Tax the billionaires

[Doug1066]

It is 80,000 BC (Two ice ages ago).

You are immortal.

If you started saving $10,000 a day and continued doing it, spending nothing, for 82,021 years you would still not have as much money as Elon Musk.*

It is time to tax the billionaires.

Doug

*As of December 31, 2020.

Edited January 7, 2022 by Doug1066

[rashore]

What kind of tax restructuring do you suggest to address this?

[spartan max2]

11 minutes ago, Doug1066 said:

It is 80,000 BC (Two ice ages ago).

You are immortal.

If you started saving $10,000 a day and continued doing it, spending nothing, for 82,021 years you would still not have as much money as Elon Musk.*

It is time to tax the billionaires.

Doug

*As of December 31, 2020.

I also don't own an international successful company/companies 

[Sir Wearer of Hats]

28 minutes ago, rashore said:

What kind of tax restructuring do you suggest to address this?

10% inescapable, unnegotiatiable tax on net profit earned in the country in question. Ohh and the IRS or local equivalent is funded well enough so it can actually take those companies to court. 

[Doug1066]

9 minutes ago, Sir Wearer of Hats said:

10% inescapable, unnegotiatiable tax on net profit earned in the country in question. Ohh and the IRS or local equivalent is funded well enough so it can actually take those companies to court. 

That sounds good to me.

Back in the 1950s there was a 95% tax on those making over a million dollars a year, but there were numerous "loop-holes," put there to encourage the wealthy to do what the govt wanted.  A couple of those are still there, like being able to deduct the salary/wages of anybody you hire.  But most have been abolished because "loop-holes" were seen as bad.  Why don't we restore the loop-holes and set very high taxes on those who don't make use of them.  OR: a truly progressive income tax.

Doug

[Doug1066]

39 minutes ago, spartan max2 said:

I also don't own an international successful company/companies 

Sounds like you've found the problem.  Now, how to get those companes so you don't have to pay any taxes.

Doug

[Doug1066]

49 minutes ago, rashore said:

What kind of tax restructuring do you suggest to address this?

I would prefer a truly progressive tax system, but the last time we tried it Congress put so many exceptions for their friends that the system became unworkable.

Doug

[spartan max2]

18 minutes ago, Sir Wearer of Hats said:

10% inescapable, unnegotiatiable tax on net profit earned in the country in question. Ohh and the IRS or local equivalent is funded well enough so it can actually take those companies to court. 

The global minimum corporate tax all the nations signed sometime in 2021 is 15%

[Sir Wearer of Hats]

1 minute ago, spartan max2 said:

The global minimum corporate tax all the nations signed sometime in 2021 is 15%

Is it enforced? 
Nope. 
Why not? 
Governments can’t afford the lawyers to fight the corporations. 
Thus we need it to be L A W law (to quote Paul Keating) that if you earn a buck in a country, you pay that country ten cents and if you don’t like it bog off out of that country. 

Edited January 7, 2022 by Sir Wearer of Hats

[+OverSword]

26 minutes ago, Sir Wearer of Hats said:

10% inescapable, unnegotiatiable tax on net profit earned in the country in question. Ohh and the IRS or local equivalent is funded well enough so it can actually take those companies to court. 

So are we talking about income or business tax?  Profit is not how I refer to income.

[+OverSword]

12 minutes ago, Doug1066 said:

Back in the 1950s there was a 95% tax on those making over a million dollars a year

And before WWII nobody paid any income tax.  I say we go back to that for both the billionaires and the rest of us.  

Edited January 7, 2022 by OverSword

[Tatetopa]

4 minutes ago, OverSword said:

And before WWII nobody paid any income tax.  I say we go back to that for both the billionaires and the rest of us.  

You belong to the most exclusive country club in the world and you don't want to pay the membership fee?

[Sir Wearer of Hats]

7 minutes ago, OverSword said:

So are we talking about income or business tax?  Profit is not how I refer to income.

I was thinking “the money you have left over after you’ve paid yourself, the staff, paid rates and brought stock” myself.

[+OverSword]

1 minute ago, Sir Wearer of Hats said:

I was thinking “the money you have left over after you’ve paid yourself, the staff, paid rates and brought stock” myself.

So not a billionaires money, an employers.  

[+OverSword]

8 minutes ago, Tatetopa said:

You belong to the most exclusive country club in the world and you don't want to pay the membership fee?

