Should we tax the rich?

Question

A compelling majority of Americans favor raising taxes on people who make more than $400,000 per year, according to a new poll published Thursday by the New York Times and Survey Monkey.

According to the poll, fully two-thirds of Americans support a tax hike for anyone whose annual income exceeds $400,000, while maintaining current taxation levels for those earning less than that amount.

What do you think - should these rich people be taxed? Please indicate why or why not.

Tax them!

Leave things like they are!

Select age and gender to cast your vote:

GirlGuy

Answer 1

nightdrot | 3.1K opinions shared on Society & Politics topic.

Influencer

The question is problematic. As Justice Oliver Wendell Holmes said, "Taxes are the price we pay for civilization." "Tax the rich then" becomes merely an effort to shift the burden to one segment of society while others reap the benefits. It then conducing to government by moral hazard. It also affording a comfortable fiction that their is sufficient wealth in one segment of the population to carry the burden of all the population.

As an economic matter, this is problematic. Tax something and you will get less of it. Tax wealth and over time you will get less wealth - there being less incentive to create wealth. This then is the sure way to impoverish society by the illusion of enriching it.

Thus taxes go up to pay for universal health care for example. Then a funny thing happens. What group is the poorest in society? The 18 to 25 year old demographic. What group is the wealthiest - those 65 years old and older.

Which group uses health care the least? The 18 to 25 year old demographic. What group uses it the most? Those 65 years old and older.

Net result, increase taxes on the rich to fund "health care for all" and you end up transferring wealth from the rich to the poor who then hand it back to the rich in another form. The net result being the enriching of the rich against the poor.

This then getting yet more complicated. Mr. Biden's tax increase is popular. It seems only just and fair and society thinks that it can "have it all." However, in practice, it does not work that way.

Mr. Biden has proposed a tax increase for those making more than $400,000 a year. To the cheers - it may have been noticed - of Silicon Valley, the financial services and insurance sectors and the well to do. Indeed, it seems to have escaped everyone's notice that the higher a person's income, the more likely it is that they voted for Mr. Biden and thus his tax increase.

No one seems to have asked why that would be. Indeed, it would seem that the turkey voted for Thanksgiving based on this analysis.

The point being that the rich have the accountants, lawyers and lobbyists to navigate and - as necessary - influence the regulatory state. To wit, on paper, they may pay the increased tax. In fact, they probably will not - or at least will pay less of it that a "back of the envelope" calculation might suggest in the abstract. Also making up the difference in increased government spending on the services to which government will turn to implement the increased spending programs that the Democrats will now propose.

Thus, for example, increased public works programs will be paid for by government tax dollars. Those tax dollars will go to contracts with construction firms that will sign contracts to implement the government paid for construction programs. Similarly, accountants and financial services firms will charge their clients more to study and help their client shelter as much of their income as possible. Thus in two ways will the Biden tax increase and attendant government programs cycle the money back to the wealthy and their businesses.

Who will pay more? The small and medium sized businesses who do not have the legal, accounting and lobbying assets to navigate the regulatory state. The small business that makes a $400,000 profit does not take most of that for living high off the hog - but rather plows it back into its business. Thus will it now have less to invest back into itself.

CONT.

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1 Person

nightdrot

1 y
Round and round it goes as the society attempts to use taxes not for the business of paying for government, but rather, in taxing the rich, to pursue an ephemeral justice. The deficit persisting as the real problem is not who pays, but rather that no one pays. The deficit/debt being merely the numerical expression of the culture's tendency to live beyond its' means and to consume more than it produces.

It also being added that 47% of ALL Americans pay NO Federal income tax AT ALL. The public whining about taxes notwithstanding.

Truth is that, based on the debt, taxes should be increased on everyone - across the board - should pay higher taxes. Only then will the public begin to weigh the costs and benefits of their wants, and to prioritize their real needs over their mere wants. People becoming more serious about what they buy when they actually have to buy it.

At the moment, the "tax the rich" mantra is merely self-delusion tarted up as moral sanctimony. Increasing taxes on the rich providing more catharsis than tangible benefits.

Answer 2

nightdrot

Round and round it goes as the society attempts to use taxes not for the business of paying for government, but rather, in taxing the rich, to pursue an ephemeral justice. The deficit persisting as the real problem is not who pays, but rather that no one pays. The deficit/debt being merely the numerical expression of the culture's tendency to live beyond its' means and to consume more than it produces.

