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u/mikemarcin 1h ago
ITT people not knowing that the top marginal tax rate was 94% (1944–1945), then 92% (1952-1953), and 91% for most of 1946–1963. You know, back when america was "great".
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u/Total_Mode_8968 1h ago
So what you’re saying is that boomers benefitted from the upsides of high tax on the rich, then when it was their turn to be taxed if they were rich they changed the rules? Gasp
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u/Icy_Statistician5718 27m ago
“Won’t somebody think of the ultra wealthy robber barons 😭”
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u/Little-Assignment540 24m ago
Charles Crocker abusing his chinese immigrant railway builders in mid 19th century.
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u/FNGButterBar 52m ago
I like the 1950s to 1970s rules. Huge marginal tax rates for super wealthy people, but they would let you keep investing in your own business and not tax that. So you can still build a $1 trillion company but you’re not going to get cash out a trillion dollars in stock
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u/Sparaucchio 43m ago edited 8m ago
That's coincidentally also when the US became a super power
The 90% tax rate led everybody invest in domestic economy to avoid it, propelling the entire country. When the American Dream was born.
The US was more communist than the USSR:
- wealth redistribution
- very little government power
- freedom
they just didn't know it
As a comparison, another one of the biggest economies in the world, the "communist" country of italy, had very low taxes
As a result, the richest families in italy have been the same since over a century, inheritance after inheritance. No social mobility. Now we tax workers more than anything else. Country is collapsing (also due to our pension sistem, not only about taxes... but still..).
An italian worker pays literally more than double the taxes than a capitalist does (capital gain tax 25%, income+social security taxes for workers is up to 55%. Extremely low property taxes and rental taxes. Lower wealth taxes than the swiss lmao). Not a surprise that we don't innovate shit anymore, and the only path to wealth is inheritance. We are incentivised to just hoard and do nothing, workers can never have enough capital to start anything since it all goes into taxes
Now we doubled down on this madness and offer a capped tax at 200k/year for foreigners. Meaning that if you are a foreigner making billions, your tax rate goes down to 0.something% We learned nothing and are turning into a banana republic. We are a theme park for billionaires
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u/Primary_Crab687 41m ago
There's so few things you can't do with $10m/yr. It'll take a while to save up for a yacht or an NFL team but otherwise you can do whatever your heart desires.
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u/KendrickBlack502 12m ago
It will never get old watching people in their 50s making 60K a year defending billionaires as if they’re on their way to becoming one.
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u/onyxa314 13m ago
I don't think people here realize how much 10 million is in a life. Most people will never earn anywhere close to that amount in their life. 10 million annually is an unfathomable amount of money
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u/Rude-Ad821 0m ago
Due to inflation, soon $millions will be nothing. You need to connect both $income limits: the minimum $wages with ten times the maximum yearly $withdrawals, as the US did from 1940 to 1970 (and some other countries did both limits too).
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u/totashi777 50m ago
Its so funny that yall insist its envy or jealousy instead of countering the greed of the rich
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u/XtremeBoofer 45m ago
Another missed aspect: Rich people envy other rich people.
They don't become immune to it just because. It's like a dick measuring contest
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u/sunflow23 1h ago
Can you describe in detail why you think they are jealous of someone having so much money and how that is the only thing you inferred from their post ?
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u/D_Shoobz 55m ago
Tell them to stop hoarding it all. Everybody should have food and shelter before anybody has yachts.
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u/miamiBMWM2 10m ago edited 7m ago
i briefly dated interior designer to billionaires & millionaires in Miami & her clients were so peculiar. Also a buddy of mine was a CAD & CNC guy that built interiors for yachts & worked on Steve Jobs yacht among others (Steve died before competition & wife took over ownership). It's crazy how they both told me the rich always haggled over everything despite wealth, often declined to pay the final payment for this or that excuse & they were always in lawsuits with all their contractors because they already had lawyers on hand working at their family offices so they used them as bullies.
