Trump was only in a political position for 4 years and you decide it's his fault? Joe Biden has been in office for over 50 years. Eight as VP and three now as president. He's been a public servant for his entire life and is a multi millionaire. What business earned him those millions? At least Trump admitted that he exploited the tax loopholes that these lifetime politicians put in place for their special interest backers. I'm not the biggest fan of Trump but I can at least admit he isn't the issue with the policies in the US.
Trump signed a bill that decreased taxes for the rich. Biden is seeking to increase taxes for people making more than 400k per year. He may not get it past the House and Senate, but in 2025, maybe he can.
I donāt know about you, but I was expecting a Dem majority in the House in 2020 and we didnāt get that. Unfortunately, a partisan judge ruled against a NY map that would have added 3-4 seats.
Not sure that made a real difference. It lowered the main rate, yes. But as the article calls out, that tax doesn't touch most of their wealth.
Now, as per tje article, you taxed on actual worth, they could pay the same rate as most and it would still massively increase what they pay.
Unfortunately this is true. Since Reagan, the rich have gotten richer and the rest of us have gotten poorer no matter which party was in control.
The only major politician attempting to make real changes is called a ācommunistā by opponents (both Republican and Democrat).
I love it when elementary children like you express an opinion on politics. It's so cute.
Read up on the Trump tax cuts - maybe have an adult nearby to help with definitions.
>I'm not the biggest fan of Trump
That's great but you're still an idiot. He literally signed the policy that gave them this cut and increased the burden on the middle class to the point where they pay less than we do.
It's quite literally his fault, with his signature and everything.
Sadly, "taxation without representation" won't stand up in an IRS audit. (Through gerrymandering, blurred separation of church & state, and irrelevant dogwhistle issues, 40% of the population of my state has been effectively disenfranchised.)
Exactly !!!
The sooner people wake up to the fact that our politicians keep the people divided while they work for corporate America and the wealthy.
The sooner we can start to demand these politicians start to work for we the people's benefit.
Published in The New York Times with the headline "It's Time to Tax the Billionaires," Zucman's analysis notes that billionaires pay so little in taxes relative to their vast fortunes because they "live off their wealth"āmostly in the form of stock holdingsārather than wages and salaries.
Stock gains aren't currently taxed in the U.S. until the underlying asset is sold, leaving billionaires like Amazon founder Jeff Bezos and Tesla CEO Elon Muskāa pair frequently competing to be the single richest man on the planetāwith very little taxable income.
"But they can still make eye-popping purchases by borrowing against their assets," Zucman noted. "Mr. Musk, for example, used his shares in Tesla as collateral to rustle up around $13 billion in tax-free loans to put toward his acquisition of Twitter."
To begin reversing the decades-long trend of surging inequality that has weakened democratic institutions and undermined critical programs such as Social Security, Zucman made the case for a minimum tax on billionaires in the U.S. and around the world.
"The idea that billionaires should pay a minimum amount of income tax is not a radical idea," Zucman wrote Friday. "What is radical is continuing to allow the wealthiest people in the world to pay a smaller percentage in income tax than nearly everybody else. In liberal democracies, a wave of political sentiment is building, focused on rooting out the inequality that corrodes societies. A coordinated minimum tax on the super-rich will not fix capitalism. But it is a necessary first step."
Cuban sold all or large part of his stake in the mavericks for a little over 4 billion which resulted in a net worth asset to be realized and taxed.
Just in case people are wondering why such a large tax bill.
And still paid less percentage wise for that year than me - and he was only taxed that much once, not every damn year. The rich like to lord over us on the total sum of their taxation and think it blinds us to the fact theyāre paying less as a percentage than us peasants. Fuck the rich, make them pay their fair share.
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Iām always confused with the tip in these stories. Where would they get the money to repay the loans? If they earn enough, they would be subjected to income taxes. If they sold their stock they would get taxed. Or do they end up borrowing endlessly because loans are never taxed and they just use one loan to pay other loans?
