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Thread: UpInequality

  1. #11
    Cat-tastic Babba's Avatar
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    Quote Originally Posted by Spookycolt View Post
    What is your solution?

    To simply seize the money of the rich?
    No. We need to make sure they pay their fair share in taxes. They haven't for a long time. When they did, we had the most prosperous society in history. The wealthy were plenty wealthy and more and more people became middle class. Then trickle down economics came along and undid all the good done from the New Deal until the Great Society programs.

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    Quote Originally Posted by Babba View Post
    No. We need to make sure they pay their fair share in taxes. They haven't for a long time. When they did, we had the most prosperous society in history. The wealthy were plenty wealthy and more and more people became middle class. Then trickle down economics came along and undid all the good done from the New Deal until the Great Society programs.
    And what is their fair share?

    They already pay about 90% of all taxes collected.

  3. #13
    Cat-tastic Babba's Avatar
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    Quote Originally Posted by Spookycolt View Post
    And what is their fair share?

    They already pay about 90% of all taxes collected.
    For one thing, they should have to pay much more on investments since that's where their income is coming from. They don't so much work for their income as the average person. We reward the investment class much more than we do the working class.

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    Quote Originally Posted by Babba View Post
    For one thing, they should have to pay much more on investments since that's where their income is coming from. They don't so much work for their income as the average person. We reward the investment class much more than we do the working class.
    So how much is their fair share?

    Why are you afraid to answer the question?

  5. #15
    Cat-tastic Babba's Avatar
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    Quote Originally Posted by Spookycolt View Post
    So how much is their fair share?

    Why are you afraid to answer the question?
    Stop being so simpleminded. Their share would increase considerably if they paid more taxes on investment gains. And it wouldn't hurt to increase the marginal rate to at least 50%.

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    Quote Originally Posted by Babba View Post
    For one thing, they should have to pay much more on investments since that's where their income is coming from. They don't so much work for their income as the average person. We reward the investment class much more than we do the working class.
    Not totally disagreeing with you but...

    Investing is good for America.

    Average American invests in companies, those companies grow and employ more Americans.

    And it's as easy as putting a few hundred $ in a mutual fund.

  7. #17
    Veteran Member bajisima's Avatar
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    Quote Originally Posted by OldGaffer View Post
    Waste of time, these people are stuck on stupid and still believe "trickle down" was not designed to enrich the 1% at the expense of the 99%.
    Kind of thinking Aethelfrith also assumes US politics is all way too right wing. Including democrats. He has spoken about that before.

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    Quote Originally Posted by Spookycolt View Post
    And what is their fair share?

    They already pay about 90% of all taxes collected.
    Who's they? What percentage of wealth do they control? What percentage of the total income in the US do they take in annually?

    You're only telling half the story when you say they pay 90% of taxes (I guess if you draw a big enough circle you will eventually encompass 90% of tax revenue, but with federal income tax the wealthiest 10% pays 70%, and if you add in state taxes, it goes down to about 50% of the total tax burden).




    I think this is why people are less and less likely to use the phrase "A rising tide lifts all boats" as much as they used to. It's just not true anymore. Hasn't been for about 30 years.
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  9. #19
    Veteran Member bajisima's Avatar
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    Quote Originally Posted by Babba View Post
    No. We need to make sure they pay their fair share in taxes. They haven't for a long time. When they did, we had the most prosperous society in history. The wealthy were plenty wealthy and more and more people became middle class. Then trickle down economics came along and undid all the good done from the New Deal until the Great Society programs.
    Not disagreeing but deductions were very high as well during that period. Car payments, credit cards and auto loans were deductible. That made the middle class eager to borrow and spend. Now we have way fewer deductions and there is always rumors mortgage deductions, childcare, and student loan deductions will also eventually disappear. That will make way less money for most in the middle class and there is no way they will support any tax increases if they no longer have deductions to help them.
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  10. #20
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    Quote Originally Posted by bajisima View Post
    Not disagreeing but deductions were very high as well during that period. Car payments, credit cards and auto loans were deductible. That made the middle class eager to borrow and spend. Now we have way fewer deductions and there is always rumors mortgage deductions, childcare, and student loan deductions will also eventually disappear. That will make way less money for most in the middle class and there is no way they will support any tax increases if they no longer have deductions to help them.
    Right, but raising taxes on the bottom 90% is going to make life difficult for a lot of people who are scraping by, and only raise a negligible amount of money. We could make the first $100,000 of income tax free and it wouldn't hugely affect tax revenues because the amount that is being collected from people making up to 100k is relatively small. It would be a great boon to the economy though, as much of it would eventually just end up spent and into the pockets of the people who are taxed.

    And the circle would continue...
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