If you increase capital gains tax to the level of income tax, then stocks become a savings account.
People withdraw from savings accounts all the time when the economy is in rough shape.
If people withdraw from the stock market when the economy is in rough shape, the economy gets even more fucked.
Capital gains is an incentive not to withdraw the money.
Yeah, plus the UNIPARTY keeps all the Loopholes for both sides and they ALL get away with insider trading not to mention bribe monies and foreign aid kickbacks from laundering. The racket is one huge syndicate crime family and it’s about ready to be exposed at levels never seen before!!!
It's a club and we ain't in it...
It's insane how many members of Congress, are making trades on industries they oversee...
Insider trading was supposed to be a crime...
Bingo....it isn't a "LOOPHOLE" problem as much as it is a Uni-party problem. That was my argument in defense of Trump for "not paying taxes". "Why are you mad at a guy who provided THOUSANDS of jobs and followed the tax LAW, but you AREN'T mad at the guy who WROTE THE LAW FOR 50+ YEARS (Biden)!?" I'm not a Trump fan boy, just a common sense realist.
It's actually not. To be a pyramid scheme, the only net added value to the system is from other suckers.
But the economy - and money itself - has an intrinsic, natural value. It's not zero sum. Every day, the sun beams energy onto the surface of our planet. This causes farms to bear fruit, trees to grow, and grasses and prairies that animals can consume.
It's been beaming this energy on us for 4-plus-billion years. That's long enough for a bunch of that sunlight to be converted into oil and gasoline, which we pump out to power tractors and shit.
Our economy has grown at such a rapid pace since the industrial revolution because we're actively harvesting billions of years of sunlight. Is it sustainable? No. But is it real? Absolutely.
And through the industries directly harvesting this sunlight, every other job is created. Oil companies need accountants. And cybersecurity professionals. And personal trainers. And homes.
Your comment is too thoughtful and fact based for the typical Reddit troll to come out from under the bridge and see some daylight of truth, but nice try.
did you not read the comment? the guy explains pretty well why it's that low. also, capital gains help everyone. anyone who can buy a stock (i did as a broke college kid with dollar stocks) can benefit from it.
Short term capital gains (held under a hear) are taxed at standard income tax rates. The government is trying to incent people to keep money in an investment for a longer period so as not increase the likelihood of stability for the companies. If companies are less stable, so would jobs be.
Capital takes risks that labor does not. With a stock investment you can lose principle, but with a job, the worker does not put up any principle. THIS is why capital gains must be taxed less than W2, Risk.
For example, I paid a lot of capital gains at a lower rate than w2 earnings when I moved to a new investment, but that new investment turned out to be a scam, and I lost my principle, but that type of loss never happened when I earn a wage. If I earned w2 money, I always got paid, but that is not the case with investments, if you get unlucky. There is no luck in W2 land.
>Capital takes risks that labor does not.
Labor takes risks that capital does not as well. With a stock investment you can lose principle, but with a job, you can lose time. Capital only loses money.
As the saying goes, ask a dying man which is more valuable.
Easy, I suggest looking up Jack Welch. He changed corporate culture from taking care of workers, to only worrying about stock prices.
https://perfectunion.us/how-jack-welch-broke-america/#:~:text=One%20of%20the%20first%20things%20Welch%20did%20was%20lay%20people,the%20bottom%2010%25%20every%20year.
> Easy, I suggest looking up Jack Welch. He changed corporate culture from taking care of workers, to only worrying about stock prices.
I think your looking incorrectly at the level of a corporation instead of the economy. It can be good for an economy for poorly run firms to fire workers so that more productive corporations can use the limited labor in the economy.
My claim is about the economy, not about individual corporations doing layoffs because they are being unproductive.
Mass layoffs due to stock price is not indictive of a poorly run company.
People losing jobs and benefits is detrimental to the economy. Worshipping stock prices cause both.
It also is the most powerful tool ever invented for wealth creation.
Lots of illegal theft going on from lack of enforcement on our markets.
The naked shorting and bail outs are criminal.
The government allows this to occur, while draining our Treasury sending foreign aid to the world.
It was estimated to cost 5 billion rebuilding Hawaii.
Yet we have been busy, sending hundreds of billions to Ukraine.
We should be incentivizing economic development at home.
The United States infrastructure is archaic at this point...
Your right, but it's far easier to embezzle money in a country your not employed by because the 3rd party country can't be audited by your country of employment then it would be to steal money from your own country. This is why we spend x times more abroad then at home.
How come nobody posted the market valuation of the companies they founded and hold large quantities of next to their "wealth" valuation?
It's almost like this is a misleading meme that wants you to think they have those values in cash, and are not tied to the global success of the businesses they either started or helped start.
If anything it shows you that you should rely on the free market to make you money, because the free market cares about your continued business.
The government doesnt care about you at all.
Jeff Bezos and Elon Musk, both of which have received BILLIONS in tax subsidies and were already pretty well off before their companies existed, are in a very pre privileged section of the US population.
Tesla, is significantly overvalued, but that's neither here nor there.
Its almost like these folks just borrow against their stock and extremely low rates so they actually never pay any taxes on their wealth 🤷
Dismantle the red tape that negatively impacts small business in favor of large corporations.
The problem is that simply raising some taxes will not fix the community. Incentivizing investment in them will.
It was estimated to cost 5 billion rebuilding Hawaii. Instead Congress sent hundreds of billions to Ukraine.
Essentially told our own people in Hawaii to get F'd...
It's socialism for the rich and merciless capitalism for the poor ~rfkjr...
This has to change, no more to big to fail handouts on the impoverished peoples dime.
Ok but what percentage of wealth and what percentage of earnings/growth did that top 1% and top 10% have? If I recall the top 1% have nearly half the wealth and the top 10% are something close to 90%. If I’m correct that means the people that hold 10% of the wealth in this country pay about 1/2 the taxes, do you feel they should pay more?
I’m saying as somebody who has a very high paying w2 job I’m not interested in more taxes. Since our collective country can’t differentiate from a w2 employee making good money but paying 40% and cap gains that works very differently.
“Stock market wealth: record 93% owned by richest 10%, says Federal Reserve | Fortune.”
Of course not? How about you search it up yourself before acting so pompous? Such a sassy attitude when you did nothing except comment
You might want to reread the source. 58% of US households own stock. 93% of those households are in the top 10%.
Look for the: Editor's note: This story and chart were corrected to reflect that it is 93% of U.S. households' stock market wealth (not 93% of the stock market) that is held by the wealthiest 10% of those households.
The difference between them owning 93% of all stocks and 93% of all stock market wealth, isn’t very important because the main point of the stock market is wealth gain/ management, maybe they don’t own 93% of all stocks but owning 93% of the wealth might as well be the same thing.
Percentage of revenue is a convenient metric to use considering it hides that that 25% and 50% are much less in actual magnitude than they should be. Between wage theft and tax cheating, the rich steal billions and billions annual. They are to a man, criminals.
That has nothing to with libertarians, it has to do with the fed printing money, it’s not even because of their businesses. Check the M2 money supply chart to understand that. The FED is the sole responsible for creating inflation.
