There isnt a conspiracy to keep people uneducated. It’s just rich people have influence and ability to keep themselves rich. Knowing all these social programs that benefit society could be funded if we tax them, so they lobby opposition. It’s just that simple. You don’t need to invent a conspiracy when selfishness explains it just fine.
You're not wrong. The agencies tasked with collecting tax are failing to do anything more than pick "low hanging fruit" more often than not resulting in auditing the poor instead of enforcing our intentionally vague tax laws on the rich, mostly because it's less complicated and cheaper.
A super rich told me personally a decade ago if this happened he would just sell everything in USA and live in one of the other countries he has homes in
Wealth Taxes were a massive failure in Europe, many countries ended up killing their's. Considering the massive fight over Income taxes in the early 1900s I don't see a Wealth Tax passing supreme court scrutiny, especially with how subjective high net worth evaluations can be. We're better off ending loopholes/deductions as well as enabling a progressive capital gains tax.
Regardless, and as much as I would desperately want a wealth tax to happen I’m the US, it’s not allowed under the Constitution. We have a federal income tax because it’s permitted. We have state-level property (wealth) taxes, but we’d need a referendum to get a federal one.
1% is a lot of people. I’m reality it’s should be a number and not a percentage and the number should be the owners and CEOs of each and every large company in the United States and they are the ones robbing us all blind.
No it’s the government printing money and not letting people work, creating demand for workers and high compensation, causing companies to increase wages, forcing them to increase prices, causing wages to be increased, causing companies to increase prices. Hence wage price spiral.
Except they fund the majority of federal social programs along with the majority of nonprofit social aid. You should check out orgs like the Gates Foundation.
Yeah, but then how would corporations exploit newly graduated students for shitty wages and extreme overwork? If they don't have student loans to pay back, they're not as afraid of managers firing them. The peasants will get all "uppity" if they aren't held down by the chain of debt.
We should immediately change the predatory nature of the student loans to reflect low .5-1% interest, any penalties should be low and if colleges don’t provide degrees that allow students to pay off debt easily, Colleges should have to write off a portion of it. Colleges should be paid as loans are repaid. There should also be some type of regulation on colleges for fees and rate increases. We need a plan to help everyone, not just a temporary band aid.
Money is monetary why even bother shouldn’t we all have enough, being that we are all alive… the only time things like this are need is in times of struggle when amassing a team is necessary and prioritizing is a must. We live good with food and water in abundance why even bother…at this point it’s starting to feel like slavery for personal gain rather than forced cooperation for necessity’s.
Imagine what the entire top percent could do! Regular people wouldn’t even need to pay taxes and those billionaires would still be billionaires! Wow! Who would have guessed??
Tax the rich to feed the middle class. Then leave the truly poor with nothing. Great plan. How about $10k for EVERYONE with income <$75k instead of just sending money to the base
Here's an idea. Instead of proposing a tax on unrealized gains that will eventually make it down the income ladder to nearly everybody, why not just get rid of nearly all deductions that were put in place to benefit the wealthy, particularly those with a lot of real estate holdings?
I am really hoping we can move away from discussions on income taxation and realign with current compensatory mechanisms and deductions. A lot of CEOs get no more than a $1 in terms of salary, but acquire a great deal of wealth in other financial instruments and assets.
Just keep in mind when comparing forms from over 100 years ago with today. The world has changed since then and what was adequate as far as the government goes was very different back then than it is today, and you need more money to run a modern government than you needed back then. Of course that’s not to say we couldn’t simplify the process, but it’s not a fair comparison.
Sure, it could. But we could also do it now. But that’s not what taxes are used for. It’s letting our political leaders off the hook to say “oh, we could solve all these crises if we just had some of Jeff’s money.”
Federal government spending doesn't need to be paid for with tax levys. For example, most COVID relief loans to business were forgiven without raising any additional taxes!
Every time corporate profits reach a plateau they start to dip into the old taxpayers funds. I don't see them refusing subsidies, tax reliefs, or government contracts.
This wouldn’t solve any of the real problem. It would only perpetuate it. Colleges have no incentives to keep prices reasonable because of all of the easy money flowing to them. That will keep the prices skyrocketing because the US government slaps its guarantees on loans, and also tries to spread the rumor that you must have a college degree to do anything in the US.
Genuinely curious about how this would work. I’ve heard people say that we can’t tax the mega wealthy because they technically don’t have the money, it’s all in their investments. I actually would like to hear other perspectives and opinions and what not.