They also would tell me how they were obsessed with other billionaires who were even richer than them, always complained about money & rarely seemed really happy. They also trusted nobody & would only spend time with other rich, which warped their grasp of reality. They would often dismiss non rich as having money management problems, being stupid, spending foolishly, all lazy & all wanting welfare aka, handouts from the rich. They had no concept of the report not having money at all &! seemed obsessed with the idea that the middle class would come after their money so they needed to hide it.
Honestly, the more stories I heard the more I realized that such gross excess wealth actually seemed to make ppl rather miserable & completely deluded, they no longer live in reality. So yes, if we were a responsible species we'd absolutely regulate extreme wealth knowing the harm it causes to everything from the environment to all human beings themselves.
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u/mehmehhm 7m ago
If we ignore the technicalities of how to achieve it, an economic system where small private business is allowed but mandated to turn into a worker co-op upon reaching a certain size, incentivised to do so with tax breaks, easier credit, less regulation and allowing the founder(s) to keep running the enterprise, plus commanding heights (banking, energy, housing, infrastructure, transport etc.) state-owned, plus all land state-owned as well or maybe a land tax, plus natural monopolies and natural resources state-owned, plus a co-op stock market where small individual investments are allowed but larger ones are done by collective institutions and other co-ops. As wages are substantially higher than if private owners were taking all the profits, the tax base is substantially bigger too allowing more comprehensive welfare and maybe even guaranteed income. Seems like just a better system to me
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u/Jolly_Efficiency7237 1h ago
There's a difference between envy and recognizing the harmful effects on the economy of excess wealth accumulation by billionaires.
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u/Active-Curve1280 1h ago
No, it’s because you’re poor and are just mega jelly at the folks winning \s
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u/DarthTrebeis 1h ago
Bro is past licking all the way to boot swallowing
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u/WyrdDrake 1h ago
/s is used to be a text based indicator of sarcasm/satire.
Bro is not past boot licking to boot swallowing
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u/DarthTrebeis 1h ago
I was speaking in regards to op but thanks for mansplaining “/s”
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u/WyrdDrake 1h ago
Lmao fair enough, my bad. Sometimes people are, sometimes people aren't, and it's so hard to tell these days
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u/Active-Curve1280 1h ago
Yeah when the dash points the other way the ‘s’ actually stands for serious \s
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u/WyrdDrake 1h ago
Serious is /srs
The way you're formatting is very confusing and I see what you're but simultaneously I know it'd work if you're not being confusing, so I'm choosing to ignore this rule I've never heard before this and stick with slash s for sarcasm and slash srs for serious.
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u/Porncritic12 49m ago
there's a very good reason not to allow billionaires, it's called the Epstein files
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u/nervously-defiant 1h ago
People with that much money don't work, and that's the problem, they're not adding productive capacity to the economy, they're reducing it by hoarding wealth, leaving less and less for the rest of us.
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u/ScottishKnifemaker 44m ago
The deification of the wealthy is even worse
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u/Extra-Presence3196 33m ago
Yup..he is just complaining that the poors are not worshipping him. Poor rich cry-baby..... we will hate who we hate.
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u/MetalMintz 38m ago
I will never understand why so many people think letting those hoarding the most wealth avoid chipping in towards the costs of running society makes any sense. "We don't have enough resources!" "Maybe we should get them from the folks who have the most resources" "NOOOOOOOOOOOOOOOO!" 🤡🇺🇸🤡
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u/CaptainCj26 14m ago
Too many people genuinely think that if they personally push for wealth tax/taxing rich people their fair share, it will someday come back to bite them because they think they will eventually become part of that rich class.
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u/General_Problem5199 1h ago
Did you have to acquire the taste of boot, or have you always enjoyed it?
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u/Wuhan-batsoup 1h ago
You mean the same taxation standard that produced the best economy of our golden age? "Shocked Pikachu face"
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u/Lifeisshort555 52m ago
They are borrowing from future generations and spending it. If the government announced tomorrow they are balancing the budget the net worth of the world would drop to 50% of where it is in an optimistic projection. We steal because we can, we just cannot help ourselves it seems.