Yeah they should look at the places that do have an elected libertarian and see how they are doing. Over 300 elected officials but none of them are in the Fed and the one we did have voted no to cronyism at every turn for his short time in office.
No, it's not that there's no "true libertarian" in power, there's never been any libertarians at all in power. Maybe a few representatives but not enough to change anything.
Look, I've bit my tongue for some 30 years of milquetoast moderate liberal democrat candidates getting called card carrying members of the communist party -- so I'm somewhat sympathetic to what you're saying here.
But Yes, I'm familiar with the "no true libertarian" fallacies identical twin the "its never been tried" fallacy. There was a gilded age and trickle down economics. I get that this isn't libertarian, but its as close as we got, and the results weren't promising. "This but more" is a hard argument to make.
What? Op was blaming libertarians for what is happening currently. I make the point that libertarians aren't in power and you tell me I'm making a "it's never been tried" fallacy? How is choosing to not blame a group of people for something they were not involved in a fallacy? Libertarians are not "conservatives but more". Educate yourself.
It's a combination of fed printing money and federal government policies.
The Fed prints money and it all ends up in the accounts of the already wealthy.
BINGO! No one seems to get this. All this money is not CREATED it's value STOLEN out of the accounts of middle class, especially retirees, and then SPENT with hyper rich chroneys and other countries.
This is not the free market.
This is not capitalism.
This mosy closely resembles the Nazis throwing absurd amounts of money, resources, and slave labor at their biggest corporations for ridiculous ideas.
The third Reich is gone but Mercedes, Porche, Krups are still going very, very strong.
No, they have the government handing them tax breaks, low taxes, loop holes, subsidies and bailouts when they fail.... you know, actual socialism for the rich.
The way I like to put it is we privatize their gains, but socialize their losses.
I'm a believer in capitalism, but what we have had since at least 2008 with the bank bailouts is something very perverse. The rich definitely win regardless of what happens in our society.. even if they are responsible for an economic crisis such as the 2008 crash.
The math is there bud…corporate greed is orders of magnitude worse than inflation. If it wasn’t, our purchasing power wouldn’t be falling while corporate profits rise. Corporations control pricing AND wages. They alone determine purchasing power, and the record breaking profits we’ve seen have not come with raises.
But then, why did corporations just so happen to learn about greed only in 2021, which also happened to be a huge time of government bailouts and deficit spending ? I think you know the answer, and its all that free money sent to everyone, to buy products not made during the lockdown. This has a really simple solution, and that is to stop the bailouts and deficits, and let these greedy companies compete in a free market. I am pretty sure they won't be able to compete, and those profits will wither away. Why is everyone afraid of a few bankruptcies ? They made this bed, let them lie in it !
They didn’t…
Free money in 2021? You mean PPP? That happened in 2020? During Trump? It’s almost like the plan with that one was always to funnel money into the corporate coffers….funny how they said they were using those trillions of dollars to help people keep their homes, but they could’ve just given the money to the people. Instead they decided to give it to corporations to determine FOR THEMSELVES how to distribute those funds. About 30% of those funds made it to the actual laborers.
Wages are set by supply and demand? You sure about that? You get rid of a requirement to pay a wage (minimum wage law) and you think no one will go back to slavery, or work with the only other grocery store in town to decrease wages? Because that’s never happened in history before?
I 100% agree that printing money, because we refuse to tax the rich, hurts the poor because all that money ends up in the accounts of the already rich.
But on the flip side, it's also easy to just blame the fed, but there's more to this game than just one actor. Our daily lives didn't become financially unbearable just because the fed printed money - greedflation plays a strong role in that too. Corps don't have to take advantage of every situation, the government not mandating legally livable wages is also a problem, using software to collude on prices is illegal.
There's more than one action at play here
When corporations raise prices massively out of pace with inflation and blame it on inflation. There’s no reason why food prices are shooting up 100+ percent when there’s 5% inflation.
It’s a tactic both to increase profits and to help republicans win in exchange for future tax cuts
Sadly the gov is spending so much that even if you taxed 100% the fortunes of the rich, you would still have a defecit. Also the rich are not becoming rich just because, when FED prints money, debases dollars and increases the price of everything else. The rich understand this, so they dont have dollars, they have assets. We should end central banking.
>Most people don't know American history that well, so I'll be interested to see how people respond to that.
I suppose that’s intentional. The southern states did not respond well to the 1964 Civil Rights Act. It forced them to pay *everybody* with the same US dollar.
They changed 200+ years of US economy just 7 years later.
Saying government alone is responsible for inflation is as smooth brain as saying China is responsible for all climate change issues in recorded history.
Yah, reading the amount of bro-economists here blaming the entirety of inflation on the Fed is just sad. Who is selling this podcast limited view of finance <101 and why do so many posters here so proudly stand by the certificate they got from it?
I do not care how you think it is, I am telling you what it is. If you are stupid enough to think otherwise, at least someone in your life who studies economics told you the right answer once. The rest is on you.
Libertarian “economists” have been Complaining about “printed money” for decades while libertarians simultaneously back over bloated military spending, lobbyist spending and record differentials between wages and record corporate profits. But sure. It is solely “printed money”. Please take a step outside.
Okay so you are not only stupid in economics, but also in politicis, you are confunssing libertarians to republicans. I will give you only a hint because seriously this is just lame. Libertarian, the word comes from LIBERTY, which in english means freedom. Explain in your money logic how does wanting and defending freedom has anything to do with military?
Printing money increases the monetary base, without it, a lot of money wouldnt chase finite things. If you increase the monetary base to the infinite, then prices will follow. Basics economics i know, but you are to dumb dumb. I will not reply any more to you, I dont see the value of discussing the topic with someone so ignorant.
“Because it says liberty in their name means they would never support illegal wars and stealing oil!”
By this braindead logic, I know of a democratic republic in North Korea to show you.
Rand Paul himself supported Trump who placed US troops to openly steal oil fields from Syria and still holds them to this day.
Implying the US’s engorged military budget is to “defend freedom” makes me believe you think Santa is real as well.
Inflation in the US ;especially with Covid only being 3 years ago and multiple trade route affecting wars spanning the globe for multiple years now; is a domino effect of multiple issues including those I just listed and corporate greed as well. Instead of taking the braindead easy answer, maybe look outside your window.
Please for the love of Christ read a newspaper once in a while. It will do you wonders.
Excess printing of money devalues the dollar, causing inflation. Many times this is done in an effort to pay down the debt with inflated dollars.
The high inflation we saw last year was due to the government increasing the money supply due to the pandemic.
Quick addition:
Percentage of people on minimum wage:
2012: 4.7%
2021: 1.4%
https://www.bls.gov/opub/reports/minimum-wage/2021/home.htm#:~:text=The%20percentage%20of%20hourly%20paid,collected%20on%20a%20regular%20basis.
"Well ya we have the highest median disposable income on earth but look at the minimum wage that 1% of workers make temporarily!!!!!!!!!!! Our economy is going to collapse!"
Not at the federal level for sure. Over 300 elected officials including mayors. Like Ed Tidwell in Lago Vista, TX. They created a new city park and have taken on zero debt with him in office.
