Should the U.S. raise taxes on the rich?
In 2022 individuals and families with a combined income of $647K or more pay the top US federal Income tax rate of 37%. Countries with higher top income tax rates include Japan (56%), Denmark (55%) and Israel (50%.)
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@TruthHurts1012yrs2Y
“The power to tax involves the power to destroy,” observed Chief Justice John Marshall. “The power to destroy may defeat and render useless the power to create.” He was right – entire civilizations have risen and fallen based on tax rates, and unthinkable economic damage has been wreaked by the wrecking ball called taxation: endless waves of recessions, supply-chain crises, and most notably the Great Depression, the most deadly economic disaster in modern history. This does not apply only in America – the devastating power of taxation has been a constant… Read more
@9BYHRVG2yrs2Y
Yes! And to truly understand taxation, one must understand its opposite – free trade. A free trade is an exchange in which all sides involved in a transaction receive some benefit, without force or fraud. For example, say you buy a loaf of bread for five dollars. You obviously value the bread more than you value the five dollars, and the baker obviously values the five dollars more than he values the bread – otherwise he wouldn’t be selling it. Thus, in a free trade, both sides walk away with something they value more than what they traded with. Their standards of living hav… Read more
“The economy will shrink. Multiply that by millions of transactions every single day and you have something very similar to the Biden economy.”
One example that showcases the potential impact of increased taxation on the rich is the case of high-income individuals and businesses leaving high-tax states for low-tax states. For instance, many wealthy individuals and companies have moved from California to Texas due to the lower taxes and more business-friendly environment in Texas. This has led to a decrease in tax revenue for California, and potentially stunted economic growth.
In light of this example, do you think there is a risk that raising taxes on the rich might lead to more individuals and businesses relocating to other countries with lower tax rates, leading to a decrease in domestic investment and job creation?
@TruthHurts1012yrs2Y
Absolutely and that's exactly what we've seen happen.
“This does not apply only in America – the devastating power of taxation has been a constant throughout human history in countless nations and across endless cultures”
A historical example that illustrates the devastating power of taxation can be found in Ancient Rome. As the empire expanded, the government levied heavy taxes on its citizens, particularly on the wealthy, to fund military campaigns and public projects. This led to economic stagnation, reduced incentives for the rich to invest, and ultimately contributed to the decline of the Roman Empire. Do you think there are lessons to be learned from this example that could be applied to modern-day tax policies?
@9BYHRVG2yrs2Y
Absolutely. Human nature is an unchanging constant and as such we must learn from history.
@EnchantedWandererGreen2yrs2Y
While it's true that we can learn from history, it's also important to recognize that societies have evolved and developed new ways to address economic issues. For example, the introduction of progressive taxation and social welfare programs in many countries has helped to reduce income inequality and improve the overall quality of life. Instead of raising taxes on all income brackets, perhaps we could focus on addressing tax loopholes and implementing wealth taxes that target the ultra-rich. This would ensure that those who can afford to contribute more do so, while not overburdening the majority of the population. What are your thoughts on this approach, and can you think of any potential drawbacks or alternative solutions?
@TruthHurts1012yrs2Y
Well the Progressive Income Tax that you mentioned is extremely stupid and counterproductive. And so are all social welfare programs. AS prize-winning economist Arthur Laffer, father of the Laffer Curve, said -- "if you tax people who work and pay people not to work, do I even need to finish the sentence? You're going to get a lot of people not working!" It's true, and the Progressive Income Tax is even worse because the harder you work, the more successful you are, the more you're punished, and the lazier, poorer, and more entitled you are -- well then you just bribed to vote for the Democrats with FREE MONEY! This isn't rocket science, this is common sense, and common sense, as Ron DeSantis says, "can no longer remain an uncommon virtue."
@Brandonnoe84Libertarian 8mos8MO
Yes, and lower taxes for the poor, disallow all deductions, increase the sales tax and remove all existing tax loopholes for large corporations.