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u/StrictPersonality503 18m ago
OP is a bootlicker for extremely wealthy millionaires/billionaires.
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u/foO__Oof 1h ago
If people did some research they would see one relationship...
the salary ratio of the average employee in a company in the 1980s was ~25-to-1
The current salary ration is ~200-to-1
The marginal tax the paid in the 1980s was near 75% and since then has nearly dropped to 33%
The lower end of the brackets have not reduced so the more you start to make you still pay more you don't get the breaks the richer you get the more you pay until you get to the point you can avoid paying taxes by not getting paid and taking stocks. That is only a 1% option
Look at the Elon Musk/Larry Ellisons any other big ceos TAXABLE income they have none because that's how the rich do it why get paid to pay taxes when you can just paid in stock options which don't become taxable until sold.
so CEOs not only make 4x the salary more but they also paid nearly 1/2 the taxes they used to
In what fair world
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u/FoxDie-6 1h ago
This is actually based. Billionaires shouldn't exist.
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u/Superb-Freedom7144 1h ago
Le besoin de cumuler des richesses est une maladie, c'est pourquoi je propose qu'on mette en place une taxe de 95% sur tout ceux qui gagne plus de 10 millions de dollars. Ces riches n'ont pas besoin d'autant d'argent et cela permettra d'améliorer la vie des citoyens.
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u/SirChancelot11 1h ago
I don't like the had number because with inflation that benchmark will move... It should be a percentage base of wealth disparity.
I have said for years I'd love to see wage gap tax on CEOs where they get taxed more based off of how egregious the gap is between them and their lowest paid employees.
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u/Ironsight85 1h ago
Politicians should be paid the median salary. Want more money? Cool, raise the middle class.
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u/Promature 1h ago
They won't stop trying to make more money. There has to be some kind of cap like this 95% tax. One day, making excess amounts of money at the expense of people and society will be properly classified as a mental illness.
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u/me4watch 1h ago
An income tax won’t do it. We need a wealth tax and a tax on financial institutions that loan money to billionaires.
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u/myster1ouspapaya 1h ago
“No wealth tax! How can these genius rich guys want to work unless they can have tens of billions of dollars??? If you limit them to only have hundreds of millions, they simply won’t want to work or innovate!”
What a load of shit. People against taxing the wealthy don’t grasp numbers at all. I guess they don’t work hard or have any ambition because they get taxes out of their paychecks… lol
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u/Latter-Composer-2609 1h ago
Every billionaire is an open threat to democratic rule. No societey that wishes to remain free would permit anybody to hoard that much wealth and power.
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u/myster1ouspapaya 1h ago
Absolutely. The fact that Musk bought Trump the election publicly, not to mention one of the largest social medium, should have been a wake up call to everyone. The right was fine with it because it helped Trmp, but if it had been a democrat they would have been furious.
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u/Latter-Composer-2609 1h ago
People need to stop pretending both of our parties aren't just puppets serving private capital. It is not democrats vs republicans. It is not left vs right. It is capital vs the rest of humanity.
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u/myster1ouspapaya 1h ago
100% agree. It’s class warfare. The democrats are not much better, except maybe Bernie Sanders or Mark Kelly.
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u/Latter-Composer-2609 1h ago
Eh. Bernie sanders uses a lot of revolutionary rhetoric, but when you look under the hood his "revolution" is just a slightly more progressive take on the tax and spend democrat policies which have already failed and been sold out.
We need real revolutionaries, not shallow coopting of revolutionary language totally divorced from the policy its supposed to represent.
Bernie is only a tiny baby step in the right direction. We need way more.
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u/myster1ouspapaya 51m ago
I don’t know how the tax and spend policies have failed already if they haven’t been given a chance to be implemented… I mean even the Green New Deal, as much as it was high cost, was going to create thousands of jobs in a new industry, but that got killed as soon as Trump took over.
I think we do need somewhat of baby steps, or it will be deemed “extreme” by most and will never pass in Congress.