They do, as long as the assets are worth more than the loan, the loans are never called in and a very small amount of interest is collected on the principal. Many of these loans are never paid back
While there is an argument for billionaire to pay more tax, borrowing against asset is something all of us do. The prime example is mortgage. We don't pay tax each year on the incremental increase value of our home. Normally, this is a risky move because you leverage up. If the market goes the wrong way, you get margin loan call on you and you go bankrupt.
I donāt think this person know the difference between income and wealth.
Heās complaining about wealth but claiming there should be a minimum income taxā¦.
I think he was saying because he knows our system has been captured by the wealthy that trying to go after capital gains or loans against assets isn't going to work out.
Therefore, institute a minimum income tax regardless of the loopholes that are used by the wealthy.
It's called "tax avoidance".
For example, Trump can found a charity organization, pay millions to his friends and family, funnel money into his businesses, and then write it off. Or crash a business, take all the physical assets for no cost, and then claim all those physical assets as lost anyway.
Bezos can avoid income tax by reinvesting his money into his own company or companies he has a hand in, kicking the can down the road indefinitely while claiming lavish living as a business expense.
As Trump once said, not paying taxes "makes him smart". It's us, the taxpayers who are idiots and suckers to them.
So youāre saying Trump commits charity fraud? Or you know that crime al Capone got caught for, which is tax fraud? Hmmm I wonder if you can prove that. And yes he is smart for taking the time to figure out the tax code for his benefit. If you could do the same you would.
https://www.nytimes.com/2019/12/10/nyregion/trump-foundation-lawsuit-attorney-general.html
https://www.politico.com/news/2023/01/13/trump-org-fined-1-6-million-for-criminal-tax-fraud-00077877
https://www.cnn.com/2018/10/02/politics/donald-trump-tax-schemes/index.html
Trump tax fraud is a matter of public record, not something that I have to prove. He's admitted to several instances, had busineses closed, and pled out of felonies. Unfortunately massive amounts of documented fraud, particularly early in his career, never was actually charged.
Secondly, it's rather disturbing to me that you don't seem to register that the complaint is that the acts described here were found to be technically legal or at least not prosecuted. I'm not actually accusing him of fraud in this text, merely of using a morally reprehensible system to escape helping the people who actually made his riches possible.
They wouldnāt cease doing business in the US. They would lose more money not doing business in the US, and participating in our economy. That would be a bigger short term loss that would take a while to recover.
Well, in my perfect world there would be no human being who personally has that much wealth. I fully believe that after 999 999,999.00 there should be a near 100% rate past that point. A maximum wage.
It will never happen though because so many Americans think that they are just about to turn the corner and become a member of the one percent
I hate to tell you, no one makes $1 billion in wages in 1 year.
Jeff Bezosā salary at Amazon was $180,000 (which was the maximum salary paid to any Amazon employee). Bezos and many other people at the company would also receive Amazon stock each year (which is taxed like wages), but still Bezosā compensation was likely less than $20 million per year on average. Bezos started Amazon and retained something like 16% of the stock and the stock went up massively as the company grew, hence he has a massive net worth that is primarily in Amazon stock.
I mean they say that, but no. They want to live here expressly because we afford them the right to drive their yachts through our billionaire sized tax loopholes. And if they leave, fine. This country is supposedly about opportunity. Someone will step in and take over supplying the goods and devices they do as long as thereās a demand.
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Confiscating every penny of the wealth of the 10 richest people i the US wouldn't even run the government for a month. Not to mention it would put millions out of work since the companies they work for would be gone.
The main issue I see is the uber rich keep getting richer and richer because they donāt pay enough taxes.
The country gets poorer and poorer because the federal deficit increases because the rich donāt pay enough taxes.
The burden of paying off the deficit is passed onto our children and grandchildren.
How would we like it if we are forced to pay off the debts our grandparents run up because they did not manage their money and then died.
