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Much of their wealth and "income" is on paper only. Appreciation of stock is not income, it can't be spent.
Exactly. It was like my Father in Law who bought his house for $17,000 decades ago. When he died it sold for $105,000. Massive increase in value, but he had to sell the house to get it.
Exactly. It was like my Father in Law who bought his house for $17,000 decades ago. When he died it sold for $105,000. Massive increase in value, but he had to sell the house to get it.
Maybe a better way is to shift the tax to sales.
(Common) food, drinks and everyday living products can have zero or low sales taxes.
Luxuries should be taxed high.
No matter how they hide their income, rich people definitely spend more than poor people. Sales tax will help.
I see your real problem is lacking common knowledge.
Here is the rule:
"Americans with income below a certain threshold — $75,000 for individuals, $112,500 for heads of household and $150,000 for couples filing jointly — will each receive $1,400 per person as a direct deposit or mailed check. Households will receive an additional $1,400 for each dependent claimed on their most recent tax filings."
Apparently you are the one lacking common knowledge. That poster clearly stated any of the stimulus payments, including the May 2020 which gave a prorated amount for single filers with adjusted gross incomes between $75,000 and $99,000.
Maybe a better way is to shift the tax to sales.
(Common) food, drinks and everyday living products can have zero or low sales taxes.
Luxuries should be taxed high.
No matter how they hide their income, rich people definitely spend more than poor people. Sales tax will help.
Yes. That's the idea of a "Fair Tax". No income tax, but a higher national sales tax.
Maybe a better way is to shift the tax to sales.
(Common) food, drinks and everyday living products can have zero or low sales taxes.
Luxuries should be taxed high.
No matter how they hide their income, rich people definitely spend more than poor people. Sales tax will help.
Why luxury should be taxed high? So the better and more quality the product or service is you should pay higher taxes? LOL
So a Porsche 911 should pay higher taxes than a Suzuki because it's a better car? Shouldn't we do that with food? fine food should be taxed higher because it better than the junk food you buy in the streets? Capitalism shouldn't work that way.
Why luxury should be taxed high? So the better and more quality the product or service is you should pay higher taxes? LOL
So a Porsche 911 should pay higher taxes than a Suzuki because it's a better car? Shouldn't we do that with food? fine food should be taxed higher because it better than the junk food you buy in the streets? Capitalism shouldn't work that way.
High and low are relative.
Low taxes on necessities is a way to provide a lower tax rate for low-income people, the same as what we are doing now, just in another format. Simple math.
Apparently you are the one lacking common knowledge. That poster clearly stated any of the stimulus payments, including the May 2020 which gave a prorated amount for single filers with adjusted gross incomes between $75,000 and $99,000.
Apparently you need to improve your reading skills.
"Eyebee Teepee" is not the original poster talking about this issue with me. He just jumped in and added some garbage premises that are irrelevant.
High and low are relative.
Low taxes on necessities is a way to provide a lower tax rate for low-income people, the same as what we are doing now, just in another format. Simple math.
necessities like basic food and water? or all the things Middle Class buys for their homes in Wal-Mart or Amazon made in China?
We should have a sales tax the same for EVERYTHING. Don't punish me because I saved more money and bought me a nicer car or a nicer home or because I paid extra to have extra options in my car or service. I'm paying the extra to get it in the first place. Aren't the government getting more taxes for the higher price in the first place but they want to screw me more by adding a luxury tax on top.
The top 1% paid 40% of all federal income tax...yet many still complain that they are not paying their fair share.
They also generate jobs for people, who in turn pay taxes too, and w/o those jobs they generated, tax revenues to the treasury would be much less.
I'd like to see ALL of the bottom 50% pay 15.8% on their Federal income taxes. Every American should have skin in the game, unless they are physically, or mentally, unable to work...or they are incarcerated.
Throwing rocks on the top 25 is totally unfair unless everyone is paying.
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