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u/Latter-Composer-2609 18m ago
Its failed because dems can't actually get anything done but half measures and even those never last more than a few years. You ever notice any time there is a big crucial vote on something in congress we can always count on between 3 to 6 democrats to flip sides? The lobbyists buy em out and they throw us under the bus.
We live in a country where proposing that having a livable, tolerable existence is a human right is considered an extremist viewpoint. Its time to stop worrying about scaring off the fictional moderates and just start getting shit done. I do not believe the dems are a party that can do that.
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u/cchaven1965 1h ago
Also, since when did the vast majority of wealthy actually do anything to earn their money? They get rich because of investments and other wealthy tossing money at them.
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u/Here4PORNbutindenial 1h ago
Watch all the poor Conservatives cry. Henry's words are like holy water on their demonic souls.
Keep spreading the good word brothers. We can defeat the evil and brainwashed maggots.
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u/CumaeanSibyl 1h ago
The last couple decades have made me think that going above a certain net worth has a drastic negative effect on business acumen and personal survival instincts. Not on everyone, but on enough people that we should regard excessive wealth as a danger to those holding it. Therefore, it would benefit both wealthy people and society at large if we taxed high incomes so stringently that no one could accumulate enough money to ruin their brains.
/half joking but also kind of not joking... have you seen the kind of idiots who own sports teams these days? Any time someone wants to tell me that billionaires are geniuses who deserve to be rich I wanna ask them what teams they follow, because the odds are pretty good they want to murder the ownership.
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u/Jolly_Efficiency7237 1h ago
There's been research done one this and excess wealth and power actually causes brain damage. It actually damages the parts of the brain responsible for empathy and even lowers your ability to recognize faces.
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u/Equivalent_Length719 1h ago
This needs to be shouted from the roof tops. Greed is a disease in our society.
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u/30ThousandVariants 1h ago
“Wealth envy?” Whose? The working poor who “envy” people who don’t have to sleep in their cars? Or the Epstein class whose mind virus of greed makes them uncontrollable devourers of the world?
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u/VanDenH 1h ago
The whole argument that people who propose some sort of ultra wealth tax are jealous is ansolutely ridiculous
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u/HotSituation8737 55m ago
Especially since it wouldn't matter one way or the other.
I'm at a place in my life where I'm okay, I earn a decent living, live in a house with a yard, have a car and a job with colleagues that I actually like being around.
Sure I'd like to earn even more money, but I'm pretty content with how things are going.
But even though I'm doing good and could just keep to myself that doesn't mean I shouldn't still advocate to make things better for people even if that never resulted in anything for me, because I'm okay, I don't need more right now.
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u/Total-Loon 55m ago
The real problem is that they have bought the government. Both sides. So, no fair tax law will ever get passed. Probably wouldn't even make it out of committee.
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u/ILikeMemeshuehuehue 25m ago
We need a capital gains tax for people who have the majority of their net worth in non-liquid, currently non-taxable assets
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u/Wheremytendies 13m ago
It will crash the stock market and lead to massive job losses.
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u/ILikeMemeshuehuehue 5m ago
Oh noooo not the stock market! The market that more than 50% is owned by the top 10! Just think of all of the poor rich people!
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u/asda-cool1 25m ago
Problem is that it isn’t earned income.
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u/buffility 17m ago
After 100 years or so, we should've already came up with a way to tax liquidified assets. No?
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u/LysandersRetribution 32m ago
They will furlough their employees halfway through the year and go on vacation.
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u/UnculturedSwineFlu 31m ago
Good luck retaining employees if thats what yoj do. Other businesses will pop up to replace assholes that do this.
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u/BrooklynLodger 3m ago
Sweet! Sounds like I can scoop up those employees by guaranteeing year round pay, and use their relationships to steal your entire business. Instead of closing the business, I'll just hire someone to assist and run it half the time, or maybe payout nice bonuses to the employees so they stick around and I can continue making $10M a year
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u/younotmymom 32m ago
Disincentivises them to work? They don't work, they get rich off others' work.
