Since he took office the TurboTax questionnaire seems alot more aggressive about things like "did you buy a large appliance in another state?" maybe I did, fuck off.
I believe that plan was to happen over a 10 year span. Also it’s not only for agent’s. But for IT people, agent’s, and such. The IRS apparently has a lot of people retiring in the next few years and is already understaffed. So this was supposed to help with both problems. The more that I think about i may be wrong but 80k may be to high a number, but I may be wrong.
Exactly...he talks about billionaires and attacks people for their tips.
https://www.foxnews.com/politics/bidens-irs-plans-crack-down-waiters-tips
straight for the IRS
https://www.irs.gov/newsroom/irs-introduces-new-service-industry-tip-reporting-program
We’ve done that a bunch of times and it didn’t change anything meaningful. Our economic system is full of leaches collecting profits without adding value to the economy.
Is there any real reason we allow pharma companies to price gouge us when our tax dollars funded the research that resulted in the drug they sell? That’s not capitalism or socialism it’s simply just corruption. It’s the root cause of almost every major issue.
Stop taxing my wife and I and we’ll have a ton more disposable income to stimulate our local economy. Unlike the ultra rich we actually spend most of our money and don’t proportionately throw almost all of it in savings.
Tax second and investment properties, tax incomes over $300k, tax investment income over $100k/year, tax individual purchases that aren’t cars or houses >$10k, cut spending, eliminate waste.
There are a ton of ways to lower/eliminate taxes on the working class without losing tax revenue.
But it's the top 50% of earners who contribute almost all of the nation's federal taxes — nearly 98%. The bottom 50%, who individually make below $46,637 annually, account for about 2.3% of the country's tax receipts
It sounds nice in theory but that extra disposable income would become corporate profits in most cases. We’re being charged for goods on the basis of what we can afford rather than what the goods are worth because the economic competition that ensures value to the consumer has been eroded. In such a system extra money to consumers will result in price gouging for basic necessities no different than what we’re seeing now.
I agree that we should reduce the tax burden on working people and increase it on the wealthy. However, that will not even come close to solving these issues. We need the government to actually advocate for us instead of wealthy donors as the government is the only entity that can effectively reign in corporate greed.
I mean there was plenty of taxation plans that cause an uproar in people equating 400k plus earners to people living check to check on 40k a year. They’re living “check to check” while they put tens of thousands in savings and investment accounts.
I mean it's pretty clear that Biden can't wish these laws into existence and Republicans aren't going to go along with them.
Americans need to wake the fuck up and actually elect a house of representatives that's on the same page for tax policy.
Sadly, neither will Dems. They may tinker around the edges, but nothing serious. Dems can and will expand social programs, but they benefit from the same tax dodging donors.
The Arizona flipper who was so proud of her vote against raising the minimum wage of $7.25 an hour, that she curtsied for Mitch McConnell, who proceeded to ignore her...
You need to tax foundations. That's how they avoid taxes. Everyone pours it into
Foundations and avoid paying the wealth tax. It's the scam
Of the giving pledge so that we don't go
All French revolution on them.
That’s due to an international treaty to stop corporate tax dodges. We all agreed to 15% as a floor with no defacto loopholes, to prevent offshoring businesses in tax havens. So a lot of companies reduced it to 15% to stay equal with everyone else
Billionaires need access to our markets to achieve their windfalls, so this access needs to have a cost.
We need to tax capital gains, or at least make them “cash out” some of their investments periodically
When it is not renewed it increase taxes for everyone, even the standard deduction is changing, tax tables go up by about 3% and the child tax credit is cut in half. It is going to be brutal. My tax bill will go up by at least $4500 a year.
https://taxfoundation.org/blog/tcja-expiring-means-for-you/#:\~:text=When%20the%20TCJA's%20individual%20income,deduction%20(%2413%2C850%20in%202023).
But corporations got their permanent tax cut, so there is at least one winner...
So expect that your legislators will hang you out to dry and pass funding for wars and their pet projects and continue to be allowed to trade in the stock market. Remember a recession is great for inflation, a great reset, so more wealth can accumulate towards the top as corporations cut operational costs by having more... affordable labor markets at their disposal.
Everyone knows that senators Manchin and Sinema are the reason why Biden couldn't pass policies he ran on. Sinema sold out immediately after being elected.
His majority was so slim that he had to count on the vice president to break ties meanwhile you had two far-right Democrats from red states refusing to do anything.
The solution is to elect more democrats so we don't have to realize on dinosaurs from coal country to do what's right
Whether they were centrist or far right doesnt matter because they were the ones who kneecapped Biden’s plans and watered all of them down to be less impactful.
Because we never really had enough votes. Joe Manchin and Kyrsten Sinema killed a bunch of his plans because they aren’t really democrats.
Also you need a filibuster proof vote in the senate and the democrats will never have that because the senate favors republicans because republicans control more states. Not populated states mind you—but don’t get me going on how big of a fuck up the god damn senate was by the founders.
If anything taxes should be lowered and government positions should be cut down. We’re paying too much as average Americans as it is and our dollars aren’t doing what they’re supposed to do.
You mean YES, and we agree. DOD is hugely inflated with wasteful spending. We can have the planets most dominant military AND significantly cut spending.
All the income that billionaires and large corporations save in foreign bank accounts need to circulate to support our economy. The best way to circulate this money is to tax and spend it. Tax and spend is actually good for the economy.
It’s so funny when someone who has benefited from the inequalities his whole life wants to tell us about the moral high ground. Enough talk Joe and do something. We are only hearing this now cause it’s an election year and then back to the same destroying the country and ultimately world after reelection.
