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Originally Posted by RichieRich
The number of “rich” people is a fraction of the middle class, who, arguably, have more disposable income than the “poor” class. Tax the very rich it’s a relatively small Piece of the pie compared to taxing the massive middle class. For example adding 1% extra tax to 10 million people gains more income than an extra 1% from 100,000 Uber wealthy PLUS those Uber wealthy may just pick up all their marbles and move.
What is NOT politically correct to talk about perhaps are…. Er… never mind. I’ll get shot if I mention tax on the low income earners when they see substantial societal handouts from the government.
What can be done? Like others have suggested is generational tax on estates. Also moreso is the concept of consumption and luxury taxes - aka voluntary tax. For example on high end equipment, cars, homes, certain non essential consumables, etc…
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Quote:
Originally Posted by Jason14h
All these things have already had taxes paid on them when the money was initially earned, or have tax payed at some point. So you want to double tax them indefinitely.
Also - Most of the 'loopholes' or tax deferral benefit the average investor, retirement savings, small businesses, etc. So I guess we also want different rules at a certain point for all scenarios because that is 'fair'
You basically just want to take from the 'Rich' and give to the 'Poor' for no other reason then "They have more, and I want some"
If everyone should pay their "fair share" there should be no marginal tax rates and everyone should pay the same amount. (Actually should just be a consumption tax and no income tax but good luck explaining that to the average voter )And guess what - The rich would stay be rich, and even more so. The lowest earners pay ZERO. They are net takers from the economy/world. The 'Rich' are net contributors.
The rich pay more % wise. Maybe not every year, but over the long run to death they will. They pay more real $$ wise - Exponentially more.
It isn't a fair share you want anyone to pay - Because you cant even define what is 'fair' - fair is a construct of opinions
Its a share you deem people should pay because effectively, you want more $$ (Well for the government to provide you services) and want to take it from people who are not you
Maybe you should go into your neighbours backyard next time he's having a BBQ and take his steak off the grill because it's unfair that you only had hot dogs on your grill.
If you think having Jeff Bezos pay a bit more in taxes when the US economy is currently at a 2.06 TRILLION deficit through the first 8 months of this year is going to make a difference to your standard of living or the price of housing you are out to left field.
Honest question - Have you ever taken an entry level economics course or read any economic books? Because taxing the rich solves zero of the problems you are complaining about
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Sure, ignore pretty much everything I said and trot out a bunch of right wing talking points.
Did you miss the part where the world's billionaires got $5.5 TRILLION richer during the pandemic? That's enough to cover off the ENTIRE 2020 (and part of 2021) budget deficits for the US and Canada combined.
Most of all, what you two don't seem to be getting is that most workers are essentially paying a tax every day, in the form of underpaid labour. The worker must work or starve, and therefore will accept arrangements that they would not otherwise accept in a non coercive environment. The taxes that the rich are being asked to pay, are a drop in the bucket compared to all the wealth they extracted from workers who had no other choice but to comply.
But yeah, let's ignore all that. When government prints money to pay for services that struggling families desperately need, or to pay for badly needed infrastructure, let's pretend that the deficits are the fault of everyday people, and not the fault of multimillionaires & billionaires who find creative ways of dancing around the tax laws while not technically breaking them. And let's definitely get all our answers from our obviously not biased textbooks that are obviously not designed to get people to think a particular way about things.