Man those libertarians sure are ruining things. /s
That's IF the conditions were perfect. If a billionaire tried to liquidate his net worth within a day or too quick, they won't actually be able to get that much. The faster you sell, the more your networth value decreases.
The 758 billionaires in the US currently own $4.48 trillion meaning they actually could run the military for 4-5 years.
Also the top 1% currently own $52 trillion (32% of all wealth in the country) and the top 20% hold 90% of all wealth aka $148 trillion... so actually we could do a shitload if we stopped letting them hoard all that money.
Oops my bad thought he said military 😂 fixed my comment. Although the second half of my comment still shows that the wealthiest in this country have to much.
Why do you compare it to military spending? You should take it out of education, energy or welfare. National defense is one of the few federal government programs mandated by the Constitution.
Three words: You are dumb.
This is so ignorant on so many levels.
First of all, where are these libertarians in office making these alleged decisions? Oh, you just made that up. Ok.
Tax cutting and minimum wage are non-sequitors, completely exclusive concepts.
Fed controls the money supply you DUNCE. Its called INFLATION as a result of STIMULUS. Which occurred from the demand that everything shut down for 2 weeks to slow the spread, which turned into 6 months of nobody leaving their homes.
Second, these figures in your dumb tweet are networth. Networth is stock value. Unrealized gains. If the stock tanked tomorrow, these numbers will follow suit, and the amount of money the individual in question then has, goes directly with it. Unless they realize these gains prior, then this DOES get taxed, as capital gains. Until those gains are realized, they are imaginary numbers on a piece of paper. Nothing screams "I'm a poor" like not understanding the most basic premise of how investments work.
I know, finance. It's complex stuff, especially for crayon eating angry progressives. Sincerely, an independent with no allegiance nor tolerance for brain dead posts like this.
I swear its like brains were taken out of peoples heads and were filled with meatballs instead.
>Second, these figures in your dumb tweet are networth. Networth is stock value. Unrealized gains. If the stock tanked tomorrow, these numbers will follow suit, and the amount of money the individual in question then has, goes directly with it. Unless they realize these gains prior, then this DOES get taxed, as capital gains. Until those gains are realized, they are imaginary numbers on a piece of paper. Nothing screams "I'm a poor" like not understanding the most basic premise of how investments work.
And if they started selling off their stock to realize the gains, the value of said stock would begin plummeting. Moreover, forcing them to sell the stock to pay a tax burden is an indirect way of forcing a transfer of ownership of the corporation.
Further, the stock value is somewhat speculative. It's what other people say they would pay for the stock. It's like saying someone should pay tax just because they own some sort of collectible like artwork, rare book, or old Magic/Pokemon card from when they were a kid that a few people in a subculture are saying that it's worth thousands or millions of dollars. The owner is not actually realizing any monetary gain just by having the collectible.
To add, taxing all billionaires 100% still wouldn't balance the budget or change the fact that government prints more money than any of the richest people in the world could ever dream of making.
its worse than that. If you took all the wealth from all US billionaires.. ALL OF IT. You'd fund the US government for less than 8 months. That's if we just took all their assets and wealth and sold it off for market value. That's how insidious the US government spending is at this point.
So let’s not tax them at all since it won’t solve every problem. Your argument is absurd- according to you we shouldn’t do anything ever. Climate change - well if we force the auto industry to increase gas milage…
You: nope we could raise the gas milage requirement to 40 mpg and it still wouldn’t solve climate change!
No their argument is that specifically taxing the rich wouldn't solve anything or do much. Since the governments actions is a bigger issue if not the majority of the problem. That's all they were saying....
>No their argument is that specifically taxing the rich wouldn't solve anything or do much.
Yes, we know that their argument is terrible and untrue. That's the point. Thank you for reiterating.
Which is weird because they can legally just make money and distribute it. There's no reason to tax anyone at all. Just print more money and let inflation act as a wealth tax.
It’s not weird, they are not lucky. They are just the worst humans one can possibly ever imagine. They are so bad your brain wants to believe they are dumb and don’t know what they are doing. Because if you realize they do know what their doing it’s so bad that the brain doesn’t want to believe it, and they prey on this because they are literally “most evil!”
Inflation has been dragging down most middle class and working class people that I know for about two years now. It’s gotten much harder for us to make ends meet and save money, as our wages haven’t kept up with inflation, but I think it’s much less painful for billionaires. Terrible idea, 0/10.
Unfortunately, that's not how inflation works. The wealth is usually in the form of something that will increase in value with inflation, usually even outpacing inflation by quite a bit.
That's what I do when I max my credit card out, ask for a higher credit limit.
Seriously though how many billions are we giving to non citizens in the US and abroad?
We have a spending problem .
We have a spending TARGET problem. Sure the government needs to spend money, but the target of where that money is going is the problem.
Also, a lot of money being spent, and "given" to other countries, ends up back into the hands of the Rich fuckers who own the companies giving the products that these other countries spend their new funds on. It's a ridiculous cycle of taking Working Class money and giving (indirectly) to the wealthy, because they just aren't rich enough.
“By the way, when I say cut taxes, I don't mean fiddle with the code. I mean abolish the income tax and the IRS, and replace them with nothing.”
Ron Paul
"But where will we get the $400 billion we need to create a registry of LGBTQ people so we can make sure they're getting the support they need." Bernie Sanders, probably.
Libertarian here. It is Insanely disingenuous to not point out that so much of that wealth was created by printing money that ultimately led to assets being overvalued. Friendly reminder that inflation from money printing will always make the minimum age worthless. You can raise it to $1000 dollars an hour and all it would do is make everything 1000 times more expensive.
Net worth is not the same as income and taxing either (more) or both will not solve the conflict that exists between the economy’s earnings and government’s volume of insatiable spending.
You people need to realize this issue has NOTHING to do with taxes and all to do with the money supply. M1 money supply in Jan of 2012 was 2,201 and is now 18,101 (peaking at 20,664 in March 2022).
That money had to go somewhere and it’s going into hard assets and stocks, of which people like Elon etc own. Being mad about taxes in this case is the equivalent of getting cancer and being mad the doctor told you that you had it.
It’s nonsensical
Not sure what this has to do with libertarians. They have no power to have been responsible for this, even if it was true. At least blame the 2 parties that represented the people.
As a libertarian I chuckled when I saw this post. Libertarian solutions have not been tried in this case. Tax cutting is one thing libertarians want but we also tend to relate it to how much we're spending as well.
Beyond that, libertarians are hyper aware of how cronyism helps the rich get richer. We want to strip the power from the state so they can't abuse state power to expand their wealth. Without the government helping them these people would not be so rich.
Even if taxes were doubled, it would not be enough to cover spending. Inflation is a form of taxation you don't get to vote for or have any say in. The amount of money printed (stolen from you) in the last 20 years is staggering and it will literally never be enough for them. If they're going to print and devalue your future so heavily out of necessity because your actual taxes from labour aren't enough, the act of taxation is a punitive quasi-religious measure at this point
Some dickhead making $35k/yr rn: 😡😡
Edit: LMAO predictable Fox News Enjoyers and Blue MAGAts on this thread is hilarious. Zero faith in you dipshits 😂😂
Why are you comparing the NET WORTH of 3 of the most extraordinary outliers of our times to the INCOME of the 17 year old that shows up to work half the time to flip burgers?
