Spent the evening looking into the proposed tax plans from the administration and its party, and a measure of how genuinely fucked up they are is that there is an actually really good chance that I will get a bigger tax cut out of them than every other household in my little rural village, combined
Comments
You are still benefiting from the Reagan tax cuts that were never repealed. But yea I’m in favor of restoring those rates for sure.
How would you feel about bringing the 94% tax rates on the rich, back again?
I understand in today's dollars, the 94% will kick in above $3 million a year. Could you maintain your lifestyle on $3 million a year? Could Musk?
And if you thing $3million is the poverty line, you're a bit deluded
That's the level they used to cut off rich people's money, back in the 1944. All indications are that $3 million per year was a very good ceiling and kept the economy flying along very smoothly, prosperity for all.
$8200. every. single. day.
Musk wouldn't be down to $3M/year because most of his wealth is in stocks and most of his liquidity comes from loans secured against that stock.
what the f'in heck
OTOH loans made against unrealized gains should be taxed either as income or a short term gain.
Then you simply don't get more money. No capital gains. No nothing. You can't reasonably spend that much, and we end Monopoly and start over when someone wins
Youve made bad lifestyle choices
You can see his sickness, he literally wants to get away from Earth.
The idea that someone can't live well with "only" millions of dollars is insane
But yes, completely agree. Imagine how much different our world would be right now if people were taught how all this works starting in grade school.
Who honestly can't live a helluva life on $3,000,000 a year. I can't even imagine what I would spend that much money on.
He is an exploiter and an oppressor.
He's not even nice to his own children.
He harms others. Dealing with him is defense.
You can prove my anti-vaxxer and climate-denier views wrong, nobody is
Nobody stopped ANY scientists of the world from chiming in. Yet, I say, I was the force behind Trump being so easily exiting Paris treaty. That's my story and I am sticking to it.
Theory is if we put a cap on the Greed, society would return to normal.
Could they live an unbelievably good life with $3 million a year? Yes, of course.
But I'm not going to cry if it's less than how they're living now.
Their wealth is theft from the rest of us.
If you think that tax rate was ever paid or that it ever prevented wealth accumulation you're mistaken.
Id rather just require that they are paid in cash. They're getting rich on securities grants.
It caused a very high "velocity of money", and that's how you get the 1950's prosperity. Those stories "My grandfather owned his house free and clear on a small job" are true.
But on wealth accumulation, I want to put a billion-dollar total cap.
Require companies to pay in something they have to account for.
You make it SOUND like a lot, when in reality if you are already making an income of 3 million dollars or more, you proportionally spend less money on things than those with lower incomes.
And yes, I think any billionaire could survive on only 60 million dollars a year.
But I do want to also have a wealth cap, no matter where/how you got the wealth from.
I'm tired.
Let’s make taxes high again!!
And as for those that are too greedy, we should not concern ourselves about it. Unchecked greed is a sin.
Do you understand what you're actually asking ordinary people?
Do the maths
I don't know if Congress has the power and unity to do it today, but if we are setting a goal, that's a good level, for the rich have gotten unreasonably wealthy.
I am proposing a wealth-cap too.
100% on any wealth over a billion.
Someone on here said extreme wealth is the cognitive equivalent of getting kicked in the head by a horse daily, because no one tells you your ideas & expectations are stupid/wrong, and there’s a lot to consider in that
But not many.
You can't slip more once you reach 100%.
From all accounts, things were much better when the marginal tax rate was 94%. Why not return there, save the rich from their own insanity, have society return to an economy with a nice distribution?
You want 1950s prosperity, then yes. A fucking billionaire isn't even going to notice.
Expense accounts are good for everybody, the hotels, the airlines, the restaurants... And also for great jokes "Did you hear what so-and-so wrote off based on the argument
I have a problem with them hurting themselves and others, because they fall in love with these numbers that represent their wealth. You can see Musk going crazy not to live it up better, but to be a trillionaire.
I would argue Musk's lifestyle is an immoral and frankly obscene one.
Scalzi's not so much ( well, maybe a few of the burritos )
You're asking the wrong question. it should be about the gap between top and bottom
Gini Coefficient, man!
no such thing as an ethical billionaire!
Once you have wealth, you have tons of options.
Even in 94%-capitalism, loopholes were encouraged. The idea was not to make them suffer, but spend their money.
Look, it wasn’t just the taxes that led to the benefits. The public (and leaders) *believed* that government could do a better job in the circumstances, and stood up to robber barons
I also offer claims plus evidence that I own the powertrain to push that vision through.
Consider subscribing to and promoting my Newsletter.
A good society is good for all its members, including poor and rich. The idea is not to hurt but heal the rich as we heal the economy by putting limits on greed.
It used to be illegal for them to get stock options. They used to get preferred stock and executives pushed for higher dividends. Now they can manipulate stocks to get paid absurd amounts of 💰
How about we call it a 50% tax break and set it at 47% tax rates for over $100 million?
Generous, fair, and would truly Make America Great Again
Nobody really needs that kind of money to live. The billionaires are morbidly wealthy. Still wanting more money is sign of psychological illness. This damages society, everybody.
Dude, have some self-respect.
I'm still for raising tax rates for top 1%
https://city-countyobserver.com/did-people-really-pay-91-tax-rates-in-the-1950s-if-not-what-was-the-reality-compared-to-today-the-claim-that-the-top-1-of-earners-in-the-1950s-paid-a-91-tax-rate-is-based-on-the-statutory-top-marg/#:~:text=While%20the%20top%20statutory%20tax,closer%20to%2026%2D28%25.
https://limotsnewsletter.com/2025/02/24/economic-experiments-in-usa/
Their money does.
He'd have over 40 million in assets if we taxed everything he has at 99.99%.
A person can live comfortably on 10 million from birth to death. 80+ years.
Do you think millions of people should be denied similar to support one person achieving it? That is how it happens.
A higher marginal rate incentivizes higher wages, which are throughput for the economy.
We have seen Scalzi's burritos, dude does not waste food, even when committing crimes against nature to save it.
I think at 3 million a year he could do just fine.
Because I don’t do selfish shit like jet around the world on a whim or buy 27 exotic but useless cars. I’m of the Warren Buffett mold where I don’t need stupid excess to be happy.
Is there room between current rates and 94%? It's not a binary choice player
But frankly my marginal tax rate goal is 100%. Kicks in at, say 10 million. For if we have made you think the 11th million will make you happy, we have failed to teach you well.
We have driven the rich crazy in many ways, Reagan didn't do them favors.
https://bsky.app/profile/straightgoods.bsky.social/post/3liuyaw33ls2m
I want my government services to be retained.
Need to take off the social security income cap.
Should P Diddy be allowed to maintain his lifestyle in prison simply because he's used to that lifestyle.
Now tell us how that readjusts your world-view of Right & Wrong.
My bad.
It was not £600M in 1927
https://www.pay.gov/public/form/start/23779454/
Nothing stopping them from ponying up some dough directly.
It gets complicated when gentrification happens and the council now has this asset worth £££ but they could sell and build more houses