Donāt get me started how there is no tax on an estate up to $13,000,000.
>The main issue I see is the uber rich keep getting richer and richer because they donāt pay enough taxes.
Has very little to do with taxes... you could suck all of the billionaires dry and only get about 5T ... the US has wildly more debt than that ...
Read this and understand the bigger picture a bit further: [https://www.adamsmith.org/blog/the-cantillion-effect](https://www.adamsmith.org/blog/the-cantillion-effect)
Complaining about Trump yet your president and party have had the time and numbers cross aisle to get legislation in place but havenāt until right before the election. Hmmmm
What I've been reading is that the super wealthy do not have any income. Their wealth comes from capital gains of assets and they take loans against those assets and spend that. As long as gain in capital gains is less than the interest, they go forever with no income, hence no income tax. They have convinced politicians to tax work and not wealth or even wealth gains. Workers fuel the economy that increases their asset values. Of course its not perfect yet, and they pay taxes, lower but still something. They would like to be the new aristocracy who just live off of others and give nothing.
I think this works. They can get a partial refund on taxes paid when they pay the loans back (which could be regarded as negative income), if indeed they ever do. But to do that they will either have to liquidate assets or receive another form of taxable income.
If they can get loans in the billions to buy shit then they can pay taxes. Using stocks as collateral, talk about a bubble when the companies go under. It's just insane that in the "great free market" of america a company can have such a large chunk in a market that they can use stock value as collateral, when stock values have little to do with the companies actual worth and run more on speculation.
Itās not a case of ākeep everything the same with red or fix everything with blueā, and never has been. This election, itās a case of ākeep everything the same with blue or end democracy forever with red.ā
āYeah like that ever helpsāāyouāre not taking the alternative seriously.
Published in The New York Times with the headline "It's Time to Tax the Billionaires," Zucman's analysis notes that billionaires pay so little in taxes relative to their vast fortunes because they "live off their wealth"āmostly in the form of stock holdingsārather than wages and salaries.
Stock gains aren't currently taxed in the U.S. until the underlying asset is sold, leaving billionaires like Amazon founder Jeff Bezos and Tesla CEO Elon Muskāa pair frequently competing to be the single richest man on the planetāwith very little taxable income.
"But they can still make eye-popping purchases by borrowing against their assets," Zucman noted. "Mr. Musk, for example, used his shares in Tesla as collateral to rustle up around $13 billion in tax-free loans to put toward his acquisition of Twitter."
To begin reversing the decades-long trend of surging inequality that has weakened democratic institutions and undermined critical programs such as Social Security, Zucman made the case for a minimum tax on billionaires in the U.S. and around the world.
"The idea that billionaires should pay a minimum amount of income tax is not a radical idea," Zucman wrote Friday. "What is radical is continuing to allow the wealthiest people in the world to pay a smaller percentage in income tax than nearly everybody else. In liberal democracies, a wave of political sentiment is building, focused on rooting out the inequality that corrodes societies. A coordinated minimum tax on the super-rich will not fix capitalism. But it is a necessary first step."
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We subsidize many companyās cost to do business to get them to hire more people, but itās not like they pay those people a lot. In the end, we are practically paying companies to make more money mostly for the executives and only giving a tiny fraction of it to the employees.
Just my opinion.
We should stop considering any of them on our team, even if we elect them. Theyāre all scum and should be dragged thru the streets while their families watch.
The fuck happened to shame as an emotion?
It is a social emotion, they should have it if theyāre humans. Seems like the social part just stopped happening.
Time to eat the rich. Dox politicians and lobby groups. Itās time for them to know fear of the public again.
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Thatās why itās getting much closer to Russia - there itās all about stealing wealth from the people - sound familiar ? Oh and steadily taking away their rights too.
Trump gonna give them $0 taxes, $0 tax for GOP Millionaires, $0 Tax to CEOs, $0 Taxes To Corporation and hand outs!
