General Discussion
Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsTrue Dough
(17,304 posts)More evidence of the rich getting richer. The imbalance is far too much. We know Trump has only made things worse with his tax cut.
We need to reverse course in a big, big way.
Traildogbob
(8,731 posts)Let us not forget, he made the Corp and billionaire tax cut permanent. The tax "cut" for the rest of us is "one" year only. That cut had millions of tax payers realize they owed a shit load back this year. Just wait and see what happens next year, when "our" tax break expires. MAGA! 60, that's right, 60 major corporations paid zero taxes this year, actually many got refunds or even subsidies. Winning, the damn winning is killing us. Damn libruls with socialism economics.
progree
(10,904 posts)years.
https://www.taxpolicycenter.org/taxvox/despite-tax-cuts-and-jobs-act-federal-tax-system-becoming-more-progressive-over-time
But you are correct that the individual tax cuts are temporary, while the corporate ones are permanent.
democratisphere
(17,235 posts)We need to elect politicians that will actually do something about THIS instead of providing a whole bunch of rambling lip service.
erronis
(15,241 posts)Anyone making more than that would not be counted in this comparison.
It would be better to use the federal poverty level ($12,140/year for an individual) but that would not have made the differences seem so stark.
Still the incredible imbalance does not bode well for future stability.
exboyfil
(17,862 posts)I would like to get a handle on the ratio of Federal taxes/wealth for individuals. The three richest in the US have more wealth than the bottom 50%.
Pluvious
(4,310 posts)It just an expense item (law breaking).
Fritz Walter
(4,291 posts)By now, weve all seen the warning from Nick Hanauer to fellow plutocrats about pitchforks.
Or if you havent watch this:
In light of recent news from France, perhaps these oligarchs would respond better if guillotines were re-introduced to public squares.
BigOleDummy
(2,270 posts).. that this was the first time I've seen this. This guy seems to get it but I do not think the majority of his class does or will. People like our chump in chief DO think they are better than the rest of us and it WILL probably take us getting our pitchforks out before they listen. Thank you for posting this Mr. Walter.
zentrum
(9,865 posts)...work done once the tax cut for the rich was enacted. McConnell also considers it his signature action.
Demons.
Boomerproud
(7,952 posts)Not even worth a shrug.
PoindexterOglethorpe
(25,853 posts)We need a federal maximum wage.
I'm willing to be very generous and set it at five million dollars a year. If you can't live on that, then too bad.
riverine
(516 posts)Since people like Warren Buffett, Bezos, and Gates made their fortunes on stock appreciation. You can't stop that kind of wealth creation unless you are a full on company-seizing socialist/communist.
PoindexterOglethorpe
(25,853 posts)If they can't live on $5million/year I haven't a lot of sympathy. Not to mention, it's not all that long ago that pro athletes didn't make millions and millions of dollars. I don't happen to be interested enough in pro sports to attend a game, but every so often I see recent information on how much tickets cost and I'm genuinely shocked. I'm astonished that anyone can afford to go to the games, but maybe my response is simply an indication of how relatively poor I really am.
And yeah, I know that even without a federal maximum people high up in the corporate hierarchy have all sorts of tricks to evade taxes, such as stock options.
Someone who understands these things better than I do can come up with a sensible solution. Maybe the cap should be $10 or $20 million, but yes, I honestly think there ought to be an upper limit to wages. Confiscating excess income and redistributing it does not seem like such a bad idea.
And I'm not advocating a tax on wealth as such. Occasionally such things have been brought up here. I am doing as well as I am, even though my income is somewhat below the national median, because most of my adult life I saved significant portions of my income, invested it, and am now finally reaping the reward. So if you save and invest, you deserve to reap the rewards. But a CEO
There ought to be a limit on what companies can pay their upper management. At least have a law that says the highest paid employees can only make some specific multiple of the lowest paid employee, and that multiple should not be thousands of times more. A couple of hundred times more at the very most. THAT would create a rising tide that would lift all boats.
riverine
(516 posts)Many on the far left don't mind a LeBron James or Leonardo DeCaprio pulling down $50 milllion/yr but will gripe about a CEO who does the same.
That said I don't support a cap but will support higher tax rates on that kind of income.
Volaris
(10,270 posts)Good gods, yes. TAX these fuckers.
There IS a federal mininum wage. There should ALSO BE a federal MAXIMUM wage (set at a hundred grand per year).
You should be able to EARN, or 'pay yourself, or someone else' a hundred grand per year, tax-free.
Anything over that regardless of source, should be considered INCOME, and should be taxed on a progressive curve starting at 10%.
Any accountant worth their dergree should be able to do that very simple math, and that should apply to corps as well as individuals.
Blue_true
(31,261 posts)Yes, higher ups get bigger bonuses, but relative new hires can also take home tens of thousands in bonus money. Fantastical headlines always get people's attention, but the bare truth usually is something else.
a kennedy
(29,655 posts)WTF? WTF? WTF? WTF? WTF?
alfredo
(60,071 posts)Link to tweet
?s=21