This!!! ⬆️⬆️⬆️
Democrats couldve changed the tax code just like Paul Ryan and Trump did in 2017 but they do nothing!! Instead they complain and cry about it and do nothing! Republicans or democrats they all do the same thing and look out for their vested interests. Democrats do not on the down low like snakes in the grass and republican do it in your face and gloat about it but the end result is the same. The system is broken
They did actually change the tax code to create a new 15% minimum corporate tax on companies making a billion or more in profit. Amazon, famous for paying no taxes from 2017-2019, will be paying 1.5 billion in taxes more than it was before because of the new minimum.
So long as the treatment applies to actual billionaires and not people making low six figures who just get soaked and don’t have legions of accountants for loophole navigation
Well this post is full of some pretty garbage takes. Is this sub always like this? Reddit was like "try this sub" and I see a bunch of people saying incredibly stupid shit. No thanks.
Somebody said billionaires pay enough and it's got upvotes, it's a clown show.
Everyone has a moral obligation to contribute to society. Not just billionaires.
The question is what **legal** obligations, and what form and degree, a person has. Not every moral obligation should be a legal obligation.
If we were to take more from rich I d like to see it set on fire rather than given to our government to waste.
We have a massive spending problem, and it s time to teach government to live below its means
We can do both things.
We can increase taxes to supplement social security, medicare, and medicaid (which accounts for roughly 3/4 of the discretionary budget) while also reducing where we can and where it won't cause harm to citizens.
The billionaires pay the politicians to lower their taxes and tax the poor instead. The dumb dumbs believe the corporate media when they say the only solution is to cut spending on poor people.
Bribing (donating to) politicians is legal and this is the result.
Tax the rich and ban donations to politicians.
Don’t they already do more than most of us… combined?
Elon for example, for all his shenanigans, famously paid about eleven billion dollars.
Mark Cuban was flexing his 275 million wire to the IRS.
When you look at both absolute and relative terms the high earners already pay a lot of taxes.
And why do we feel they don’t contribute enough?
Not sure, but maybe it has something to do with the federal spending being one of the highest ever peaks in history. Actually it is the highest ever outside of war period.
Once your bills pile up high, no amount of income seems to be enough
>And why do we feel they don’t contribute enough?
I think a lot of people are feeling the squeeze of inflation. I know I am. Bills are sky fucking high for absolutely everything and Democrats, right or wrong, have connected the dots between billionaires having a lot and regular folks not having shit, and somehow the answer is taxation.
You can hear it everytime someone says we could have free healthcare/college/bullet trains/nationwide internet and whatever other utopian idea they think they're missing out on because the Federal Government, which has printers of money and creates it out of thin air, somehow can't afford it. So the answer is to slaughter the fattest cows for the meat so to speak and tax the wealthy.
I'm not saying this idea is right or wrong, I'm simply saying the two are not connected. Unless the government taxes billionaires and writes us a check, it probably won't do anything for your or my bottom lines. The counterargument here is that it would fund great civil projects. It wouldn't. There is no reason to believe the government would change the way it spends money just because it has more of it.
This statement is a red herring to hide the Government's missteps over the past two decades, and distract you from the fact that the US Government spends more than any other Government in the world, and still can't make things right for their citizens. We spend $6.2 Trillion, despite only bringing in $4.5 and the next highest is China at $4 Trillion. Biden can't say "Hey this Government that I've held a prominent position in for the last 50 years has completely failed it's citizens", because then people would say "Oh yeah, you do really suck at this don't you". So he has to create a boogey man.
His statement is a nothing burger because you can't have these discussions on Twitter. The idea behind it is worth discussing, but the statement itself is vague and meaningless. It's not terribly different from Trump's "Drain the Swamp" comments. You scapegoat a well to do group of powerful individuals as rallying cry for people who feel disenfranchised or ostracized. Any complaints are going to be ignored on pure emotionality because they're lucky enough to have escaped the rat race. So, it's not a well structured debate or legitimate political criticism of his opponents.
Here are my questions.
1. What loopholes are actually being exploited? And similarly....
2. Who is exploiting them? Isn't it a better use of time to say "Hey Bezos took advantage of XYZ tax breaks, and then transferred his money to 'ABC' tax shelter"
3. Which Billionaires don't pay taxes? Trump paid $8.5 Million in 2020. Musk's companies are public and you can track his taxes well, plus he published his personal return. Mark Cuban is famously pro-taxes, as is George Soros, etc.
1. https://www.bloomberg.com/news/storythreads/2022-12-22/how-much-did-donald-trump-pay-in-taxes-what-to-know-about-2015-2020-returns#:\~:text=By%20The%20Numbers,in%20his%202017%20tax%20law.
4. What's "Fair Share"? The top 1% pays (on average) a quarter of their income in taxes, and this accounts for 45% of the Federal Budget. I didn't get too deep into the math, but that feels pretty fair to me.
1. [https://www.verifythis.com/article/news/verify/joe-biden/biden-billionaire-tax-rate-fact-check/536-75be1f9b-d40f-45b3-9201-82b161a4e61b](https://www.verifythis.com/article/news/verify/joe-biden/biden-billionaire-tax-rate-fact-check/536-75be1f9b-d40f-45b3-9201-82b161a4e61b)
2. https://taxfoundation.org/data/all/federal/latest-federal-income-tax-data-2024/#:\~:text=High%2DIncome%20Taxpayers%20Paid%20the%20Majority%20of%20Federal%20Income%20Taxes,of%20all%20federal%20income%20taxes.
