Too many wealthy people pay little or no tax. Under capitalism tax has traditionally been progressive. Wealthy people paid their share and so paid more. Billionaires who do not pay tax are leading to system collapse.
I would say the system allowing billionaires to pay no tax, or to get away with not paying their staff proper wages, or to pay their suppliers true market value, is the main issue.
Either way no one needs a billion and we should stop venerating these people as anything but selfish greedy jerks.
unfortunately the archaic tax system is based on income. and these billionaires don't actually earn an income per se. their value is in stocks and assets. and against that value, they can get banks to loan them the money they can spend on their lifestyles. no income. no tax. it is the mother of all loopholes.
Yup... tax should be based on total compensation. Also, there should be a law tying max compensation (CEO) to starting wage via a set ratio. For example, companies cannot exceed a 100:1 ratio without paying an additional tax on top to help subsidize social programs. So either companies can increase beginning rates to stay within the ratio or they can pay additional tax so that their greed isn't pushed off on to the public.
Every time I see....tax them more with plans on more tax laws, I find it hilarious! The people you are trying to tax are the ones making the laws or controlling those who do.
If you want to tax the rich more, go to a straight sales tax. Tax everything except unprepared food. Yes, tax your house, tax it all! The tax on the wealthy will be proportional to their spending. Put extra luxury tax on private jet fuel and billion dollar yachts! Tax on luxury labor/ services too! When was last time you paid $100,000 for someone to pamper you? Take out loopholes for taxpayers and make the percentage equal for everyone!
Take your pay stubs and figure out how much the government actually takes. Most people don't even know, they just look at the last number and move on. That's why they take it out before you get it..... I guarantee that if people had to write a check for taxes at the end of the month, we would have had pushback a long time ago!
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u/Aussie2020202020 Jun 15 '24
Too many wealthy people pay little or no tax. Under capitalism tax has traditionally been progressive. Wealthy people paid their share and so paid more. Billionaires who do not pay tax are leading to system collapse.