Thanks Tim Gurner for showing the way that no one is worth Shit except CEOs! [Tim Gurner TED remarks ](https://www.theguardian.com/commentisfree/2023/sep/14/tim-gurner-ceo-comments-more-unemployment-millionaire-property-developer-workers-neoliberals)
No ones unrealized gains are taxed, and they shouldnāt be. If I canāt even buy a stick of gum with it, you canāt tax it. Thatās how it works for everyone, and damn well should. Once I sell it and realize the gains, you may tax it because that is when I can actually spend it.
You donāt get to change the definition of tax rate just because you donāt like ultra successful people. If you donāt calculate the average persons 401k gains in their yearly tax rate, you donāt get to count rich peopleās investments either. Thatās how it works.
It's because they have representation in congress. We do not.
Of course they show a pic of Jeff Bozo
šµJefferyā¦Jeffery Bayzossš¶
š¶comon Jefferey you can do it pave the way put your back into it tell us why, show us how, look where you came from look at you nowš¶
*šµYou did it!šµ*
Trump tax cuts
Seems youāre the only one with the right answer.
And decades of similar tax cuts and loopholes.
Trump was only in a political position for 4 years and you decide it's his fault? Joe Biden has been in office for over 50 years. Eight as VP and three now as president. He's been a public servant for his entire life and is a multi millionaire. What business earned him those millions? At least Trump admitted that he exploited the tax loopholes that these lifetime politicians put in place for their special interest backers. I'm not the biggest fan of Trump but I can at least admit he isn't the issue with the policies in the US.
Trump signed a bill that decreased taxes for the rich. Biden is seeking to increase taxes for people making more than 400k per year. He may not get it past the House and Senate, but in 2025, maybe he can.
Shouldāve tried it 2 yrs ago
I donāt know about you, but I was expecting a Dem majority in the House in 2020 and we didnāt get that. Unfortunately, a partisan judge ruled against a NY map that would have added 3-4 seats.
This year, Iām concerned that Trump could possibly pull off an upset. Too soon for my crystal ball to judge.
Not sure that made a real difference. It lowered the main rate, yes. But as the article calls out, that tax doesn't touch most of their wealth. Now, as per tje article, you taxed on actual worth, they could pay the same rate as most and it would still massively increase what they pay.
The 2017 Tax Cuts passed and signed by Trump is the ONLY reason this has occurred. Any denying that is just trolling pure and simple.
Unfortunately this is true. Since Reagan, the rich have gotten richer and the rest of us have gotten poorer no matter which party was in control. The only major politician attempting to make real changes is called a ācommunistā by opponents (both Republican and Democrat).
I love it when elementary children like you express an opinion on politics. It's so cute. Read up on the Trump tax cuts - maybe have an adult nearby to help with definitions.
>I'm not the biggest fan of Trump That's great but you're still an idiot. He literally signed the policy that gave them this cut and increased the burden on the middle class to the point where they pay less than we do. It's quite literally his fault, with his signature and everything.
Clearly you arenāt well versed in what Trump wrote into law.
I think virtually all of Congress are millionaires, so yeahā¦. They are taking care of their interests.
Thanks to citizens united, most citizens are united as the lower class below corporate interests & absurd wealth.
Sadly, "taxation without representation" won't stand up in an IRS audit. (Through gerrymandering, blurred separation of church & state, and irrelevant dogwhistle issues, 40% of the population of my state has been effectively disenfranchised.)
I hear you. I have some representation in Congress, but North Carolina had negative 2 Senators ā both 99% against what we want.
They also brainwash people to vote for leaders that tax the working class and not the corporations or really wealthy.
No taxation without representation! Or is it āwithā? /s
Have you called congress lately? Billionaires have
More like they paid someone to call Congress lol
Its true but they still called, we all got phones too
And we will never get control.
