Do greedy millionaires and billionaires...

[JohnBrown1917]

That is false, and also not true.

Well, whatever, you have fun on your mars slave colonies.

[Sorensen]

Hardly a meaningful difference. He's the world's richest man profitting from covid19 misinformation.

Nah $tsla has gone down so bezos is back up.

[jonnysensible]

He's making the air cleaner and making humans interplanetary species.

what with all that bitcoin?

ever wonder why scammers use him for crypto scams? ill give you a clue its the type of person they are targeting..

also imagine buying into this PR, really.

[Sorensen]

Well, whatever, you have fun on your mars slave colonies.

I can't wait to be a martian serf.

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what with all that bitcoin?

ever wonder why scammers use him for crypto scams? ill give you a clue its the type of person they are targeting..

also imagine buying into this PR, really.

Yeah I guess powering my car mostly with solar for the last 2.5 years is more dirty than biting gasoline you are correct sorry.

[PC2]

Jealousy is an ugly trait...

Taxing the rich is fine when it's somewhere around 35-50% or even 70% if there is plenty of write-offs that effectively get taxes down to around 35-50% anyways. However taking the majority of anybody's earnings is not fair which is why society won't let it go much higher regardless of how much complaining is happening.

[JohnBrown1917]

Jealousy is an ugly trait...

Taxing the rich is fine when it's somewhere around 35-50% or even 70% if there is plenty of write-offs that effectively get taxes down to around 35-50% anyways. However taking the majority of anybody's earnings is not fair which is why society won't let it go much higher regardless of how much complaining is happening.

Yeah, all the people who die of hunger or go bankrupt over medical debt are just jealous.

[Draco-Onis]

Jealousy is an ugly trait...

Taxing the rich is fine when it's somewhere around 35-50% or even 70% if there is plenty of write-offs that effectively get taxes down to around 35-50% anyways. However taking the majority of anybody's earnings is not fair which is why society won't let it go much higher regardless of how much complaining is happening.

What are you on? The rich pay little to zero taxes thanks to giant loopholes that allow them to hide their wealth.

[Thekri]

Jealousy is an ugly trait...

Taxing the rich is fine when it's somewhere around 35-50% or even 70% if there is plenty of write-offs that effectively get taxes down to around 35-50% anyways. However taking the majority of anybody's earnings is not fair which is why society won't let it go much higher regardless of how much complaining is happening.

The even more relevant point is that people constantly confuse worth with income. Even 110% income tax wouldn't phase someone like Musk or Bezos, because their income is entirely arbitrary, and much smaller then most assume. Musk and Bezos are both very rich because the value of their assets appreciated while they held them. Musk holds around 25% of Tesla, so as the stock price soared, his estimated net worth soared right along with it. The value of the things he owned changed, but until he sells them, that isn't taxed. When/If he does sell them, that will be taxed as Capital Gains, not income. So income tax rates literally don't matter, since Musk doesn't take a salary anyway. He probably makes some income from other stuff, but it is a tiny fraction of his total wealth.

There is not, and never will be, a Tax that charges a percentage of total estimated Net Worth. Just calculating that is an absolute nightmare (See Donald Trump for an example, nobody knows what he is worth, and it is easy to manipulate). So while many people assume that income tax is the primary method of taxation for individuals (Because it is for 98% of the population), it doesn't actually do anything to most of the very wealthy. Capital gain taxes would hit most of them, but also change the way the financial system works. My preferred method for taxation of the wealthy is actually estate taxes, but Lobbyists have effectively branded it as a "Death Tax" and the vast majority of voters hate the very concept, despite it not effecting any of them. I have absolutely no issue with people amassing absurd wealth in their lifetime. I have a huge issue with spoiled brats inheriting absurd wealth, and using it to fuck over every one else while they add nothing to society.

[PC2]

What are you on? The rich pay little to zero taxes thanks to giant loopholes that allow them to hide their wealth.

So the IRS is lying when they release numbers that say the top 5% pay the majority of the multi-trillion dollar tax revenue every year? If that were true then the middle-class would be paying for a majority of the taxes which is not accurate based on the numbers I've seen.

[Yadryonych]

Musk just wants to get on Mars so he uses all his money for that purpose. Can't blame him though

[PACOX]

Musk just wants to make the world a better place.

Ask people who work for his various companies if they would be there if their projects just barely overshadowed having to deal with his work environment.

[Sorensen]

Ask people who work for his various companies if they would be there if their projects just barely overshadowed having to deal with his work environment.

Of the tesla employees I've spoken with they really enjoy their jobs but that's like 3 people.

[Felya]

Jealousy is an ugly trait...

Yes, I thank my self every day for the perfection that I have created. In my infinite wisdom, I have created a being that is impervious to jealousy.