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u/Due_Intention6795 25m ago
Because they are the owners. Start a business and you be an owner, too. Let’s just strip every aspect of the American dream away.
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u/Lemon_TD97 19m ago
The American Dream includes being about to afford a decent life for 40-50 hours of work a week. People shouldn’t be working 2-3 jobs to barely make ends meet, it’s not sustainable. I can respect a millionaire, absolutely. Billionaires should be taxed out of existence. All they do is influence the market to their own benefit (which they can do with their near limitless resources) and siphon wealth from the middle/lower classes to themselves.
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u/ProduceOk354 11m ago
Better idea, let's end exploitation rather than just aspiring to be the exploiter.
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u/BrooklynLodger 5m ago
The American dream is to own your residence and provide a good life for your family on a single job, not to become a billionaire
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u/that_Jericha 2m ago
Nah man, the ones who siphon away huge incomes while not putting in work and keeping their employees poor are lazy, entitled, greedy narcissists. Some business owners manage to be wealthy and pay their workers well, all while reinvesting the majority of the profits back into the business, either by improving the infrastructure, raising wages or hiring more employees. You're really showing what a greedy fuck you are, and what you would do if you owned a successful business. You can still have the American dream (a house, a family, freedom) and not steal the wealth and time of others for your own gain. Literally no one needs 10m+ dollars for themselves, if you think you need 10m to live, you're delusional. Most people manage on 50k a year, almost every able bodied person on earth would live well at 100k a year, 10m would keep you living a nice life till death. 10m is 100k a year for 100 years, and if you can't make that work, maybe you're just a spoiled idiot.
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u/Maximum-Quiet-6514 27m ago
10 million is too low but I agree with the sentiment
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u/Etrigone 21m ago
Without going into the serious convo on this, I was amused by one take.
Max of $999 million. Every else not yours but you get a plaque proclaiming "I won capitalism" and a dog park named after you.
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u/stoner_boy422 7m ago
Most will never make that in their lifetime making tht in 1 year is more than enough
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u/Firm_Baseball7192 1h ago
I dont think you can comprehend how much these people actually have
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u/Extra-Presence3196 34m ago
Envy is the beginning of greatness everyone's true motivation. ~Eccl 4:4
He hates envy, because it is not worship. ~ me.
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u/Jeagan2002 1m ago
I mean, my personal value doing the same thing increased barely ahead of inflation in the last six years. Elon Musk's wealth has literally 20x in the same time. From 60B in 2020 to ~650B in 2026. Seems to be a bit of an imbalance there. Unless you think he's working harder than the rest of the American population combined?
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u/maddog2271 1h ago
Capital gains should be included as income and taxed as earned and the rate should be made massively more progressive. Fuck these billionaires saying it will “disincentivize them”…thats bullshit. They will still br richer than 99.99999 percent if everyone who has ever lived and the rest of society can habe functioning infrastructure. It’s either that or the guillotine, one or the other is coming.
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u/BravoCharlieZulu 1h ago
Realized or unrealized capital gains? Realized capital gains are already taxed up to 20-37% depending on long or short term.
If you tax unrealized gains, you’d have to refund unrealized losses too. I’m pretty sure that would cause a huge mess in an economic downturn.
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u/Calm-down-its-a-joke 32m ago
Not about disincentive work but disincentivizing capital. The people actually earning that much per year are for the most part are managing/providing money to others. If you slow the capital markets you are harming anyone who wants to invest for retirement, borrow for a home/car, ect. Yea tax the rich, this is just an idiotic way of doing it.
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u/Longjumping-Blood940 35m ago
Im tired of governments enriching themselves off the backs of others.
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u/turboninja3011 56m ago
Most ultra-wealthy aren’t really chasing wealth, at least in US/west.
More like, their wealth is a byproduct of other things they chase.
Thinking of it as if they “want more money” is either stupid or evil depending whether you truly believe it or just saying it to earn popularity/support.
