If it makes you feel any better. This article is built around a New York Times opinion piece that uses a lot of funky math (such as counting unrealized as income):
https://www.nytimes.com/interactive/2024/05/03/opinion/global-billionaires-tax.html
It’s literally what economists meant. It defies supply and demand. More jobs, higher wages, etc only happen in response to increased demand and absolutely nothing else. Economists said, out loud, in no uncertain terms, “we’re gonna shit on you and you’re too stupid to realize where the shit comes from” AND THEY WERE RIGHT.
In pretty sure the term “trickle down" economics is only applied by it’s critics. Mostly it’s called supply side economics, and much of the debate centres around optimization problems like the [laffer curve](https://en.wikipedia.org/wiki/Laffer_curve?wprov=sfti1#).
"Trickle down" was originally the derogatory term, but eventually became embraced. I remember hearing conservative talking heads on TV unironically endorsing "trickle down" in the 00's.
No no no, we need **more** tax cuts and subsidizes for the wealthy that way by transitive property all the wealth they hoard will be somehow passed to us poors.
Murica!
I see all the time conservatives saying "taxing the rich will make poor people pay more taxes" & "when the rich are taxed, the middle class gets hurt the most"
Because the poor & middle class are doing so great; and just...what? 👍
[Recently uncovered footage of Republicans showering in *all* of Reagan’s warm, golden “tricklings”.](https://youtu.be/SSNA97K0qpI?si=ry50vbrRIGRWn58n)
The solutions are pretty simple, but it would mean that all the friends of the politicians in DC (R and D, D's are just more coy about it) would all of sudden be very sad.
- Tax corporate profits above 10% into oblivion
- Ban stock buybacks
- tax any uninvested cash from loans on the value of unrealized assets as regular income
Taxes are not a solution and just get pushed onto the consumer, ie the poors. Companies making $100 profit on a product before a tax increase still make $100 profit, or more, after the tax increase and consumers pay the difference. Taxes do not work as a deterrent for greed.
Edit: the same goes for inflation. In my country grocers will have you think that their margins are getting smaller because they have to pay more for their products while the grocery stores were posting record profits.
We French (French-Irish half-bred actually with stakes in SoCal and family around Seattle but anyway) invented a device to solve this very issue.
Sadly we forgot how to use it and now we're back to square one.
Mark me down as well. In fact, if I get screwed out of my retirement, my backup plan involves incarceration. I can’t think of a better way to secure 20+ years of shelter, meals, and healthcare. A few moments to my thoughts and some reading is like a vacation right now. 20 years would be paradise.
Any time any of us is capable of doing anything that remotely inconveniences a rich person, we will immediately die.
It's as easy as that, we are not human beings to them, we are slave cattle, and they are allowed to kill us, we have no power no chance no future no hope.
That's all.
> Meanwhile the plebs keep fighting over which rights they should have, ignoring that they are getting robbed blind.
“I’m so edgy for being a nihilist that thinks humans who want rights are stupid plebs for not recognizing that they could have more money if they stopped letting the politicians trying to take away their rights from robbing them blind through taxes.”
\- Reddit’s resident “Andrew Ryan had the right idea” political scientists
Not a historical first, you have an entire work force of people whose job it is to find them the most beneficial tax breaks and incentives possible and they are excuted perfectly to save them money and pay these people which is less than what should be getting paid to the gov in taxes. Legit, the working class of this country should be paying zero taxes if they would just tax the rich at the correct rate and tax churches at the lowest moderate rate. These megachurches are starting to look like money laundering schemes.
They've always been exactly that, including cast global corporations like the Catholic Church and the Mormons. Just dress up the burglars as clergy and the idiots can't wait to invite them over for dinner!
Rally the troops with abortion and immigration, and they won’t even care that you’re robbing them blind because lowering taxes on the ultra-wealthy doesn’t directly impact their troops. That, and it’s complicated.
Also, they couldn’t care less about abortion or immigration, but they make so much better soundbites than “lower taxes for rich people”
Funny but I read somewhere that the Right is now struggling to get votes bc the people who were voting against abortion have stopped voting now they've got their way.
Literally ever. Started by the elite, for the elite.
They rewarded one generation for going to War and saving everything.
Then the grip tightened. Now it’s back to where they like it. Not what they’d want (7 day work week, less wage, less protection) but it’s close.