@TruthHurts1012yrs2Y
No, abolish the Income Tax, Capital Gains Tax, Wealth Tax, Gift Tax, Estate Tax, Property Tax, Sales Tax, Inheritance Tax, Gas Tax and all taxes except for tariffs on Communist nations and the Middle East and excise taxes on morally corrosive commodities such as whiskey and nicotine, and in states were it is not banned, marijuana. Taxation is theft and should be kept at an absolute minimum, as should spending -- 99% of what the federal government does isn't even constitutional so theoretically we can afford these major tax breaks. They will also bring the economy from recession to roar virtually overnight and usher in a new era of prosperity.
@jenkins_johnGreen2yrs2Y
While I understand the desire to minimize taxation, completely abolishing most taxes could have unintended consequences. For instance, public services such as education, infrastructure, and healthcare rely on tax revenue to function. Without these essential services, many people would face significant challenges in their daily lives. Additionally, progressive taxation systems can help decrease income inequality and promote a more equitable society.
Let's consider the potential impact of abolishing property taxes: this could lead to a decline in funding for local services like public schools, police, and fire departments. How would you propose maintaining these essential services without relying on tax revenue? I'd love to hear your thoughts on this.
@TruthHurts1012yrs2Y
Also, the progressive tax system doesn't produce any "Equity" in society, it rather punishes the working class by annihilating the very people who hire them -- the rich. Thus taxing the rich results necessarily in cuts for living standards for the poor and the working class and will result in more unemployment and less jobs. Also progressive taxation punishes you the harder you work which deincentivizes production and has catastrophic economic consequences.
@TruthHurts1012yrs2Y
Exactly as I said I would -- tariffs on China and excise taxes. Plus the government should not be involved in healthcare, the federal government should not be involved in infrastructure or education, and all education should be privatized. Police and fire departments should be funded by sales taxes which I'm fine with at hyperlocal levels but not higher. In short, because I want to repeal 99 percent of the federal government my plan would work fine.
@8WR237Q4yrs4Y
No, have everyone pay the amount of taxes required for living in America based on income or taxes on how much well fair receved.
@9XRR2L911mos11MO
Abolish all loopholes and change rules for when income is realized (i.e. when loans are taken against assets).
@9X6YZJK11mos11MO
No, lower all tax rates, eliminate most deductions, replace most taxation with a consumption tax and only phase in income taxes over $100,000/year/household
@9WM4J7L11mos11MO
We should tax all equally (flat tax), and remove many of the loopholes used to avoid taxes (i.e. taking on debt to pay for previous debt and never liquidating any assets to pay debtees)
@9VYMCFK11mos11MO
The rich pay 90% of all taxes. I’m not rich I’m maybe middle class. I’m getting absolutely shafted on my taxes for working overtime. Thanks tampon Timmy. :)
@9C4MH8Q 1yr1Y
No, and abolish all federal taxes on people. Federal funding should be earned through taxes on interstate corporations
@9N35LF51yr1Y
The Government should not be receiving any money a person has earned through work, nor should people be taxed for public schools, loans, or anything that is not directly related to those persons.
@9MFF8FF1yr1Y
No, they are still going to find a way around it. We should focus our energy on enforcing taxes on the rich.
@9JNFMWJ2yrs2Y
I’d like to see a flat income tax of 10% with no exceptions for anybody and we get rid of sales tax.
@9HN5R3Q2yrs2Y
If they Claim they are it is a lie and, or usually the people on top have a way around it. If they claim this it will usually just be on upper middle class. Because people who are actually "the rich" usually have a way around it.
@9FLLXZM2yrs2Y
define rich? which levels are getting most taxed because you cannot define something as rich or poor because that's different in different communities.
@9FJ6L6W2yrs2Y
No, the Federal Budget should be audited annually by an independent third party auditor, with the authority to levy fines on lawmaker's personal assets should the budget have a deficit beyond a previously agreed upon threshold.
@9FB4FZSConstitution2yrs2Y
No, and abolish all taxes, they are tyranny
@9F7SNL52yrs2Y
Eliminate all taxes and replace them with nothing
@9DMC6FP2yrs2Y
Taxation is theft. That being said no citizen should be taxed a cent more than 3% of their annual income.
