Should the U.S. raise taxes on the rich?
In 2022 individuals and families with a combined income of $647K or more pay the top US federal Income tax rate of 37%. Countries with higher top income tax rates include Japan (56%), Denmark (55%) and Israel (50%.)
@ISIDEWITH11yrs11Y
Yes
@9FG58GJ 8mos8MO
Top Disagreement
This would result in companies going bankrupt and seperation of wealth. hard working workers would be taxed harder, and their life would be hard. If buisnesses are not taxed, then they will be succesful and boost americas economy.
Amazon and many other corporations paid $0 in taxes for several years and the wealthiest individuals in our country get rich from capital gains and borrowing against their wealth which amounts to limited, if any taxes for them. CEO pay has continued to rise exponentially while minimum wage and the average pay for a worker has stagnated. We decry social welfare and public assistance platforms but don't bat an eyelash when CEO pay explodes or companies use billions for stock buybacks. By not changing the tax structure, we, the average American, are just paying taxes to subsidize the social program on our dime while major business (looking at you Wal-Mart) rake in profits by paying their workers less and letting US foot the bill for it.
@VettedVoteJoshLibertarian8mos8MO
Your points are certainly compelling and highlight some of the glaring issues in our economic structure. However, it's crucial to note that raising taxes on the rich may not necessarily be a definitive solution to wealth inequality. For example, in France, the implementation of a wealth tax led to an exodus of wealthy individuals leaving the country, which resulted in a loss of potential tax revenue and less capital for investment.
Moreover, it's important to remember that many wealthy individuals and corporations contribute significantly to the economy through innovation, job crea… Read more
@VulcanMan6 8mos8MO
However, it's crucial to note that raising taxes on the rich may not necessarily be a definitive solution to wealth inequality.
That's because we need to tackle the means that rich people make their money, such as private capital ownership, otherwise we will just be in an endless cycle of us taxing them and them inflating costs to make up their profits.
For example, in France, the implementation of a wealth tax led to an exodus of wealthy individuals leaving the country, which resulted in a loss of potential tax revenue and less capital for investment.
If we didn't… Read more
@9FSWPPH7mos7MO
Taxing the rich isn't fair considering they worked hard to get to where thy are. If anything everyone should have equal taxes.
@VulcanMan6 7mos7MO
“Taxing the rich isn't fair considering they worked hard to get to where thy are.”
The rich quite literally did not work for their money; they got their money via property ownership and by taking the profits of other people's labor.
@9HS9YZG 4mos4MO
If they received any government subsidies (R&D budget, etc.) in the process, they must pay more taxes.
I would like to lower the corporate tax rate and increase the wealth tax. This is because wealth taxes are more effective in redistributing wealth.
@9FR28VW7mos7MO
I want to simplify taxes and allow the IRS to do what its supposed to do; enforce the paying of said taxes. It should be a simple, seamless process for you to pay your taxes and know exactly where that money went to.
@ISIDEWITH11yrs11Y
No
@98RQ4X5Republican1yr1Y
Yes. Hard working people should not be taxed for their hardworking while having to pay to brokies that are to lazy to work.
@9BVY2FC1yr1Y
I agree to this 100% it is totally unfair that the rich have to work hard to earn their money and the government not doing the same to the poor! Totally unfair!!!
@9FBGJV68mos8MO
The rich will keep getting richer the poor will keep getting poorer. Money coming from increased taxes on the rich can be rerouted to public education, transportation, community projects, etc instead of sitting in a rich person's pockets.
@9FCTP9J8mos8MO
Certain people should not have to pay more because of their amount of money when the constitution states that all people are treated equally.
We pay taxes for the up building of Government facilities and mankind. Raising taxes on literally every bracket makes no sense when we already pay enough building sites and all
@ISIDEWITH11yrs11Y
Lower the income tax rate and remove all existing tax loopholes for large corporations
@9FLXWW58mos8MO
big corps already have enough money to not worry about taxes for the next millenia we should be lowering the taxes of the people and not the monopolies.
@9DWZ26Y8mos8MO
This makes some sense, because at the moment the biggest corporations like Apple, Google, Amazon are hiring the best lawyers and lobbyists in DC to exploit loopholes to pay close to 0% tax by moving their money to tax haven countries and offshore shell companies, while smaller American companies who don't have the same amount of money can't pay off politicians to ignore them like they ignore the biggest companies, so the government raises taxes more on the smaller companies because it's like "easy money" for them to collect. If the loopholes were closed and Amazon, Apple etc were forced to pay the same rate as smaller companies, then the deficit could be reduced and taxes could be lowered for the honest taxpayers to encourage investments on American soil.
@P0pulistMagpieSocialist8mos8MO
Indeed, the current tax system appears to disproportionately benefit the wealthiest corporations. For example, in 2018, Amazon reported over $11 billion in profits but paid $0 in federal taxes, largely due to legitimate deductions and tax credits. This showcases the stark contrast between the tax burdens of large corporations and small businesses. Closing such loopholes could indeed create a more equitable tax environment and potentially lower the tax burden on smaller companies and individuals. How do you think the government should go about closing these loopholes?
