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It's time - the rich must pay their way!

Lafayette

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From the Guardian: Joe Biden Taxes Corporations Richest Americans

Excerpt:
Joe Biden said it is time for corporations and the richest Americans to “start paying their fair share” of taxes as he hit the road on Monday in a concerted effort to promote his administration’s huge new infrastructure and welfare spending plans totaling about $4tn.

Speaking at a community college in Norfolk, Virginia, on Monday afternoon, the US president made the case for increasing taxes on the wealthiest in the US in order to help fund his ambitious $1.8tn American Families Plan and $2tn infrastructure plan.

Biden increases US refugee cap to 62,500 amid backlash over earlier plan – as it happened


The packages would provide funds for childcare and free universal pre-school education facilities, as well as massive programs to rebuild America’s crumbling transport systems and public-sector housing in ways that also contributes to government action on the climate crisis.

The free-ride is over guyz-'n-galz. And, it's been a lonnnnng wait! But, it's time to pay your fair share.

Since when? Since Reckless-Ronnie-RAYGUN zapped us yokels to pay a larger share of the Federal budget by lowering Upper-income Taxation. His 1981 Business Deductions also helped to enrich their Net Worth even further.

All that illicit money gone to the rich and super-rich so they could leave it to their "kids" (to play-with).

What a waste of Taxable Income that could be employed to enhance generally America's standard-of-living. Whazzat?

Like this!
(1) A national-healthcare-plan that drops quickly upper-income costs of doctors and healthcare-in-general for everybody. (Uncel Sam's is the most expensive health-care in the developed world!) And,
(2) Free- or Nearly-free post-secondary education that prepares our young for this Brave New World of Services Industries that require a much higher level of education. Regardless of one's level of education, there should be free (or nearly free) post-secondary schooling available to learn any trade or simply go on to degree-related schooling. And not all states need the same post-secondary education-plan - if national in nature, the cost of the schooling can be assumed by Federal-spending and open to all comers.

My Point: Both of the above are necessities throughout the country - in some places more than others. But all states should be allowed to pursue the same objectives as stated above. The Federal government must assume the cost - as it does for the DoD!

The post-secondary education-costs in the US are legendarily expensive - they are far, far too much and thusly an effective barrier against learning ... !
 

Lafayette

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TAX FAIRNESS? WHAT'S THAT?

The top 10% pay 71% of the income tax, how much more should they pay, what is the correct %?

There is no one figure that matters. It is the entire set - from the Poverty Threshold income level ($25K for a family of four) up to the very top.

That is nothing easy to do and post on a forum.

So, what I will do is post this proposal that has been made, and if you like we can discuss its elements. From the Tax Policy Center: Is the US Tax System Fair

Excerpt:
These days, some people want to impose a new Buffett tax on millionaires while others are outraged that low income people pay no income taxes at all and still others want to cut taxes on “job creators.” All in the name of fairness.

Is the tax code fair? Should it be?

It all depends on what you mean by fair, of course but at an Urban Institute panel this week, two economists, a tax historian, and a philosopher agreed that in many important ways, it very likely is not.

Fairness is one of those concepts that makes economists really nervous. Because it is so subjective and impossible to measure, they usually avoid the idea entirely, preferring to stick with what they can count.

Still, my Tax Policy Center colleague Gene Steuerle, Brookings Institution economist Belle Sawhill, Tax Analysts historian Joe Thorndike, and Howard University philosophy professor Charles Verharen joined moderator Greg Ip, The Economist’s U.S. economics editor, in tackling the issue. The result was a fascinating look at a complicated issue from some very different perspectives.

Now, YOU propose an answer to the question titled above ...
 
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Loulit01

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Well they get 90% of all income and have 90% of all wealth, so it only seems fair they pay 90% of all tax.
According to the latest Fed data, the top 1% of Americans have a combined net worth of $34.2 trillion (or 30.4% of all household wealth in the U.S.), while the bottom 50% of the population holds just $2.1 trillion combined (or 1.9% of all wealth).

The top 10% is less of a problem than the top 1%.
 

rickc

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The top 10% pay 71% of the income tax, how much more should they pay, what is the correct %?