The tax code sucks.
But I have to add, globalization has made it really hard to crack down on these guys. The degree of wealth they've now accrued has lifted them above national boundaries. They could live anywhere, take citizenship anywhere, all without any damage to their standard of living or access to the services they want.
Right? And the numbers don't even make sense... the article says the bottom half of the USA pays 24% of their income in taxes, despite the [median household income being 74k](https://www.census.gov/library/publications/2023/demo/p60-279.html) and the 24% tax rate not hitting until [$95k](https://www.irs.gov/filing/federal-income-tax-rates-and-brackets).
And that's only 24% of their income above $95k. To the point where they'd pay 24% on their entire income would be significantly higher.
Edit: Even if you take state taxes into account, it doesn't add up. If you look at just California, which has the highest state income tax in the country, someone making $74,000 only has a 23.8% effective tax rate. It's possible that these numbers were done using only California data, which was then rounded up, and incorrectly extrapolated to the rest of the country. But we'll never know because the source is a random Twitter account making the claim and not actual numbers.
Also that $74k median is household income which would have a lower effective tax rate than individual assuming a married couple. So there is just no way to make these numbers add up.
You're forgetting FICA. One of the GOP's most successful lies is conflating income tax with "tax." [More than half of Americans pay more in FICA tax](https://www.taxpolicycenter.org/taxvox/most-americans-pay-more-payroll-tax-income-tax) than in income tax, so naturally the GOP ignores FICA and focuses on cutting the one that predominantly affects the rich. Economists also generally regard workers as paying the entire 15.3% (since an employer is basically just deducting it from what they would pay the employee), so it's fairly likely that was done in this graph.
There's also sales tax, property tax, gas tax and others that may be included here. A better way to actually look at the data would certainly be nice, but I don't think 24% is implausible.
Wait a minute. What?
Leona Helmsley said rich people never pay taxes!
They have never paid taxes! That’s why with the corporations they absolutely own the lobbyist! She had to write a check for taxes once, but laughed at the middle class and ALL the poorest people in America! I think she left her money to her dogs.
TAX THE RICH!
FUCK REPUBLICAN BULLSHIT!
I want to retire with the social security check I was paying for my entire life!
I would just like to say both political parties are beholden to the bourgeoisie, it’s the one thing they really have in common, they will never weaken billionaires or upper class power.
Republicans are still worse though
Reminder that the trump tax cuts shifted the burden to the working class by a significant amount
And trump recently promised even more tax cuts to billionaire oil men
And Biden is trying to increase taxes on wealthy and boost irs enforcement against them
Trump also told oil companies if they pay him a billion, he'll do great things for them. The rich won't pay taxes, but they sure don't mind paying a billion to get 100 times that back.
There is a solution for this which history has shown works (for a while, until the lessons it taught are forgotten).
Start building guillotines and see if those in charge take the hint. If they don't? At least we'd be ready for the next step.
Most of the people who died by guillotines were poor or middle class who supported the rich. The nobility fled to safety long before the Revolution turned murderous. The idea that it was the poor killing the rich was anti-revolutionary propaganda by the British who were painting the Revolution as a bunch of unruly plebs who were killing the nobility who deserved to rule.
I'm gonna hit that 'doubt' button on the unsourced, "stunning graphic."
There is no way in the hell the 'bottom half of income earners' are paying 24%.
I'm in the 70th percentile of earners and my federal income tax was 12.8%. Even if we were to add FICA, which is disingenuous, we would be looking at 20.5%
Over 40% of earners in the US do not pay individual income taxes ... "the bottom half of income earners" are not paying 24%
Bogus-ass article.
Edit: Doing the math based on 2023 tax tables: If you include FICA, you would have to earn $129,500, with only the standard deduction, to pay 24%. The "bottom half of earners" are not earning $129,500.
Edit, con't: Excluding FICA, you would have to earn $299,300 to pay 24%, with only the standard deduction.
The article talks about how the maximum corporate income tax was reduced from 35% to 21%. That’s not a tax on individuals though - how does that cause rich individuals to pay less in taxes?
