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I already showed rjshae's numbers as incorrect, by more than double.
And it doesn't matter anyway, since net worth is not how individuals are taxed.
Next question is why do people with more net worth or higher AGI "need to be brought down a few notches with taxes?"
I'm talking net worth but I think a higher tax on high AGI would also be helpful. The reason is that these super wealthy have become too powerful IMO and we all know power corrupts.
USDC Stat. abstract data:
Tax (Fed) per GNP
1890 1.09 %
1900 1.58 % (coming off war)
1905 0.93 %
1910 0.83 % (Panama Canal construction, 1903-1914)
1920 5.9 % (WW1 just ended)
1930 3.4 %
1940 5.4 %
1950 13.7 % (WW2 ended)
1960 18.45 %
:
2024 25.5 %
.....
But when you add in state and local taxes, it’s roughly 44% of the GDP.
NO, I DON'T THINK MORE GOVERNMENT IS THE REMEDY.
Anything government gives, must first be taken from somebody else, then distributed, minus a hefty cut by the "management."
Note that when they say "the rich" they mean the upper middle class, not the real rich.
Correct..the top 1% get special deals, and the bottom 60% pay little or nothing, so its the 39% that have are the primary tartgets.
Some in the 39% who succomb, fall into the growing 60% who are living aycheck to paycheck, & some of the 39% who succeed, move up into the top 1%. The rest are Ducks in the DC shooting gallery.
When that 39% collapses under the weight of gov't, socialism/communism/dictatorship (you name it) takes over.
One of our neighbors was talking to my Dw, telling her about how the 'rich' need to pay more taxes. She responded to him that he is the highest salary individual in our township, so how much taxes should he pay?
He was upset that she called him out over his obvious wealth.
The reason is that these super wealthy have become too powerful IMO and we all know power corrupts.
First of all, power doesn't corrupt, it simply attracts the already corrupted.
Next, rich people in and of themselves are not powerful. They have to purchase that which should not be for sale to gain any power, and even then they only wield it indirectly and temporarily. Money only leases power, it is not power inherently.
A lawmaker must sell a portion of the power that stems from their possession of a monopoly on force & violence, as well as absolute control over the making, enforcing and adjudicating of any and all law. Prior to that sale, the rich person simply has more money than you. In that scenario though, the rich person is Faust, and the politician is the Devil. They may gain that indirect measure power for whatever time and under whatever fine print conditions the Devil offered, but should the Devil change their mind (and they always do), that rich person will find out in short order and in no uncertain terms that real power is borrowed, not owned.
Use the tax code to take them down a peg all you like, but you're punishing the wrong party and for the wrong reason. The real party to punish is the politician who leases their power for cash, and the real reason you're mad isn't that the politician leased their power, but rather that they didn't lease it to you.
Yep, the old (in a whispered voice) "pay your fair share" nonsense.
As if democrats are emotionally or intellectually capable of determining what fair share is.
As long as it is your money and not theirs that is their 'fair share'.
Coming down to facts is the top one percent pays more in taxes the entire lower 50%.
Pretty sure the answer is anyone making more than me!
While I realize you're being funny, that is literally how most people define "the evil rich", because we live in a society based on envy, jealousy and coveting.
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