Higher Income People Paid Higher Income Taxes In Most Cases - They Should Get Rebate

[DanieRains]

I call it a Covid Rebate.

For the tens of thousands I have paid in income taxes while the crazy rich pay next to nothing compared to their wealth.

What is $1,400 or $2,000. I am lucky to still have an income from a scaled back business I own.

The insanely rich don't have income. The just amass wealth like there is no tomorrow. Then they pass on and it all goes to their spawn.

Nothing against rich folks, or their kids. They should just have to pay taxes like regular hard working Americans.

I would like them to pay 35% of their increased net worth every year, like the folks who have to work for wages. That is after they amass $10,000,000 in wealth per couple.

What? We could pay off the national debt if we did this? Craaaaaazy......

[iemitsu]

1. Tax the rich like we did in 1950.

We would pay off the debt even faster.
That would 91%.
We used to pay our bills and you can't get the money from those without any.

[DanieRains]

2. After Deductions It Was Around 50% I Read - That Would Do

I pay my income tax, and both sides of withholding which is 15.3% on top of income tax. Plus property and sales and other taxes.

Yay!!!

Good job Bezos not paying 50%.

[iemitsu]

3. 50% would do.

My state would do well to actually charge income tax instead of relying on sales taxes.
No one buys anything and no taxes are collected.

[tblue37]

5. Self-delete. Dupe.

[tblue37]

6. The 91% was the marginal tax rate.

[magicarpet]

4. Trickle down,.. get with the program,...

Drop the tax rates for the super rich, to the tune of trillions of dollars in tax revenue lost,

Run up the federal deficit with these super rich tax savings,

Then to pay off just the interest payments to carry this ballooning debt,

Sell tax free government bonds to the ultra rich to make these interest payments on the government debt.

So we get screwed twice by the ultra rich,

1) They don't pay a fair share of taxes. They write laws to give themselves tax breaks and rebates.

This causes federal deficits to balloon out of sight because they categorically refuse to pay their fair share of taxes.

2) The obscenely rich now buy government bonds to pay off the ballooning interest payments due, caused by the ballooning deficits. So the rich receive investment income from these government bonds - but this investment income is again tax free - because the instrument of investment was remember,... a tax free government bond. Thus untaxed investment income,... what a wonderful deal.

That's why they are now reluctant to use the terminology,... "Trickle Down" so much anymore,.. because in reality what it really means is pissed on your head and soaked you right down to your feet. Trickle Down ain't talking about rain it specifically means urine of the rich. That is their gift to you, they are peeing on you.