Biden to Propose New “Billionaire Minimum Income Tax” of 20 Percent

[eastern_warrior]

And who fucking cares. Are we gonna worship the elites or are we gonna build a society where the top also pays its fair share. Am tired of the constant abuse of loopholes and the mere existence of them all for the exclusive benefit of the elites. Top earners in Europe get taxed to hell and yet their societies are striving. Did you check where almost ALL of the most recent super yachts were built? Not in Miami. Not in Hong Kong. But it high tax domiciles. Pure pieces of art and engineering wonders. And the list goes on. Coincident, the same places in Europe provide the world's best medical services to an entire middle class. Have you checked how long people in North America on average have to wait for a mammography or an MRI? It's ridiculous. Tired of worshipping the elites and their lobbyists.

You should care. Those who own companies will take them private rather than give up their ownership or lose the incentive to grow and reinvest. This has to move to realized profits if even a sliver a chance of it working. Great things come from entrepreneurs owning things.

If they went to a flat tax w/o the loopholes it would be more fair and raise more funds. No real-estate loopholes, no other write-offs, just pay your 15 or 20% w/o exception. That of course would be too easy.

 

[M.W.]

Remove the blatant tax loopholes for everyone. I agree with you 100% on simplifying to a flat tax rate and taxing everyone regardless of circumstances. But that does not even seem to be on the table here. It's about fairly taxing the wealthy who for decades ran their deliberate schemes to escape taxation.

You should care. Those who own companies will take them private rather than give up their ownership or lose the incentive to grow and reinvest. This has to move to realized profits if even a sliver a chance of it working. Great things come from entrepreneurs owning things.

If they went to a flat tax w/o the loopholes it would be more fair and raise more funds. No real-estate loopholes, no other write-offs, just pay your 15 or 20% w/o exception. That of course would be too easy.

 

[UsualName]

Don't quit your daytime job to become an economist.

https://www.economicshelp.org/blog/42/inflation/economic-policies-to-reduce-inflation/



Author: Tejvan studied PPE at LMH, Oxford University and works as an economics teacher and writer.

https://www.lmh.ox.ac.uk/prospectiv...ate/courses/philosophy-politics-and-economics

nooby is right, tax is certainly a way to reduce inflation. It’s exactly the same principle as raising interest rates. The only difference is there is a public debt reduction scenario included with raising taxes. FYI: not everyone is ok with reducing public debt either.

If you’re for raising interest rates to dampen demand and combat inflation then you theoretically aren’t opposed to raising taxes either. It’s just a question of would you rather get stabbed in the arm or the leg.

 

[UsualName]

You should care. Those who own companies will take them private rather than give up their ownership or lose the incentive to grow and reinvest. This has to move to realized profits if even a sliver a chance of it working. Great things come from entrepreneurs owning things.

If they went to a flat tax w/o the loopholes it would be more fair and raise more funds. No real-estate loopholes, no other write-offs, just pay your 15 or 20% w/o exception. That of course would be too easy.

No flat tax. Yes, minimum tax. We want to incentivize activity that benefit the country. Too many people see America as an economy instead of a country with interests.

 

[zdreg]

nooby is right, tax is certainly a way to reduce inflation. It’s exactly the same principle as raising interest rates. The only difference is there is a public debt reduction scenario included with raising taxes. FYI: not everyone is ok with reducing public debt either.

If you’re for raising interest rates to dampen demand and combat inflation then you theoretically aren’t opposed to raising taxes either. It’s just a question of would you rather get stabbed in the arm or the leg.

As a matter of policy I find a workaround.

 

[gkishot]

The effective purpose of taxation is to favor some over actions over others. For a long time, capital investment was favored over labor.

Taxes should be low when inflation is low, shouldn't they?

 

[gkishot]

And who fucking cares. Are we gonna worship the elites or are we gonna build a society where the top also pays its fair share. Am tired of the constant abuse of loopholes and the mere existence of them all for the exclusive benefit of the elites. Top earners in Europe get taxed to hell and yet their societies are striving. Did you check where almost ALL of the most recent super yachts were built? Not in Miami. Not in Hong Kong. But it high tax domiciles. Pure pieces of art and engineering wonders. And the list goes on. Coincident, the same places in Europe provide the world's best medical services to an entire middle class. Have you checked how long people in North America on average have to wait for a mammography or an MRI? It's ridiculous. Tired of worshipping the elites and their lobbyists.

You make no sense. I would rather live off some ones else hard work and money than be inventive and creative. That's the whole point of govt taxes and "the rich should pay their fair share" talking point.

 

[zdreg]

I would rather live off some ones else hard work and money than be inventive and creative.

Think about the purpose of living. I recall a high school student being asked what is your purpose being here on earth . His reply was to make a difference.

 

[M.W.]

Taxes are raised to pay for your roads, education, fire department, policing, your domestic safety and security... You may want to read up on the basics of what makes an economy tick. If you disagree with all that you must buy your private island and run your own country. For too long have the elites evaded taxes and the middle class has been obliterated and turned into minions who struggle to survive from one day to the next. Most in the middle class are ill equipped for retirement. All the while the elites have accumulated trillions. Other countries produce the same if not higher engineered and advanced products and their middle class is in much better shape than Canada or the US. And yet they have higher taxes for the rich. It's a blatant lie that entrepreneurs run away in high tax regimes. Germany, Japan, Switzerland, Belgium, France, Denmark, Sweden, Finland, Holland all pump out highly educated graduates, produce top technology and they all have a much better equipped middle class than Canada or the US. I know of many Canadians who travel to Germany to get surgeries performed. The health care system in Canada is absolute shit. And it is in the US as well for anyone who does not earn 200k or more. Get your facts straight. Statistics don't lie.

You make no sense. I would rather live off some ones else hard work and money than be inventive and creative. That's the whole point of govt taxes and "the rich should pay their fair share" talking point.

 

[M.W.]

Currently it's the boomers who are a drag on everything in the economy. They are all comfortable in their houses they bought for 100 or 200k and lobby our governments to not enact fair taxation on property gains. Those are the ones who constantly bitch about retirement even though they have it better than any other current generation. They are the ones who are brainwashed in the belief that only winner takes all capitalism works and that any higher taxation on the rich would destroy our economies. Statistics all contradict this belief system. We need a system that incentives the middle class and those who start their careers to work hard and to build their life. The most hilarious claim is that we in North America must choose between Venezuela or winner takes all hard cold capitalism. We are not even allowed to explore anything in between.

Think about the purpose of living. I recall a high school student being asked what is your purpose being here on earth . His reply was to make a difference.