Zone1 Should A Handful Of Billionaires Own More Wealth Than The Bottom 50% Of All Americans?

[surada]

And?

Donald Trump Paid $0 in Federal Income Taxes in 2020

Information about the former president's taxes was released Tuesday by the House Ways and Means Committee

www.yahoo.com

 

[RetiredGySgt]

Donald Trump Paid $0 in Federal Income Taxes in 2020

Information about the former president's taxes was released Tuesday by the House Ways and Means Committee

www.yahoo.com

So? Was it legal? Why yes it was because of business losses.

 

[marvin martian]

Business pays a different rate than Personal Income

If you have a small business that you take a personal income above $1 million, you deserve to pay

Wow, you know jack shit about sole proprietorships. Figures.

At any rate, you supported the increase on corporate taxes, too.

Face it, you're a fascist.

 

[RetiredGySgt]

So? Was it legal? Why yes it was because of business losses.

so you dont deny it is true you just think rich people shouldnt have the same rights as the rest of us ehh?
Surada?

 

[Red Front]

Please tell us what percentage of their income should go to the Government

Back in the 1950s the wealthiest people in America paid 90%. They had their tax loopholes, breaks, so they didn't actually pay 90%, but officially that was the percentage rate. They paid around 60%. In the 1980s, when Reagan became president, the top tax rate was around 70%.

 

[2aguy]

At the urging of Republican Senators Hawley and Rubio, a new think tank is working out ways for the GOP to changetheir messaging.

They want to shift their rhetoric from support for corporations and the morbidly rich to pretending they care about working people. This new organization will, they say, “think differently about labor vs. capital than Republicans have in recent generations.”


It’s a cynical effort to capture Trump’s working class base. He’d promised he’d bring our jobs home from China, empower labor unions, raise taxes on the rich so high that “my friends won’t ever talk to me again,” and give every American full health insurance that cost less than Obamacare. Those promises helped win him the White House.

All were lies, but the GOP base bought it and gave him tens of millions of votes; now Hawley, Rubio, et al think they can bottle that populist rhetorical magic and repeat Trump’s shtick for 2024.

Which raises the existential question both economists and politicians have debated for centuries:


America has had two different but clear answers to that question during the past century.

From the end of the Republican Great Depression with Franklin D. Roosevelt’s New Deal in the 1930s until 1981 (including the presidencies of Republican Presidents Eisenhower and Nixon, who maintained the top 91% and 74% income tax rates), the answer was unambiguous: “The economy is here to serve average Americans.”

Income and wealth during that time rose at about the same rate for working class Americans as they did for the rich, something we’d never before seen in this country.

This was not an accident or a mistake. It was the very intentional outcome of policies put into place by FDR and then maintained by both Democratic and Republican administrations for almost 50 years during that pre-Reagan era.

And then came the Reagan Revolution, when Republicans decided that the middle class wasn’t as important as giant corporations and the very wealthy after all, and that the rest of us are here to serve the rich.

Should a Handful of Billionaires Own More Wealth than the Bottom 50% of All Americans?

At the urging of Republican Senators Hawley and Rubio, a new think tank is working out ways for the GOP to change their messaging. They want to shift their rhetoric from support for corporations and the morbidly rich to pretending they care about...

m.dailykos.com

Im sure this will hurt the feminine sensibilities of certain moderators, so I expect it to be moved with not much intelligent input.

If they earned it, why not?

 

[Red Front]

Exactly!

We must eliminate the freedom to be unequal.

For the sake of freedom!!!

If your inequality is at the expense of everybody else's freedom, then of course. To hell with your desire to be special, if it's at the expense of everyone else.

 

[2aguy]

Sure, why not?

Did you have a plan to stop them?

You can bet they do....and it involves government agents, guns, and camps....

 

[Red Front]

If they earned it, why not?

No one earns billions of dollars. It's all on the backs of the labor of others. No one has enough production value to "earn" that much. Most rich people are leeches and exploiters living off of the labor of other human beings.

 

[RetiredGySgt]

If your inequality is at the expense of everybody else's freedom, then of course. To hell with your desire to be special, if it's at the expense of everyone else.

Be specific and explain how being rich affects others that aren't rich other than envy?

 

[Red Front]

You can bet they do....and it involves government agents, guns, and camps....

Eat the rich before they eat you.

 

[2aguy]

Eat the rich before they eat you.

Yeah........it never stops at the rich....just ask the 200 million people murdered by socialists around the world after 1917........very few billionaires in that group....

 

[Ralph Norton]

Society can actually place a cap on how much money and assets a person can own. Everything above, let's say, a million dollars yearly, would be in the hands of the public.

Fuck off, commie douche.

 

[Flash]

Trump pays very little in taxes..

Rich people don't pay much in direct income taxes because they have accountants that know how to use the tax code to shuffle the income to legal non taxable revenue. .

That is why these Libtard billionaires are not afraid of an increase in income taxes because it very seldom affects them.

By the way, I also use the tax code to my benefit to pay less taxes wherever possible.

Of course more than 50% of Americans don't pay any of the one trillion dollars collected each year from the filthy income tax. Those are the real welfare queens.

We need to stop both the income and corporate tax and just spend less money. That would be only sane thing to do.

 

[surada]

Rich people don't pay much in direct income taxes because they have accountants that know how to use the tax code to shuffle the income to legal non taxable revenue. .