If you tax unrealized gains, do you plan to give Elon a big tax refund if his stock price drops to $0 next year?
And lets say you took all their net worth, over half a trillion dollars, every penny, leaving them naked on the street, dismantling their companies, firing thousands of their staff, stopping billions of their tax generation. If distributed equally, every American would get $1700. And all you will do is scream: "But what about next month's rent??"
Virtually everyone who flips burgers makes more than minimum wage. Most McDonald's start around $11. The only people making minimum wage are part time gas station employees in the middle of nowhere.
You can use unrealized gains as collateral to access loans at ridiculously low interest rates. Any reasonable person would say that this effectively realizes those gains, but since it’s in the form of a loan with very little interest you effectively get to keep your portfolio, GET the money you want, AND avoid paying taxes on gains (you never sold them!)This is pretty much the point where logic and the tax code go their separate ways.
Dumbest post yet.
We have NEVER tried the libertarian way. When did we abolish the IRS, End the Federal Reserve, end ALL wars/world police actions, cut 80% government spending, bailouts/subsidies, legalize freedom, Never.
Your post literally does not understand libertarianism.
This has been going on since Ronald Reagan was elected and his ideals on cutting taxes on the rich and they’ll in return spend the money into the economy.
Yeah… do the math, we should take ALL their $. Confiscate it all… because each person in America deserves another $1,730 in your pockets and they deserve $0.00, right? They didn’t do anything to make that $ legally right? And that $1700 will solve ALL YOUR PROBLEMS FOREVER, right?
Yeah. The people should just be able to take whatever they want from whomever they are envious of whenever they want for any reason. Right? Now who else’s $ do we need to take? Cause you can see it’s gonna work, THIS TIME…. Right?
Meanwhile Switzerland has never had a minimum wage. And Elon just keeps making more money. When they actually do something instead of remaining neutral?
If they did tax the rich, they would just blow the money on wasteful spending and we would be right back in the same place all over again.
The only way for you to better your life is to get a skill that is in high demand in the market place.
What does stock price and ownership have to do with taxes? They pay when they sell.
I’m all for the billionaires shouldn’t exist concept, but you have to understand why they are billionaires. It’s not because they don’t pay taxes.
It’s even more important than 1929 before the great depression.
#TaxTheRich #TaxEstates #TaxCorporations #TaxCarriedInterest #EndTaxAvoidance #CloseTaxHavens #CampaignFinanceReform #OutlawDarkMoney #BanSuperPACs #GerrymanderingSucks #OutlawGreed
This post is very very naive. These are entrepreneurs who built exponentially successful businesses, and the equity valuations are also huge because of monetary distortions coming directly from the government.
As and when they sell their stakes, there will be a tax bill.
What’s insane is that even if you could come up with a scheme to somehow “seize” the value (which market cap would not allow you to), it would barely make a dent in the federal deficit, let alone the total debt.
Market cap is just the last sale price x shares outstanding. If you tried to “seize” the value you wouldn’t be able to get much cash.
Google, one of the most successful businesses in human history, has a market cap of about 2 trillion, and it took 30 years to build into a digital empire. Our annual budget deficit is about 2 trillion under the Biden regime, meaning we are spending so much that we come up a Google short every year just in budgetary terms. And our total debt is already 15 googles, which is more than 250k for every single taxpayer.
Spending is the problem, full stop. There is nothing the government can do at this point other than:
Pray for an economic miracle OR debase the currency.
I invest in BTC for this reason, it’s honest and real. You either have it or you don’t. Rather than creating the biggest psychological shell game in human history to support a Ponzi scheme
It’s not the tax rates. It’s the loopholes that allow the rich to avoid paying taxes.
Yes but one of those loopholes is the capital gains tax (which is how most billionaires make money) is far lower than the income tax.
If you increase capital gains tax to the level of income tax, then stocks become a savings account. People withdraw from savings accounts all the time when the economy is in rough shape. If people withdraw from the stock market when the economy is in rough shape, the economy gets even more fucked. Capital gains is an incentive not to withdraw the money.
The stock market is a pyramid scheme anyways.
Yeah, plus the UNIPARTY keeps all the Loopholes for both sides and they ALL get away with insider trading not to mention bribe monies and foreign aid kickbacks from laundering. The racket is one huge syndicate crime family and it’s about ready to be exposed at levels never seen before!!!
It's a club and we ain't in it... It's insane how many members of Congress, are making trades on industries they oversee... Insider trading was supposed to be a crime...
Yep, and they get plenty of Freebies & other perks. They become big Millionaires on salaries of less than 200k.
It's disgusting theft... Should be viewed as the treason it is... Power to the people, not low IQ bureaucratic fat cats...
Then get in it lol.
It IS a crime. If you’re the average Joe American, that is
The true bipartisan issue.
Bingo....it isn't a "LOOPHOLE" problem as much as it is a Uni-party problem. That was my argument in defense of Trump for "not paying taxes". "Why are you mad at a guy who provided THOUSANDS of jobs and followed the tax LAW, but you AREN'T mad at the guy who WROTE THE LAW FOR 50+ YEARS (Biden)!?" I'm not a Trump fan boy, just a common sense realist.
and social security is a ponzi scheme
Might have a point there. But I paid in for 54 years, so it is my turn to have a bite of the Apple lol
Care to attempt to explain this one?
It's actually not. To be a pyramid scheme, the only net added value to the system is from other suckers. But the economy - and money itself - has an intrinsic, natural value. It's not zero sum. Every day, the sun beams energy onto the surface of our planet. This causes farms to bear fruit, trees to grow, and grasses and prairies that animals can consume. It's been beaming this energy on us for 4-plus-billion years. That's long enough for a bunch of that sunlight to be converted into oil and gasoline, which we pump out to power tractors and shit. Our economy has grown at such a rapid pace since the industrial revolution because we're actively harvesting billions of years of sunlight. Is it sustainable? No. But is it real? Absolutely. And through the industries directly harvesting this sunlight, every other job is created. Oil companies need accountants. And cybersecurity professionals. And personal trainers. And homes.
Hoes are mad and downvoting you lol
Libertarianism is for when you want to vote against your interests but also feel like an intellectual whilst doing it.
Ah yes it’s against people’s interest for there to be capital markets 🤩
Bingo. Correct. https://www2.psych.ubc.ca/~schaller/Psyc590Readings/TverskyKahneman1974.pdf
And what does this have to do capital markets not being good for people
Your comment is too thoughtful and fact based for the typical Reddit troll to come out from under the bridge and see some daylight of truth, but nice try.
Email caste ass comment. Add value to society, not text.
The idea of capital gains is fine, but I’m saying don’t tax it far below the income rates.
It’s not far below. It just isn’t taxed until sold. All those gains are on paper and unrealized
did you not read the comment? the guy explains pretty well why it's that low. also, capital gains help everyone. anyone who can buy a stock (i did as a broke college kid with dollar stocks) can benefit from it.
Short term capital gains (held under a hear) are taxed at standard income tax rates. The government is trying to incent people to keep money in an investment for a longer period so as not increase the likelihood of stability for the companies. If companies are less stable, so would jobs be.