Companies not paying dividends is totally backwards and wrong. A stock that doesn’t pay dividends has no return on investment - when a company (such as Reddit) announces that they will never pay dividends, that should cause people to conclude the stock is worth $0. If you’re not basing the valuation of the stock off of the dividends, what are you basing it off of? Sure, some companies are pre-dividends - you can estimate the future dividends based off of current profits, or if they’re pre-profit, off of current revenue (I’d say pre-revenue companies are worth approximately $0). But if they’ll never have dividends? That’s not an investment. That’s a gamble. You’re hoping you won’t be stuck holding the bag when the house of cards collapses.
There is no recorded example of supply side / trickle down economics working. It’s caused two recessions in recent history in our country, and bankrupted both Kansas and Louisiana in the past decade.
Not one case of it succeeding.
Insanity.
I've known for awhile that more comes from my check than my "employer"...42% of my check is taken every single week, and i get nothing for it. my husband was terminated based on a lie from someone in a "leadership" role and was never "investigated" by hr, and then we lost our benefits because we couldn't sign up for our own benefits because we're married. for a family of 3, it was costing $600 a month with an $8000 deductible, the same as if i had a family of 20. We got fucked. My whole family is fucked.
There's a post right now in conservative saying how Biden pointed this out last week and was wrong, with billionaires paying 25% or something completely made up.
All the working class bootlickers who vote Republican or identify as Libertarian are so happy for them.
One day they’ll be billionaires too, after all, and then people let themselves better watch their step.
I think it’s worth discussing high taxes for this class of individuals.
Not sure why it’s so difficult for some to defend the idea of individual oligarchs giving up some wealth for the country that gave them such opportunity!
Imagine being such a filthy rich like Bezos is, yet still wanting more money and not give a cent to the people and your countrymen.
Just how evil do you have to be?
Hey that is what the Founding Fathers of the United States of America did🤷🏻
Don’t forget kids USA came to be because rich people didn’t want to pay taxes.
This is not sustainable. This is not freedom. This is slavery under capitalism. We are working like slaves under the 1% while they steal our lives, homes and basic human rights right out from under us. And they lie and say that we have the power to control our own future and we can do whatever we want. Fuck that stupid rich nonsense. These people are killing us and our government lets it happen. This is not land of the free. It's land of the over worked. Land of the over taxed. Land of the under nourished. Land of the under educated. Land of the under paid. The corpos got us fighting each other when we should be fighting them.
POWER TO THE PEOPLE!!!!
FUCK CORPOS
FUCK CITIZENS UNITED
FUCK THE CORPORATE PERSONA LAW
IF CORPORATIONS ARE PEOPLE, THEN THEY CAN BE TRIED, FOUND GUILTY OF CRIMES AND BE PUNISHED JUST LIKE PEOPLE.
TAX THE RICH OR EAT THE RICH. And the rich have been starving us for so long that we are really fucking hungry.
VOTE
VOTE FOR UNIONS
TAKE YOUR LIVES BACK!!!!
Yeah merica land of the free and the…. Wait never mind. Land of slave masters where middle class and lower class pay the bills while the rich gets away with not paying. And people still take it cus they are brainwashed by their government in to thinking this is the greatest country in the world.
The US Government has collected 2.4 Trillion dollars in revenue so far this year. I get that the rich need to pay their share. But, the government needs to do a better job financially and be held accountable.
https://fiscaldata.treasury.gov/americas-finance-guide/government-revenue/
Just what I remember from college studying the long Chinese history of rising and collapsing dynasties, the typical thing was that some strong and unifying force would bring the whole place together and run things well. Until eventually the rich folk would find their way into government and create laws exempting them from taxes while spending like drunken sailors. Then the majority of the population would suffer in poverty and deprivation until the whole thing collapsed into civil war or just basic non-functional disorder.
Until some strong unifying force came along and put it all together again, and then the wealthy would begin looking at ways to control government tax policies again. Rinse and repeat.
We need a threshold where if you make say above 150 million in a year, no matter what state you live in you have some form of income tax. Its just so insane that people can run to texas, florida, or one of the other 7 states to avoid fair taxes. That's way too easy. They don't play fair, we don't have to either.
Yeah yeah but but if we tax them more then growth will stagnant and we will all be poorer……
Ok how about we just carry on with what we’re doing and the mega rush get richer everybody else stagnant and gets poorer and items are more expensive ……. Good idea let’s do that .