It also being added that 47% of ALL Americans pay NO Federal income tax AT ALL. The public whining about taxes notwithstanding.

Truth is that, based on the debt, taxes should be increased on everyone - across the board - should pay higher taxes. Only then will the public begin to weigh the costs and benefits of their wants, and to prioritize their real needs over their mere wants. People becoming more serious about what they buy when they actually have to buy it.

At the moment, the "tax the rich" mantra is merely self-delusion tarted up as moral sanctimony. Increasing taxes on the rich providing more catharsis than tangible benefits.

Answer 3

Goforit1010 | 1.8K opinions shared on Society & Politics topic.

Guru

The problem with this idea is that it not only applies to individuals but businesses as well. Anyone with half a brain KNOWS businesses do NOT pay taxes, it's their customers that pay them. Therefore, a tax like that affects EVERYONE who buys things. We'd ALL be paying more for our goods and services.

Besides, what are the plans for where that extra money is supposed to go?

The ONLY way I'm for this plan is:
1. The tax money is specifically applied to the national debt, and...
2. Congress will ONLY authorize spending as long as the Gov't has the income to match. In other words, spend according to a balanced budget. They MUST do that for that for the next 15 years minimum.

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Answer 4

1truekhaleesi | 907 opinions shared on Society & Politics topic.

Guru

Tax the rich. If daddy Bezos can't buy a third vacation home, I'm not losing sleep over it.

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3 People

Answer 5

Gwenhwyfar | 1.5K opinions shared on Society & Politics topic.

Master

In theory one could eliminate a lot of the current tax avoidance loopholes

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1 Person

Answer 6

Ram0n83 | 951 opinions shared on Society & Politics topic.

Yoda

I chose your first option simply as a default.

The rich are already taxed, and I believe that they should continue to be taxed.

They are not, necessarily, equally taxed.

Bill Gates and Warren Buffet have even stepped forward and claimed that the U. S. has a very disproportionate tax system. Several years ago, Buffet commented how he paid more money (in dollars) than his secretary, but his secretary paid more as a percentage of her overall yearly income. Buffet said that such a system is unfair. I agree.

I don't believe that the rich should be taxed more. But I believe that they should be taxed equally.

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Answer 7

AndyOh | 83 opinions shared on Society & Politics topic.

Yoda

People with money (the rich) have already paid taxes, and pay more than the average person pays.
If the government starts taxing them more, you will see the 'rich' begin to leave this country or state. Why should they pay more because they found a way to make a lot of money? Good for them. Also, people with money invest it and buy things, which makes for more jobs... money flows.

React

3 People

msc545

1 y
No, they actually keep it and save it - they don't spend it. Who cares if they leave - they already do that.
Goforit1010

1 y
@msc545 - Who cares if they leave? You'd better. Ask CA. That state lost over 130,000 businesses in the past decade due to their excessive taxation laws. The latest company to leave is Hewlett Packard Enterprises - to TX. Why? Cheaper taxes. Tesla left CA for TX recently too and was able to start building a new facility within 5 days of landing in TX. In CA that same facility would require 5yrs of excessive legal issues to get past before one shovel of dirt was moved.

What worse if the wealthy move and their businesses, is the state they vacate, loses the high paying jobs that came with it AND the taxes they "might" have collected because of those jobs.

That was a specific reason Amazon left NYC when AOC started her little tirade about how bad Amazon is. NYC lost 25,000 jobs that averaged $75K/yr AND the resulting taxes, not to mention the city lost that income to the other businesses there (restaurants, taxi's, rental property, etc...).

Your comment shows how little you understand how wealth affects society.
msc545

1 y
@Goforit1010 So maybe your solution is to have corporations pay no taxes?
Show All Show Less
Goforit1010

1 y
@msc545 - Taxing corporations is effectively leveling taxes on ALL their customers. When you tax McDonald's the cost if a Big Mac and fries simply increases to cover the additional taxes. So who's paying those corporate taxes? It definitely ain't McDonald's! The same goes for auto manufacturers, steel makers, lawn care services, you name it. They ALL pass those taxes on to their customers. So yeah, remove those taxes and the cost of good will drop.

