We Need More Intelligence

[Mike M (the other one)]

(09-26-2023, 02:19 AM)LSUfaninTN Wrote: 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. 

The majority of those don't get their money from income wages, they get it thru investing. IE: Buffet makes 100k/yr in income wages. So it's not going to hit him hard at all. We just taxed one of the richest men in the US and all we gonna get is +30k in taxes... whooop de doo. And if you think he's the only one that does that game, then you are sadly mistaken. 

and at best her plan will generate 1.5-2T over a decade. In the 80's when the rate was high, it only generated about 5-7B annually, adjusted to today's numbers that's roughly 15-18B annually. Just make sure you always read the entire print, when they throw BIG numbers out there, make sure it's not followed by "over a decade" type of tripe. They all conveniently love to leave that last line off and make it sound to everyone that it's annually to get us behind it.

I don't have any problems with it if they would use it for the Debt, but the problem i have, is that instead of using it for debt, they will create MORE programs that will need constant support and just add to the debt instead of lower it.


EDIT: Why do you think Buffet is a big time supporter of raising the taxes on the rich? cause he knows that it's not going to really effect him as much as the ill-informed public would like to believe and he scores nice brownie points.

Find a way to tax those investments over $xxx and guys like Buffet will never shut up about it.