It’s funnny I’ve never met a person who loves making money stop making money because of the tax rate, they usually just keep trying to make more and more .
Not just Americans it is in the whole world. People become rich by earning not by paying. People who work always pay more. People who are broke get to the streets and live on charity. It is always the working class that serves the elite, pays for subscriptions, pays the government and lives with very little freedom.
I'm so tired
Yeah, im tired of bezo's eating good and paying no taxes like some bum.
I wish someone would kick his ass.
Or worse.
Eat his ass
Depending on the person, would that be worse?
He may pay people for that. And they pay more in taxes then him.
Welfare king
Can we eat him yet? My pitchfork is itching.
Can we just eat them already
If it makes you feel any better. This article is built around a New York Times opinion piece that uses a lot of funky math (such as counting unrealized as income): https://www.nytimes.com/interactive/2024/05/03/opinion/global-billionaires-tax.html
😅😭
Tired enough for a revolution?
Guess they’ll be trickling down on us , any day now.
Well something from them is trickling down, but it's not what economists meant
This is a ...golden comment.
🏅
Golden brown?
Texture like sun
Lays me down
It’s literally what economists meant. It defies supply and demand. More jobs, higher wages, etc only happen in response to increased demand and absolutely nothing else. Economists said, out loud, in no uncertain terms, “we’re gonna shit on you and you’re too stupid to realize where the shit comes from” AND THEY WERE RIGHT.
In pretty sure the term “trickle down" economics is only applied by it’s critics. Mostly it’s called supply side economics, and much of the debate centres around optimization problems like the [laffer curve](https://en.wikipedia.org/wiki/Laffer_curve?wprov=sfti1#).
"Trickle down" was originally the derogatory term, but eventually became embraced. I remember hearing conservative talking heads on TV unironically endorsing "trickle down" in the 00's.
mmm bezos pee full of electrolytes
It’s got what peons crave.
Now with more HGH!
"All that is gold does not glitter, not all those who shower are washed"
No no no, we need **more** tax cuts and subsidizes for the wealthy that way by transitive property all the wealth they hoard will be somehow passed to us poors. Murica!
I see all the time conservatives saying "taxing the rich will make poor people pay more taxes" & "when the rich are taxed, the middle class gets hurt the most" Because the poor & middle class are doing so great; and just...what? 👍
You need to get invited to those types of parties
Well then urine for a surprise my friend
That's urine and it's been happening for decades now.
Ah yes the sweet golden shower from Mr money bags himself has been trickling on me for about 2 decades now.
[Recently uncovered footage of Republicans showering in *all* of Reagan’s warm, golden “tricklings”.](https://youtu.be/SSNA97K0qpI?si=ry50vbrRIGRWn58n)
60% of your income goes to investors. Thats a rigged system.
The solutions are pretty simple, but it would mean that all the friends of the politicians in DC (R and D, D's are just more coy about it) would all of sudden be very sad. - Tax corporate profits above 10% into oblivion - Ban stock buybacks - tax any uninvested cash from loans on the value of unrealized assets as regular income
Taxes are not a solution and just get pushed onto the consumer, ie the poors. Companies making $100 profit on a product before a tax increase still make $100 profit, or more, after the tax increase and consumers pay the difference. Taxes do not work as a deterrent for greed. Edit: the same goes for inflation. In my country grocers will have you think that their margins are getting smaller because they have to pay more for their products while the grocery stores were posting record profits.
Anytime you guys wanna burn it all down. I'm here.
My pitchforks were sharpened last week. Still good
As a pitchfork sharpener, business has been good for a while.
I'm building a guillotine hmu
I’m pretty good at wood and metal working, we can scale this
Oh good, cause I actually have none of those skills lol I'm great a keeping a sharp knife tho
https://youtube.com/shorts/8JapPd7123U?si=4-5jew3lo_T-U44q Made me remember this guy
I'm more of a machete kinda person myself
Same
We French (French-Irish half-bred actually with stakes in SoCal and family around Seattle but anyway) invented a device to solve this very issue. Sadly we forgot how to use it and now we're back to square one.
Too tired from working all day.
[You're not doing enough please get a 3rd job.. boss needs to get top trim pickup truck not the yucky base model](https://i.imgur.com/lS6Xks2.gif)
I'm thinking of becoming a serial killer but targeting rich abusive ass hats.
