A Wealth Tax on the 0.25 Percent Could Fund Biden’s Entire Student Debt Plan

  1. 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.

  2. Good thing the Democrats just passed a massive increase in the IRS' budget to allow more staff to handle just that.

  3. 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.

  4. More like: if we could even levy the tax in the first place. Federally, we can’t, under the Constitution as it currently stands.

  5. 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

  6. 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%..

  7. 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.

  8. 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.

  9. 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.

  10. 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

  11. 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.

  12. 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

  13. 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.

  14. 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.

  15. 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.

  16. 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.

  17. 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??

  18. 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

  19. 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?

  20. 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.

  21. 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.

  22. 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.

  23. A tax code without loopholes for corporations and wealthy alike - at 25% - would fund Bernie Sander's dreams for Americans and beyond.

  24. 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.”

  25. Particularly since the wealth they have is largely extracted from, and dependent opon educated employees.

  26. 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.

  27. 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!

  28. 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.

  29. 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.

  30. A 100% estate tax would pay off the national debt in ten years, and thereafter free education and universal healthcare.

  31. 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

  32. 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.

  33. 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?

  34. 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.

  35. "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

  36. 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.

  37. 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.

  38. You also realize they’re literally hoarding wealth for no reason, while paying those people a pittance, right?

  39. 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.

  40. 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?

  41. Looks like someone is lashing out in poor ignorance. Bill gates donates billions=rather see money burn. Logical.

  42. 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?

  43. 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.

  44. 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.

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