,949	58
69	CF Industries	$982,271,715	129
70	Abengoa	$979,241,701	39
71	Pyramid Companies	$966,050,097	91
72	Mazda Toyota Manufacturing, U.S.A., Inc.	$900,000,000	1
73	Apollo Global Management	$896,260,221	575
74	LG	$879,583,102	86
75	Delta Air Lines	$876,412,623	14
76	Centene	$875,369,834	55
77	Bayer	$850,128,391	200
78	Honda	$849,832,301	92
79	Shin-Etsu Chemical	$827,644,305	105
80	Enterprise Products Partners	$826,988,371	83
81	SunEdison	$813,584,873	113
82	Goldman Sachs	$800,873,386	253
83	E.ON	$782,609,880	38
84	Archer Daniels Midland	$771,669,569	1,085
85	EDF-Electricite de France	$759,943,523	35
86	Triple Five Worldwide	$748,000,000	4
87	Bank of America	$744,566,157	926
88	EDP-Energias de Portugal	$733,674,868	14
89	Warner Bros. Discovery Inc.	$725,762,690	209
90	Related Companies	$687,200,000	1
91	Koch Industries	$672,949,735	489
92	Caithness Energy	$670,379,738	28
93	Hyannis Air Service Inc.	$667,928,778	296
94	Wells Fargo	$648,073,003	525
95	Entergy	$638,345,893	234
96	OCI N.V.	$627,879,406	5
97	FedEx	$621,948,452	604
98	Bedrock Detroit	$618,000,000	1
99	Dominion Energy	$615,436,089	50

And government bailouts.

I and millions of other Americans hold that billionaires shouldn't be allowed to exist. Money is power, and it's dangerous for a democracy to have individuals who hoard and possess that much of it. It translates into corruption and less freedom for everyone. The figures that I gave are self-evidently more than reasonable. If a person isn't satisfied netting one million dollars monthly for a total of 12 million annually and feels deprived for not being permitted to own more than a hundred million in liquidity and assets, then the problem is with that person. Perhaps they should get some counseling. Get a good psychiatrist.

Limiting the hoarding of capital, forces capitalists to take the extra money and reinvest it into the company, perhaps hiring more employees and expanding the business. They can also take that extra money they can't keep as income or an asset and donate it to a good cause. There are several ways to invest that money to benefit the business and its workers, along with the owner/s of the company.

Billionaires shouldn’t be allowed to exist? Now you want to murder the successful?

Wow!

 

[TruthNotBS]

Billionaires shouldn’t be allowed to exist? Now you want to murder the successful?

Wow!

You are unable to comprehend what you read. Prohibiting people from being billionaires doesn't imply murdering anyone. The billionaires of today with their 300 billion dollars in assets should be required by the US government to take that money and reinvest it into their companies or/and charities. One person with that much power is dangerous for a democracy or any society.

 

[Nostra]

You are unable to comprehend what you read. Prohibiting people from being billionaires doesn't imply murdering anyone. The billionaires of today with their 300 billion dollars in assets should be required by the US government to take that money and reinvest it into their companies or/and charities. One person with that much power is dangerous for a democracy or any society.

Saying they shouldn’t “exist” implies killing them, Simp.

 

[beagle9]

S

If we don't learn from the past we're doomed to repeat it. Pointing the causes of our present economic and political crisis isn't "going back" to anything, it's just a means to move forward into the future without making the same mistakes. We need to reform or we're not going to survive as a nation, politically, socially, and economically. This country is falling apart, I give it maybe another ten or fifteen years at best, if that.

State your ideas for reform listing them one by one, and let us review them, and then we'll comment on them one by one. Thanks

 

[beagle9]

Paying for the things you use is not a hostile environment .

Huh ? .... Uh maybe you didn't understand the post... It's alright.

 

[Oldestyle]

Not necessarily, no. But why do you have such an issue with paying for what you use?

I don't but when I tell a liberal that I think physically able people should be working, not collecting welfare I'm usually asked why it is that I "hate" poor people!

 

[j-mac]

Because none of us here are budget experts. Yours is the dodge.

Then give me a number….

 

[TruthNotBS]

Gee whiz, Sparky...what would individuals with large amounts of wealth do? What do they ALWAYS do! You think Bill Gates is going to stay in the US if you limit his wealth to your prescribed levels? You think Mark Cuban is? You think Jeff Bezos is going to base Amazon's expansion in the US? How naive are you? You only need to look at New Jersey and what happened there when they imposed a "millionaires tax" that was far less draconian than what you're proposing! The wealthy moved out of New Jersey in droves! What was supposed to increase tax revenues instead shrank them. Your "plan" would result in a literal stampede of capital and innovative people out of the US!

Depositing or moving assets abroad into tax havens should be prohibited for any American citizen. If one of these billionaires or millionaires with hundreds of millions of dollars decides to move out of the country they still wouldn't be able to do whatever they want overseas financially. When I lived overseas I still had to pay my taxes to Uncle Sam. The only way to release myself from that obligation is by relinquishing my American citizenship and getting another one.

No one can say with a straight face that the success of a state's economy relies on whether it has a state income tax or higher taxes for the rich. California is an example of a state that imposes quite high taxes on everyone, especially the rich and famous, and yet it's still an extremely prosperous state. Texas is the opposite of that when it comes to taxes and yet it's also a quite prosperous state. It's not all about tax rates.