Are the incomes of the top 0.001% obtained fairly or is it due to government favoritism?

[KelleyNice]

I don’t care how much someone earn if they are providing a service or product that people want and are willing to pay for such as doctors, NBA and other sport stars, small and medium business owners, and entertainers such as singers and movie stars.

However, I strongly disapprove when it is the result of government favoritism such the federal government granted companies such as Pfizer and Moderna immunity from liability if their vaccines cause death or injury resulting in billions of undeserved profits. Nor should the top 0.001% have considerable lower tax rates (17.60%) than others in the top 1% (22.83). https://www.irs.gov/pub/irs-soi/soi-a-ints-id1506.pdf

[ArtemisSilver]

You don't get that kind of wealth without stepping on some toes. Bezos basically destroyed small book stores and retail. Then went on to eat up competition.

I'd say a lack of regulatory oversight to prevent tech monopolies is mostly at fault, although lobbying and therefore government favoritism does play a part in their unchecked rise to power.

As for taxes, when you reach a certain level, which is not even that much by comparison, just a few million, you can basically just choose how much you're paid and therefore taxed. Some people choose to work for a dollar a year and a stock option for example.

Taxing individuals isn't therefore going to solve anything. Tax needs to be levied at the moment transactions are made by anyone and everyone in order to prevent evasion.

I honestly think eliminating income tax and adding a general sales tax, as well as taxing some forms of business transactions would be much better.

Income tax was designed to make the middle class foot the bill for infrastructure and defense, but increasingly it's just becoming a poor tax on wagies. Kicking people when they're down is just abhorrent.

Honestly our entire taxation, spending and monetary system needs a deep examination and reform.

Integrating a digital version of the dollar would go a long way towards modernized taxation.

[Lliam]

The wealthy have gradually gained total control over the system Congress does the bidding of those with money. And there are corporations, elites and global institutions with a LOT of money and power. They've rigged the system so that the wealthiest get wealthier by sucking everything else dry.

[msc545]

Good summary!

[abc3643]

Government favoritism has nothing to do with it!

Where in hell did you get that idea?

And you need to get your head out of your ass about vaccines.

I do NOT want to see your entry here:

https://www.sorryantivaxxer.com/

[KelleyNice]

The return of four Dutch ships from the Indian Ocean in 1599 laden with spices prompted the English Parliament to award a monopoly of trade with the East Indies to the EIC (31 December 1600). Granting a MONOPOLY of trade is government favoritism.

[abc3643]

I am sorry.
I am just a little too grumpy tonight.

"Government favoritism" in this case has nothing to do with favoritism. It has to do with reality.
Large pharmaceutical companies are the ones best equipped to deal with COVID-19. They have "economies of scale". (Do you know what that means?)
The COVID-19 pandemic is a real thing and needs a rapid but reasonably safe response.
The problem is that, normally, the approval process for a drug takes many years of testing because they need to see if there are any long-term aftereffects.
Well, we don't have years to verify that. Instead, we need things more rapidly but still reasonably safe and part of that determination comes from experience which, again, the large drug companies have.

So, companies like Pfizer, Moderna, and J&J are the companies who should be working on the issue. At the same time, because of the urgency needed, they need to be able to be protected from liability if their vaccine is not as perfect as one that would take a decade to approve.

I want to be clear why they are selected: their experience and their resources.

Here's another example: During WW2, who made the tanks? Was it Tanks 'R' Us? No, it was Ford, Chrysler, and GM - the companies making cars. Why? Because they already had most of the infrastructure needed to manufacture a tank and have plenty of experience in making motor vehicles like tanks.

[abc3643]

I won't deny your example, but that was 16th Century Netherlands was a monarchy; not a democratic federal republic like our country is which was designed to avoid monarchical bullshit.

[msc545]

It is due to tax regulations that favor the rich, enacted by politicians who have been bought by the rich and large corporations. The US is corrupt as hell.

[Sixgunsound]

It’s not possible to make that kind of money honestly.

[Anonymous]

The governments are whole Mafias controlling us. This means that while they make the laws they themselves are not adhering to their own laws. Think about it : Why should they? They also keep most money to themselves and keep printing cash since they themselves aren't generating money aside from taxes and printing more cash.

[Exterminatore]

When you are wealthy you have power and influence. You can then bribe…Um…. I mean make campaign contributions to whoever has the power to make laws.

[DWornock]

Too often it is because the government passes laws initiated by special groups for their benefit.

[Adaeva]

Most due to government favoritism.

[Anonymous]

Yes.

It's all relative. Is it still a crime if nobody noticed?

[joeldalton]

Half of our country are Pfizer/Moderna’s bitches

[Sixgunsound]

If you think it’s only half I’ve got news for you…

[joeldalton]

@Sixgunsound I was being optimistic.

[Cubus]

Depends. Rockefeller made his money fair.

[peedy]

Are you sure about that? You better dig a little deeper

[anylolone]

At least half one, half the other.

[peedy]

And every other dirty trick in the book

[Celticwolf78]

Very much so