jc456
Diamond Member
- Dec 18, 2013
- 139,245
- 29,154
Then how do they pay down the debt?Well 1% own most of American equities. And it's hardly in their self interest to give raises.Our wage problems are from too many near monopolies and wage collusion. We had super low unemployment and wages barely moved.Well, imo wealth disparity is just because the % of income growth in the top 1% and more so the top .1% grew much faster than workers' incomes, and their taxes did not rise in % to their income growth. The supply siders and tools of Norquist who dream they too could invent the computer will say "but the top 10% pay by far most of the total taxes." While that's true, it's actually evidence of the unequal share of who earned the increases in gnp. It's totally opposite to what occurred from 1950-1980 when the middle class emerged. Partially it was the decline in unions and globalization.That's about half of what we spent on stimulus in the past 2 years, and even that is never going to pass. A 10% surtax?A wealth tax would raise 4.35 TRILLION over a ten year period and the uber-wealthy wouldn't even notice it.
Great idea - DO IT!
How Much Revenue Would a Wealth Tax Raise?
Former Democratic presidential candidates Sen. Bernie Sanders, I-Vt., and Sen. Elizabeth Warren, D-Mass., have proposed progressive annual wealth taxes. Warren’s proposal would enact a wealth tax with a rate of 2 percent per year on net worth between $50 million and $1 billion and 6 percent per...www.aei.org
We'd better figure out something to address wealth inequality and pay down the national debt or we'll all be F'd. Cleaning up and simplifying a tax code that enables a company like Amazon to pay nothing or a cheat like Rump to pay $750 two years in a row is also essential.
Jeff Bezos Adds Record $13 Billion in Single Day to Fortune
Jeff Bezos added $13 billion to his net worth on Monday, the largest single-day jump for an individual since the Bloomberg Billionaires Index was created in 2012.www.bloomberg.com
We taxed the shit out of the rich before Reagan. I'd say our problem was not how much we taxed them, but the ways we let them avoid any tax by not earning profit on their "nut." But we had the Reagan boom because so much money sought productive investments. Now we have the opposite problem. Not enough places to invest. So we have housing and equity bubbles faster than we did before.