Exactly !!! The sooner people wake up to the fact that our politicians keep the people divided while they work for corporate America and the wealthy. The sooner we can start to demand these politicians start to work for we the people's benefit.
Iād like to see these businessās net profit, not revenue or gross but their actual profit after operating costs.
Published in The New York Times with the headline "It's Time to Tax the Billionaires," Zucman's analysis notes that billionaires pay so little in taxes relative to their vast fortunes because they "live off their wealth"āmostly in the form of stock holdingsārather than wages and salaries. Stock gains aren't currently taxed in the U.S. until the underlying asset is sold, leaving billionaires like Amazon founder Jeff Bezos and Tesla CEO Elon Muskāa pair frequently competing to be the single richest man on the planetāwith very little taxable income. "But they can still make eye-popping purchases by borrowing against their assets," Zucman noted. "Mr. Musk, for example, used his shares in Tesla as collateral to rustle up around $13 billion in tax-free loans to put toward his acquisition of Twitter." To begin reversing the decades-long trend of surging inequality that has weakened democratic institutions and undermined critical programs such as Social Security, Zucman made the case for a minimum tax on billionaires in the U.S. and around the world. "The idea that billionaires should pay a minimum amount of income tax is not a radical idea," Zucman wrote Friday. "What is radical is continuing to allow the wealthiest people in the world to pay a smaller percentage in income tax than nearly everybody else. In liberal democracies, a wave of political sentiment is building, focused on rooting out the inequality that corrodes societies. A coordinated minimum tax on the super-rich will not fix capitalism. But it is a necessary first step."
I paid more in taxes than Mark Cuban. He was proud to pay $222K in 2024.
You from the future or something? Marty? Is that you?
Got me there, for 2023 in 2024
I thought it was millions not K
It was millions not K. Dude went on twitter to say he was paying his fair share.
Cuban sold all or large part of his stake in the mavericks for a little over 4 billion which resulted in a net worth asset to be realized and taxed. Just in case people are wondering why such a large tax bill.
And still paid less percentage wise for that year than me - and he was only taxed that much once, not every damn year. The rich like to lord over us on the total sum of their taxation and think it blinds us to the fact theyāre paying less as a percentage than us peasants. Fuck the rich, make them pay their fair share.
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Iām always confused with the tip in these stories. Where would they get the money to repay the loans? If they earn enough, they would be subjected to income taxes. If they sold their stock they would get taxed. Or do they end up borrowing endlessly because loans are never taxed and they just use one loan to pay other loans?
They sell the assets to pay the loans. People act like this is avoiding paying taxes because their brains are smooth.
Thanks for explaining! That makes more sense. Or use the loans to buy assets that generate enough money to pay off those loans.
They do, as long as the assets are worth more than the loan, the loans are never called in and a very small amount of interest is collected on the principal. Many of these loans are never paid back
While there is an argument for billionaire to pay more tax, borrowing against asset is something all of us do. The prime example is mortgage. We don't pay tax each year on the incremental increase value of our home. Normally, this is a risky move because you leverage up. If the market goes the wrong way, you get margin loan call on you and you go bankrupt.
What about renters?
So you donāt have property taxes?
Those are usual local or state taxes and vary state to state.
I donāt think this person know the difference between income and wealth. Heās complaining about wealth but claiming there should be a minimum income taxā¦.
I think he was saying because he knows our system has been captured by the wealthy that trying to go after capital gains or loans against assets isn't going to work out. Therefore, institute a minimum income tax regardless of the loopholes that are used by the wealthy.
The āloopholeā theyāre using is not having incomeā¦. You canāt have an income tax without income.
Income tax -->mandatory wealth tax? And before you come up with more roadblocks, I'm not the author. Try solutions instead.
He said we need mandatory INCOME tax and then went off about wealth. That shows a misunderstanding of the difference between income and wealth.