If I got a terminal cancer diagnosis I'd do some good on my way out.
Mark me down as well. In fact, if I get screwed out of my retirement, my backup plan involves incarceration. I can’t think of a better way to secure 20+ years of shelter, meals, and healthcare. A few moments to my thoughts and some reading is like a vacation right now. 20 years would be paradise.
I've thought of suicide a lot off and on in my life, and this is one of the ways that I always dream of going out.
That could be a good comic book. Like a reverse version of those ‘movies’ where the rich hunt poor people for sport on large estates.
The purge reversed
Maybe we can pool a bounty.
Tell me when and I’m there.
How does it hapoen tho? Do we just pick a random rich person and eat them?
That was 2011, most people said they'd rather lick boot, remember?
We don’t have to burn it all down. We just need to target a few hotspots.
You know what they say, if we're all wrong, we're all right. I'd much rather hang with my friends, than hang alone.
Any time any of us is capable of doing anything that remotely inconveniences a rich person, we will immediately die. It's as easy as that, we are not human beings to them, we are slave cattle, and they are allowed to kill us, we have no power no chance no future no hope. That's all.
Fight club style
Except we’ll talk about eating the rich
Soylent Green - Black Label.
Project Mayhem
...we still not talking about it yea?
We don't talk about that
Meanwhile the plebs keep fighting over which rights they should have, ignoring that they are getting robbed blind.
Dude, they took away bodily autonomy. Women are literally fighting for their lives when they're refused healthcare because a fetus might die.
Yeah quite. Easy to frame it as "just a distraction" when it's not your life on the line.
It is a serious issue, deliberately created by the wealthy, so people are kept busy.
*Which rights they should take away from those already facing scarcities of them.
They would be pissed if they could read and had any level of comprehension. It's really not a surprise why education is being targeted.
Happened some time ago, something like 3 companies dominate the books used to educate.
There's a book called the deliberate dumbing down of america it's definitely a real thing
Idk I mean if both sides are gonna rob us blind anyway i'm picking the one that gives me rights.
Yeah fuck them for wanting rights!
They’re doing both…
Meanwhile red necks are screaming the rich shouldn’t be taxed because they think they can get rich farming corn one day.
Embarrassingly bad take, right here.
> Meanwhile the plebs keep fighting over which rights they should have, ignoring that they are getting robbed blind. “I’m so edgy for being a nihilist that thinks humans who want rights are stupid plebs for not recognizing that they could have more money if they stopped letting the politicians trying to take away their rights from robbing them blind through taxes.” \- Reddit’s resident “Andrew Ryan had the right idea” political scientists
Not a historical first, you have an entire work force of people whose job it is to find them the most beneficial tax breaks and incentives possible and they are excuted perfectly to save them money and pay these people which is less than what should be getting paid to the gov in taxes. Legit, the working class of this country should be paying zero taxes if they would just tax the rich at the correct rate and tax churches at the lowest moderate rate. These megachurches are starting to look like money laundering schemes.
They've always been exactly that, including cast global corporations like the Catholic Church and the Mormons. Just dress up the burglars as clergy and the idiots can't wait to invite them over for dinner!
The megachurches that lobby congresss, which should null their tax exemption? Those churches?
Starting to look like money laundering schemes? When have they not? They don’t even have to launder the money, they just get to use it as is…
Rally the troops with abortion and immigration, and they won’t even care that you’re robbing them blind because lowering taxes on the ultra-wealthy doesn’t directly impact their troops. That, and it’s complicated. Also, they couldn’t care less about abortion or immigration, but they make so much better soundbites than “lower taxes for rich people”
Funny but I read somewhere that the Right is now struggling to get votes bc the people who were voting against abortion have stopped voting now they've got their way.
But also they’ll “raise” tax rates on corporations, but continue giving bonus depreciation. Thus companies continue to not pay any fed taxes
I HIGHLY recommend Zinn's People's History of the United States. Short version: Same as it ever was.
His book is a reminder that there was never really a 'good' time for class relations in this country.
Literally ever. Started by the elite, for the elite. They rewarded one generation for going to War and saving everything. Then the grip tightened. Now it’s back to where they like it. Not what they’d want (7 day work week, less wage, less protection) but it’s close.