@9C4MH8Q 2yrs2Y
No, and abolish all federal taxes on people. 100% of federal funding should come from large corporations.
@9D4MHTK2yrs2Y
the top 1% pa 43% of all taxes in America. I just fail to understand the whole 'rich pay their fair share' then they are paying well above their 'fair' share.
@9F9YKKQ2yrs2Y
Yes, but lower taxes on the poor and the middle class
@TruthHurts1012yrs2Y
No, taxation is theft and all taxes must be abolished as well as 99.5% percent of the government.
@96LDZKTRepublican3yrs3Y
no, people who make good money shouldnt be forced to give their hard earned money back to the gov't that is there own cash.
@96JQXK83yrs3Y
Everybody should pay taxes, the amount depending on how much income they get
@96FH6HD3yrs3Y
Flat tax rate equalizes the burden on all.
@96BRK9FConstitution3yrs3Y
Abolish income tax, allow opt-out for Social Security, reduce sales tax
@95KH9VR3yrs3Y
Abolish income tax on payrolls. People will save more and spend more.
@956TY653yrs3Y
They already fall in a hight tax bracket
@94BNLDM3yrs3Y
Get rid of loopholes and have the IRS tell people what they owe with no exceptions
@93T9FR93yrs3Y
Abolish income tax and sales tax.
@93JMKPR3yrs3Y
Yes but only after the deficit is fixed
@93H5BJ43yrs3Y
Abolish taxes to begin with!
@93B929V3yrs3Y
Only by one or two percent
@932VMN3Independent3yrs3Y
Zero taxes for ADOS/FBA, higher taxes for everyone else.
@92L5PD63yrs3Y
we should only spend money on first responders police and military/defense
@92G87KM3yrs3Y
They should raise the taxes on those who get corrupted money and get it the wrong way.
@8ZG4XTD4yrs4Y
The rich pay their fare share. They are the ones that provide jobs for people. They do pay taxes whoever says they don't they are totally mislead by the main stream media.
@8Z9KSMT4yrs4Y
Yes, but they have to make sure the rich can't find loopholes not to pay those taxes because then the middle class ends up paying for everything.
@8Z7ZHVN4yrs4Y
The rich make up most of who pays taxes. If you raise taxes for the rich in states where the rich pay most of the taxes, those rich people will leave, causing the middle class to make up for those unpaid taxes. Making the middle class pay even more taxes than they already do.
@8Z33NQS4yrs4Y
Lower all taxes and eliminate income and sales tax and have a flat tax
@8X6V22L4yrs4Y
Abolish income tax and stop treating corporations as individuals, closing tax loopholes
@8WYTHG44yrs4Y
Abolish all taxes except infrastructure tax
@8WFJLP74yrs4Y
Have only low property taxes and consumption tax on only new goods.
@8VSL8CV4yrs4Y
Decrease taxes for the rich
@8VNLXL94yrs4Y
Abolish all taxes. All Taxation is theft.
@8VM4G594yrs4Y
No, taxes are theft and are used at the discretion of corrupt politicians
@8TS4WFD4yrs4Y
Question way to vague using current tax laws and no definition of rich.
@8TGWWWT4yrs4Y
No, and abollish the income tax.
@8TF9CZ8Republican4yrs4Y
Abolish all taxes altogether.
@8T8H54T4yrs4Y
NO, Abolish The Current Tax System
@8SZMZL94yrs4Y
The tax for rich people is already high, so raising it any higher would make America have less rich people and it would discourage people from even getting wealthy.
@8SGDW2KRepublican4yrs4Y
Should be flat tax, if you make over certain % it should be raised little higher according to income
@8S8BDHS4yrs4Y
Raising taxes on corporations is essentially taxing everyone
@8S6D5XB4yrs4Y
Flat tax, remove loopholes, remove income tax, potentially increase sales tax
@8RXVPWD4yrs4Y
Lower flat tax rate with no loopholes
@8RVYDVW4yrs4Y
abolish the tax system it steals from the people
@8QXLKWVIndependent5yrs5Y
Tax everyone at a flat rate. By design, those who make more will pay more.
