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Raise the Federal minimum wage to $20 an hour and then implement a 20% flat tax from the first dollar. No deductions, no more EITC. You can’t get back more in a refund than what you pay in.
Everyone - and that means everyone - needs to pay their fair share.
I don’t understand why slavery immediately became your solution.
2% and 1% is still nowhere near the difference between 1% and .1%.
You can get to the top 1% through 2 professional incomes. You can’t get to the .1% without either inheritance, investments or a superstar salary (sports, music, film).
Someone in the top 1% to 2% pays a ton of income tax, certainly proportionally more than the bottom 95%.
Someone in the top .1% often will pay proportionally less due to tax strategies.
Top 1% income is not difficult to achieve. As you said, 2 professionals can easily earn that amount. Hell, 1 professional can, in many cases. So the top 1% of income is not a good meter for determining wealth. Without a high net worth, these people are basically on the upper end of middle class
Top 1% net worth is a better measuring stick for wealth. At a minimum of $10M, the top 1% net worth group are wealthy by just about any reasonable standard. Reaching this top 1% net worth, requires investments. And though people at the top 1% income, could build this level of equity relatively easily, for some reason most do not. They seem just fine with maxing out their 401k's, believing that is enough investing for them, and they spend the lion's share of their income on other things. They feel like they are fine retiring one day with 4 or 5 million in a retirement account, and they enjoy most of the fruits of their labor now. And if that is what makes them happy, good for them.
But investing a little more in income producing investments, starting in the early years, and delaying gratification, leads to huge returns above and beyond 401k's. It isn't brain surgery. This can easily put them well into the 1% net worth category. But like I said, for some reason, most don't do this.
Welp, throw-in the trillions Government has spend to "uplift" lower-income people........it just goes to show, Humans usually rise/sink to a level set by themselves.
Raise the Federal minimum wage to $20 an hour and then implement a 20% flat tax from the first dollar. No deductions, no more EITC. You can’t get back more in a refund than what you pay in.
Everyone - and that means everyone - needs to pay their fair share.
Wage or price of labor is determined by the value a person can produce with his labor.
Unless you are a god, nobody can control the price.
If you raise the minimum wage to $20, anybody who can’t produce more than $20/hour would immediately become unemployed because no sane person would pay $20/hour but get a value of $19/hour.
Morally, why do you want to dictate how much people pay for their goods and services? People are not your slaves and you are not our dictator or master.
The whole idea that you get a say in how much people must pay is both evil and anti science.
Wage or price of labor is determined by the value a person can produce with his labor.
Unless you are a god, nobody can control the price.
If you raise the minimum wage to $20, anybody who can’t produce more than $20/hour would immediately become unemployed because no sane person would pay $20/hour but get a value of $19/hour.
Morally, why do you want to dictate how much people pay for their goods and services? People are not your slaves and you are not our dictator or master.
The whole idea that you get a say in how much people must pay is both evil and anti science.
I just provided an example and a method, not THE method nor a requirement.
We’ll get to $20 at some point anyway, either via continued inflation or legislation.
My bigger point was that when half of taxpayers pay little to no net federal income tax, yet the desire of the left is to give them MORE, that’s hardly fair. I’d rather have a higher wage and then have them pay taxes instead of a back door way through EITC and other “credits” that give them back more then what they put in.
Tax the Rich 70 percent. That would cut into the deficit and get us back on track huge.
There's no evidence to support such a silly claim. All the evidence shows government would actually spending more, leaving you worse off, not better off.
Quote:
Originally Posted by DorianRo
How much money do they need? How many yachts? How many steaks can you eat in one day?
As much as they want.
I don't recall electing you Arbiter of Life.
I have six guitars -- an F100, a cutaway, a Gretsch arch-top, a 12-string, a Telecaster and a Rick 4001 -- and if I want another, I'm under no moral, legal or ethical obligation to ask your permission to buy another guitar, nor do I need your approval or consent.
Fairly obvious conclusion given the stagnant wages(despite rising productivity), wealth concentration, and monopolization trends/shrinking GDP share of small businesses.
If you think HIGHER TAXES ON THE RICH is the "answer"- you have the wrong question.
Think about this - when you levy a tax upon someone or activity, does the cost go down or UP?
UP.
When Congress enacted sweeping socialist taxes upon labor and industry "to help the unemployed" what happened to the cost for buying that labor and production?
COST WENT UP.
In America's case, inflation isn't "too much money chasing too few goods" - there has been a money drought since 1913. Bill Gates, et al, are not bidding up the price for milk and cookies.
IT'S THE TAX SYSTEM.
NOW, think about THIS - - -
Starting in January 2021 all taxes on labor and business are abolished. Not only are there no more taxes, there are no more administrative overhead expenses, etc, etc.
Will inflation reverse?
Yes.
Will people have more money to spend?
Yes.
Will it buy more?
Yes.
Will that trigger an industrial restart?
Yes.
Will expatriate businesses rush back to America to enjoy zero taxes?
Yes.
There's no evidence to support such a silly claim. All the evidence shows government would actually spending more, leaving you worse off, not better off.
As much as they want.
I don't recall electing you Arbiter of Life.
I have six guitars -- an F100, a cutaway, a Gretsch arch-top, a 12-string, a Telecaster and a Rick 4001 -- and if I want another, I'm under no moral, legal or ethical obligation to ask your permission to buy another guitar, nor do I need your approval or consent.
I just provided an example and a method, not THE method nor a requirement.
We’ll get to $20 at some point anyway, either via continued inflation or legislation.
My bigger point was that when half of taxpayers pay little to no net federal income tax, yet the desire of the left is to give them MORE, that’s hardly fair. I’d rather have a higher wage and then have them pay taxes instead of a back door way through EITC and other “credits” that give them back more then what they put in.
We must not introduce more evil ideas like the minimum wage.
All the welfare should be funded voluntarily by the democrats since they love them so much.
I plan to start a welfare fund and ask every democrat to sign up.
This is so wrong. The reason why we have a “barrier” is because we give the government too much power.
Shrink the government and restrict its power to defense and judiciary, there wouldn’t be any barrier anymore.
For example, why do we need a license to be a doctor? A license immediately creates a barrier.
I agree, but when we have a choice of corrupt & corrupter, then argue which is which, & the media skews the entire situation, how are we to choose?
When I voted for President, I didn't see a choice that said "none of the above"
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