If Jeff Bezos earns $1.7 million annually, how the heck can he afford the $2 million monthly payment on a yacht that costs $500 million? I assume some other entity owns the yachts, jets and mansions? But I can't create some Deleware llc and use it to launder my money, how the heck are they doing it? Are they offshoring these personal entities/wealth?
It’s just not the right thing to do. Those who took loans and signed for them are responsible to pay them back. It’s not fair to all those who have not gone to college, who have paid their own way thru college by working hard and sacrificing and in the end setting the wrong example for a generation who already has trouble owning up to personal responsibility.
"I suffered so if you don't suffer my suffering will be for nothing" - what anyone who is well off enough to pay off their student loan debt sounds like
Just paid 60k in loans. Delete them. America cannot be competitive when we have bullshit high school education and a bankrupting higher education. I for one want an educated and healthy populace.
It’s just not the right thing to do. Those who have been purchased are property of the person who spent their hard earned money. It’s not fair to all those who have been slaves their entire life, who have paid their own room and board by working hard and not expecting pay, and in the end setting the wrong example for a race who already has trouble owning up to personal responsibility.
Most of the top 25% dropped out of college because it was slowing them down to reach their business pinnacles. It would be totally ironic that they have to pay the college bills for everybody else.
That's a common threat by the super rich. That somehow, they'll pull an Argentina move and they'll just go somewhere else, abandoning the country, its resources and its very market. I say that those threats are hollow. China doesn't want them, and EU has nothing comparable to offer, the Gulf states have limited resources and are turning into glass, and the rest of the Commonwealth doesn't compare in regulations or population. Where in the world are they going to go exactly?
Downvote this trash. It's framing the conversation the wrong way. Nothing needs to pay for the student debt relief plan. Nothing was marked to pay for PPP loan forgiveness to the wealthy, how is this any different?
A wealth tax would make me vote red. If I make money for generations to come you can be damn ducking sure not a cent more than what that can be written off is going to America.
If a wealth tax would make you vote red, then you're a neoliberal who overestimates his personal wealth and is more concerned with fiscal responsibility than an equitable society.
As a reminder, this subreddit
The rich have heavy influence on government and who gets taxes what, they don’t want us educated.
[удалено]
There isnt a conspiracy to keep people uneducated. It’s just rich people have influence and ability to keep themselves rich. Knowing all these social programs that benefit society could be funded if we tax them, so they lobby opposition. It’s just that simple. You don’t need to invent a conspiracy when selfishness explains it just fine.
IF you can actually COLLECT the tax.
Good thing the Democrats just passed a massive increase in the IRS' budget to allow more staff to handle just that.
You're not wrong. The agencies tasked with collecting tax are failing to do anything more than pick "low hanging fruit" more often than not resulting in auditing the poor instead of enforcing our intentionally vague tax laws on the rich, mostly because it's less complicated and cheaper.
Tax laws, securities fraud, insider trading, there is a very long list or laws not enforced- well except on the poors
More like: if we could even levy the tax in the first place. Federally, we can’t, under the Constitution as it currently stands.
A super rich told me personally a decade ago if this happened he would just sell everything in USA and live in one of the other countries he has homes in
Which tax laws do we not currently enforce?
There are actually legal ways to evade tax. Lots of rich people do that.
Won't happen. They control everything and won't support to tax themselves. I like how we've come off the 1% and made it to the 0.25%..
Wealth Taxes were a massive failure in Europe, many countries ended up killing their's. Considering the massive fight over Income taxes in the early 1900s I don't see a Wealth Tax passing supreme court scrutiny, especially with how subjective high net worth evaluations can be. We're better off ending loopholes/deductions as well as enabling a progressive capital gains tax.
Regardless, and as much as I would desperately want a wealth tax to happen I’m the US, it’s not allowed under the Constitution. We have a federal income tax because it’s permitted. We have state-level property (wealth) taxes, but we’d need a referendum to get a federal one.
1% is a lot of people. I’m reality it’s should be a number and not a percentage and the number should be the owners and CEOs of each and every large company in the United States and they are the ones robbing us all blind.
The real cause of inflation is these greedy fucks on top who have gotten too comfortable squeezing every cent from their poor workers and customers
No it’s the government printing money and not letting people work, creating demand for workers and high compensation, causing companies to increase wages, forcing them to increase prices, causing wages to be increased, causing companies to increase prices. Hence wage price spiral.
Having everyone who should pay taxes actually pay them would fix nearly every financial issue in this country.