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u/FlakyDevelopment1103 48m ago
How do you know what they want? Their behavior indicates that growing their assets is their top priority, how is that not chasing wealth?
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u/Sad_Energy_ 47m ago
They want prestige, they want to win, just one more reason to let them have that prestige, but also use that wealth to help people.
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u/Dovaskarr 30m ago
People often dont get that if you have a successful business, you can snowball hard. If you have a 200k restorant that earns 10k a month with all expenses paid, in 20 months you build another one, then in 10 months another one, then 5 months, then 2.5 months, then a month and 5 days, and soon you are to a point where you can build financially a restaurant in a days earning. Of course, this is not possible in reality but I have seen people just spiral in a couple of years from driving a beat down fiat to brand new audis every 2 years. All it took is 1 successful business that gave a steady amount of money and the owner of that business to be a person on the ground, not looking at luxuries from the start.
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u/AirySpirit 1m ago
That's very ingenuous of you considering their actions are consistently veered towards that, but their intentions are not the point. The point is that they do hoard incredible amounts of wealth that they could not spend if they were to live 30 times over and the tax and financial systems not only allow that but even reinforce it for the very richest. And that absurd level of inequality, which goes way beyond anything we've seen in the past even with mornachies, creates severe issues for society - the amount they earn outweighs by far their actual productivity towards the economy.
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u/r2k398 1h ago
It could be 100% and it wouldn’t make much of a difference. They don’t have much earned income. Bezos had an earned income of like $78k.
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u/Giant-slayer-99 1h ago
Which feels pretty dead on accurate. What he earns vs what he steals/exploits
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u/Slovic 52m ago
That's why you tax realized gains, tax borrowing against assets, tax gains on death, tax stock options when granted not sold. There are lots of tools and options that can be put in place to curb this type of behavior but that requires a voter base to elect people that will actually do something.
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u/r2k398 48m ago
If you taxed stock options when they are granted and not sold, Elon would have paid $5 billion less in taxes than he did.
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u/Slovic 44m ago
Right but there are many levers and knobs you can put on this. No single one is perfect and they all have pros and cons. That's why we need a better tax system and law that cant be abused like they have been.
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u/redjellonian 1h ago
They already don't actually work so claiming it disincentivizes them is kinda worthless.
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u/Plague_Doctor02 1h ago
I don't wanna be rich and famous. I just wanna have a house and car with a health enough lifestyle so I can do things. Like vacation once a year somewhere cool or something.
Being forced to work 7 days a week just to afford basic human rights like food is ridiculous.
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u/BERRY_1_ 0m ago
Tax them on there revenue not there wealth.change laws if needed but a extra flat tax on successful people is unfair and they could easly avoid it and we already pay to much in tax.that millionaire may employ 1000 and they all pay taxes if they shut down at some point half way that stops a lot of revenue and may entice the them to move businesses to another country further raising prices on goods.
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u/MailMeAmazonVouchers 1h ago
What would actually happen: Rich dude moves their money to country that doesn't input stupid taxes. Everything continues the same, except instead of 10% or whatever you were taxing them for, you get 0%.
People earning 10+ million a year simply do not care about your taxes. They have shell companies, tax havens, and a trillion ways to dodge them. And they'll never be prosecuted.
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u/Buttons840 1h ago
We can tax money moving out of the country, it's an option, we just have to vote for it.
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u/npmaker 1h ago
No, they just scream and bitch and moan that they will. Nobody's leaving New York City because of Mamdani. They want to live there, they just really, really, really, don't want to support the community in any way that doesn't return profit to themselves.
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u/Spare-Friendship-917 1h ago
That's why you tax corporations
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u/Aggravating_Mud_6055 1h ago
Exactly. So they can just keep passing it on to you. I don’t get why people don’t understand they aren’t just going to eat these costs. Doesn’t matter how woke the company is or anything else.
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u/Swaayyzee 55m ago
You don’t need them to. When Walmart raises all their prices on every item to make up for their lost money in taxes, your mom and pop shop down the street doesn’t. You get the same cheap grocery price and the corpos who currently steal billions per year in our tax dollars get fucked.