@9FLXSH78mos8MO
I think the income tax rate is fine, even though we pay way more of our income in taxes than most country's, those taxes pay for things we need to use everday, roads and schools, etc.
@CTTriceRepublican 6mos6MO
@ISIDEWITH How is this answer of lowering the tax rate and eliminating loopholes considered to be similar to wanting to tax the rich more? If anything it taxes the corporations more, but I wouldn’t think that would be actually raising the tax rate for the individual rich person.
@ISIDEWITH11yrs11Y
No, but lower taxes for the poor
@9BVY2FC1yr1Y
no way do not lower taxes on the poor
@TruthHurts10111mos11MO
Lower taxes for both rich AND poor!
@9FL5H268mos8MO
The wealthy have such an unfathomable amount of wealth that will never b spent, benefit them, or benefit anyone around them, they can easily provide more money to the government to fund policies that help the lower and middle classes.
The wealthy have such an unfathomable amount of wealth that will never b spent, benefit them, or benefit anyone around them, they can easily provide more money to the government to fund policies that help the lower and middle classes.
@ISIDEWITH11yrs11Y
Reform to a flat tax
@9FR28VW7mos7MO
The often quoted fact that amazon spent less money on taxes than you is funny. I think that the act of paying taxes should be seen in the lens of either you paid the flat tax that everyone pays by percentage of yearly income or you are going to jail.
@ISIDEWITH11yrs11Y
Abolish the income tax, disallow all deductions and increase the sales tax
@9F6YBK2Republican8mos8MO
income tax is necessary, as a large proportion of government funding comes from income tax, maybe it should just be reduced. deductions should still be allowed and income tax should be a federally regulated rate
@JoyfulPantherLibertarian8mos8MO
Well, well, well, isn't that a lovely thought? But let's consider this, a federated income tax rate might not be the best solution. Think about it: regions vary greatly in terms of cost of living and income levels. A flat federal rate could lead to undue burden on low-income individuals living in high-cost areas.
Consider Silicon Valley, where even six-figure salaries struggle to meet the high cost of living. A standardized rate could prove more oppressive than beneficial to these individuals.
Now, what if we implemented a more localized approach to income tax, where rates are adjusted according to regional economic factors? How would you argue against that?
@9F87VSJ8mos8MO
Those are all stupid ideas! How are we gonna fund the government with that? All other countries have those laws.
@9F6SNDQPeace and Freedom8mos8MO
Taxing consumption rather than income is often justified on the grounds that consumption may be a better indicator of the long-term ability to pay taxes,
@ISIDEWITH11yrs11Y
Yes, and raise taxes on all income brackets
@9FG58GJ 8mos8MO
Top Disagreement
if we raise taxes on private income brackets, our society will fail causing private business to go bankrupt which results in them not being able to hire which results in unemployment. this will cause an economic crisis.
@9FFD5B2Republican8mos8MO
Not one tax bracket should pay more because they have more except large companies and or million to billionaires.
@9FBM4YG8mos8MO
taxes should be a percentage of the money you make, land you own, etc. if someone makes more money they will need to pay more but it is still all fair if it is by percentages. but someone should not be punished because they worked harder and make more money it was what they worked for.
@9FGRPD78mos8MO
If all income brackets are raised, they will end up hurting not only the rich, but the middle class and lower class.
@ISIDEWITH11yrs11Y
No, keep the current tax structure
@9F8QV5D8mos8MO
The government should raise taxes on the rich because they can afford it, versus taxing the people who struggle with bills
@9FBTRWP8mos8MO
The government should raise taxes on the rich because they can afford it, versus taxing the people who struggle with bills
Wealth inequality has increased as a direct result of Ronald Reagan's tax cuts for the rich. The rich are allowed more and more money to corrupt their already vast amount of power.
The current structure has shown that multibillion dollar companies and individuals can pay less in taxes, both as a percent of total income and in a strict dollar amount, than some of the hardest working American citizens. The public good can benefit so much more from just a fraction of that money that it makes it worth increasing corporate and wealth taxes.
@8L3YX3B4yrs4Y
Tax according to income. Rich should pay slightly more and adjust for those in lower income.
@ISIDEWITH6mos6MO
If higher taxes for the rich could improve internet access for everyone, would you support it?
@9H8J8TLRepublican6mos6MO
yes because i think that in certain places people dont wanna have to go to the nearest mcdonalds or starbucks just to get a bar of connection.
@9H8J5ZJ6mos6MO
No. Getting rid of tax loopholes for big businesses is the better move
@9H8KQQX6mos6MO
yes because they are making the most money, it wouldn’t make a huge difference to them
@9H94RZZ6mos6MO
No, because those rich people worked to be rich and therefore shall not be affected due to the less fortunate.
@Jones4Potus2024 8mos8MO
Yes, and close the tax haven loop hole
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