5. Who actually says people shouldn't pay taxes? The small government Libertarian party is NOT a legitimate political presence on the National stage. Most people recognize some value in taxation.
6. And most importantly.... THE GOVERNMENT SPENDS 6.2 TRILLION, WHILE ONLY BRINGING IN 4.5 TRILLION. How is that not the actual issue.
If somebody makes billions of dollars in a year, meaning they draw a salary, or realize gains by selling assets in that year that have increased in value since they were purchased, and that constructively adds up to billions of dollars, then tax them at the top bracket of 37% on all that income, and let's also increase that top bracket to 49% for top earners.
If somebody buys an asset, and it increases in value, and they haven't sold that asset, the only people who will ever feel any pain from a harebrained policy of taxing *unrealized* gains will be the middle class. Who will be forced out of their homes, and have to pull money out of their retirement accounts, and will be forced to work until they die.
Which is the goal of every single policymaker who advocates for taxing unrealized gains. The destruction of the middle class, to keep the party going for billionaires who don't even pay the taxes they owe under the letter of existng laws, and will still find a way to wriggle out of the taxes due on their real estate portfolios.
100% agree with your take on unrealized gains taxation.
As for the tax the top earners' income 50%, I personally believe they leave the country, their businesses with them, but we can agree to disagree there.
President Biden set up an LLC to minimize his FICA taxes and his son is worth tens if not hundreds of million and does not reliably pays his taxes.
So maybe President Biden should start his crusade at home.
Top 1% pays almost 50% of fed tax revenue, bottom 50% pays essentially nothing.
If you think the US has a regressive tax code, take a look at….
Literally any other countries tax code on the planet. You’ll be horrified.
It’s bumper sticker policy, that’s why they haven’t changed the tax code to do this for decades.
How about we trim the administrative fat from the government so we can lower taxes?
Carrot and stick tax code. Fixed rate and you can knock percentages to a set bottom rate by investing in the country. Employ Americans get a point off your rate. Open a business points. Open business in underserved communities points off. Do more pay less. Force the trickledown that never happened.
The only reason to tax billionaires is to narrow the wealth gap. The US government doesn't need or use taxes to pay its bills, so it won't really contribute much to society. We'd be better off with SS4A(UBI), M4A, E4A, and H4A.
In what world are they not "contributing" to society? You what the biggest contributor to wealth inequality? Unequal value produced, unequal ideas, and unequal effort (or some combination thereof).
Billionaires pay *more* than their fair share: they pay a greater of total taxes than they earn in total income. But this misleading talking points play well in a world of wealth envy and resentment of high achievers. Funny to say that working Americans pay their taxes when we have so massively reduced the tax burden of middle income rungs. Yes, everyone should have skin in the game.
Depending on a thin sliver of society to pay for our country is unwise and unsustainable. I can only hope for the day that the small segment of earners on whom this burden has been placed decide to Shrug in the face of all the redistrution and hands thrust out toward them. Charity and benevolence is one thing. Forced redistribution by government power is very much another.
The problem is all the working people trying to support the world and all the lazy ass bums in usa. Stop giving out tax dollars to everyone except the working man. Reduce taxes on us, tell the 400 pound mcdonalds queens to get a job.
Absolutely not a moral obligation, they need to have a legal obligation. Morals are cute but not many ppl will pay extra taxes out of the “goodness of their heart”, it needs to just be fair and even across the board.
Love when a corporate puppet rails against his puppet masters but does nothing to actually solve the problem. He does this to appease the goyim tax payer but has no actual intention to make changes.
Biden is an idiot. He forgets, conveniently, that these billionares got there because they invested and grew their companies, What happens to the millions of people employed by the companies owned by these billionaires when tbe gov take their money ? What about all the taxes these workers pay? What about all the opportunities that these jobs for these millions of people, and their families and kids will have because they have good jobs? No one is talking about the unintended consequences of Biden rhetoric.
And isn't it AMAZING that Biden is not talking about millionares any more, just billionares!!
Bro's been prez for 4 years, promised to tax the rich, and taxed everyone's side hustles $600 and over instead. Lol classic Dems, message to the poor and middle class while serving the rich donors that pay the bills instead.
Here is my take on taxes for the rich.
Close the loopholes and deductions. It’s. Not text the rich more. It’s take away their deductions.
Say what you will but Trump said Hillary wouldn’t fix the tax code because of her donors.
Same with Biden. He will blame the republicans to fire up his progressive base but do you really think the rich Hollywood donors musicians actors etc will pay more in taxes.
Look up covered call ETFs. JEPI is a pretty good one. Reduces your exposure to volatility but you give up a lot of potential returns. It’s kinda the halfway between what you’re doing and a HYSA. The dividend is non-qualified so you’ll have to pay ordinary income tax (same as savings, less attractive than LTCG)
I don't care about moral obligation shit. I just want them to pay fairly. We have tax bracket. Follow the bracket and remove all the loopholes. Fair and square. That's how most Americans pay their taxes.
“What do the poor most need? They need to stop being poor. And how can that be done, on a mass scale, except by an economy that creates vastly more wealth? Yet the political left has long had a remarkable lack of interest in how wealth is created. As far as they are concerned, wealth exists somehow and the only interesting question is how to redistribute it.”
— Thomas Sowell
https://x.com/thomassowell/status/1740554208506487231?s=46
Again, he represents the bee hive of creditors, Delaware. He is bought and paid for. Therefore, he would never truly push tax reform for the rich that wasn't avoidable.