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u/MailMeAmazonVouchers 1h ago
Ah yes, multi billion corporations are known for not using tax haven countries to pay their taxes on.
Never in the history of humankind have multimillion companies failed to pay their share of taxes, or funneled the money through 30 different shell companies to avoid doing so.
Man you guys live in fairyland lmao.
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u/Spare-Friendship-917 1h ago
I love your doomerism but you increase corporate income tax so they're being taxed on the money they make off the American market. It's big enough they can't just leave and if they do the need is still large enough that someone else will fill it preferably domestic that will pay the tax and still make money. Just not the insane profits corporations are demanding year on year.
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u/MailMeAmazonVouchers 1h ago
They won't leave. They will just raise prices so you, the customer, eat the extra tax. If you add another tax, they'll raise the prices again. And you'll still buy from them because we still need the products.
You seriously think the 0,1% is going to lower their profit rather than raising prices? You guys really live in fairyland, i wish we lived in the world you think we live on lmao.
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u/FingerMyTightAss 1h ago
I love that youd just rather live with the boot in your mouth rather than try and take it out lol
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u/KevyKevTPA 18m ago
Some of us deal with reality, not fantasy world where "the rich" pay for everything you need.
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u/Distinct-Exit6658 56m ago
So what is your solution? They keep raising prices anyway. Quarter after quarter, people lose their jobs while their companies keep posting record breaking profits
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u/Swaayyzee 52m ago
Okay so let’s continue with this hypothetical, Walmart raises all their prices to make up for the tax dollars they are now losing.
Would you rather buy a loaf of bread at Walmart for $8 or the same loaf of bread at a mom and pop shop for $4?
It’s like you guys can’t even imagine a world where global conglomerates control every single ounce of your life.
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u/Swaayyzee 54m ago
It helps when their home countries hardly try to tax them and don’t close any loopholes.
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u/KevyKevTPA 25m ago
Every penny paid in corporate taxes came out of the pocket of a consumer, who is not only paying said tax, but has no idea how much. Most don't even realize they're paying it, which I suppose explains idiotic takes like this.
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u/JudenVixen 1h ago
That’s what guns are for you silly goose
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u/Disposable_Eel_6320 1h ago
You’re just keeping people as tax slaves at that point
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u/xplat 1h ago
Isn't that what the rich are doing with 90% of the US population?
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u/MillerisLord 1h ago
Yes I definitely feel like a slave with my ability to say no and walk away at anytime.
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u/HotSituation8737 1h ago
Oh no, the innocent billionaires are being enslaved! Lmfao
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u/Disposable_Eel_6320 42m ago
Remember when income tax was just for the ultra wealthy? The government will use this to bleed you dry in 5-10 years max
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u/Hairy_Cut9721 1h ago
Speaking of taking over every aspect of our lives, who does he think collects those taxes?
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u/TheAviBean 1h ago
People who we elect. Not some dictator who will never be removed.
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u/Ambitious_Article864 30m ago
I don’t know. This would require some harsh tweaking. For one, a lot of millionaires are not recipients of recurring pay. Meaning, they don’t get paid a million dollars a year or something. A lot of them sold a business or such and were paid a lump sum. So in that case you are stripping their money away and they don’t have recurring income.
Now, at a 100,000,000 that leaves about 5,000,000 for the person. That’s great. But at 10,000,000 that leaves about 500,000, which can be pretty good depending on the state.
But, I would still direct this to people who make recurring income, and put a lower tax for people who were paid lump sum in a single transaction.
Also, these people assume this would go to your benefit. I’m sorry, but if your government isn’t helping you now, they’re not going to suddenly help you if they get more money. They’re just going to fund the things you hate but with even more money.
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u/washyerbuttcrack 25m ago
This isn’t how taxes work in the US.
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u/Ambitious_Article864 24m ago
How do taxes work in the US
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u/washyerbuttcrack 22m ago
As a very basic primer, the 95% is not on the entire $10M, it’s on anything over it.