And responsible government spending…
The ultra-rich would rather set all their money on fire than see a fraction of it go towards social welfare. That's how sociopathic they are
Except they fund the majority of federal social programs along with the majority of nonprofit social aid. You should check out orgs like the Gates Foundation.
Yeah, but then how would corporations exploit newly graduated students for shitty wages and extreme overwork? If they don't have student loans to pay back, they're not as afraid of managers firing them. The peasants will get all "uppity" if they aren't held down by the chain of debt.
Tax all billionaires out of all existence.
We should immediately change the predatory nature of the student loans to reflect low .5-1% interest, any penalties should be low and if colleges don’t provide degrees that allow students to pay off debt easily, Colleges should have to write off a portion of it. Colleges should be paid as loans are repaid. There should also be some type of regulation on colleges for fees and rate increases. We need a plan to help everyone, not just a temporary band aid.
Just seize all of Elon Musk's stock holdings. That guy is breaking law after law and is bordering on treason.
future president of mars
Let’s do it!
Money is monetary why even bother shouldn’t we all have enough, being that we are all alive… the only time things like this are need is in times of struggle when amassing a team is necessary and prioritizing is a must. We live good with food and water in abundance why even bother…at this point it’s starting to feel like slavery for personal gain rather than forced cooperation for necessity’s.
Imagine what the entire top percent could do! Regular people wouldn’t even need to pay taxes and those billionaires would still be billionaires! Wow! Who would have guessed??
Tax the rich to feed the middle class. Then leave the truly poor with nothing. Great plan. How about $10k for EVERYONE with income <$75k instead of just sending money to the base
Too bad those handful of ultra rich people own the handful of rich people who make the laws
The 0.25% wouldn’t even notice.
Here's an idea. Instead of proposing a tax on unrealized gains that will eventually make it down the income ladder to nearly everybody, why not just get rid of nearly all deductions that were put in place to benefit the wealthy, particularly those with a lot of real estate holdings?
I am really hoping we can move away from discussions on income taxation and realign with current compensatory mechanisms and deductions. A lot of CEOs get no more than a $1 in terms of salary, but acquire a great deal of wealth in other financial instruments and assets.
Just keep in mind when comparing forms from over 100 years ago with today. The world has changed since then and what was adequate as far as the government goes was very different back then than it is today, and you need more money to run a modern government than you needed back then. Of course that’s not to say we couldn’t simplify the process, but it’s not a fair comparison.
Or legalize marijuana...tax it... Then start funding all kinds of things
Why when the rich aren't paying into the economy?
Your making too much sense here. This isn’t the place
The US can always afford war time spending. Just declare war on student debt, then take the money and pay it off instead of buying bombs.
Moreover, a wealth tax could fund education and much more for a long, long time.
…..…..and then some!
A tax code without loopholes for corporations and wealthy alike - at 25% - would fund Bernie Sander's dreams for Americans and beyond.
Sure, it could. But we could also do it now. But that’s not what taxes are used for. It’s letting our political leaders off the hook to say “oh, we could solve all these crises if we just had some of Jeff’s money.”
No. Don't do this. When they give trillions in tax cuts and bailouts, nobody asks where it will come from.
But the rich need that money, think if their families!!!
Particularly since the wealth they have is largely extracted from, and dependent opon educated employees.
Yes and no. We can import as much skilled labor force that will work at depressed wages as we like.
I don't think a wealth tax is the way. But a high inheritance tax would be a good compromise.
In the unlikely event we impose a wealth tax, there are better things to use it for like healthcare, low cost education, childcare, climate, etc.
I’d just like to say.
So can I put my tax dollars toward my mortgage?
imagine what you could do with 30% wealth tax
So did these rich people pay their student debt back? And now you want them to pay your debt.
Except that money will be sent to Ukraine
That could fund loads of things that aren't voluntarily chosen loans.
Unclear if this is even constitutional
I believe the people possess the power to rewrite the constitution,
Meaning what - that taxation is somehow unconstitutional???!!!
Federal government spending doesn't need to be paid for with tax levys. For example, most COVID relief loans to business were forgiven without raising any additional taxes!
We don't like to talk about MMT though.
Every time the left wants something, they say the rich can pay for it…sorry, they can’t fund all of your buy the votes projects.
Every time corporate profits reach a plateau they start to dip into the old taxpayers funds. I don't see them refusing subsidies, tax reliefs, or government contracts.
