09-26-2023, 02:19 AM
(09-26-2023, 01:44 AM)grampahol Wrote: You get rid of the caps people who make over a certain amount have to pay into it and make them pay their fair share..It's not rocket science..
I’m not rich but I never understood this logic. What does fair share mean to you? The top 1% already pays 42% of our taxes. They earn about 10 trillion a year, and pay around 4.3 trillion of that in taxes. Which means even if we did AOC’s idea of capping at 70%, we’d see an increase in tax revenue of around what… 1.5 trillion? That’s a drop in the bucket compared to what our debt will be in 2033 based on Biden’s current economic plan (50+ trillion in debt, there’s a Senate hearing about it).
We have to ask ourselves this: is that worth altering the tax brackets so dramatically? The 1% is there for a reason. Bill Gates started Microsoft. Mark Zuckerberg Facebook. Steve Jobs, Apple… etc. People need to realize we do depend on that 1% for more than just 42% of the government’s tax revenue. Jeff Bezos didn’t exactly find his money between couch cushions.