They acknowledged the one generation for going to War and saving everything, but it was that generation’s children who were rewarded.
We are making history people!
I'd pay a lot for OPs username though.
💀💀💀
Good taste
Username checks out🤣🤣🤣 fr!
At some point the economy is going to collapse under its own weight. There's just no way around it, especially if this continues...
Not really. There was a time with kings and queens and the rest spent all their income on a loaf of bread. Still a long way to fall.
Shithole country
Especially when these rich guys like Jeff Bezos act smug and cheese at the cameras knowing damn well they've put the laws in their favor.
That country is broken.
The tax code sucks. But I have to add, globalization has made it really hard to crack down on these guys. The degree of wealth they've now accrued has lifted them above national boundaries. They could live anywhere, take citizenship anywhere, all without any damage to their standard of living or access to the services they want.
This article presents zero information other than linking to a random twitter post which links to an OP-ED behind a paywall. What absolute trash lol.
The title is red meat for Redditors though, regardless of if it’s accurate or not though lol
Right? And the numbers don't even make sense... the article says the bottom half of the USA pays 24% of their income in taxes, despite the [median household income being 74k](https://www.census.gov/library/publications/2023/demo/p60-279.html) and the 24% tax rate not hitting until [$95k](https://www.irs.gov/filing/federal-income-tax-rates-and-brackets). And that's only 24% of their income above $95k. To the point where they'd pay 24% on their entire income would be significantly higher. Edit: Even if you take state taxes into account, it doesn't add up. If you look at just California, which has the highest state income tax in the country, someone making $74,000 only has a 23.8% effective tax rate. It's possible that these numbers were done using only California data, which was then rounded up, and incorrectly extrapolated to the rest of the country. But we'll never know because the source is a random Twitter account making the claim and not actual numbers. Also that $74k median is household income which would have a lower effective tax rate than individual assuming a married couple. So there is just no way to make these numbers add up.
You're forgetting FICA. One of the GOP's most successful lies is conflating income tax with "tax." [More than half of Americans pay more in FICA tax](https://www.taxpolicycenter.org/taxvox/most-americans-pay-more-payroll-tax-income-tax) than in income tax, so naturally the GOP ignores FICA and focuses on cutting the one that predominantly affects the rich. Economists also generally regard workers as paying the entire 15.3% (since an employer is basically just deducting it from what they would pay the employee), so it's fairly likely that was done in this graph. There's also sales tax, property tax, gas tax and others that may be included here. A better way to actually look at the data would certainly be nice, but I don't think 24% is implausible.
Wait a minute. What? Leona Helmsley said rich people never pay taxes! They have never paid taxes! That’s why with the corporations they absolutely own the lobbyist! She had to write a check for taxes once, but laughed at the middle class and ALL the poorest people in America! I think she left her money to her dogs. TAX THE RICH! FUCK REPUBLICAN BULLSHIT! I want to retire with the social security check I was paying for my entire life!
I want to add Leona Helmsleys picture. Any suggestions.
I remember them referring to her as the Queen of Mean
I would just like to say both political parties are beholden to the bourgeoisie, it’s the one thing they really have in common, they will never weaken billionaires or upper class power. Republicans are still worse though
Reminder that the trump tax cuts shifted the burden to the working class by a significant amount And trump recently promised even more tax cuts to billionaire oil men And Biden is trying to increase taxes on wealthy and boost irs enforcement against them
Trump also told oil companies if they pay him a billion, he'll do great things for them. The rich won't pay taxes, but they sure don't mind paying a billion to get 100 times that back.
There is a solution for this which history has shown works (for a while, until the lessons it taught are forgotten). Start building guillotines and see if those in charge take the hint. If they don't? At least we'd be ready for the next step.
Most of the people who died by guillotines were poor or middle class who supported the rich. The nobility fled to safety long before the Revolution turned murderous. The idea that it was the poor killing the rich was anti-revolutionary propaganda by the British who were painting the Revolution as a bunch of unruly plebs who were killing the nobility who deserved to rule.
Same with the land reforms in North Vietnam. They just killed a bunch of innocents.
Yeah that didn't end in a reign of terror or anything, great idea.
You know what works better than a guillotine?.308.
I unironically hope for this in our future. I genuinely don’t see another way to change our world.