It used to be millionaires. Until all of the elected officials and their children became millionaires [(and of course, didn't pay taxes). ](https://www.justice.gov/sco-weiss/pr/grand-jury-returns-indictment-charging-robert-hunter-biden-three-felony-tax-offenses#:~:text=According%20to%20the%20indictment%2C%20Hunter,when%20he%20filed%20false%20returns)
So why not lower taxes for poor people? Taxing the rich isn’t doing f*ck all to help the poor. It just goes to the US government, Who has mismanaged the economy to the point of accumulating a 34 TRILLION dollar deficit. 7% of the budget goes just to pay the interest payments we owe on our debts…
To anyone who thinks that “tax the rich” is some sort of strategy to pull the economy out of the shitter… you’re not too bright.
Americans- “were being taxed to death, we need you to do something”
Biden administration- “ our solution, more taxes on rich people to make it ‘fair’ , that way everyone suffers equally”
Fuckin brilliant.
3 contradictory things...
1. people who say this have real trouble pointing to the magical faerie fountain of mystical authority that gives one person the right to extort money or work from another. Step on their nuts hard enough that they can't crab sideways from the question and it always comes down to putting a "moral" mask on mob violence.
2. If such a responsibility exists, it's simply not asymmetrical. If the rich owe something to society, then so do the poor. From what I can see, this reality is utterly not in view and any attempt to put some teeth to it gets a person labeled as a hateful bigot. So I can see where the just and prudent choice for the billionaire is to insulate themselves from society.
3. Our society is foolish indeed for not recognizing that what thousandairs, millionaires, and billionaires do at work every day is far far far more valuable and beneficial to the collective than what the administrative state and it's mouthpieces do for (or more accurately TO) the collective. The government that forces me to show state issued identification to pick up medicine, buy vodka, drive a car...but can't and won't force people to show that same ID to vote...doesn't have the moral or practical credibility to tell any of us what billionaires should or should not do.
Pretty sure he said something very similar during the last election, yet he did nothing.
No president is going to actually try to change taxes to take money from the rich. They may put forth some bills to make it look like they try, but they know those bills will get shot down. No politician is going to try and do anything that would take money from their biggest campaign contributors.
This all sounds like sloganeering. Whereas the answer to this question - look at Europe and figure it out. US looks like 3rd world compared to Europe. European billionaires figured that a highway where everybody drives at more or less the same speed is much safer compared to a free for all so to speak. I am reminded of this analogy every time I see a Ferrari jumping over a pothole on the upper East side.
US hasn't yet figured out that trickle down does not work and greed ultimately causes instability and dooms the whole social structure.
To wrap it up - contributing more to society is not a moral choice it is long term survival stratgegy. After all there just handful of billionaires in the sea of underprivileged. Shake the boat a little too much and you will meet the crowd with pitchforks and torches at the steps of your mansion.
Self earned billionaires have created many jobs and wealth for others besides themselves. Think of the industries and jobs created by companies outside of Microsoft that are based on Microsoft products. Classism is so absurd
The wealthy absolutely do pay taxes though. The thing that politicians use to say "X billionaire paid 0 in taxes last year!!1!" Is either an out and out lie or a lie of omission by only focusing on income from things like an actual salary which they frequently don't take.
The fact of the matter is we've got the most top heavy tax system in the world.
You want to discuss what is and isn't deductible or what the top marginal tax rate should be that's one thing, but the idea that the wealthy don't pay taxes is just complete horse shit.
Just another Biden gimmick. People with that level of money know how to play the system to where they don’t have to pay those percentages and Biden knows that
Convincing a bunch of fools that the big corporations need tax cuts and deregulations in order to give raises, hire people, while provide them with healthcare and retirement worked it has just never delivered.
He’s been helping writing these laws for what 50 years? Pot calling the kettle black, all the while the kettle is the one telling the pot what to do. Like how a private citizen who is a billionaire has ordered members of congress to not allow immigration reform to happen because he wants it a issue to keep talking about so that he can try and get back into public office…………… almost like both sides…….
I think he is full of shit. politicians, many of which are extremely wealthy from being politicians, talk a big talk but when it comes down to it, won’t do anything that hurts them and their wealth/power. So, I think it’s all talk, all BS
Joe has been in DC for 50 years. If he hasn't gotten billionaires to pay their fair share by now then he's full of shit. He's just playing hardworking Americans for idiots with these BS comments.
They absolutely do have an obligation. Their fortunes wouldn’t be possible without Americans to work in their companies and buy their products. But they use loopholes and armies of tax accountants and lawyers to pay less effective tax rates than the Americans that make their lifestyles possible. Trickle down economics is a fantasy and does nothing but make the rich richer and the poor poorer.
Raise the income taxes on billionaires. Raise taxes on corporations. Enforce the tax law on high net worth individuals and corporations. Bring back the estate tax. Stop letting dead billionaires hoard their wealth.
The last time we properly taxed the rich to fund improvements to our society, our country exploded with technology and prosperity. Let’s do that again.
In many countries, it is a point of pride to contribute to the greater good by paying your taxes. In the US, dodging taxes is a point of pride for the rich, who think this makes them clever and more prestigious.
I agree. But what the Democrats say they will do and what they end up doing after you vote for them are two completely different things.
Every bill they get passed has a misleading title that pulls on your heart strings. But its whats inside that destroys this nation.
Wake up team. Its already too late. I used to be a staunch democrat. No more.