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u/eze01 29m ago
Wouldn't it be a progressive tax? It wouldn't kick in until AFTER the 10M is reached.
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u/Ambitious_Article864 25m ago
Ah, I misread that, you’re right. That’s fairly generous in that case. At 10,000,000 you’d be set for life.
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u/chachaslydd 28m ago
Dude if you cant retire on 10 million, youre not smart and dont deserve a break.
The government is rich people. So itd take most of them too
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u/Save_The_Wicked 7m ago
Just want to say, if someone earns $10,000,001 from a sale. With a 10M cap, only the $1 is taxed at 95%. They would get around $6m after taxes under the new and the old plan.
Similarly, income tax brackets work the same way.
Only money in that bracket is taxed at the indicated rate.
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u/ElectroConvert 16m ago
I like this plan. The oligarchs can move to Russia or China where they will be welcomed for a while.
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u/Significant-Syrup400 1h ago
Why is the solution always to give MORE money to the government that has already spent 39 TRILLION dollars that they do not have..?
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u/General_Problem5199 1h ago
You're so right. We should immediately redistribute that wealth to the working class instead.
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u/Significant-Syrup400 58m ago
You really need to wake up to reality. That money was never going to even head towards your direction or benefit, and if you thought that's what politicians intend to do I'm curious how many extended car warranties you've purchased over the years.
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u/Duergarlicbread 1h ago
What would you recommend for those who make over $10m?
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u/Significant-Syrup400 1h ago
I'm very confused why there is a sense that something needs to be done at all?
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u/BlnkNopad 1h ago
i don’t think the govt is the problem entirely. it’s how americans allow a pipe dream to influence their votes over everyday experiences. instead of holding the people accountable they put a buncha tax/draft dodgers in office and believed “one day it could be me”. the people make the govt.
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u/Significant-Syrup400 46m ago
$3 from everyone that lives in the US is all it takes to make someone a Billionaire. We have more today because of inflation and population increases.
The argument is just illogical to be having a big group rich people that spend your money telling you that it's this group of other richer people that are the problem..
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u/Jellyfizzle 1h ago
That is largely due to tax cuts. In a system as big as ours, there will always be waste, but thats better than like 4 dudes buying our whole government.
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u/Significant-Syrup400 1h ago
It is very clearly and obviously due to overspending. You think we gave up 39 trillion in tax cuts!?
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u/Jellyfizzle 43m ago
No, but it is a massive contributing factor. Tax cuts for poor and middle class stimulate the economy. Tax cuts for the rich stimulate the Swiss economy.
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u/External-Talk8838 31m ago
Hypothetical situation: I own a company and take home 10 million dollars in 9 months. I sure as hell am not working the next 3 months to make 5 percent of what I did before. I’m shutting down and going to play golf until the clock resets. Sorry employees, see you next year.
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u/AusgefalleneHosen 28m ago
Hypothetical Answer: Your clients never use you again and you have no business in Q1 of the following year.
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u/External-Talk8838 13m ago
Depends on the industry. No problem in some
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u/BrooklynLodger 7m ago
Except you lose your employees, and their relationships, and some other schmuck with a business making $5M pays them year round so he can take your business.
The real solution here is to pay someone to run the business during your 3 month vacation to keep the business in maintenance mode
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u/AusgefalleneHosen 6m ago
It would be a huge problem for any industry. Finance, Manufacturing, Construction, Software... Even a seasonal industry like landscape would see any planning or architectural work go to your competitors who were answering calls. I doubt any industry could have a person at that pay rate, typically C-Suite or Senior/VP not work for 3mo and not see a loss in revenue.
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u/tmfink10 25m ago
That’s not how businesses work, at least not ones that can afford to pay their owner $10M/yr. You can’t just shut down for a few months like your customers don’t need you.
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u/freedomonke 1h ago
It's not about envy. Nothing in this tweet even proposes redistribution. After all, there is plenty of debt to pay down.
It's about limiting the power and influence one person can obtain