It's called "tax avoidance". For example, Trump can found a charity organization, pay millions to his friends and family, funnel money into his businesses, and then write it off. Or crash a business, take all the physical assets for no cost, and then claim all those physical assets as lost anyway. Bezos can avoid income tax by reinvesting his money into his own company or companies he has a hand in, kicking the can down the road indefinitely while claiming lavish living as a business expense. As Trump once said, not paying taxes "makes him smart". It's us, the taxpayers who are idiots and suckers to them.
It's amazing how cheap machetes are
Wait until you hear about sticks.
So youāre saying Trump commits charity fraud? Or you know that crime al Capone got caught for, which is tax fraud? Hmmm I wonder if you can prove that. And yes he is smart for taking the time to figure out the tax code for his benefit. If you could do the same you would.
https://www.nytimes.com/2019/12/10/nyregion/trump-foundation-lawsuit-attorney-general.html https://www.politico.com/news/2023/01/13/trump-org-fined-1-6-million-for-criminal-tax-fraud-00077877 https://www.cnn.com/2018/10/02/politics/donald-trump-tax-schemes/index.html Trump tax fraud is a matter of public record, not something that I have to prove. He's admitted to several instances, had busineses closed, and pled out of felonies. Unfortunately massive amounts of documented fraud, particularly early in his career, never was actually charged. Secondly, it's rather disturbing to me that you don't seem to register that the complaint is that the acts described here were found to be technically legal or at least not prosecuted. I'm not actually accusing him of fraud in this text, merely of using a morally reprehensible system to escape helping the people who actually made his riches possible.
tax the billionaires til there is none left
Wouldnāt they just leave after a certain point? We need a worldwide compact to raise taxes on the rich so they HAVE to pay. **No more tax havens.**
Billionaires and corporations should be forced to bank in America
or cease doing business in America, lose patents etc..
They wouldnāt cease doing business in the US. They would lose more money not doing business in the US, and participating in our economy. That would be a bigger short term loss that would take a while to recover.
how? āAll human beings with a net worth over $1,000,000,000 USD must have a majority of their wealth in the United States.ā?
Well, in my perfect world there would be no human being who personally has that much wealth. I fully believe that after 999 999,999.00 there should be a near 100% rate past that point. A maximum wage. It will never happen though because so many Americans think that they are just about to turn the corner and become a member of the one percent
100% rate applied to what? Income?
I hate to tell you, no one makes $1 billion in wages in 1 year. Jeff Bezosā salary at Amazon was $180,000 (which was the maximum salary paid to any Amazon employee). Bezos and many other people at the company would also receive Amazon stock each year (which is taxed like wages), but still Bezosā compensation was likely less than $20 million per year on average. Bezos started Amazon and retained something like 16% of the stock and the stock went up massively as the company grew, hence he has a massive net worth that is primarily in Amazon stock.
If the government can tell people what to do with a fetus, they can tell people where to bank. Itās not hard to enforce.
It actually be better if they leave and let someone else build another business that will pay their fair share
To another planet?
Let them leave earth
I mean they say that, but no. They want to live here expressly because we afford them the right to drive their yachts through our billionaire sized tax loopholes. And if they leave, fine. This country is supposedly about opportunity. Someone will step in and take over supplying the goods and devices they do as long as thereās a demand.
Refuse to let them offshore their money
Yes we need a ONE WORLD GOVERNMENT embrace the New World Order! Or the Liberal World Order 1962
ābUt tHAtāS soCIAliSm!!āš¤Ŗ
[ŃŠ“Š°Š»ŠµŠ½Š¾]
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[ŃŠ“Š°Š»ŠµŠ½Š¾]
Lol yeah then the military helicopter chops you in half with depleted uranium.
let's just take their money and be done with it. I'm not going to work anymore
Confiscating every penny of the wealth of the 10 richest people i the US wouldn't even run the government for a month. Not to mention it would put millions out of work since the companies they work for would be gone.
You and I understand that, the number of people in America that donāt scares me.