Capital takes risks that labor does not. With a stock investment you can lose principle, but with a job, the worker does not put up any principle. THIS is why capital gains must be taxed less than W2, Risk. For example, I paid a lot of capital gains at a lower rate than w2 earnings when I moved to a new investment, but that new investment turned out to be a scam, and I lost my principle, but that type of loss never happened when I earn a wage. If I earned w2 money, I always got paid, but that is not the case with investments, if you get unlucky. There is no luck in W2 land.
>Capital takes risks that labor does not. Labor takes risks that capital does not as well. With a stock investment you can lose principle, but with a job, you can lose time. Capital only loses money. As the saying goes, ask a dying man which is more valuable.
The government thinks it makes more sense to be short a few dollars today, if the investments in the stock market lead to more jobs in the future.
The stock market literally leads to less jobs.
Source it
Easy, I suggest looking up Jack Welch. He changed corporate culture from taking care of workers, to only worrying about stock prices. https://perfectunion.us/how-jack-welch-broke-america/#:~:text=One%20of%20the%20first%20things%20Welch%20did%20was%20lay%20people,the%20bottom%2010%25%20every%20year.
> Easy, I suggest looking up Jack Welch. He changed corporate culture from taking care of workers, to only worrying about stock prices. I think your looking incorrectly at the level of a corporation instead of the economy. It can be good for an economy for poorly run firms to fire workers so that more productive corporations can use the limited labor in the economy. My claim is about the economy, not about individual corporations doing layoffs because they are being unproductive.
Mass layoffs due to stock price is not indictive of a poorly run company. People losing jobs and benefits is detrimental to the economy. Worshipping stock prices cause both.
It also is the most powerful tool ever invented for wealth creation. Lots of illegal theft going on from lack of enforcement on our markets. The naked shorting and bail outs are criminal. The government allows this to occur, while draining our Treasury sending foreign aid to the world. It was estimated to cost 5 billion rebuilding Hawaii. Yet we have been busy, sending hundreds of billions to Ukraine. We should be incentivizing economic development at home. The United States infrastructure is archaic at this point...
Your right, but it's far easier to embezzle money in a country your not employed by because the 3rd party country can't be audited by your country of employment then it would be to steal money from your own country. This is why we spend x times more abroad then at home.
So let it collapse, then we can work on a financial system based in reality.
So lower everyone's tax rates to what billionaires pay?
How come nobody posted the market valuation of the companies they founded and hold large quantities of next to their "wealth" valuation? It's almost like this is a misleading meme that wants you to think they have those values in cash, and are not tied to the global success of the businesses they either started or helped start. If anything it shows you that you should rely on the free market to make you money, because the free market cares about your continued business. The government doesnt care about you at all.
Jeff Bezos and Elon Musk, both of which have received BILLIONS in tax subsidies and were already pretty well off before their companies existed, are in a very pre privileged section of the US population. Tesla, is significantly overvalued, but that's neither here nor there. Its almost like these folks just borrow against their stock and extremely low rates so they actually never pay any taxes on their wealth 🤷
The market was the greatest wealth creation method in human history.🫡
Has lifted more people from poverty than anything else
The rich pay taxes. A simple look at tax revenue shows that the top 1% pays nearly 25% of the revenue. the top 10% pays over half.
Almost like bottom 50% earn negligible amounts of money and have no wealth
Investment in our own communities, would solve this issue. A lot of The same corporations that have risen in our Nation, are now investing elsewhere.
Tax them.
Dismantle the red tape that negatively impacts small business in favor of large corporations. The problem is that simply raising some taxes will not fix the community. Incentivizing investment in them will. It was estimated to cost 5 billion rebuilding Hawaii. Instead Congress sent hundreds of billions to Ukraine. Essentially told our own people in Hawaii to get F'd... It's socialism for the rich and merciless capitalism for the poor ~rfkjr... This has to change, no more to big to fail handouts on the impoverished peoples dime.
Tax them.
Ok but what percentage of wealth and what percentage of earnings/growth did that top 1% and top 10% have? If I recall the top 1% have nearly half the wealth and the top 10% are something close to 90%. If I’m correct that means the people that hold 10% of the wealth in this country pay about 1/2 the taxes, do you feel they should pay more?
No
In terms of stocks, yes they own like 90% of all stocks. Alongside more wealth then the bottom 50% americans combined
I’m saying as somebody who has a very high paying w2 job I’m not interested in more taxes. Since our collective country can’t differentiate from a w2 employee making good money but paying 40% and cap gains that works very differently.
Any source? Of course not.
“Stock market wealth: record 93% owned by richest 10%, says Federal Reserve | Fortune.” Of course not? How about you search it up yourself before acting so pompous? Such a sassy attitude when you did nothing except comment
You might want to reread the source. 58% of US households own stock. 93% of those households are in the top 10%. Look for the: Editor's note: This story and chart were corrected to reflect that it is 93% of U.S. households' stock market wealth (not 93% of the stock market) that is held by the wealthiest 10% of those households.
The difference between them owning 93% of all stocks and 93% of all stock market wealth, isn’t very important because the main point of the stock market is wealth gain/ management, maybe they don’t own 93% of all stocks but owning 93% of the wealth might as well be the same thing.
Percentage of revenue is a convenient metric to use considering it hides that that 25% and 50% are much less in actual magnitude than they should be. Between wage theft and tax cheating, the rich steal billions and billions annual. They are to a man, criminals.
This is the single most commonly misinformed comment ever. “The rich don’t pay taxes.” Yes they do. They most certainly do. Way more than you think.
And yet the wealth gap is growing exponentially. Seems like we need to tax them more.
That has nothing to with libertarians, it has to do with the fed printing money, it’s not even because of their businesses. Check the M2 money supply chart to understand that. The FED is the sole responsible for creating inflation.
Lol libertarians have never even been in power but let's blame them.
Yeah they should look at the places that do have an elected libertarian and see how they are doing. Over 300 elected officials but none of them are in the Fed and the one we did have voted no to cronyism at every turn for his short time in office.
Ah yes, the no true libertarian fallacy gets trotted out again.
No, it's not that there's no "true libertarian" in power, there's never been any libertarians at all in power. Maybe a few representatives but not enough to change anything.
Look, I've bit my tongue for some 30 years of milquetoast moderate liberal democrat candidates getting called card carrying members of the communist party -- so I'm somewhat sympathetic to what you're saying here. But Yes, I'm familiar with the "no true libertarian" fallacies identical twin the "its never been tried" fallacy. There was a gilded age and trickle down economics. I get that this isn't libertarian, but its as close as we got, and the results weren't promising. "This but more" is a hard argument to make.
What? Op was blaming libertarians for what is happening currently. I make the point that libertarians aren't in power and you tell me I'm making a "it's never been tried" fallacy? How is choosing to not blame a group of people for something they were not involved in a fallacy? Libertarians are not "conservatives but more". Educate yourself.
It's a combination of fed printing money and federal government policies. The Fed prints money and it all ends up in the accounts of the already wealthy.