Yeah
Half of America doesn't make enough money to pay taxes. Do you see anything wrong with that?

And that top 10% (which I am one) earns half of all income generated.

Leaving 50% for 90% of Americans.
 

nvflash

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According to the latest Fed data, the top 1% of Americans have a combined net worth of $34.2 trillion (or 30.4% of all household wealth in the U.S.), while the bottom 50% of the population holds just $2.1 trillion combined (or 1.9% of all wealth).

The top 10% is less of a problem than the top 1%.
But they won the game, we reward the winners, tax is punishment for not working hard enough.

Forget the fact that they would be richer still if most people could have the American Dream, own a house and a car, be able to pay monthly bills on time, save some for vacation and retirement, and afford to send their kids to college. That's too much to ask, they pulled themselves up by their boot straps, they didn't make their money off the work of others, they owe the nation and the system that made them rich nothing, because more than half of them were born rich.

That's just the breaks, sorry about your luck, you have social security to fall back on, your kids can join the military, if you are lucky, when you die, they'll be able to sell your house, settle your debts, and have enough money left over to pay for your funeral.
 

OpportunityCost

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From the Guardian: Joe Biden Taxes Corporations Richest Americans

Excerpt:


The free-ride is over guyz-'n-galz. And, it's been a lonnnnng wait! But, it's time to pay your fair share.

Since when? Since Reckless-Ronnie-RAYGUN zapped us yokels to pay a larger share of the Federal budget by lowering Upper-income Taxation. His 1981 Business Deductions also helped to enrich their Net Worth even further.

All that illicit money gone to the rich and super-rich so they could leave it to their "kids" (to play-with).

What a waste of Taxable Income that could be employed to enhance generally America's standard-of-living. Whazzat?

Like this!
(1) A national-healthcare-plan that drops quickly upper-income costs of doctors and healthcare-in-general for everybody. (Uncel Sam's is the most expensive health-care in the developed world!) And,
(2) Free- or Nearly-free post-secondary education that prepares our young for this Brave New World of Services Industries that require a much higher level of education. Regardless of one's level of education, there should be free (or nearly free) post-secondary schooling available to learn any trade or simply go on to degree-related schooling. And not all states need the same post-secondary education-plan - if national in nature, the cost of the schooling can be assumed by Federal-spending and open to all comers.

My Point: Both of the above are necessities throughout the country - in some places more than others. But all states should be allowed to pursue the same objectives as stated above. The Federal government must assume the cost - as it does for the DoD!

The post-secondary education-costs in the US are legendarily expensive - they are far, far too much and thusly an effective barrier against learning ... !
You live in France, what's this "we" bullshit?
 

nvflash

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you will never get a straight answer to that question.
I gave a straight answer, the truth will set you free, but it's going to piss you off, first.

The tax code is what it is, because you can't take form people what they do not have, blood from a stone. You want things to be fair, let's raise the minimum wage to $35 an hour, make employers pay 10% for pension funds and 100% of healthcare costs. It would be a cluster duck for a while, many businesses would fold, unemployment would skyrocket along with prices, but over time things would level off because the top 10% would no long be able to get rich by exploiting workers that do the work.

We didn't get in this situation over night, and it's going to take some real shared pain to get out of it, but if we stayed the course through the bad years, everyone would be better off in the long run. People would still get rich by actual invention and innovation, and that would be fine, most people don't want to be rich, they just want the comforts of a middle class life.
 
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Lafayette

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You live in France, what's this "we" bullshit?
France, the US, it's the same thing!

Which goes like this: I live in a free-country where I vote for my representatives to public office.

And that "democratic right" should not be tampered with by manipulating voting boundaries, or over-sized spending upon idiotic-advertising. When well-run debates regarding the principles of political governance in any given state (or the nation as a whole) will do Very Nicely.

We'll get there one day. Even in the US, where "everything is for sale". The extent to which we have let "BigMoney" influence EVEN our political outcomes is particularly shameful ... !

 

Mycroft

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Just make sure you earn less than $400,000/year. According to Biden, if you make less than that, you won't pay a single penny in taxes.