That's complete bull ****.  Please tell me what I don't pay for in bills that is paid for by taxes that justifies (today is payday and I just looked at my check stub online) a 20% tax on my income?  This is out of hand and people are brainwashed to consider it normal not to have 1/5 of the money you work for.  

edit:  Add in sales tax on every purchase in this state and it's closer to 30%.

Edited January 7, 2022 by OverSword

[spartan max2]

22 minutes ago, Sir Wearer of Hats said:

Is it enforced? 
Nope. 
Why not? 
Governments can’t afford the lawyers to fight the corporations. 
Thus we need it to be L A W law (to quote Paul Keating) that if you earn a buck in a country, you pay that country ten cents and if you don’t like it bog off out of that country. 

I'm confused. 

To me, it looks like they are doing what you said you wanted. All agreeing to a 15% min corp tax rate.

If a country dosen't follow through I'm not sure what you expect to be done.

Do you want the US to play policeman when a nation dosen't raise it's tax rate ?

[+OverSword]

Just now, spartan max2 said:

I'm confused. 

To me, it looks like they are doing what you said you wanted. All agreeing to a 15% min corp tax rate.

If a country dosen't follow through I'm not sure what you expect to be done.

Do you want the US to play policeman when a nation dosen't raise it's tax rate ?

Sounds more like someone thinks they have it rough and wants to blame a boogey man.  

[spartan max2]

30 minutes ago, Doug1066 said:

Sounds like you've found the problem.  Now, how to get those companes so you don't have to pay any taxes.

Doug

Well, I'm glad you changed billionaires to companies, at least. Because if you liquidated all of Musk wealth today, and gave it to the government , it wouldn't be enough to do much. And be a 1 time thing.

What annoys me about the progressive rhetoric is what I bolded. People want to act like all we have to do to pay for anything is "tax the billionaires more". And act like we wouldn't have to pay anything.

That's not true. And even if it was I would still be paying the tax through increased prices for all goods and services. 

 

Edited January 7, 2022 by spartan max2

[+OverSword]

14 minutes ago, spartan max2 said:

And even if it was I would still be paying the tax through increased prices for all goods and services.

Quite right.  No share holder will put up with investing in a company that doesn't make profits and the board of directors will fire the people running the company if profits are down.  to avoid that prices go up for the goods and services provided by the companies to make up for the loss in taxed income.  All corporate taxes are actually a hidden sales tax on the consumer.  

Also as you mentioned, if they taxed more of a billionaires income that would pay to run a military base for about a day.  then what?  Nothing is changed, solved or improved for anyone.

Edited January 7, 2022 by OverSword

[OpenMindedSceptic]

I say tax billionaires the same flat rates as everyone else. 

 

[+OverSword]

 

[XenoFish]

25 minutes ago, OverSword said:

That's complete bull ****.  Please tell me what I don't pay for in bills that is paid for by taxes that justifies (today is payday and I just looked at my check stub online) a 20% tax on my income?  This is out of hand and people are brainwashed to consider it normal not to have 1/5 of the money you work for.  

edit:  Add in sales tax on every purchase in this state and it's closer to 30%.

Don't feel to bad. I'm self employed. I get extra screwed come tax time. Gotta pay for all those parasites.

[Sir Wearer of Hats]

21 minutes ago, OverSword said:

Sounds more like someone thinks they have it rough and wants to blame a boogey man.  

Nah mate, I don’t mind that the tax man helps himself to 1\3 of my pay, I get narked off when others don’t pay their way.

[+OverSword]

6 minutes ago, OpenMindedSceptic said:

I say tax billionaires the same flat rates as everyone else. 

 

Why?  Do you think that money will be reallocated to help the poor or fix roads or something like that?    Our government is nearing $30trillion in debt.  Those taxes go to paying down the money they already borrowed to pay for all of those things and won't make a bit of difference to anyone's life.  It won't pay down the debt much or slow down government spending.  It's all pie in the sky claptrap.  Click the link below and watch your "tax dollars" in real time

https://www.usdebtclock.org/ 

Edited January 7, 2022 by OverSword

[Sir Wearer of Hats]

31 minutes ago, OverSword said:

So not a billionaires money, an employers.  

Billionaires tend to say they have no money when it’s tax time because it’s “all in the business”, so tax the business.