Taxing the rich is fine when it's somewhere around 35-50% or even 70% if there is plenty of write-offs that effectively get taxes down to around 35-50% anyways. However taking the majority of anybody's earnings is not fair which is why society won't let it go much higher regardless of how much complaining is happening.

How do you take majority of the money, within a tax bracket system? How do you take majority of the money, when only the amount above the previous bracket, is taxed at a new rate?

That’s not jealousy... that’s ignorance.

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So the IRS is lying when they release numbers that say the top 5% pay the majority of the multi-trillion dollar tax revenue every year? If that were true then the middle-class would be paying for a majority of the taxes which is not accurate based on the numbers I've seen.

Middle class represents 3% of that 5%... that’s how much money that top 2% contain... the top 5% pay majority of taxes, but the top 2% own the vast majority of wealth.

[Draco-Onis]

So the IRS is lying when they release numbers that say the top 5% pay the majority of the multi-trillion dollar tax revenue every year? If that were true then the middle-class would be paying for a majority of the taxes which is not accurate based on the numbers I've seen.

Do you want me to explain to you the concepts of tax haven and percentages? When only 2 people have as much wealth as nearly half the country we hope you don't need an explanation.

[Zan15]

So the IRS is lying when they release numbers that say the top 5% pay the majority of the multi-trillion dollar tax revenue every year? If that were true then the middle-class would be paying for a majority of the taxes which is not accurate based on the numbers I've seen.

look at the full tax burden you will see the 1-5% are really not paying much more.

https://itep.org/who-pays-taxes-in-america-in-2020/

Top 1% $644,000 or more Average income $2,012,400 Total Income % - 20.9% Total Tax 34.4% of income
Next 4% $263,000–$644,000 $382,600 15.5% 31.0%

Total income 36.4% [/B] total Federal Tax % paid 41.6%.
Taxes as a % of income = 34.4% and 31%


Bottom 20% Less than $24,000 $ 14,400 2.8% 20.4%
Second 20% $24,000–$43,000 $33,800 6.6% 22.4%

total income 9.4%. Total Federal Tax % Paid 7%
Taxes as a % of income = 20.4% and 22.4%


Middle 20% $43,000–$70,000 $55,500 11.0% 25.5%
Fourth 20% $70,000–$119,000 $90,800 18.1% 27.8%
Next 15% $119,000–$263,000 $167,200 25.3% 30.2%

* kind of an overlap since middle class stops around 140k

total income 54.4%. total Federal Tax % paid 52.3%
Taxes as a % of income = 25.5% , 27.8%, 30.2%

So the IRS is lying when they release numbers that say the top 5% pay the majority of the multi-trillion dollar tax revenue every year? If that were true then the middle-class would be paying for a majority of the taxes which is not accurate based on the numbers I've seen.

So i guess the IRS is lying since the raw data from the IRS says the top 5% only pay 41.6% which is not the majority.
Factor in state taxes its even farther away from "majority"

[Logwyn]

So the IRS is lying when they release numbers that say the top 5% pay the majority of the multi-trillion dollar tax revenue every year? If that were true then the middle-class would be paying for a majority of the taxes which is not accurate based on the numbers I've seen.

Isn't there a point where the top 1% don't have an income because they really don't need an income? If I had 100billion dollars I'm certainly not working a 9 to 5 job and drawing a paycheck.

[Draco-Onis]

Isn't there a point where the top 1% don't have an income because they really don't need an income? If I had 100billion dollars I'm certainly not working a 9 to 5 job and drawing a paycheck.

Yup most of the rich only put down the lowest amount of income they are required to by law they use dividends and stocks to pay lower taxes.

[Zan15]

Yup most of the rich only put down the lowest amount of income they are required to by law they use dividends and stocks to pay lower taxes.

not to mention that they can max all the investiment vehicles that bring down their taxable income, while normal workers never can afford to come close to the limits.

its also strange you can't fully deduct losses on gambling on the lottery, but you can do it for gambling on stocks.

[Hinastorm]

Jealousy is an ugly trait...

Taxing the rich is fine when it's somewhere around 35-50% or even 70% if there is plenty of write-offs that effectively get taxes down to around 35-50% anyways. However taking the majority of anybody's earnings is not fair which is why society won't let it go much higher regardless of how much complaining is happening.

Then I have a simple question for you. Which is more important? "Fairness" for billionaires, or the well being of the 99.999% percent of the rest of us?

[Themius]

So the IRS is lying when they release numbers that say the top 5% pay the majority of the multi-trillion dollar tax revenue every year? If that were true then the middle-class would be paying for a majority of the taxes which is not accurate based on the numbers I've seen.

Irs says they only receive 39% of the taxes they should from top earners.