Originally Posted by jimjamuser (Post 2213103)

Just compare the tax brackets and tax % of today to those of 1950 (when the middle class was KING). And it is easy to see that upper-income taxpayers control the US. In other words, fewer and FEWER people (the upper 1%) are controlling everything in the US. As less and less people have more and more power.......WHAT DO YOU END UP WITH.........a dictatorship like Hitlers or the current Russian despot. America is headed that way, I hope smart people like the other poster realize this simple fact.

Originally Posted by OrangeBlossomBaby (Post 2212971)

10% is fine too. Make all the uber wealthy - that other 10% of taxpayers, take the standard deduction, and pay 10%.

Good luck convincing anyone to pass THAT through senate and congress though. The top 5% of wealth in this country itemize enough that their tax obligation is much less than 10%, and some of them pay nothing at all in taxes.

So sure - bring it on. 10% tax, with standard deduction ONLY, no more itemizing at all, for everyone.

Originally Posted by jimjamuser (Post 2213112)

..Look at the Zuckerbergs and Bezos. They are the beginning of rich industrial fascists that have taken over America.

Originally Posted by jimjamuser (Post 2213112)

A flat tax is also something that would be enjoyed by the uber-rich. The only fair federal tax system WAS AND I DO MEAN WAS.......the TRUE PROGRESSIVE tax system used by the US of A in the 1950s. Note to those who don't know what progressive means.......it means that those with the higher income pay a bigger tax % than those with lower incomes. It is the American fair way ..........and it is DEAD today.........Look at the Zuckerbergs and Bezos. They are the beginning of rich industrial fascists that have taken over America.

Originally Posted by dewilson58 (Post 2213115)

Bezos paid $1.5 BILLION in fed taxes...........how much more do you want him to pay??

Might be a low %, but it's still $1.5 BILLION.

:popcorn::popcorn:

All I can say is, Thank You Mr. B.

Originally Posted by dewilson58 (Post 2213063)

Could be because the base wealth as been taxed already and will probably be taxed again at death. Maybe.

Originally Posted by Laker14 (Post 2213135)

keep dreaming.

Originally Posted by rustyp (Post 2213036)

And that same 1% owns more wealth than the entire middle class. Statistic from the Federal Reserve.

Originally Posted by tuccillo (Post 2212973)

Doubtful. One way to drive your tax rate down is to not have W-2 income but realize capital gains since the tax rate is typically lower than W-2 income. For example, Elon Musk typically has no tax liability since he has no W-2 income. However, when he does sell stock he does pay a lot of tax - $11 billion is 2021. Max capital gains rate is 20% (can be up to 28% for some assets). Regardless, the upper 10% basically pay the vast majority of the taxes. Look it up or read post #123.

Originally Posted by rustyp (Post 2213036)

And that same 1% owns more wealth than the entire middle class. Statistic from the Federal Reserve.

Originally Posted by golfing eagles (Post 2213043)

So what???? Is that a reason to punish success?? And in turn give it away to losers????

Originally Posted by golfing eagles (Post 2213043)

So what???? Is that a reason to punish success?? And in turn give it away to losers????

Originally Posted by OrangeBlossomBaby (Post 2212971)

10% is fine too. Make all the uber wealthy - that other 10% of taxpayers, take the standard deduction, and pay 10%.

Good luck convincing anyone to pass THAT through senate and congress though. The top 5% of wealth in this country itemize enough that their tax obligation is much less than 10%, and some of them pay nothing at all in taxes.

So sure - bring it on. 10% tax, with standard deduction ONLY, no more itemizing at all, for everyone.

Originally Posted by Laker14 (Post 2213056)

Well that's a tad over-generalized.
When the former president who brags about his great wealth, which he estimates at "several billion" is found to have paid $750 in taxes one might wonder about a few things,

1. a billion dollars invested in a 2% CD, (you don't have to be to be a stable genius to find that rate of return in "the world's greatest economy") would generate 40 MILLION dollars. That's ONE billion invested that way. $750 on 40 Million is a tax rate of
.001875%. Now that is a nice tax rate, isn't it?

2. why do we tax income instead of wealth? Because the wealthiest people make the rules, so a father of three, working 60 hours a week who seldom gets to see his kids because his life is evaporating while he's working so hard making 200K,, gets taxed at 40%, while a multi-billionaire who lifts not a finger to make 40MILLION in invested income has a tax rate of .001875%....

Yeah, it's great to be the ones with the power to make the rules.