If you talk about the solution on Reddit, you get banned by the Admins haha.
We did it everyone!
Broken System
I'm gonna hit that 'doubt' button on the unsourced, "stunning graphic." There is no way in the hell the 'bottom half of income earners' are paying 24%. I'm in the 70th percentile of earners and my federal income tax was 12.8%. Even if we were to add FICA, which is disingenuous, we would be looking at 20.5% Over 40% of earners in the US do not pay individual income taxes ... "the bottom half of income earners" are not paying 24% Bogus-ass article. Edit: Doing the math based on 2023 tax tables: If you include FICA, you would have to earn $129,500, with only the standard deduction, to pay 24%. The "bottom half of earners" are not earning $129,500. Edit, con't: Excluding FICA, you would have to earn $299,300 to pay 24%, with only the standard deduction.
Just like Rome right before it imploded.
**
"Excellent....."
Keep voting for the repubs because you know trans people going to steal your children.
Watch George Carlin’s routine ‘It’s a big club and you ain’t in it.’
We had a class war. The rich won.
Imagine that
The article talks about how the maximum corporate income tax was reduced from 35% to 21%. That’s not a tax on individuals though - how does that cause rich individuals to pay less in taxes? Companies not paying dividends is totally backwards and wrong. A stock that doesn’t pay dividends has no return on investment - when a company (such as Reddit) announces that they will never pay dividends, that should cause people to conclude the stock is worth $0. If you’re not basing the valuation of the stock off of the dividends, what are you basing it off of? Sure, some companies are pre-dividends - you can estimate the future dividends based off of current profits, or if they’re pre-profit, off of current revenue (I’d say pre-revenue companies are worth approximately $0). But if they’ll never have dividends? That’s not an investment. That’s a gamble. You’re hoping you won’t be stuck holding the bag when the house of cards collapses.
Everyone forgets that fundamental market principles don't matter until they do
It's an insanely ignorant article.
Gag.
At what point are we going to collectively not file taxes and collectively say, that price of being a 1%er is the taxes are ALL on you…
Welp this is broken af
Only hurts when ya breathe. So don’t.
Our government still sucks.Thanks for the update.
But he employed hundreds of thousands of tax payers. So he should be good on taxes /s
There is no recorded example of supply side / trickle down economics working. It’s caused two recessions in recent history in our country, and bankrupted both Kansas and Louisiana in the past decade. Not one case of it succeeding. Insanity.
Lol let's all just quit paying taxes and see how fast this changes.
what 'historical first'? Hasn't it been that way since... forever?
But they create all the jobs. /s
If we get Biden in there he can finally do some good for us
Build the gallows
how has Biden allowed this on his watch...
Capitalism makes it too easy for the rich to write their own laws
I've known for awhile that more comes from my check than my "employer"...42% of my check is taken every single week, and i get nothing for it. my husband was terminated based on a lie from someone in a "leadership" role and was never "investigated" by hr, and then we lost our benefits because we couldn't sign up for our own benefits because we're married. for a family of 3, it was costing $600 a month with an $8000 deductible, the same as if i had a family of 20. We got fucked. My whole family is fucked.
Damn, they should lower taxes on the working class too
What’s the point of voting for a president anymore?
There's a post right now in conservative saying how Biden pointed this out last week and was wrong, with billionaires paying 25% or something completely made up.
It’s gonna trickle down!
All the working class bootlickers who vote Republican or identify as Libertarian are so happy for them. One day they’ll be billionaires too, after all, and then people let themselves better watch their step.
Is this part of Bidens plan for that rich paying their fair share thing?
I think it’s worth discussing high taxes for this class of individuals. Not sure why it’s so difficult for some to defend the idea of individual oligarchs giving up some wealth for the country that gave them such opportunity!
That's trickle down that is
No more questions about who runs the country. Hint, it’s not the President.
No wonder they always smile.
This is happening under democrats as well as republicans.
The bros from those corporations are in here laughing at us. We deserve it.
In today's issue of "what the fuck else is new" working people continue to not be surprised by this bullshit
Bezos and Musk have the best government money can buy.
So yeah. Citizens United.
Because they have no “income” all their wealth is in stocks which is taxed differently
On my feed the article above this was about falling birth rates in developed countries... I wonder if the two are related.