A wealth tax is a terrible idea
That wouldn’t be fair to them
This wouldn’t solve any of the real problem. It would only perpetuate it. Colleges have no incentives to keep prices reasonable because of all of the easy money flowing to them. That will keep the prices skyrocketing because the US government slaps its guarantees on loans, and also tries to spread the rumor that you must have a college degree to do anything in the US.
It would also be a stupid fucking idea.
This is the best tl;dr I could make,
This is the best tl;dr I could make,
But it won’t.
A 100% estate tax would pay off the national debt in ten years, and thereafter free education and universal healthcare.
What is that, like 6 people? Wealth distribution, man…
how about a cap on tuition costs? then find a way to use tax dollars to fund universities equally.
We need Elliot Alderson.
So could the States who fund and manage most of the schools. Course it’s easier to get the Feds to pay, even if it’s the wrong place
But "RaDiCaL SoCiALiSm"
In the US , what is the income level to be at the top 0.25 % ?
1% around 500k annual income
ELI5 on a wealth tax? Still haven't gotten an explanation outside of taxing theoretical value...
A wealth tax is a bad idea. Just tax capitol gains as regular income, and close all the inheritance tax loopholes.
Genuinely curious about how this would work. I’ve heard people say that we can’t tax the mega wealthy because they technically don’t have the money, it’s all in their investments. I actually would like to hear other perspectives and opinions and what not.
You can look up the proposed bills related to the initiative, namely the Ultra Millionaire Act of 21.
Why not make education free? Higher earnings from education = more taxes. It pays for itself.
Cheaper to import educated workers from abroad, I guess.
Unfortunately the recent tax enforcement policy is focused on ensuring that the 13.6 million plus 1099 contractors are paying labor burden taxes.
If Jeff Bezos earns $1.7 million annually, how the heck can he afford the $2 million monthly payment on a yacht that costs $500 million? I assume some other entity owns the yachts, jets and mansions? But I can't create some Deleware llc and use it to launder my money, how the heck are they doing it? Are they offshoring these personal entities/wealth?
It’s just not the right thing to do. Those who took loans and signed for them are responsible to pay them back. It’s not fair to all those who have not gone to college, who have paid their own way thru college by working hard and sacrificing and in the end setting the wrong example for a generation who already has trouble owning up to personal responsibility.
"I suffered so if you don't suffer my suffering will be for nothing" - what anyone who is well off enough to pay off their student loan debt sounds like
If I, an outsider, designed a system that:
Just paid 60k in loans. Delete them. America cannot be competitive when we have bullshit high school education and a bankrupting higher education. I for one want an educated and healthy populace.
It’s just not the right thing to do. Those who have been purchased are property of the person who spent their hard earned money. It’s not fair to all those who have been slaves their entire life, who have paid their own room and board by working hard and not expecting pay, and in the end setting the wrong example for a race who already has trouble owning up to personal responsibility.
Everyone’s about tax the rich we don’t tax them. Ef them and their money.!
You also realize they’re literally hoarding wealth for no reason, while paying those people a pittance, right?
Doctors and lawyers paying off their own loans seems like a much more simpler and equitable solution.
… yes, but they wouldn’t tax them. They would tax us more, you know the ones still paying off student debt.
Most of the top 25% dropped out of college because it was slowing them down to reach their business pinnacles. It would be totally ironic that they have to pay the college bills for everybody else.
Well thy is fascinatingly false and an complete lie. I’d be happy to go thru the numbers.
Be mindful of the likely unintended consequences, like the wealth leaving the US. Wealth is extremely mobile.
That's a common threat by the super rich. That somehow, they'll pull an Argentina move and they'll just go somewhere else, abandoning the country, its resources and its very market. I say that those threats are hollow. China doesn't want them, and EU has nothing comparable to offer, the Gulf states have limited resources and are turning into glass, and the rest of the Commonwealth doesn't compare in regulations or population. Where in the world are they going to go exactly?
Looks like someone is lashing out in poor ignorance. Bill gates donates billions=rather see money burn. Logical.
Downvote this trash. It's framing the conversation the wrong way. Nothing needs to pay for the student debt relief plan. Nothing was marked to pay for PPP loan forgiveness to the wealthy, how is this any different?
Yea right. Another bogus calculation
A wealth tax would make me vote red. If I make money for generations to come you can be damn ducking sure not a cent more than what that can be written off is going to America.
If a wealth tax would make you vote red, then you're a neoliberal who overestimates his personal wealth and is more concerned with fiscal responsibility than an equitable society.
Let’s fix inflation by teaching people we can steps without worry! Look what that got us!
Oh my God shut up about this. You don’t want the Dirty masses to find out about this.