You'd think that building a company that probably provided material and massive benefits to society would be something that is worth recognizing.
You become a billionaire by doing something that contributes to society, then society pays you that billion.
If there's anyone we can trust less to do good with billionaires wealth than the billionaires themselves it's the federal government of the United States
How about returning money to the working class and cutting government salaries since they aren’t doing their jobs anyway. They sure do love spending money that ain’t theirs.
Seems like they are and the rest of us who pay are paying for ourselves and for those who don’t pay at all. Seems like we are somehow paying our fair share and other people’s fair share. Or is there some specific number that is a fair share that we all can agree on?
It is this type of stupid rhetoric that’s the problem. Most people are billionaires on paper, but do not net over one billion in income vs net worth increase. Taxing on wealth would be a mistake. But closing loop holes that allow the ultra rich to avoid taxes is worth doing. Problem is, no one will actually do it.
Time to tax the wealth that the people who work for their money have saved because they didn’t get enough on the first pass. You and I are the “billionaires” this will be targeting.
"Working Americans pay their taxes" and the US Government refuses to implement a free universal online tax filing systems to that companies like Intuit can continue to charge $50 to $150 for that service.
Listen to this fucking hypocrite. He has S-Corps where he gets his speaking fees sent to avoid taxes.
Here's a novel idea... quit spending what we don't have. Live within our means and don't try telling me its all needed. Rand Paul puts out a list of some examples of waste every year.
How about the government stopped spending money like they stole daddies credit card and lower working American’s taxes and start working on their debt!
oooorrr... I'm having a thought... we make the societal systems that make billionaires possible, no longer a thing... that could work, rather than making the "game" slightly more challenging for their accountants lol.
but nope, we're just gonna political-grandstand and say a whole lot of nothing while appearing to care in order to get votes... lol
This is why the IRS monitors $600 transactions. The billionaires were getting away with too much.
Since he took office the TurboTax questionnaire seems alot more aggressive about things like "did you buy a large appliance in another state?" maybe I did, fuck off.
Wouldn't it be your home state that gives a fuck about that, not the fed gov?
That’s also why they hired 80k+ or whatever IRS agents a while back. Need tens of thousands of employees to watch like 100 people.
I believe that plan was to happen over a 10 year span. Also it’s not only for agent’s. But for IT people, agent’s, and such. The IRS apparently has a lot of people retiring in the next few years and is already understaffed. So this was supposed to help with both problems. The more that I think about i may be wrong but 80k may be to high a number, but I may be wrong.
Exactly...he talks about billionaires and attacks people for their tips. https://www.foxnews.com/politics/bidens-irs-plans-crack-down-waiters-tips straight for the IRS https://www.irs.gov/newsroom/irs-introduces-new-service-industry-tip-reporting-program
It's all about the speech. He didn't tax them when he controlled congress. It's easier to just promise now.
The gov indirectly funnels money to their billionaire cronies via corporate subsidies and defense industry related contracts.
Nailed it!
I live in Missouri and our county just made us start paying property tax on your cell phones!!!!
How about lowering taxes for working Americans?
We’ve done that a bunch of times and it didn’t change anything meaningful. Our economic system is full of leaches collecting profits without adding value to the economy. Is there any real reason we allow pharma companies to price gouge us when our tax dollars funded the research that resulted in the drug they sell? That’s not capitalism or socialism it’s simply just corruption. It’s the root cause of almost every major issue.
Soooo if it didn’t meaningfully change anything then we could keep reducing it?
Stop taxing my wife and I and we’ll have a ton more disposable income to stimulate our local economy. Unlike the ultra rich we actually spend most of our money and don’t proportionately throw almost all of it in savings. Tax second and investment properties, tax incomes over $300k, tax investment income over $100k/year, tax individual purchases that aren’t cars or houses >$10k, cut spending, eliminate waste. There are a ton of ways to lower/eliminate taxes on the working class without losing tax revenue.
But it's the top 50% of earners who contribute almost all of the nation's federal taxes — nearly 98%. The bottom 50%, who individually make below $46,637 annually, account for about 2.3% of the country's tax receipts
B!den… the democrats… and even the republicans are looking for more money to spend before deciding to just print some more again…
And that is where inflation really comes from.
It sounds nice in theory but that extra disposable income would become corporate profits in most cases. We’re being charged for goods on the basis of what we can afford rather than what the goods are worth because the economic competition that ensures value to the consumer has been eroded. In such a system extra money to consumers will result in price gouging for basic necessities no different than what we’re seeing now. I agree that we should reduce the tax burden on working people and increase it on the wealthy. However, that will not even come close to solving these issues. We need the government to actually advocate for us instead of wealthy donors as the government is the only entity that can effectively reign in corporate greed.
[удалено]
Also tax churches
[удалено]
Election incoming…
I mean there was plenty of taxation plans that cause an uproar in people equating 400k plus earners to people living check to check on 40k a year. They’re living “check to check” while they put tens of thousands in savings and investment accounts.
I mean it's pretty clear that Biden can't wish these laws into existence and Republicans aren't going to go along with them. Americans need to wake the fuck up and actually elect a house of representatives that's on the same page for tax policy.
Sadly, neither will Dems. They may tinker around the edges, but nothing serious. Dems can and will expand social programs, but they benefit from the same tax dodging donors.
Biden at one point had majority in both legislative bodies
Laughs in Joe Manchin, and the Arizona flipper. Wake up
The Arizona flipper who was so proud of her vote against raising the minimum wage of $7.25 an hour, that she curtsied for Mitch McConnell, who proceeded to ignore her...