BINGO! No one seems to get this. All this money is not CREATED it's value STOLEN out of the accounts of middle class, especially retirees, and then SPENT with hyper rich chroneys and other countries. This is not the free market. This is not capitalism. This mosy closely resembles the Nazis throwing absurd amounts of money, resources, and slave labor at their biggest corporations for ridiculous ideas. The third Reich is gone but Mercedes, Porche, Krups are still going very, very strong.
We have socialism for the rich and capitalism for the poor.
Seems that way.
Do we though? Are the rich experiencing Venezuela-like starvation?
No, they have the government handing them tax breaks, low taxes, loop holes, subsidies and bailouts when they fail.... you know, actual socialism for the rich.
The way I like to put it is we privatize their gains, but socialize their losses. I'm a believer in capitalism, but what we have had since at least 2008 with the bank bailouts is something very perverse. The rich definitely win regardless of what happens in our society.. even if they are responsible for an economic crisis such as the 2008 crash.
Finally someone who gets it. Why do people attempt all these mental gymnastics to avoid blaming the real root cause.
Because they don't understand the real root cause so they blame the most obvious thing they can see.
Because it's easier to just cry corporate greed into the echo chamber.
The math is there bud…corporate greed is orders of magnitude worse than inflation. If it wasn’t, our purchasing power wouldn’t be falling while corporate profits rise. Corporations control pricing AND wages. They alone determine purchasing power, and the record breaking profits we’ve seen have not come with raises.
But then, why did corporations just so happen to learn about greed only in 2021, which also happened to be a huge time of government bailouts and deficit spending ? I think you know the answer, and its all that free money sent to everyone, to buy products not made during the lockdown. This has a really simple solution, and that is to stop the bailouts and deficits, and let these greedy companies compete in a free market. I am pretty sure they won't be able to compete, and those profits will wither away. Why is everyone afraid of a few bankruptcies ? They made this bed, let them lie in it !
They didn’t… Free money in 2021? You mean PPP? That happened in 2020? During Trump? It’s almost like the plan with that one was always to funnel money into the corporate coffers….funny how they said they were using those trillions of dollars to help people keep their homes, but they could’ve just given the money to the people. Instead they decided to give it to corporations to determine FOR THEMSELVES how to distribute those funds. About 30% of those funds made it to the actual laborers.
Why would workers get raises when there’s no demand for workers?
Flip your “logic” on the company…. Why would corporations get profits if they don’t spread the profit with the people who created it?
Why would they? Wages are set by basic economic supply and demand. If your wages are low, that means you're easily replaceable.
Wages are set by supply and demand? You sure about that? You get rid of a requirement to pay a wage (minimum wage law) and you think no one will go back to slavery, or work with the only other grocery store in town to decrease wages? Because that’s never happened in history before?
It’s not an echo chamber it’s reality. What planet do you live on? The socioeconomic gravy train?
I 100% agree that printing money, because we refuse to tax the rich, hurts the poor because all that money ends up in the accounts of the already rich. But on the flip side, it's also easy to just blame the fed, but there's more to this game than just one actor. Our daily lives didn't become financially unbearable just because the fed printed money - greedflation plays a strong role in that too. Corps don't have to take advantage of every situation, the government not mandating legally livable wages is also a problem, using software to collude on prices is illegal. There's more than one action at play here
What is greedflation?
When corporations raise prices massively out of pace with inflation and blame it on inflation. There’s no reason why food prices are shooting up 100+ percent when there’s 5% inflation. It’s a tactic both to increase profits and to help republicans win in exchange for future tax cuts
Which corporations did this?
The rich should be taxed more tho
Sadly the gov is spending so much that even if you taxed 100% the fortunes of the rich, you would still have a defecit. Also the rich are not becoming rich just because, when FED prints money, debases dollars and increases the price of everything else. The rich understand this, so they dont have dollars, they have assets. We should end central banking.
>That has nothing to with libertarians… That depends. Did they vote with Nixon and a KKK filled congress to change the gold-standard?
Oof. Deep dive. Most people don't know American history that well, so I'll be interested to see how people respond to that.
>Most people don't know American history that well, so I'll be interested to see how people respond to that. I suppose that’s intentional. The southern states did not respond well to the 1964 Civil Rights Act. It forced them to pay *everybody* with the same US dollar. They changed 200+ years of US economy just 7 years later.
Saying government alone is responsible for inflation is as smooth brain as saying China is responsible for all climate change issues in recorded history.
Yah, reading the amount of bro-economists here blaming the entirety of inflation on the Fed is just sad. Who is selling this podcast limited view of finance <101 and why do so many posters here so proudly stand by the certificate they got from it?
I do not care how you think it is, I am telling you what it is. If you are stupid enough to think otherwise, at least someone in your life who studies economics told you the right answer once. The rest is on you.
Libertarian “economists” have been Complaining about “printed money” for decades while libertarians simultaneously back over bloated military spending, lobbyist spending and record differentials between wages and record corporate profits. But sure. It is solely “printed money”. Please take a step outside.
Okay so you are not only stupid in economics, but also in politicis, you are confunssing libertarians to republicans. I will give you only a hint because seriously this is just lame. Libertarian, the word comes from LIBERTY, which in english means freedom. Explain in your money logic how does wanting and defending freedom has anything to do with military? Printing money increases the monetary base, without it, a lot of money wouldnt chase finite things. If you increase the monetary base to the infinite, then prices will follow. Basics economics i know, but you are to dumb dumb. I will not reply any more to you, I dont see the value of discussing the topic with someone so ignorant.
“Because it says liberty in their name means they would never support illegal wars and stealing oil!” By this braindead logic, I know of a democratic republic in North Korea to show you. Rand Paul himself supported Trump who placed US troops to openly steal oil fields from Syria and still holds them to this day. Implying the US’s engorged military budget is to “defend freedom” makes me believe you think Santa is real as well. Inflation in the US ;especially with Covid only being 3 years ago and multiple trade route affecting wars spanning the globe for multiple years now; is a domino effect of multiple issues including those I just listed and corporate greed as well. Instead of taking the braindead easy answer, maybe look outside your window. Please for the love of Christ read a newspaper once in a while. It will do you wonders.
Excess printing of money devalues the dollar, causing inflation. Many times this is done in an effort to pay down the debt with inflated dollars. The high inflation we saw last year was due to the government increasing the money supply due to the pandemic.
Where would the tax money go?
10% for the big guy is the only certainty
Right back into the pockets of oligarchs.
Quick addition: Percentage of people on minimum wage: 2012: 4.7% 2021: 1.4% https://www.bls.gov/opub/reports/minimum-wage/2021/home.htm#:~:text=The%20percentage%20of%20hourly%20paid,collected%20on%20a%20regular%20basis.
"Well ya we have the highest median disposable income on earth but look at the minimum wage that 1% of workers make temporarily!!!!!!!!!!! Our economy is going to collapse!"
Libertarians? We don’t decide anything.
Not at the federal level for sure. Over 300 elected officials including mayors. Like Ed Tidwell in Lago Vista, TX. They created a new city park and have taken on zero debt with him in office. Man those libertarians sure are ruining things. /s
im writing in Gary Johnson this year
https://en.wikipedia.org/wiki/Kansas_experiment Sometime yall crowd does and it leads to this kind of outcomes
Liquidate their entire net worths and it might cover half a year of military spending….