Realistically, they won't overnight, but some companies will pass the lower cost of business to their customers and garner a bigger share of the market due to lower costs. That will eventually drive the competition to follow. That solution is definitely NOT a guarantee prices will drop, but some will. Nonetheless, corporations do NOT pay taxes, their customers are the ones who pay that.
AndyOh

1 y
And actually, anyone with a lot of money will invest it. Nobody sits on millions of dollars. With inflation, they will actually lose money.
And back to the real issue... What Capitalism is all about, making money. Some people will do very well, most will do well, and a percentage will do not so well due to luck, bad decisions, drugs or alcohol, bad relationship, etc. No system is perfect, but this system seems to be the best and generate a lot of new ideas, businesses, and jobs.
By the way, Toyota left Torrance CA and moved to Texas too. Better business climate.
1truekhaleesi

1 y
The Panama Papers. Look into it.
During the 50s, taxes on the rich were at 70%
We have actual bread lines in America. Explain to me why it's okay for bread lines to exist in a country that's supposed to be the richest in the world and somehow we still have billionaires. That's because the money isn't going where it needs to be.
The rich would be wise to leave. Eat the rich. Medium rare for me please and I'll have a glass of $9 prosecco with it.
1truekhaleesi

1 y
In the 50s taxes on the rich was at 70%.
The rich would be wise to leave. Gen Z and Millennials are radicalizing. Eat the rich. Medium rare for me please.
Explain to me how America is the richest country in the world but we have bread lines and billionaires.
AndyOh

1 y
So once the rich are taxed out and they leave, then who are you going to tax out of the country next? The middle class? And drive them to the poor house too?
There is no simple solution. I would not take the incentive to make money away, or your economy will tank, since if you do make money, they will take it... why make it?
Goforit1010

1 y
@1truekhaleesi - Eat the rich? Sure, knock yourself out. And just who are you going to get a job from? A poor person? Sounds like you're in for an extremely rude awakening.
1truekhaleesi

1 y
@Goforit1010 I work for a non-profit hospital you overcooked walnut, where I care for covid patients.

Answer 8

msc545

No, they actually keep it and save it - they don't spend it. Who cares if they leave - they already do that.

Answer 9

Goforit1010

@msc545 - Who cares if they leave? You'd better. Ask CA. That state lost over 130,000 businesses in the past decade due to their excessive taxation laws. The latest company to leave is Hewlett Packard Enterprises - to TX. Why? Cheaper taxes. Tesla left CA for TX recently too and was able to start building a new facility within 5 days of landing in TX. In CA that same facility would require 5yrs of excessive legal issues to get past before one shovel of dirt was moved.

What worse if the wealthy move and their businesses, is the state they vacate, loses the high paying jobs that came with it AND the taxes they "might" have collected because of those jobs.

That was a specific reason Amazon left NYC when AOC started her little tirade about how bad Amazon is. NYC lost 25,000 jobs that averaged $75K/yr AND the resulting taxes, not to mention the city lost that income to the other businesses there (restaurants, taxi's, rental property, etc...).

Your comment shows how little you understand how wealth affects society.

Answer 10

msc545

@Goforit1010 So maybe your solution is to have corporations pay no taxes?

Answer 11

Goforit1010

@msc545 - Taxing corporations is effectively leveling taxes on ALL their customers. When you tax McDonald's the cost if a Big Mac and fries simply increases to cover the additional taxes. So who's paying those corporate taxes? It definitely ain't McDonald's! The same goes for auto manufacturers, steel makers, lawn care services, you name it. They ALL pass those taxes on to their customers. So yeah, remove those taxes and the cost of good will drop.

Realistically, they won't overnight, but some companies will pass the lower cost of business to their customers and garner a bigger share of the market due to lower costs. That will eventually drive the competition to follow. That solution is definitely NOT a guarantee prices will drop, but some will. Nonetheless, corporations do NOT pay taxes, their customers are the ones who pay that.

Answer 12

AndyOh

And actually, anyone with a lot of money will invest it. Nobody sits on millions of dollars. With inflation, they will actually lose money.
And back to the real issue... What Capitalism is all about, making money. Some people will do very well, most will do well, and a percentage will do not so well due to luck, bad decisions, drugs or alcohol, bad relationship, etc. No system is perfect, but this system seems to be the best and generate a lot of new ideas, businesses, and jobs.
By the way, Toyota left Torrance CA and moved to Texas too. Better business climate.

Should we tax the rich?

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