“The reason I’m bothering to do this is I keep hearing out in the press, ‘Biden’s going to raise your taxes,'” “Anybody making less than $400,000 a year will not pay a single penny in taxes. And we will not increase the deficit, either, unlike the last gigantic tax cut.”
 

Fletch

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From the Guardian: Joe Biden Taxes Corporations Richest Americans

Excerpt:


The free-ride is over guyz-'n-galz. And, it's been a lonnnnng wait! But, it's time to pay your fair share.

Since when? Since Reckless-Ronnie-RAYGUN zapped us yokels to pay a larger share of the Federal budget by lowering Upper-income Taxation. His 1981 Business Deductions also helped to enrich their Net Worth even further.

All that illicit money gone to the rich and super-rich so they could leave it to their "kids" (to play-with).

What a waste of Taxable Income that could be employed to enhance generally America's standard-of-living. Whazzat?

Like this!
(1) A national-healthcare-plan that drops quickly upper-income costs of doctors and healthcare-in-general for everybody. (Uncel Sam's is the most expensive health-care in the developed world!) And,
(2) Free- or Nearly-free post-secondary education that prepares our young for this Brave New World of Services Industries that require a much higher level of education. Regardless of one's level of education, there should be free (or nearly free) post-secondary schooling available to learn any trade or simply go on to degree-related schooling. And not all states need the same post-secondary education-plan - if national in nature, the cost of the schooling can be assumed by Federal-spending and open to all comers.

My Point: Both of the above are necessities throughout the country - in some places more than others. But all states should be allowed to pursue the same objectives as stated above. The Federal government must assume the cost - as it does for the DoD!

The post-secondary education-costs in the US are legendarily expensive - they are far, far too much and thusly an effective barrier against learning ... !
Why do we need to raise taxes when we have a printing press?
 

Luther

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Yeah
Half of America doesn't make enough money to pay taxes. Do you see anything wrong with that?

And that top 10% (which I am one) earns half of all income generated.

Leaving 50% for 90% of Americans.

Half of America doesn't make enough money to pay taxes.

They can't even pay 1 single dollar?

They just got 1,400 dollars in Biden bucks$$$$
 

Luther

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TAX FAIRNESS? WHAT'S THAT?



There is no one figure that matters. It is the entire set - from the Poverty Threshold income level ($25K for a family of four) up to the very top.

That is nothing easy to do and post on a forum.

So, what I will do is post this proposal that has been made, and if you like we can discuss its elements. From the Tax Policy Center: Is the US Tax System Fair

Excerpt:


Now, YOU propose an answer to the question titled above ...


There is no one figure that matters

To me, this matters

The top 10% pay 71% of the income tax, how much more should they pay, what is the correct %?
 

nvflash

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They can't even pay 1 single dollar?

They just got 1,400 dollars in Biden bucks$$$$
They don't pay income tax, were that the only tax in America..........

The real tax is all the inflation from all the government debt for handouts that end up in the pockets of the rich.

Sure, you may give everyone making under $100k a messily $3400, but they just spend it to survive, to try and keep their heads above water in this recession, but the debts they pay, the rents and utilities they pay, the gas they buy, the other products and services they buy with the money, all the profits from this lands right in the pockets of the rich that own these things.
 
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Loulit01

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With Honors is a movie in which Joe Pesci plays a homeless wino who winds up in a Harvard classroom for reasons straining the willing suspension of disbelief.

While in the classroom some students start to mock him because he doesn't pay taxes. Joe Pesci is steamed when he realizes some of the smartest kids in the country believe he doesn't pay taxes. So he tells them every time he buys a bottle of wine wine, or soda, or beer he pays taxes. When he buys a burger at Mickey D's he pays taxes. He buys a pack of cigarettes he pays taxes. Everybody pays taxes.
 

Lafayette

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The tax code is what it is, because you can't take form people what they do not have, blood from a stone. You want things to be fair, let's raise the minimum wage to $35 an hour, make employers pay 10% for pension funds and 100% of healthcare costs. It would be a cluster duck for a while, many businesses would fold, unemployment would skyrocket along with prices, but over time things would level off because the top 10% would no long be able to get rich by exploiting workers that do the work.
Things would level off? Nonsense.