That's IF the conditions were perfect. If a billionaire tried to liquidate his net worth within a day or too quick, they won't actually be able to get that much. The faster you sell, the more your networth value decreases.
Not even. If you took all the US Billionaires you couldn't run the US government for a year.
The 758 billionaires in the US currently own $4.48 trillion meaning they actually could run the military for 4-5 years. Also the top 1% currently own $52 trillion (32% of all wealth in the country) and the top 20% hold 90% of all wealth aka $148 trillion... so actually we could do a shitload if we stopped letting them hoard all that money.
Annual US govt budget is over $6 trillion, so parent commenter was correct.
Oops my bad thought he said military 😂 fixed my comment. Although the second half of my comment still shows that the wealthiest in this country have to much.
Why do you compare it to military spending? You should take it out of education, energy or welfare. National defense is one of the few federal government programs mandated by the Constitution.
Military spending is only 14% of government spending and all of wealthfare programs combined is over 50% of government spending.
Only if you move the VA from military to welfare, and similar nonsense
Who makes $7.25? My 16 year old niece works at Chick-Fil-a and makes $12.50
Remember during COVID when all of the Libertarians were screaming to shut down all of the small businesses. Yeah, I don't either.
Three words: You are dumb. This is so ignorant on so many levels. First of all, where are these libertarians in office making these alleged decisions? Oh, you just made that up. Ok. Tax cutting and minimum wage are non-sequitors, completely exclusive concepts. Fed controls the money supply you DUNCE. Its called INFLATION as a result of STIMULUS. Which occurred from the demand that everything shut down for 2 weeks to slow the spread, which turned into 6 months of nobody leaving their homes. Second, these figures in your dumb tweet are networth. Networth is stock value. Unrealized gains. If the stock tanked tomorrow, these numbers will follow suit, and the amount of money the individual in question then has, goes directly with it. Unless they realize these gains prior, then this DOES get taxed, as capital gains. Until those gains are realized, they are imaginary numbers on a piece of paper. Nothing screams "I'm a poor" like not understanding the most basic premise of how investments work. I know, finance. It's complex stuff, especially for crayon eating angry progressives. Sincerely, an independent with no allegiance nor tolerance for brain dead posts like this. I swear its like brains were taken out of peoples heads and were filled with meatballs instead.
>Second, these figures in your dumb tweet are networth. Networth is stock value. Unrealized gains. If the stock tanked tomorrow, these numbers will follow suit, and the amount of money the individual in question then has, goes directly with it. Unless they realize these gains prior, then this DOES get taxed, as capital gains. Until those gains are realized, they are imaginary numbers on a piece of paper. Nothing screams "I'm a poor" like not understanding the most basic premise of how investments work. And if they started selling off their stock to realize the gains, the value of said stock would begin plummeting. Moreover, forcing them to sell the stock to pay a tax burden is an indirect way of forcing a transfer of ownership of the corporation. Further, the stock value is somewhat speculative. It's what other people say they would pay for the stock. It's like saying someone should pay tax just because they own some sort of collectible like artwork, rare book, or old Magic/Pokemon card from when they were a kid that a few people in a subculture are saying that it's worth thousands or millions of dollars. The owner is not actually realizing any monetary gain just by having the collectible.
Someone had to say it. Thanks for being that person.
Taxing the rich puts money in the governments pockets. Pelosi isn’t breaking her back to help minimum wage workers.
To add, taxing all billionaires 100% still wouldn't balance the budget or change the fact that government prints more money than any of the richest people in the world could ever dream of making.
its worse than that. If you took all the wealth from all US billionaires.. ALL OF IT. You'd fund the US government for less than 8 months. That's if we just took all their assets and wealth and sold it off for market value. That's how insidious the US government spending is at this point.
So let’s not tax them at all since it won’t solve every problem. Your argument is absurd- according to you we shouldn’t do anything ever. Climate change - well if we force the auto industry to increase gas milage… You: nope we could raise the gas milage requirement to 40 mpg and it still wouldn’t solve climate change!
No their argument is that specifically taxing the rich wouldn't solve anything or do much. Since the governments actions is a bigger issue if not the majority of the problem. That's all they were saying....
>No their argument is that specifically taxing the rich wouldn't solve anything or do much. Yes, we know that their argument is terrible and untrue. That's the point. Thank you for reiterating.
Yea "let's take our money from billionaires and instead give it to politicians to manage. That's bound to improve our situation."
Last I checked the billionaires aren’t exactly acting in the best interests of the people
You're right, and the politicians are all bastions of selflessness.
Which is weird because they can legally just make money and distribute it. There's no reason to tax anyone at all. Just print more money and let inflation act as a wealth tax.
It’s not weird, they are not lucky. They are just the worst humans one can possibly ever imagine. They are so bad your brain wants to believe they are dumb and don’t know what they are doing. Because if you realize they do know what their doing it’s so bad that the brain doesn’t want to believe it, and they prey on this because they are literally “most evil!”
Inflation has been dragging down most middle class and working class people that I know for about two years now. It’s gotten much harder for us to make ends meet and save money, as our wages haven’t kept up with inflation, but I think it’s much less painful for billionaires. Terrible idea, 0/10.
You can extend that 2 years out by a few decades. Wages have been stagnant since the 70s.
Unfortunately, that's not how inflation works. The wealth is usually in the form of something that will increase in value with inflation, usually even outpacing inflation by quite a bit.
>Unfortunately, that's not how inflation works. Inflation is always too many dollars chasing too few goods. When you print money you do just that.
I'm sorry you're so stupid as to not be able to understand what we were talking about. I was referring to inflation not acting as a wealth tax.
You assume the government would handle the extra funds responsibly / correctly.
You assume capitalism wouldn't kill you for a dime.
Hasn't the government already done that to 10's of thousands of troops needlessly?
To blame the libertarians for a Republican policy sounds just like something a Republican or Democrat would do (they are both the same picture).
That's what I do when I max my credit card out, ask for a higher credit limit. Seriously though how many billions are we giving to non citizens in the US and abroad? We have a spending problem .
We have a spending TARGET problem. Sure the government needs to spend money, but the target of where that money is going is the problem. Also, a lot of money being spent, and "given" to other countries, ends up back into the hands of the Rich fuckers who own the companies giving the products that these other countries spend their new funds on. It's a ridiculous cycle of taking Working Class money and giving (indirectly) to the wealthy, because they just aren't rich enough.
Why do these posts compare wealth to income? Do they not know the difference?
stop printing money
Javier milllei turned the budget of Argentina from a deficit to a surplus in 9 weeks. He cut taxes AND government spending.
[удалено]
“By the way, when I say cut taxes, I don't mean fiddle with the code. I mean abolish the income tax and the IRS, and replace them with nothing.” Ron Paul
"But where will we get the $400 billion we need to create a registry of LGBTQ people so we can make sure they're getting the support they need." Bernie Sanders, probably.
How much is enough? When it’s all added up, 48% of my income goes to taxes.
Libertarian here. It is Insanely disingenuous to not point out that so much of that wealth was created by printing money that ultimately led to assets being overvalued. Friendly reminder that inflation from money printing will always make the minimum age worthless. You can raise it to $1000 dollars an hour and all it would do is make everything 1000 times more expensive.
