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Stefani Tee
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US billionaires paid a lower tax rate than working class in 2018

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Economy

Its because we tax Capital at a lower rate than income tax which is supid. Anyone wealthy enough to just reinvest capital and stocks will make more money with less effort than working people and pay less tax

 

right now in the US (and here in Canada too) the Upper Middle Class and Low Upper class pay the most in taxes. Only then is the very wealthy

 

only the very low income pay less than billionaires

 

capitals gains tax needs to go up on gains above a certain threshold

 

they also need to be inflation adjusted to make taxes between speculators vs real investors fair

 

right now the steps that have been taken in my Country for “redistribution” with higher top income taxes is all hitting people making $200,000 to $500,000 a year...

 

yeah that targets the top 1% but it doesnt target the ultra wealthy 0.01% who have half the wealth. To them income taxes is meaningless :shrug:

Edited by Economy
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Nightwing

It really puts things into perspective. People are upset over Ellen, while not even blinking an eye at this.

People need to refocus their attention, truly.

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ThatBinch

This is all kinds of f*cked up.  It just keeps getting worse and worse. And yet people have a problem with tax hikes for the mega rich, meanwhile they're laughing at us. It's so sad. :saladga:

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Helxig

This makes me so mad. A billion dollars is more than your mind can even comprehend. Some people have enough money to literally end famine and poverty, and they are the ones paying the least towards helping others.

For perspective, here's how much a billion dollars is:

 

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Some people have that many millions stowed away in a bank account.

 

images?q=tbn:ANd9GcSbqTTdwO3YGv-tY9AinZ5

Imagine how many chairs stack up beside that building, and each one is a million dollars!

 

These people aren't paying as many taxes as you and I?????? What kind of world is this?

 

And as a sidenote, the US national debt is over 14 trillion. Over 18 stacks of 100 dollar notes all the way to the international space station. That just shows how much of a joke the system really is.

Edited by Helxig
I'll be myself until they fūcking close the coffin.
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Gagaloo92

Thanks Trump tax cuts that go to all the wealthy and leave regular people left out to dry! 

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Economy
17 hours ago, ThatBinch said:

This is all kinds of f*cked up.  It just keeps getting worse and worse. And yet people have a problem with tax hikes for the mega rich, meanwhile they're laughing at us. It's so sad. :saladga:

A lot of times those who want tax hikes on the rich suggest tax hikes that don’t actually target the rich like high income taxes or Corporate tax hikes

 

you need to raise the taxes on capital gains which is the main wealth creator for the very wealthy. Thats how u target them 

 

raising top income brackets ends up taxing only the upper middle class...It targets the top 1% to 10% but it doesnt target the ultra wealthy top 0.1% because most of their gains is not any kind of salary income 

 

And Corporate taxes end up affecting average peoples retirement funds and investments (cuz middle class has some stocks in Corporations too not just the rich). Not to mention big tax hikes on Corporations would likely just lead to higher prices for goods so in the end middle class would pay for all the tax hikes

 

so to target billionaires u need to tax capital gains at a more fair level relative to income tax. Capital being taxed a lower rate than the top income tax brackets is the main reason this is happening

Edited by Economy
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