CONT. FROM ABOVE:This not even accounting for the fact that the tax code has all sorts of loopholes that the public absolutely will not touch. See also the wildly popular home mortgage deduction. Here again, the larger and more expensive the home, the bigger the deduction. Here again, another transfer of wealth from the relatively poor to the relatively rich that the public categorically refuses to modify. Indeed, not without reason as incentives to build bigger and better homes leads to the creation of wealthier neighborhoods. Not to mention also the kinds of low income housing that otherwise would not be built as it would not be profitable absent the home mortgage deduction. The bottom line, "tax the rich" as you will, it is mere catharsis and will not solve the problem. That problem being that the American public rather enjoy living beyond their means, consuming more than they produce. That being a bigger and more deep seated problem than how much in taxes the wealthy do or do not pay.
Very intelligent and well thought out answer and I agree with most of what you say. One thing I take exception to is your mention of Social Security as if it is some sort of welfare or handout system; it is not. As we work, we put moneys into it, with the promise that some day, we will be able to draw it out. I certainly agree that rather than burden the people by taking more of their hard earned money, the whole system does need to be reformed, spending needs to be curbed and cuts made as well.
@IndyZee Thanks for your kind comment. As to your later point, no, actually I did NOT say Social Security was a welfare system. Neither Medicare nor SS are. In fact, they are both so structured that, in fact, by default they become transfers of wealth from the relatively rich to the relatively poor. That is quite the opposite of welfare.This, to be sure, was not an intended effect of the system. It has simply worked out that way as the population ages and the number of people paying into the system declines relative to those taking out.Indeed, as even FDR admitted when the program began - and he addressed this quite specifically - the Social Security Trust Fund is an accounting gimmick that he created to have just the impact that you suggest here. "I paid into my account, therefore it is my money."Of course there is no account. All the cash goes into a general fund against which interest bearing bonds are issued. The system is then drawn on as funds are needed.'Here is the problem. If you live long enough - and as the average lifespan grows longer this will only get worse - you will well exceed what you paid into the system. This again why SS has $21 trillion in unfunded liabilities. When SS was passed, the average lifespan was 68 and the age of eligibility to draw benefits was 65. It is still 65 and the average lifespan is now 78. That's a problem. People are only working till 65, and then drawing benefits for another decade or more. That simply cannot continue. In fact, if SS had to rely upon only those who paid into it, it would already be insolvent. It is only the fact that SS, in effect, issues interest bearing bonds that allows it to continue as - right now - there is already not enough people paying in to cover the beneficiaries.Of course, those bonds are good only so long as the American fiscal system is solvent. That is problematic given a culture that is ardent about wanting everything but adamant about not paying for anything.
Type-o:This sentence: "In fact, they are both so structured that, in fact, by default they become transfers of wealth from the relatively rich to the relatively poor."Should read - "In fact, they are both so structured that, in fact, by default they become transfers of wealth from the relatively POOR to the relatively RICH."Older people are statistically richer than young people. As SS takes money from those who are younger and who work and gives it to older retirees. it in effect moves money from the poor to the rich.This on the assumption that the poor will get older and richer and get the SS monies back. The problem of course is that with fewer people paying in and more taking out, that will not work over time.
I was just thinking about tagging you in this, but you stole my thunder.
@ladsin Well, my compliments. You are a careful reader and I got sloppy. However, I beg indulgence. Three little people in the house can be distracting at times.
Laws can be changed to increase the rate at which capital gains are taxed. And what "don't I get?" This is a poll question. Did you vote B? That's all you have to do if you like the way things are.
Amazon paid no tax on corporate profits because they reinvented nearly all of them back into the company to grow their infrastructure. Any company could do that, and it has nothing to do with Trump. It's Econ 101.
@MrOracle We'll blame it on Trump. He is a dirty, filthy man.
@Tstrbrainer No, @MrOracle is not correct. Amazon is not paying taxes because the system is broken. I have Amazon stock and I just purchased gifts for my nephew on Amazon so I like the company but they are using loopholes to get away with not paying taxes. It's legal, sure. That's why people want the laws changed. Their profits were ridiculous in 2020 because of the pandemic. It's not "Economics 101." It's a system that needs reform. :)itep.org/.../
@Tstrbrainer We're not looking for further explanation. Most just want the laws changed. I mean yeah, what Amazon is doing is smart for their company because the laws currently allow them to do it. The purpose of this poll is to find out if citizen tax payers want those laws changed because it doesn't seem fair. So far, most do.
@Tstrbrainer We have different tax brackets if that's what you mean. We don't have a flat tax. I am not against that if it will make the system work better. All I know is that we are running up huge deficits in our country while the wealthiest individuals and the biggest companies are able to use loopholes in our laws to avoid paying taxes. But these laws can be changed. Nobody likes paying taxes but it's a reality of life in the modern world. This poll is asking if our tax laws should be changed. So far 71% say yes and 29% say no.