Things would stay exactly the same, and higher unemployment would not diminish. It would remain higher.

The Tax Code is dependent upon the type of government that is voted into office. It can change the code, if its "congress" allows it to happen.

Raising the minimum-wage to $35/hour (from $7.25 today) will push even more Manufacturing Industry jobs to Mexico and start pulling Services Industry jobs into Canada. It's that stoopid.

We need to double the MW and 42% of Americans earnig less than $15 an hour, so doubling-it is where we should start first. And I dare mention that we must absolutely get more people through post-secondary education because we wont be creating the that many jobs at $15/hr or 20/hr. Those rates are for jobs that are already gone to Mexico!

Exception to that rule: The mean hourly wage for waiters/waitresses is only $13.20 an hour (data-point from here), which is close to doubling the present minimum-wage and not far from the MW that is most projected.

But it wont create jobs that are not already existent! Because waitressing is the kind of job that cannot be sent to Mexico! And even a slight increase of the MW to 15 or 16 dollars an hour will have no effect whatsoever on jobs of that type. (Entry level jobs for would be secretaries in the US is already 13 to 26 dollars an hour. (The latter value - $26/hour - being that of a secretarial job in a large American city.)
 

PeacefulWarrior

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The top 10% pay 71% of the income tax, how much more should they pay, what is the correct %?

Well, they have 90% of the money.

I'm thinking about 90+% of the tax sounds about right!
 

PeacefulWarrior

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From the Guardian: Joe Biden Taxes Corporations Richest Americans

Excerpt:


The free-ride is over guyz-'n-galz. And, it's been a lonnnnng wait! But, it's time to pay your fair share.

Since when? Since Reckless-Ronnie-RAYGUN zapped us yokels to pay a larger share of the Federal budget by lowering Upper-income Taxation. His 1981 Business Deductions also helped to enrich their Net Worth even further.

All that illicit money gone to the rich and super-rich so they could leave it to their "kids" (to play-with).

What a waste of Taxable Income that could be employed to enhance generally America's standard-of-living. Whazzat?

Like this!
(1) A national-healthcare-plan that drops quickly upper-income costs of doctors and healthcare-in-general for everybody. (Uncel Sam's is the most expensive health-care in the developed world!) And,
(2) Free- or Nearly-free post-secondary education that prepares our young for this Brave New World of Services Industries that require a much higher level of education. Regardless of one's level of education, there should be free (or nearly free) post-secondary schooling available to learn any trade or simply go on to degree-related schooling. And not all states need the same post-secondary education-plan - if national in nature, the cost of the schooling can be assumed by Federal-spending and open to all comers.

My Point: Both of the above are necessities throughout the country - in some places more than others. But all states should be allowed to pursue the same objectives as stated above. The Federal government must assume the cost - as it does for the DoD!

The post-secondary education-costs in the US are legendarily expensive - they are far, far too much and thusly an effective barrier against learning ... !

Yessss!!!!

Thank you President Biden!!!

REALLY starting to like this guy.
 

jimbo

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From the Guardian: Joe Biden Taxes Corporations Richest Americans

Excerpt:


The free-ride is over guyz-'n-galz. And, it's been a lonnnnng wait! But, it's time to pay your fair share.

Since when? Since Reckless-Ronnie-RAYGUN zapped us yokels to pay a larger share of the Federal budget by lowering Upper-income Taxation. His 1981 Business Deductions also helped to enrich their Net Worth even further.

All that illicit money gone to the rich and super-rich so they could leave it to their "kids" (to play-with).

What a waste of Taxable Income that could be employed to enhance generally America's standard-of-living. Whazzat?

Like this!
(1) A national-healthcare-plan that drops quickly upper-income costs of doctors and healthcare-in-general for everybody. (Uncel Sam's is the most expensive health-care in the developed world!) And,
(2) Free- or Nearly-free post-secondary education that prepares our young for this Brave New World of Services Industries that require a much higher level of education. Regardless of one's level of education, there should be free (or nearly free) post-secondary schooling available to learn any trade or simply go on to degree-related schooling. And not all states need the same post-secondary education-plan - if national in nature, the cost of the schooling can be assumed by Federal-spending and open to all comers.