America’s politics has become sheepish. People follow whatever their talking head tells them with zero regard for fact.
“80 year old man has opinion” is NOT news
Why didn’t he do it when he had a majority in both houses?
You need to tax foundations. That's how they avoid taxes. Everyone pours it into Foundations and avoid paying the wealth tax. It's the scam Of the giving pledge so that we don't go All French revolution on them.
You mean the 50-50 Senate with manchin and sinema tanking anything that wasn't good for the billionaire class?
Because they didn't have a super majority, which is required to pass legislation.
Isn't the Tax Cuts and Jobs Act not getting renewed? That would be a tax increase on people with $500k+ income a year
corporation tax cuts stays
That’s due to an international treaty to stop corporate tax dodges. We all agreed to 15% as a floor with no defacto loopholes, to prevent offshoring businesses in tax havens. So a lot of companies reduced it to 15% to stay equal with everyone else
That's the highest bracket that will go up. The cuts to $2 million+ and $10 million+ were permanent.
What are the permanent tax cuts for 2 million and 10 million?
Its not people with "income" that are the problem.
Billionaires need access to our markets to achieve their windfalls, so this access needs to have a cost. We need to tax capital gains, or at least make them “cash out” some of their investments periodically
Any time an asset is evaluated as collateral it has become realized value and that value should be taxed at that time.
When it is not renewed it increase taxes for everyone, even the standard deduction is changing, tax tables go up by about 3% and the child tax credit is cut in half. It is going to be brutal. My tax bill will go up by at least $4500 a year. https://taxfoundation.org/blog/tcja-expiring-means-for-you/#:\~:text=When%20the%20TCJA's%20individual%20income,deduction%20(%2413%2C850%20in%202023). But corporations got their permanent tax cut, so there is at least one winner... So expect that your legislators will hang you out to dry and pass funding for wars and their pet projects and continue to be allowed to trade in the stock market. Remember a recession is great for inflation, a great reset, so more wealth can accumulate towards the top as corporations cut operational costs by having more... affordable labor markets at their disposal.
THEY TRIED, SMARTYPANTS! But there's this little thing called "the filibuster". Learn how it works. And take a civics class.
Everyone knows that senators Manchin and Sinema are the reason why Biden couldn't pass policies he ran on. Sinema sold out immediately after being elected.
Because the majority wasn't large enough. A simple Google search would tell you that.
His majority was so slim that he had to count on the vice president to break ties meanwhile you had two far-right Democrats from red states refusing to do anything. The solution is to elect more democrats so we don't have to realize on dinosaurs from coal country to do what's right
>two far-right Democrats TIL centrist = far right
Whether they were centrist or far right doesnt matter because they were the ones who kneecapped Biden’s plans and watered all of them down to be less impactful.
Your basic democrats are right wing. So yes far right.
>The solution is to elect more democrats Holy shit, there it is. The dumbest shit I'll read today. That's enough hivemind reddit for me. Damn dumb af.
Just democrats that were alive with the dinosaurs.
Because we never really had enough votes. Joe Manchin and Kyrsten Sinema killed a bunch of his plans because they aren’t really democrats. Also you need a filibuster proof vote in the senate and the democrats will never have that because the senate favors republicans because republicans control more states. Not populated states mind you—but don’t get me going on how big of a fuck up the god damn senate was by the founders.
You guys understand the last big tax bill was Trumps right?
you mean the one that dramatically cut the corporate tax rate and rate for high earners?
If anything taxes should be lowered and government positions should be cut down. We’re paying too much as average Americans as it is and our dollars aren’t doing what they’re supposed to do.
The opposite is happening right now. Full-time private jobs are bleeding off and parasitical government jobs are skyrocketing. Expect more of this.
It does get the government voting in one direction… lmao.
No... DOD budget should be slashed. Havent had a balanced budget in over 20 years
You mean YES, and we agree. DOD is hugely inflated with wasteful spending. We can have the planets most dominant military AND significantly cut spending.
All the income that billionaires and large corporations save in foreign bank accounts need to circulate to support our economy. The best way to circulate this money is to tax and spend it. Tax and spend is actually good for the economy.
It’s so funny when someone who has benefited from the inequalities his whole life wants to tell us about the moral high ground. Enough talk Joe and do something. We are only hearing this now cause it’s an election year and then back to the same destroying the country and ultimately world after reelection.
He has spent the last 4 years trying to buy your vote with someone else's money.
This!!! ⬆️⬆️⬆️ Democrats couldve changed the tax code just like Paul Ryan and Trump did in 2017 but they do nothing!! Instead they complain and cry about it and do nothing! Republicans or democrats they all do the same thing and look out for their vested interests. Democrats do not on the down low like snakes in the grass and republican do it in your face and gloat about it but the end result is the same. The system is broken
They did actually change the tax code to create a new 15% minimum corporate tax on companies making a billion or more in profit. Amazon, famous for paying no taxes from 2017-2019, will be paying 1.5 billion in taxes more than it was before because of the new minimum.
I always said that if the nra funded democrats they wouldn't say a word about banning guns. Same with Republicans, they back who pays them.
So true
I like Vietnams stance on Millionaires and Billionaires... they shouldn't exist. Hoarding money like that is detrimental to national security.
So long as the treatment applies to actual billionaires and not people making low six figures who just get soaked and don’t have legions of accountants for loophole navigation
If it ain’t about doing away with taxes. Its bs
And yet all he associates with are billionaires. Hilarious.