Scroll Down to Read Other Opinions
And when a billionaire does do awesome things for humanity, like Bill Gates, everybody is suspicious and hateful. LOL. Billionaires can't win.
BG has a net worth of $148 BILLION. He hasn’t done enough. That’s $148,000,000,000.Meanwhile essential workers have been dying from lack of PPE and even with PPE just so they can’t make ends meet.What has Bill done that’s worth his riches? Has he really lifted humanity up? Or has he done as much bad stuff as good stuff? I argue the latter: Bill brought about the EULA which has changed software forever, users are required to sign away their rights just to be able to use the computer they purchased. Microsoft destroyed competition in the market and now has a huge monopoly, Apple is the only company left to challenge them.So what great things has Bill done with his personal wealth? Not much. If his wealth was redistributed to the whole of human society humanity would be better off for it. Instead we allow wealth hoarding while malnutrition and poverty is an inescapable burden still in the states. He doesn’t need that much money, nobody does.
You are sidestepping that Bill’s bread and butter Microsoft has a long storied history of exploiting Indian migrants for tech support and low tier jobs that nobody else will fill.Lord help anyone who pays attention to the daily dealings of these fat cats and actually knows the shady practices these companies use to create millionaires/billionaires.
Did you vote B?
yeah i did animals and protected land and tree's are not helping anyone but idiots that think nature is to stupid too take care of its self, i mean if nature needed our help dont you think you would see other animals protecting land, there own kind or soe other idiot thing?you dont see it because nature knows better than we do protecting animals and land is stupid andharmful too what help the human race.
LOL. We get it. You hate nature.
lol not really but its annoying to see so many people take up a cause for an animal that has been n the brink of extinction since before humans were around , and us helping rotect things hurt the land more than help it
By the way, the above numbers are based on taxes ACTUALLY paid. In other words, after all the shelters and loopholes liberal politicians have convinced you that the rich use to evade their tax burden. The more Americans earn, the higher a percentage of what they earn is ACTUALLY paid in taxes. So again, I would like to know what you consider their "fair share".
What percent of America's wealth does the top %10 own?If they aren't paying that equivalent then they aren't paying a fair share. On top of that fines are basically meaningless to them, what's a $1,000 fine to a millionaire?
55 Corporations Paid $0 in Federal Taxes on 2020 Profits:itep.org/.../
Do not understand corporate taxes not the same as personal income tax? talking about personal income taxes not corporate taxes your whole question had nothing to do with corporations. And they pay nothing because they invest all the money back into the company. But this is a common liberal argument just change what your talking about to try to fit your narrative. You clearly have no clue how heavily taxed rich people are in America but poor people to pay taxes of course anything that's perfectly fair and there paying their fair share of pain nothing
That's BS and you know it. It's why you are anonymous. Rich people and corporation can escape taxes by being sneaky.
Comments like this just proved how little liberals understand the tax code. There really is not massive amount of loopholes. Trump limited one of the main ones they used to $10000 Salt reduction rules but Biden is about to take away that cap. Also buying house another country does absolutely nothing. You do get a tax credit On taxes you pay to foreign governments but that doesn't mean you pay nothing it's just you don't get double taxation as an American you have to pay American taxes don't matter where you live in the world don't matter where the money comes from even if you have nothing to do with America.The truth is America is very heavily taxed on the upper middle class but the poor's pay nothing
@zerofuks comments like yours are proof that Fox News is brainwashing people to an extreme level of stupid. Companies like Google, Apple, Amazon and Facebook have moved their official location over seas in order to avoid paying federal taxes. Trickle down economics is for retarded retards.
If deficits don't matter, lower all the taxes. But everybody moans that we are in deep debt.
So it would be the governments duty to... you know... the thing that every business in the world does... figure out where it wastes money.I know, that's quite the concept.
Biggest waste is the military. Republitards would cry if that was cut, though. If we cut social security or health programs, that won't fly either. It doesn't matter who people vote for, those will never get cut. So if taxes aren't raised, what's your plan, Chief?
So instead of - trying to change fundamental issues such as government wasting massive amount of money in all directions - let's just fuck over our economy by keep on raising taxes... until taxes can't be raised anymore. That's the plan. Did you think this through?
Dude, if deficits don't matter, lower the taxes for everyone. Is that what you want? If so, Vote B.
I'm saying you are lacking real life experience. As a matter of fact, you can not push taxes indefinitely. There comes a point where having a business will become a net loss and thus all the necessary businesses that you are benefitting from every single day will eventually close down or at the very least move to a different, cheaper country.You are collapsing the economy with your suggestion. Has happened before and will happen again.
