The thing is, when we had high marginal tax rates on the rich, the rich still had yachts and second and third houses and fancy vacations and really good schools for their kids, so, yes, I think most people who are really very rich would do just fine, and the rest of the US would do better than now.
Reposted from
Limot
You are a beneficiary of Republican tax cuts then?
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?
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?
Comments
If they cannot live on their take-home pay, but I can. . . Then I have a life seminar that I’d like to sell them.
And capital gains rate maxed out at 35% in the Clinton years (which, economically speaking, were pretty good for most Americans)?
We need them because permanent dynastic wealth distorts and eventually destroys economies and democracies
My taxes went up.
I have no idea why anyone still thinks those tax cuts went to anyone who works for a living
It's just that right now Musk has the "first trillionaire" insanity in his nostrils. If we take that out he will become sane again.
How much money is good enough? The insatiable greed for more causes them to do uncontrolled damage.
I am fine with some inequality - in fact, I assert that allowing differentiation in economic outcomes is actually good.
But we need both a floor (prevent misery) AND a ceiling on that.
We just shouldn’t have billionaires, full stop.
Americans are okay with cartoons.
I think that should be our model for a lot of technology development tbh.
NASA’s manned program never really recovered from Apollo, and rocket development was guided by the imperative to have parts made in every congressional district. It was/is a mess.
I don't think people truly grasp that a billion is a THOUSAND million.
We need a wealth tax on their stocks and taxes on their loans.
If I can pay property tax on unrealized gains, then so can they.
I’m ok with multimillionaires. But one your fortune numbers in the billions, it’s a hoard. And hoards? Never say anything good about the person who accumulates it.
Without just giving a bunch of money away every year, it'd be like spending your entire life as Montgomery Brewster.
In return they're trying to kill all of us to take everything.
https://www.propublica.org/article/the-secret-irs-files-trove-of-never-before-seen-records-reveal-how-the-wealthiest-avoid-income-tax
"In 2011, a year in which his wealth held roughly steady at $18 billion, Bezos filed a tax return reporting... his income that year was more than offset by investment losses. What’s more, because...he made so little, he even claimed and received a $4,000 tax credit for his children."
I'm sure it would be hard for him at first, but I bet he could learn to adapt.
They make over a half a billion dollars a year.
It’s simply mind blowing that we are destroying our country to protect these folks.
We’re insane.
Tax codes allow lower taxes, losses to carryover, zero liability and encourages hereditary wealth accumulation.
For them, it's a scorecard, to prop up their self-worth by showing how much better than others they are.
Ironically, of course, it does just the opposite, to anyone with any humanity.
I’m not sure if something has changed in the water but that doesn’t seem to be a Republican position anymore.
We also aren’t coming out of a world war-yet- where the rest of the industrialized world had to rebuild. It’s not equivalent.
The average income that same year was worth ~$44,600 today. They were buying houses worth ~$99000 in today's money.
The rich had nothing to complain about.
Tax the rich relentlessly. The only way you amass that much money is by exploiting people.