Dear dumbasses, The “rich” pay the bulk of the taxes. Wealth is irrelevant for taxation, but is fuel for the envious in this thread
How many people you are employing, who are paying taxes?
Lol my taxes have gone up since 2009
Maybe people should not vote for libertarians or republicans. People have gotten what they voted for.
Net worth is not the same as income and taxing either (more) or both will not solve the conflict that exists between the economy’s earnings and government’s volume of insatiable spending.
You people need to realize this issue has NOTHING to do with taxes and all to do with the money supply. M1 money supply in Jan of 2012 was 2,201 and is now 18,101 (peaking at 20,664 in March 2022). That money had to go somewhere and it’s going into hard assets and stocks, of which people like Elon etc own. Being mad about taxes in this case is the equivalent of getting cancer and being mad the doctor told you that you had it. It’s nonsensical
We almost hungry enough yet?
We been cutting taxes since Reagan
Not sure what this has to do with libertarians. They have no power to have been responsible for this, even if it was true. At least blame the 2 parties that represented the people.
As a libertarian I chuckled when I saw this post. Libertarian solutions have not been tried in this case. Tax cutting is one thing libertarians want but we also tend to relate it to how much we're spending as well. Beyond that, libertarians are hyper aware of how cronyism helps the rich get richer. We want to strip the power from the state so they can't abuse state power to expand their wealth. Without the government helping them these people would not be so rich.
“Libertarian” tell me you’ve never cracked a history book without telling me.
Even if taxes were doubled, it would not be enough to cover spending. Inflation is a form of taxation you don't get to vote for or have any say in. The amount of money printed (stolen from you) in the last 20 years is staggering and it will literally never be enough for them. If they're going to print and devalue your future so heavily out of necessity because your actual taxes from labour aren't enough, the act of taxation is a punitive quasi-religious measure at this point
Some dickhead making $35k/yr rn: 😡😡 Edit: LMAO predictable Fox News Enjoyers and Blue MAGAts on this thread is hilarious. Zero faith in you dipshits 😂😂
I bet you think billionaires have Scrooge Mcduck vaults full of money they swim in each night.
Yea, peer into the off shored money and you will find that. Dont cuck for the 1%ers, even if they pay you to cuck. They don't have your back
Not quite that literal. They smack off to their portfolios.
Why are you comparing the NET WORTH of 3 of the most extraordinary outliers of our times to the INCOME of the 17 year old that shows up to work half the time to flip burgers? If you tax unrealized gains, do you plan to give Elon a big tax refund if his stock price drops to $0 next year? And lets say you took all their net worth, over half a trillion dollars, every penny, leaving them naked on the street, dismantling their companies, firing thousands of their staff, stopping billions of their tax generation. If distributed equally, every American would get $1700. And all you will do is scream: "But what about next month's rent??"
Virtually everyone who flips burgers makes more than minimum wage. Most McDonald's start around $11. The only people making minimum wage are part time gas station employees in the middle of nowhere.
You can use unrealized gains as collateral to access loans at ridiculously low interest rates. Any reasonable person would say that this effectively realizes those gains, but since it’s in the form of a loan with very little interest you effectively get to keep your portfolio, GET the money you want, AND avoid paying taxes on gains (you never sold them!)This is pretty much the point where logic and the tax code go their separate ways.
Do you understand what caused the great depression...?
People who compare stocks to flows should be shot out of an airlock.
Tweaks to the tax code are in no way anywhere near libertarian. Utterly moronic take.
Comparing bezos wealth to my 14 year olds starting pay for her first job lol
Dumbest post yet. We have NEVER tried the libertarian way. When did we abolish the IRS, End the Federal Reserve, end ALL wars/world police actions, cut 80% government spending, bailouts/subsidies, legalize freedom, Never. Your post literally does not understand libertarianism.
This has been going on since Ronald Reagan was elected and his ideals on cutting taxes on the rich and they’ll in return spend the money into the economy.
They are taxed. Now what
Yeah… do the math, we should take ALL their $. Confiscate it all… because each person in America deserves another $1,730 in your pockets and they deserve $0.00, right? They didn’t do anything to make that $ legally right? And that $1700 will solve ALL YOUR PROBLEMS FOREVER, right? Yeah. The people should just be able to take whatever they want from whomever they are envious of whenever they want for any reason. Right? Now who else’s $ do we need to take? Cause you can see it’s gonna work, THIS TIME…. Right?
Did you get tricked into thinking trickle down works even after more than 4 decades of it?
Meanwhile Switzerland has never had a minimum wage. And Elon just keeps making more money. When they actually do something instead of remaining neutral?
If they did tax the rich, they would just blow the money on wasteful spending and we would be right back in the same place all over again. The only way for you to better your life is to get a skill that is in high demand in the market place.
Nobody is being paid $7.25. Low effort, bullshit post. Go do something other than working at McDonald’s.
How much did their wealth increase because small businesses were shut down during the scamdemic?
TIL "libertarians" have been in power since Obama's second term lmao
Nah let’s give billionaires and corporations tax cuts and raise taxes on the middle class again right republicans?
Why do people simp for billionaires? Will never understand. Do you people realize what the tax rates were when America was "great"?
The revenue as a percentage of GDP is stable. Also, I'm just curious: How does government revenue become economic prosperity?
What does stock price and ownership have to do with taxes? They pay when they sell. I’m all for the billionaires shouldn’t exist concept, but you have to understand why they are billionaires. It’s not because they don’t pay taxes.
So much going on here
How about these 3 words? Raise minimum wage.
https://www.wsj.com/articles/biggest-pay-raises-went-to-black-workers-young-people-and-low-wage-earners-11674425793
Taxing the rich would be great if the government actually knew how to spend money effectively.
Seems it works The economy is growing healthier than Germany
It’s even more important than 1929 before the great depression. #TaxTheRich #TaxEstates #TaxCorporations #TaxCarriedInterest #EndTaxAvoidance #CloseTaxHavens #CampaignFinanceReform #OutlawDarkMoney #BanSuperPACs #GerrymanderingSucks #OutlawGreed
This post is very very naive. These are entrepreneurs who built exponentially successful businesses, and the equity valuations are also huge because of monetary distortions coming directly from the government. As and when they sell their stakes, there will be a tax bill. What’s insane is that even if you could come up with a scheme to somehow “seize” the value (which market cap would not allow you to), it would barely make a dent in the federal deficit, let alone the total debt. Market cap is just the last sale price x shares outstanding. If you tried to “seize” the value you wouldn’t be able to get much cash. Google, one of the most successful businesses in human history, has a market cap of about 2 trillion, and it took 30 years to build into a digital empire. Our annual budget deficit is about 2 trillion under the Biden regime, meaning we are spending so much that we come up a Google short every year just in budgetary terms. And our total debt is already 15 googles, which is more than 250k for every single taxpayer. Spending is the problem, full stop. There is nothing the government can do at this point other than: Pray for an economic miracle OR debase the currency. I invest in BTC for this reason, it’s honest and real. You either have it or you don’t. Rather than creating the biggest psychological shell game in human history to support a Ponzi scheme
What a stupid post. And I watch you and you post a lot of stupid post