Tax the rich‼️I mean why wouldn’t we. You know we’ve done it before - and it WORKED. Listen to this explanation of why we did it, what it meant, and how it made the economy boom for everyone, top-to-bottom. Republican president and former 5-star general Dwight D. Eisenhower taxed the rich at well over 90%. #TaxTheRich #Taxes #Taxation #Billionaires #NoBillionaires #equity #workers #economy
Problem is, since we're talking about an envy-based taxation system, "the rich" includes blue collar workers who shovel shit for a living but managed to get themselves a halfway decent deal such as in mining or oil and gas.
It isn't even Marxist, because at least Marx recognized that the government isn't a friend of the proletariat to be supported and advocated for. If Marx were alive today and could tear himself away from a bottle of overpriced booze, he'd probably have a lot to say about the fact that the state makes up 40-60% of GDP in western nations. In some ways it's a step backwards, closer to feudalism than capitalism and nothing like communism.
As for "wealth taxes", the west already has that thanks to inflation. If you own $1 in 1933 dollars of assets, you have $96 in 2025 dollars of assets and once you divest you'll pay taxes as if your asset went up 96x even though the buying power of that $96 is identical to the $1 you invested.
People complain about how the market requires continuous growth, but that's a direct effect of the wealth tax; you need to constantly grow just to stay still.
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Without the taxes, we can have economic stability. With taxes, we need constant "growth" in "productivity" which means more job enslavement and higher prices.
Which is what the envy tax people are complaining about in the first place...
No, the rich never pay taxes, they pay accountants. And they RECEIVE tax money because they own the businesses that get the government contracts, and they control the politicians who send them those contracts.
As a rule, taxes are paid by the middle class only.
Not the case here. In addition to property taxes, the rich pay income taxes on any income they realize.
https://www.wsj.com/articles/top-20-of-americans-will-pay-87-of-income-tax-1523007001
There are two questions here:
1. Taxes on firms and properties
2. Taxes on individuals
The rich generally pay less income tax because they own properties and firms that already paid their taxes.
But the tax is still paid.
@cjd @CharlieMcHenry @monarchist @sj_zero
>get student loan
>pay insane tuition
>get insane tax break in return
>work hard every day for years to pay off student loan
>pay insane taxes because of it
???
"on any income they realize" is the magic part of that sentence. You can just sit there borrowing against company stock and never cash anything in like Jeff Bezos.
Good. As long as he is not realizing income, it should not be taxed.
In the meantime, Amazon pays a ton of taxes and so do its employees.
@cjd @CharlieMcHenry @monarchist @sj_zero
Leverage against your assets sounds great--until the asset value goes down and your creditors are suddenly in your face. The history of investing can be summarized in: "nobody can predict future asset values".
@vandys @cjd @CharlieMcHenry @sj_zero
That's a good warning from history. At some point the Tulip Mania shits the bed and you are left with an assload of low-priced flowers.