My Point: Both of the above are necessities throughout the country - in some places more than others. But all states should be allowed to pursue the same objectives as stated above. The Federal government must assume the cost - as it does for the DoD!

The post-secondary education-costs in the US are legendarily expensive - they are far, far too much and thusly an effective barrier against learning ... !
Free ride is over? Does that mean that the half that pays no taxes is finally going to begin paying taxes?
 

nvflash

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Things would level off? Nonsense.

Things would stay exactly the same, and higher unemployment would not diminish. It would remain higher.

The Tax Code is dependent upon the type of government that is voted into office. It can change the code, if its "congress" allows it to happen.

Raising the minimum-wage to $35/hour (from $7.25 today) will push even more Manufacturing Industry jobs to Mexico and start pulling Services Industry jobs into Canada. It's that stoopid.

We need to double the MW and 42% of Americans earnig less than $15 an hour, so doubling-it is where we should start first. And I dare mention that we must absolutely get more people through post-secondary education because we wont be creating the that many jobs at $15/hr or 20/hr. Those rates are for jobs that are already gone to Mexico!

Exception to that rule: The mean hourly wage for waiters/waitresses is only $13.20 an hour (data-point from here), which is close to doubling the present minimum-wage and not far from the MW that is most projected.

But it wont create jobs that are not already existent! Because waitressing is the kind of job that cannot be sent to Mexico! And even a slight increase of the MW to 15 or 16 dollars an hour will have no effect whatsoever on jobs of that type. (Entry level jobs for would be secretaries in the US is already 13 to 26 dollars an hour. (The latter value - $26/hour - being that of a secretarial job in a large American city.)
You can't even get us $15 an hour, because of all the same arguments you are making are being made by those blocking it.

As long as we are just dreaming of living the American dream, then we may as well ask for a wage to count for all the inflation we are going to see from the Federal spending spree we've been on since the pandemic hit, because we know the minimum wage won't be raised for another 15 years, but the cost of living is going though the roof over that same timespan.

There is an old cliché, under promise and over deliver, so along those lines of thinking, we're going to ask for $35 and hour, that way when we settle for $20, businesses will think they got a deal. (y)
 

Loulit01

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Free ride is over? Does that mean that the half that pays no taxes is finally going to begin paying taxes?
With Honors is a movie in which Joe Pesci plays a homeless wino who winds up in a Harvard classroom for reasons straining the willing suspension of disbelief.

While in the classroom some students start to mock him because he doesn't pay taxes. Joe Pesci is steamed when he realizes some of the smartest kids in the country believe he doesn't pay taxes. So he tells them every time he buys a bottle of wine wine, or soda, or beer he pays taxes. When he buys a burger at Mickey D's he pays taxes. He buys a pack of cigarettes he pays taxes. Everybody pays taxes.
 

trouble13

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I gave a straight answer, the truth will set you free, but it's going to piss you off, first.

The tax code is what it is, because you can't take form people what they do not have, blood from a stone. You want things to be fair, let's raise the minimum wage to $35 an hour, make employers pay 10% for pension funds and 100% of healthcare costs. It would be a cluster duck for a while, many businesses would fold, unemployment would skyrocket along with prices, but over time things would level off because the top 10% would no long be able to get rich by exploiting workers that do the work.

We didn't get in this situation over night, and it's going to take some real shared pain to get out of it, but if we stayed the course through the bad years, everyone would be better off in the long run. People would still get rich by actual invention and innovation, and that would be fine, most people don't want to be rich, they just want the comforts of a middle class life.
It does not piss me off I dont care how much you take from the rich to prolong the spending sugar high Washington is on.

Democrats control all 3 houses, they should pass whatever laws they want and take accountability for them, good and bad results.

I am tired of everyone playing the blame game.
 

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It does not piss me off I dont care how much you take from the rich to prolong the spending sugar high Washington is on.

Democrats control all 3 houses, they should pass whatever laws they want and take accountability for them, good and bad results.

I am tired of everyone playing the blame game.
They don’t take from the rich any longer. They take from your kids.

PLT: if you don’t have any kids, the Democrat and Republican deficit spending won’t affect you.
 
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