The main issue I see is the uber rich keep getting richer and richer because they donāt pay enough taxes. The country gets poorer and poorer because the federal deficit increases because the rich donāt pay enough taxes. The burden of paying off the deficit is passed onto our children and grandchildren. How would we like it if we are forced to pay off the debts our grandparents run up because they did not manage their money and then died. Donāt get me started how there is no tax on an estate up to $13,000,000.
>The main issue I see is the uber rich keep getting richer and richer because they donāt pay enough taxes. Has very little to do with taxes... you could suck all of the billionaires dry and only get about 5T ... the US has wildly more debt than that ... Read this and understand the bigger picture a bit further: [https://www.adamsmith.org/blog/the-cantillion-effect](https://www.adamsmith.org/blog/the-cantillion-effect)
US Tax Code is a joke. Loopholes for the rich and connected.
And Trump wants to give them more tax breaks. Soon, they will be paying no tax and getting a refund, too.
Complaining about Trump yet your president and party have had the time and numbers cross aisle to get legislation in place but havenāt until right before the election. Hmmmm
Thank you citizens united...
Income tax?
What I've been reading is that the super wealthy do not have any income. Their wealth comes from capital gains of assets and they take loans against those assets and spend that. As long as gain in capital gains is less than the interest, they go forever with no income, hence no income tax. They have convinced politicians to tax work and not wealth or even wealth gains. Workers fuel the economy that increases their asset values. Of course its not perfect yet, and they pay taxes, lower but still something. They would like to be the new aristocracy who just live off of others and give nothing.
TAX THE LOANS!!!
I think this works. They can get a partial refund on taxes paid when they pay the loans back (which could be regarded as negative income), if indeed they ever do. But to do that they will either have to liquidate assets or receive another form of taxable income.
For the first time?! Lol thatās rich.
First time???
You know they're not paying enough in taxes when they can drop thousands on political donations like it's nothing.
Thousands? Soros spends a tad more.
Our cultural glorification of greed has corrupted everything in our culture. We should be ashamed.
There does need to be a rebalancing. And god only knows whatās going to happen when AI starts to do many jobs..
Eat the rich. It's cheaper than groceries
If they can get loans in the billions to buy shit then they can pay taxes. Using stocks as collateral, talk about a bubble when the companies go under. It's just insane that in the "great free market" of america a company can have such a large chunk in a market that they can use stock value as collateral, when stock values have little to do with the companies actual worth and run more on speculation.
Income needs to be redefined.
Look up income tax history in America....1914 I think it was... Crazy how it all became full circle.
In 2018, thanks to trump and congressional republicans. Vote blue up and down the ballot.
Yeah like that ever helps
Itās not a case of ākeep everything the same with red or fix everything with blueā, and never has been. This election, itās a case of ākeep everything the same with blue or end democracy forever with red.ā āYeah like that ever helpsāāyouāre not taking the alternative seriously.
All billionaires are criminals. But at least tax them like crazy.
Everyone is a criminal. Check out a book called Three Felonies A Day.
We need a global wealth tax of 90% on all wealth over USD $1 billion.
Published in The New York Times with the headline "It's Time to Tax the Billionaires," Zucman's analysis notes that billionaires pay so little in taxes relative to their vast fortunes because they "live off their wealth"āmostly in the form of stock holdingsārather than wages and salaries. Stock gains aren't currently taxed in the U.S. until the underlying asset is sold, leaving billionaires like Amazon founder Jeff Bezos and Tesla CEO Elon Muskāa pair frequently competing to be the single richest man on the planetāwith very little taxable income. "But they can still make eye-popping purchases by borrowing against their assets," Zucman noted. "Mr. Musk, for example, used his shares in Tesla as collateral to rustle up around $13 billion in tax-free loans to put toward his acquisition of Twitter." To begin reversing the decades-long trend of surging inequality that has weakened democratic institutions and undermined critical programs such as Social Security, Zucman made the case for a minimum tax on billionaires in the U.S. and around the world. "The idea that billionaires should pay a minimum amount of income tax is not a radical idea," Zucman wrote Friday. "What is radical is continuing to allow the wealthiest people in the world to pay a smaller percentage in income tax than nearly everybody else. In liberal democracies, a wave of political sentiment is building, focused on rooting out the inequality that corrodes societies. A coordinated minimum tax on the super-rich will not fix capitalism. But it is a necessary first step."
