How could taxing the rich work?

1. 2020-10-19 at 7:03 PM UTC

   #21
   

   Obbe Alan What? [annoy my right-angled speediness]
   
   
   Adjusted for inflation, Americans making minimum wage in 2020 are actually making more like $5.75 per hour.
   
   Taxing the rich doesn't work because those 400 people could just move and take all that wealth with them.
   
   If they are willing to just abandon ship like that, are they even really Americans? How are they contributing to the system?
   
   And what is the solution to this inequality?
2. 2020-10-19 at 7:36 PM UTC

   #22
   

   itybit African Astronaut [daze my amino pe-tsai]

   Originally posted by POLECAT when they say tax the rich , they mean folks makin over 30 g's a year,, ifn they were only gonna tax the folks makin over 100,000 then ide get on board with it

   
   Poley,
   According to the analysis (by the Tax Policy Center), for those in the bottom quintile, which include people making less than $25,000, tax cuts would average $750 in 2022. Those in the next quintile, making between $25,000 and $50,000, would see a tax cut of $790. Those in the middle, earning between $50,000 and $89,000, would see a tax cut of $620, while those making between $89,000 and $160,000 would see a cut of $420.
   
   The top earners, by contrast, would see a steep increase. Those in the top 1%, who earn more than $788,000, would see an average tax increase of $266,000, while the super earners — or those in the top 0.1% — would see an average tax hike of $1.6 million.
   
   Biden has also proposed raising the corporate tax rate back to 28% from the 2017 Trump tax cuts 2017.
   
   https://www.cnbc.com/2020/10/15/biden-tax-plan-gives-620-tax-cut-to-middle-class-new-study-says.html
   
   This article expllains the corporate tax change fairly well and there would be a penalty for moving jobs overseas
   
   
   https://www.bloomberg.com/news/articles/2020-09-09/biden-plan-sets-tax-penalties-for-companies-offshore-profits
   
   Obbe, these should give you a little bit better idea of what is being proposed by the Biden team.
   
   All's I know is I'm sick of working and seeing my tax dollars taken while to the top wage earners don't pay shit and the corporations pay little to nothing. They keep earning money hand over fist while the lower and middle class support the country. Trickle down my ass, they don't trickle down anything.
   The following users say it would be alright if the author of this post didn't die in a fire!

   • Obbe
3. 2020-10-19 at 8:12 PM UTC

   #23
   

   the man who put it in my hood Black Hole [miraculously counterclaim my golf]
   What about a luxury tax
4. 2020-10-19 at 10:52 PM UTC

   #24
   

   Obbe Alan What? [annoy my right-angled speediness]

   Originally posted by the man who put it in my hood What about a luxury tax

   
   Explain what that is please.
5. 2020-10-19 at 11:10 PM UTC

   #25
   

   BeeReBuddy motherfucker [pimp your due marabout]

   Originally posted by BeeReBuddy

6. 2020-10-19 at 11:24 PM UTC

   #26
   

   the man who put it in my hood Black Hole [miraculously counterclaim my golf]

   Originally posted by Obbe Explain what that is please.

   
   Things like mansions, yachts and stuff that only the very wealthy can afford are heavily taxed. The liberal government wanted to do a luxury tax and it was something like 500 million a year they expect to get from it.
   
   I think the rich can afford to CHIP IN since they have only gotten richer during this pandemic it's the least they could do.