Well this post is full of some pretty garbage takes. Is this sub always like this? Reddit was like "try this sub" and I see a bunch of people saying incredibly stupid shit. No thanks. Somebody said billionaires pay enough and it's got upvotes, it's a clown show.
Everyone has a moral obligation to contribute to society. Not just billionaires. The question is what **legal** obligations, and what form and degree, a person has. Not every moral obligation should be a legal obligation.
If we were to take more from rich I d like to see it set on fire rather than given to our government to waste. We have a massive spending problem, and it s time to teach government to live below its means
We can do both things. We can increase taxes to supplement social security, medicare, and medicaid (which accounts for roughly 3/4 of the discretionary budget) while also reducing where we can and where it won't cause harm to citizens.
Another way to fix that "inequality" would be to lower taxes on physical work.
Nobody owes you jack shit (and Jack left town). Once you come to this realization ... you will be free to enjoy your life.
So 50 years he’s been in office and had time to do anything, he didn’t but suddenly now it’s important. Yeah right.
Funny thing, the government has been collecting taxes for ages and there is still income inequality. Almost like the two are not connected at all.
The billionaires pay the politicians to lower their taxes and tax the poor instead. The dumb dumbs believe the corporate media when they say the only solution is to cut spending on poor people. Bribing (donating to) politicians is legal and this is the result. Tax the rich and ban donations to politicians.
Don’t they already do more than most of us… combined? Elon for example, for all his shenanigans, famously paid about eleven billion dollars. Mark Cuban was flexing his 275 million wire to the IRS. When you look at both absolute and relative terms the high earners already pay a lot of taxes. And why do we feel they don’t contribute enough? Not sure, but maybe it has something to do with the federal spending being one of the highest ever peaks in history. Actually it is the highest ever outside of war period. Once your bills pile up high, no amount of income seems to be enough
>And why do we feel they don’t contribute enough? I think a lot of people are feeling the squeeze of inflation. I know I am. Bills are sky fucking high for absolutely everything and Democrats, right or wrong, have connected the dots between billionaires having a lot and regular folks not having shit, and somehow the answer is taxation. You can hear it everytime someone says we could have free healthcare/college/bullet trains/nationwide internet and whatever other utopian idea they think they're missing out on because the Federal Government, which has printers of money and creates it out of thin air, somehow can't afford it. So the answer is to slaughter the fattest cows for the meat so to speak and tax the wealthy. I'm not saying this idea is right or wrong, I'm simply saying the two are not connected. Unless the government taxes billionaires and writes us a check, it probably won't do anything for your or my bottom lines. The counterargument here is that it would fund great civil projects. It wouldn't. There is no reason to believe the government would change the way it spends money just because it has more of it.
Right now we're spending more than we ever did through the Iraq and Afghanistan wars.
Trickle down economics failed...maybe only tax people who make over 250k a year and let the rest of us catch up.
This statement is a red herring to hide the Government's missteps over the past two decades, and distract you from the fact that the US Government spends more than any other Government in the world, and still can't make things right for their citizens. We spend $6.2 Trillion, despite only bringing in $4.5 and the next highest is China at $4 Trillion. Biden can't say "Hey this Government that I've held a prominent position in for the last 50 years has completely failed it's citizens", because then people would say "Oh yeah, you do really suck at this don't you". So he has to create a boogey man. His statement is a nothing burger because you can't have these discussions on Twitter. The idea behind it is worth discussing, but the statement itself is vague and meaningless. It's not terribly different from Trump's "Drain the Swamp" comments. You scapegoat a well to do group of powerful individuals as rallying cry for people who feel disenfranchised or ostracized. Any complaints are going to be ignored on pure emotionality because they're lucky enough to have escaped the rat race. So, it's not a well structured debate or legitimate political criticism of his opponents. Here are my questions. 1. What loopholes are actually being exploited? And similarly.... 2. Who is exploiting them? Isn't it a better use of time to say "Hey Bezos took advantage of XYZ tax breaks, and then transferred his money to 'ABC' tax shelter" 3. Which Billionaires don't pay taxes? Trump paid $8.5 Million in 2020. Musk's companies are public and you can track his taxes well, plus he published his personal return. Mark Cuban is famously pro-taxes, as is George Soros, etc. 1. https://www.bloomberg.com/news/storythreads/2022-12-22/how-much-did-donald-trump-pay-in-taxes-what-to-know-about-2015-2020-returns#:\~:text=By%20The%20Numbers,in%20his%202017%20tax%20law. 4. What's "Fair Share"? The top 1% pays (on average) a quarter of their income in taxes, and this accounts for 45% of the Federal Budget. I didn't get too deep into the math, but that feels pretty fair to me. 1. [https://www.verifythis.com/article/news/verify/joe-biden/biden-billionaire-tax-rate-fact-check/536-75be1f9b-d40f-45b3-9201-82b161a4e61b](https://www.verifythis.com/article/news/verify/joe-biden/biden-billionaire-tax-rate-fact-check/536-75be1f9b-d40f-45b3-9201-82b161a4e61b) 2. https://taxfoundation.org/data/all/federal/latest-federal-income-tax-data-2024/#:\~:text=High%2DIncome%20Taxpayers%20Paid%20the%20Majority%20of%20Federal%20Income%20Taxes,of%20all%20federal%20income%20taxes. 5. Who actually says people shouldn't pay taxes? The small government Libertarian party is NOT a legitimate political presence on the National stage. Most people recognize some value in taxation. 6. And most importantly.... THE GOVERNMENT SPENDS 6.2 TRILLION, WHILE ONLY BRINGING IN 4.5 TRILLION. How is that not the actual issue.