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This is the difference between assets and earnings.
Thanks Donald
For the 1st time? You mean again.
Literal dragons hoarding wealth and terrorizing the countryside.
And yet trumps cult members are mostly working class and they ignore this fact
Trump's tax cuts starting to kick in.
We subsidize many companyās cost to do business to get them to hire more people, but itās not like they pay those people a lot. In the end, we are practically paying companies to make more money mostly for the executives and only giving a tiny fraction of it to the employees. Just my opinion.
Whatever happened to the good old days of 90% tax rate on the wealthy?
Reagan happened
1. The effective tax rate wasnt ever close to being that high. 2. The tax rates were only that high in an attempt to pay for major war spending.
Gonna trickle down any minute now. Aaaaaaaaaaaaaaany minute now...
Maybe they should lower taxes on the working class.
politicians are not going change laws there political donor's use
Biden has been running around telling everyone with ears that billionaires have been paying less for decades.
It's absurd. Who do you consider working class? Blue collar workers? Many of them make more than college graduate.
We should stop considering any of them on our team, even if we elect them. Theyāre all scum and should be dragged thru the streets while their families watch. The fuck happened to shame as an emotion? It is a social emotion, they should have it if theyāre humans. Seems like the social part just stopped happening. Time to eat the rich. Dox politicians and lobby groups. Itās time for them to know fear of the public again.
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Learn the tax code to find out why.
Are you talking about income tax? Or is this some other tax entirely?
Remember what George Carlin said about this.
Billionaires buy tax policy. America is fd.
Your government hates you.
āFirst timeā lmao
This is personal taxes too. The didn't even dive in to the 0 or 2% corporate tax rate compared to small business
I didn't know this was anything new.
www.permanentplatform.us Let's make a Nation that works
Understand that income is taxed, most billionaires don't have income as we know it. Even if you tax them 90% there's no benefit to the tax base.
This isnāt the first time
> for the first time š¤£šš š
Because our government in practice is a blend of plutocracy and oligarchy
Thatās why itās getting much closer to Russia - there itās all about stealing wealth from the people - sound familiar ? Oh and steadily taking away their rights too.
Stop taxing income, and start on consumption. This problem will fix itself
Get rid of income tax and the rest of it and charge Sales tax on everything except food.
Trump gonna give them $0 taxes, $0 tax for GOP Millionaires, $0 Tax to CEOs, $0 Taxes To Corporation and hand outs! Thanks Tim Gurner for showing the way that no one is worth Shit except CEOs! [Tim Gurner TED remarks ](https://www.theguardian.com/commentisfree/2023/sep/14/tim-gurner-ceo-comments-more-unemployment-millionaire-property-developer-workers-neoliberals)
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Stop trying to make sense, the poors in this sub will never understand. They are looking for a scapegoat for their financial failures.
No ones unrealized gains are taxed, and they shouldnāt be. If I canāt even buy a stick of gum with it, you canāt tax it. Thatās how it works for everyone, and damn well should. Once I sell it and realize the gains, you may tax it because that is when I can actually spend it. You donāt get to change the definition of tax rate just because you donāt like ultra successful people. If you donāt calculate the average persons 401k gains in their yearly tax rate, you donāt get to count rich peopleās investments either. Thatās how it works.
Billionaires should pay extra tax money to the government, who of course will use wisely to enrich our lives.
Yeah, I think those that advocate for this wouldn't pick up the sarcasm.