@8QTV68N5yrs5Y
Abolish income and property tax, and replace them with the Negative Income Tax
@8QSJB8D5yrs5Y
Eliminate or almost eliminate income tax for low earners, and drastically lower for the highest earners
@8QS39HX5yrs5Y
abolish all income taxes
@8QGCNJM5yrs5Y
Should not be tax one a year should come out of weekly check With 5% of your check
@8Q7C4JN5yrs5Y
No, we should have a flat rate tax and everyone pays the same percent.
@8PYM46FLibertarian5yrs5Y
No they earned their money
@8PH3XHX5yrs5Y
No and lower all taxes. Also the income tax is unconstitutional and should be abolished
@8PFZXT85yrs5Y
Have equal tax for everyone
@8PD79C35yrs5Y
Abolish tax income and property tax, but have 0.5% sales tax every year per state. Abolish class system like rich, poor, middle class and homeless, anyone whoever uses those terms again gets fined 15,000 every time for saying such things to demean population people within their own state.
@8P5LTQZ5yrs5Y
no. the rich are the ones that make the jobs. when you tax them, they let off and dont employ as many people.
@8K43T995yrs5Y
Agree on budget - then set tax rates
@8J2HJXT5yrs5Y
Corporations should pay a minimum tax based on gross profits. Individuals taxed based on adjusted gross income.
@8FWXQHT5yrs5Y
@8FQ4XTN5yrs5Y
First, stop spending the taxes they do take on pork, useless academic research, unproductive government workers, etc. Get it into the right place before you know how much you really need...
@8F7QQGVRepublican5yrs5Y
Lower taxes for everyone including the poor and the rich.
@8DD4G7P5yrs5Y
Flat percentage tax across all income levels
@8CV3Q4Q5yrs5Y
Lower taxes fier the poor and tax corporations not income of people.
@8CNW8XDLibertarian5yrs5Y
No, and reform to a Negative Income Tax like the one proposed by Milton Friedman.
@8CGM57K5yrs5Y
lower taxes on all income groups to a 5% or less rate
Keep it at a percent of your income so your tax in increases and decreases depending how much money you have.
@TruthHurts1012yrs2Y
No, this is literally the worst thing the government could do for the economy right now. Biden needs to butt out and let hard workers keep the fruits of their labor, and our economy will quickly recover. Unfortunately, nothing seems to hammer into his moronic, thick skull that this is the truth. He doesn't even appear to know which country he lives in -- after all, as he put it in CONNECTICUT, "God save the Queen, man." (Look it up; it's on recording)
@9C8QCG32yrs2Y
It isn't going to work to just keep taxing rich people. Rich people own the big comapnies, so the more they get taxed, the more they raise their prices. So, it ultimatley comes down to the average person paying more.
@9C4MH8Q2yrs2Y
No, and abolish all taxes on people and only tax corporations
@99VVK7JIndependent2yrs2Y
if you know the loop holes good for you keep doing it you dont its your fualt
@99JG5GL3yrs3Y
@Matszy3yrs3Y
One should resort to siding with the Labor movement at times when the capitalist greed of corporations would make it difficult for the average worker to obtain a just wage (thus resorting to raising taxes upon the rich) However, one should side more with capitalism when attempts would be made to abolish private property. Nevertheless, I am split on this particular issue.
@98NG3YFRepublican3yrs3Y
Raise taxes on woke corporations that hate America.
@98GJMZZIndependent3yrs3Y
No they worked hard for their money and I understand Part of it would be beneficial for the economy But there's other ways we can work this out
@985PMJ5Republican3yrs3Y
No, we should abolish all taxes.
@982PDMF3yrs3Y
No becuase it iwll result in higher taxes for the poor and the rich wouldnt suffer one bit.
@975NQFZ3yrs3Y
Again, if you tax the rich more and more, they are just going to raise their prices on their products to the middle and lower classes. It doesn't work.
@97297LJ3yrs3Y
Abolish every tax including creative other ways to pretend it's not a tax. Abolish the fed and world bank as well.
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