That is why these Libtard billionaires are not afraid of an increase in income taxes because it very seldom affects them.

By the way, I also use the tax code to my benefit to pay less taxes wherever possible.

Of course more than 50% of Americans don't pay any of the one trillion dollars collected each year from the filthy income tax. Those are the real welfare queens.

We need to stop both the income and corporate tax and just spend less money. That would be only sane thing to do.

Trump is a libtard?

 

[2aguy]

Rich people don't pay much in direct income taxes because they have accountants that know how to use the tax code to shuffle the income to legal non taxable revenue. .

That is why these Libtard billionaires are not afraid of an increase in income taxes because it very seldom affects them.

By the way, I also use the tax code to my benefit to pay less taxes wherever possible.

Of course more than 50% of Americans don't pay any of the one trillion dollars collected each year from the filthy income tax. Those are the real welfare queens.

We need to stop both the income and corporate tax and just spend less money. That would be only sane thing to do.

And the increases in income taxes hit any rising competition to those businesses owned by the billionaires, which is why those billionaires love income taxes and any taxes, they become tools to suppress up and coming rivals....

 

[Red Front]

Be specific and explain how being rich affects others that aren't rich other than envy?

Cronyism is perhaps the most egregious consequence of having a socioeconomic class of rich ruling elites. They skew the law to serve their vested interests at the public's expense. They undermine our democracy. It's not envy, it's actually ethical to protect society against a wealthy and powerful socioeconomic class of exploiters and vampires. These leeches that rely on the sweat, tears, and blood of their human labor, shouldn't have too much power.

I would cap income at 1.2 million yearly, with cash savings at 10 million. If a person feels persecuted and violated when they're bringing home upper five figures monthly, and have ten million dollars in the bank, they should see a psychiatrist. They're suffering from a bad case of financial gluttony.

In the not-too-distant future, we're going to have to re-organize our economic system anyways to prevent the working-class from being consigned to serfdom. The techno-lords are going to replace all of their employees with robots, artificial intelligence, autonomous vehicles..etc, hence creating a mass unemployment crisis. That's why these billionaires are offering to give everyone a government check, called a "UBI", i.e. Universal Basic Income. That's nothing more than another government bailout. Capitalism needs to get bailout again, by the public.

​

It's not the working class that's in trouble, it's the capitalist, employer class that is up the creek without a paddle, due to technology. Eventually the working-class, even Bubba, will wake up and say "wait a second, why the hell are we allowing these rich folks to own all of the robots and technology, rendering us worthless/unemployed? We don't need to allow this crap. Let's own all of the robots together and produce everything that we consume ourselves". America will eventually, due to technology, adopt a non-profit mode of production. Advanced, 21st-century automation technology will demand it. Our choice is slavery or owning the means of production, together.

 

[Flash]

Trump is a libtard?

Trump has never come out in favor of an increase in income taxes that I know of but the Libtard billionaires like Gates and Bezos have. A lot of the Limousine Liberals with fat accountants support an increase in income taxes.

Liberal stupidity.

Spend less, tax less.

 

[2aguy]

Cronyism is perhaps the most egregious consequence of having a socioeconomic class of rich ruling elites. They skew the law to serve their vested interests at the public's expense. They undermine our democracy. It's not envy, it's actually ethical to protect society against a wealthy and powerful socioeconomic class of exploiters and vampires. These leeches that rely on the sweat, tears, and blood of their human labor, shouldn't have too much power.

I would cap income at 1.2 million yearly, with cash savings at 10 million. If a person feels persecuted and violated when they're bringing home upper five figures monthly, and have ten million dollars in the bank, they should see a psychiatrist. They're suffering from a bad case of financial gluttony.

In the not-too-distant future, we're going to have to re-organize our economic system anyways to prevent the working-class from being consigned to serfdom. The techno-lords are going to replace all of their employees with robots, artificial intelligence, autonomous vehicles..etc, hence creating a mass unemployment crisis. That's why these billionaires are offering to give everyone a government check, called a "UBI", i.e. Universal Basic Income. That's nothing more than another government bailout. Capitalism needs to get bailout again, by the public.

​

It's not the working class that's in trouble, it's the capitalist, employer class that is up the creek without a paddle, due to technology. Eventually the working-class, even Bubba, will wake up and say "wait a second, why the hell are we allowing these rich folks to own all of the robots and technology, rendering us worthless/unemployed? We don't need to allow this crap. Let's own all of the robots together and produce everything that we consume ourselves". America will eventually, due to technology, adopt a non-profit mode of production. Advanced, 21st-century automation technology will demand that.

Yeah....you cap the income of the people creating that income, to give to political leaders who use the money to enrich and empower themselves......and you see nothing wrong with that equation.......

This is why communism is foolish.

The people are all serfs under communism and socialism....

 

[Woodznutz]

Wealth and money aren't the same thing, generally speaking. Money builds wealth when it is spent to obtain an asset. The money then enters the economy and is available once again as wages or loans. Money is traded by the rich for assets such as real estate, stocks and bonds, business equipment, etc. The money for these purchases returns to general circulation.

Anyone can do this; however, most spend their money on consumer goods not assets that make money or increase in value. Also, the purchase of those consumer goods is what makes the rich...rich.