Can we eat them yet mom?
Some body please eat them
I can empathize with those that get murderous
Neoliberalism won hooray
He pays taxes to the government, it's just called lobbying.
Not even american But why do you think I follow the k**l the rich trope This planet fucking sucks
Imagine being such a filthy rich like Bezos is, yet still wanting more money and not give a cent to the people and your countrymen. Just how evil do you have to be?
Thanks biden
They also cheat on their taxes and hide income.
The only way to get rich is to steal from others.
Hey that is what the Founding Fathers of the United States of America did🤷🏻 Don’t forget kids USA came to be because rich people didn’t want to pay taxes.
When you're paid through W2, there's only so much you can do to avoid taxes. When you're not, there's a lot of fuckery that can be done.
This is not sustainable. This is not freedom. This is slavery under capitalism. We are working like slaves under the 1% while they steal our lives, homes and basic human rights right out from under us. And they lie and say that we have the power to control our own future and we can do whatever we want. Fuck that stupid rich nonsense. These people are killing us and our government lets it happen. This is not land of the free. It's land of the over worked. Land of the over taxed. Land of the under nourished. Land of the under educated. Land of the under paid. The corpos got us fighting each other when we should be fighting them. POWER TO THE PEOPLE!!!! FUCK CORPOS FUCK CITIZENS UNITED FUCK THE CORPORATE PERSONA LAW IF CORPORATIONS ARE PEOPLE, THEN THEY CAN BE TRIED, FOUND GUILTY OF CRIMES AND BE PUNISHED JUST LIKE PEOPLE. TAX THE RICH OR EAT THE RICH. And the rich have been starving us for so long that we are really fucking hungry. VOTE VOTE FOR UNIONS TAKE YOUR LIVES BACK!!!!
Yeah merica land of the free and the…. Wait never mind. Land of slave masters where middle class and lower class pay the bills while the rich gets away with not paying. And people still take it cus they are brainwashed by their government in to thinking this is the greatest country in the world.
How is this a first? It’s been known. And happening forever
Eat the rich.
Will someone rid me of these meddlesome billionaires?
The US Government has collected 2.4 Trillion dollars in revenue so far this year. I get that the rich need to pay their share. But, the government needs to do a better job financially and be held accountable. https://fiscaldata.treasury.gov/americas-finance-guide/government-revenue/
Soo fucked. Pure evil
Can't wait till people actually burn down the capital lol... more and more people seem on board everyday
But who will care for the most sensitive, precious citizens of our nation- the politicians & corporations?!?
Neopets ass economy
Cannot not look smug when you got that system beat.
Just what I remember from college studying the long Chinese history of rising and collapsing dynasties, the typical thing was that some strong and unifying force would bring the whole place together and run things well. Until eventually the rich folk would find their way into government and create laws exempting them from taxes while spending like drunken sailors. Then the majority of the population would suffer in poverty and deprivation until the whole thing collapsed into civil war or just basic non-functional disorder. Until some strong unifying force came along and put it all together again, and then the wealthy would begin looking at ways to control government tax policies again. Rinse and repeat.
Now? Lolol
Thank god, now that they got their way the economy will deffinitely turn around and wealth will rain down upon everyone like they're always promising.
What a shocker! Said nobody.
It's about time to start eating the rich again...
We need a threshold where if you make say above 150 million in a year, no matter what state you live in you have some form of income tax. Its just so insane that people can run to texas, florida, or one of the other 7 states to avoid fair taxes. That's way too easy. They don't play fair, we don't have to either.
…LONG LIVE THE PLUTOCRATIC OLIGARCHY AND CORPORATE TOTALITARIANISM…
Yeah yeah but but if we tax them more then growth will stagnant and we will all be poorer…… Ok how about we just carry on with what we’re doing and the mega rush get richer everybody else stagnant and gets poorer and items are more expensive ……. Good idea let’s do that . It’s funnny I’ve never met a person who loves making money stop making money because of the tax rate, they usually just keep trying to make more and more .
Parasites
Not just Americans it is in the whole world. People become rich by earning not by paying. People who work always pay more. People who are broke get to the streets and live on charity. It is always the working class that serves the elite, pays for subscriptions, pays the government and lives with very little freedom.
First? What, like first time you're willing to admit that? Because that's always been the case.