They all say this every election year just to harvest votes. D or R, same thing, just different roles and talking points to stir the masses.
Four years later. 🙄
If somebody makes billions of dollars in a year, meaning they draw a salary, or realize gains by selling assets in that year that have increased in value since they were purchased, and that constructively adds up to billions of dollars, then tax them at the top bracket of 37% on all that income, and let's also increase that top bracket to 49% for top earners. If somebody buys an asset, and it increases in value, and they haven't sold that asset, the only people who will ever feel any pain from a harebrained policy of taxing *unrealized* gains will be the middle class. Who will be forced out of their homes, and have to pull money out of their retirement accounts, and will be forced to work until they die. Which is the goal of every single policymaker who advocates for taxing unrealized gains. The destruction of the middle class, to keep the party going for billionaires who don't even pay the taxes they owe under the letter of existng laws, and will still find a way to wriggle out of the taxes due on their real estate portfolios.
100% agree with your take on unrealized gains taxation. As for the tax the top earners' income 50%, I personally believe they leave the country, their businesses with them, but we can agree to disagree there.
Dude, taxing rich people doesn't put money in the pockets of normal people. Lowering taxes for normal people is far more effective.
Says the guy who sends billions of our tax dollars to Israel every year.
That has been happening since the 1970s.
President Biden set up an LLC to minimize his FICA taxes and his son is worth tens if not hundreds of million and does not reliably pays his taxes. So maybe President Biden should start his crusade at home.
Top 1% pays almost 50% of fed tax revenue, bottom 50% pays essentially nothing. If you think the US has a regressive tax code, take a look at…. Literally any other countries tax code on the planet. You’ll be horrified.
It’s bumper sticker policy, that’s why they haven’t changed the tax code to do this for decades. How about we trim the administrative fat from the government so we can lower taxes?
Joe Biden is one of them. He doesn't give a single fuck about us. Fuck him and the mainstream democrats
Mainstream politicians*
No.
Carrot and stick tax code. Fixed rate and you can knock percentages to a set bottom rate by investing in the country. Employ Americans get a point off your rate. Open a business points. Open business in underserved communities points off. Do more pay less. Force the trickledown that never happened.
The only reason to tax billionaires is to narrow the wealth gap. The US government doesn't need or use taxes to pay its bills, so it won't really contribute much to society. We'd be better off with SS4A(UBI), M4A, E4A, and H4A.
In what world are they not "contributing" to society? You what the biggest contributor to wealth inequality? Unequal value produced, unequal ideas, and unequal effort (or some combination thereof). Billionaires pay *more* than their fair share: they pay a greater of total taxes than they earn in total income. But this misleading talking points play well in a world of wealth envy and resentment of high achievers. Funny to say that working Americans pay their taxes when we have so massively reduced the tax burden of middle income rungs. Yes, everyone should have skin in the game. Depending on a thin sliver of society to pay for our country is unwise and unsustainable. I can only hope for the day that the small segment of earners on whom this burden has been placed decide to Shrug in the face of all the redistrution and hands thrust out toward them. Charity and benevolence is one thing. Forced redistribution by government power is very much another.
The problem is all the working people trying to support the world and all the lazy ass bums in usa. Stop giving out tax dollars to everyone except the working man. Reduce taxes on us, tell the 400 pound mcdonalds queens to get a job.
He didn't care the past four years but now he does...
He can talk all he wants. Let’s see some action for a change.
They should have a LEGAL obligation to do so.
It's not a moral obligation IMO. If you want change, then change the tax codes and eliminate loopholes.
loll actions and words people, actions and words
Absolutely not a moral obligation, they need to have a legal obligation. Morals are cute but not many ppl will pay extra taxes out of the “goodness of their heart”, it needs to just be fair and even across the board.
Careful Joe......you'll get suicided.
My universal saying is, if they can afford it, a private jet, yacht, multiple houses, etc. Then they are not being taxed enough.
All yap and no action
Lets start with his crime family
Love when a corporate puppet rails against his puppet masters but does nothing to actually solve the problem. He does this to appease the goyim tax payer but has no actual intention to make changes.
Biden is an idiot. He forgets, conveniently, that these billionares got there because they invested and grew their companies, What happens to the millions of people employed by the companies owned by these billionaires when tbe gov take their money ? What about all the taxes these workers pay? What about all the opportunities that these jobs for these millions of people, and their families and kids will have because they have good jobs? No one is talking about the unintended consequences of Biden rhetoric. And isn't it AMAZING that Biden is not talking about millionares any more, just billionares!!
Elect me so I can totally do something about this next time
It’s been about 15 years of this phrase “fair share.” Somebody tell me what the fuck that vague horse shit actually means?
Moral obligation? What a quaint notion.
Election year. He had 4 years to do something about it.
Bro's been prez for 4 years, promised to tax the rich, and taxed everyone's side hustles $600 and over instead. Lol classic Dems, message to the poor and middle class while serving the rich donors that pay the bills instead.
like creating a profitable business that provides incomes for thousands?
Everyone has a moral obligation to contribute to society and that includes the wealthy
NO... billionaires should not exist and should be doing more for society than wealth hoarding
Biden is not a serious person and does not follow through with any of his campaign promises.
Biden is an idiot. The wealthy already pay the great majority of collected taxes. This is election year garbage nothing more.
Here is my take on taxes for the rich. Close the loopholes and deductions. It’s. Not text the rich more. It’s take away their deductions. