1% of income earners already pay 90% of income tax in the US.
What more do you want? Wealth is not a zero sum game. Billionaires employ millions of people.
Even if you could tax 100% of all billionaire money, you will only fund the entire federal governments spending by a year.
Fix where the money is spent first. It is highly inefficient
Billionaires don't pay 90% on incomes
They leave the money in their companies that, like Apple, evade taxes sheltering their money through international tax heaven
They are worth billions not because they have billions cash on which they paid taxes, but because they own stocks and properties worth billions
So yeah, paying a marginal tax on their wealth is only fair
> Even if you could tax 100% of all billionaire money, you will only fund the entire federal governments spending by a year.
There are 11 million millionaires in USA, if you take the 1% of their wealth over a million you could have an healthcare systems that don't let you die like flies when the next COVID-19 hits
But if you prefer to die, it's ok to me
Just know that your system is broken
There’s that word again, “take”
Taxes are always taken, even if you earn 20k/year
I know that the only reason USA are born was to avoid paying taxes, but it's a bit silly to think that a billionaire cannot be asked to contribute back to help those that are in need
A billionaire
It means at least a million times a thousand dollars
1% for them is virtually nothing
Unless billionaires want to send their children to collect trash, ship Amazon packages, drive cabs, keep the house clean, defend the country in the military (funny how rich people almost always skipped it) etc. etc. then they owe to society more than society owes to them
It's that simple
To not understand it one must be mentally challenged
The funniest thing is that you're not a billionaire and would only benefit from a more just society
But you felt for the same mistake that Scott Fitzgerald made many years ago.
"The rich are different from you and me” wrote in his novella, The Rich Boy, with a sense of romantic longing.
Ernest Hemingway is said to have replied “Yes, they have more money.”
Hemingway wrote later on, in a 1936 issue of Esquire magazine, “that was not humorous to Scott. He thought that they were a special glamorous race and when he found out they weren’t, it wrecked him"
Don't be a Fitzgerald, be a Hemingway.
The top 1% of the population in US owns 39% of the wealth, top 10% own 76% of the wealth, bottom 50% owns only 1% of it.
If the system was fair, bottom 50% of the population should pay no taxes, because they own too little to live.
BTW you are another of the wannabe rich I guess who drank the billionaires cool aid, the top 1% only pays a marginal amount of the taxes
"Zucman, as detailed in his new book, "The Triumph of Injustice," written with fellow University of California at Berkeley economist Emmanuel Saez, found that the 400 richest Americans now pay a total tax rate of about 23% — that's lower than the bottom half of U.S. households, who pay a rate of about 24%"
American Scholars and the FED are making these analyses, not some hippie socialist in a kibbutz
It's time you all wake up
This is a horrible excuse. Nobody has ever argued they want things to stay this way because one day they’ll be rich. How the liberals got this idea is a great question. The reason why people care is because this is a slippery slope. One side thinks you can’t pay enough taxes, and the other side wants their money to spend on themselves. It’s not “wannabe rich” so quit running around spouting that off out of ignorance. What we want is fairness and we happen to understand the rich people own the businesses. If you keep reaching into their pocket they will leave. Then what? Businesses and money will magically appear? I think it’s time you wake up, unless this is gonna be a typical liberal tantrum where we won’t hear the end of it until we submit to further taxation.
It isn't
Consider this
If you had a billion today and paid 1% every year in 20 years you would pay 220 millions total
In those same 20 years if you invested in a conservative way, say 4% guaranteed, which is arguably easy if you have a billion, after 20 years you would have gained 1.2 billions
In other words a net positive of one billion
Talking about numbers helps because the ratio is the same if you apply them to 1 thousand dollars
220 dollars spent, 1.2 thousands gained, 1 thousand net positive
The only difference is that making 4% with a thousand dollars is harder than with a million times a thousand dollars
Simply put you have a million 1,000 dollars chances VS Just the one
Or put it another way you could spend 1k every day for a million days, which is approximately 2,740 years, it means you could spend 10k/day for 274 years or 100k/day for 27 years or a million every day for 3 years.
And the compound interest would keep the initial billion grow indefinitely.
It basically means you have infinite money.
And you are worried that taking 1% would be detrimental for billionaires?
> If you keep reaching into their pocket they will leave
Biases are so boring... (you used a mix of confirmation bias and ancoring bias)
We are not even reaching their pockets now, they are paying less than the poor
Wake up, or you end up living worse than rich people's dogs (you probably already are right now in US)
Yes, because again it’s not fair. I completely ignored the rest of what was above this because I’m not a child and am quite capable of understanding quite advanced math and how large a billion is. So to recap you’re saying it’s ok because they have a lot of money.
I’m actually living quite well in the US, despite coming from a very poor family with both parents getting cancer and having absolutely no money to put me through school. Instead of complaining or finding new inventive ways to take others money I taught myself skills worth a lot of money and now no longer have to worry about it.
As far as your paying less than the poor statement, let’s get some facts to back that up? Actual facts, not liberal news articles.
Also I see we’re taking the “we want more of your money” tantrum route.