This is a poll, you ridiculous knucklehead. You have TWO options. Vote B if that's what you want.
Taxes don't disintegrate money, the government is involved in the economy.
Well, some tax dollars go towards important things. You know, roads, police, schools, parks, etc.
Well, they have enough to maintain these. As soon as they go spending it on propaganda and warmongering, that's the moment they have too much.Besides private companies can do just as much of these jobs if not even better than the governments.
Are you a billionaire? If so, where are you sheltering your money?
Lots of wealthy people and companies can shelter their money or use loopholes to pay basically nothing. Meanwhile, the US is in deeeep debt.
Yeah, the US is in deep debt. But isn't that the politician's fault? Why should people who are such big producers and already paying so much pay even more?I'm not saying I disagree with you, I'm just trying to understand your perspective. And trying to be a little bit of a devil's advocate to get the whole picture
So if you own a company you would gladly tell your accountant to not use tax breaks so you can hire less people and crash the economy? Young people tend not to know anything about how money works so it’s funny when you guys pretend you do
@chris_987 Now remind me how many businesses nowadays actually invest in their company in order to help people. Now how many use tax deductions and breaks to bring more money home for themselves. Young people may not be experienced in business but at least we aren't retarded and looking for scraps. Tax breaks should ONLY be given to companies who give raises to lower income workers and to companies that regularly invest money back into their company. If you can't reinvest then you clearly need to pay taxes on it.
@Hypnos0929 All of them.
Should the owners of those teams also pay their fair share in taxes or just the players?
Your kinda right, but your average person can own a business and get the same tax benefits so there’s no need to complain
Reading through these answers it amazes me how we have let ignorance become so widespread.Newsflash young commies: those evil private businesses have done far more to help you than the government ever will.
How do we do that?
There is a really complicated dynamic that is in north America that was never here in the old days when one man could support his family with a regular job. That dynamic is consumer and worker perception, credit and the stock market. It has changed so much since then. People are willing to work for less salary usually due to desperation, and willing to pay more for goods because they can finance everything with credit, and companies are trying to rip off consumers and employees as much as possible so their financials look better and stock price increases. Before there was credit, prices had to be lower because they bought everything with cash. Some stores would offer you a tab or in store credit, but it still needed to be paid much more quickly than today's credit cards, loans and lines of credit. And before So to really help change that, workers need to step up the expectations and companies need to contribute their part in paying more, selling for less and consider exiting the stock market to reduce pressures from shareholders and focus on enriching the economy and communities instead
So getting rid of credit cards is the answer?
"Hogging all the money" do you think money is like cake? As in, there is only so much of it to go around?Extremely economically ignorant.
And they will in turn vote for it via voting Democrat.
Do you actually know what socialism is or is that your buzzword? Because last I checked Biden has NEVER advocated for all private industries to be abolished
First, what he says NEVER matches what he is doing. He has lied about every single thing he is doing. He says one thing and does another. Right out of the Marx and Alinsky playbooks.Second, he doesn't have to say he is instituting socialism. His policies speak for themselves.
So you don't actually know what socialism is then. If you wanna call him a liar then do it but don't be retarded.Socialism doesn't mean "Anything I disagree with" or "Anything I don't like". It's specifically the removal of all private industries in favor of government controlled industries. Show me him removing all private industries.
@Hypnos0929 RingOfFire is a gentleman who is batting mental illness. :(
Your argument is so bereft of reality that it is not worthy of comment. But I will leave you to stew in your ignorance with this... You completely ignore his dismantling of the US energy industry. That only took him 100 days. Next on the Marxist Democrat's list is healthcare, banking, education and transportation. And the list goes on. First destroy them, then announce that we have a crisis so the government must step in and take them over. You are completely ignorant of the history of how every communist and socialist hell hole that has ever arisen works.
Lmao the move towards government regulated energy has been in motion for decades. 100 days? Are you serious? Healthcare, same deal. Unless he starts banning private practice then he's in the moderate. Banking is almost completely private until bailout time, education has been mostly public for a century (and even private and charter schools are failing). As for transportation, Uber. Need I say more?
Whatever the rate is. Currently there are loopholes and other sneaky ways that wealthy people avoid paying what they should. :) And I am not against a flat tax if it means the wealthy bastards actually pay that rate.
Yeah--flat tax on broadly defined income and minimal to no loopholes sounds good to me!
Do you actually believe that?
@DudeDiligence Have you researched? The top makers pay the least %...
Yes, I have, and you're wrong.https://www.girlsaskguys.com/img/6170187https://www.girlsaskguys.com/img/6170184
I work, doof. Furthermore, a high percentage of wealthy people today inherited their money or make it in the stock market, which only requires the ability to point and click.
Calm down, hothead.
Shove a shotgun up your ass
Lol this is funny though.
So you're broke and still think you're smart?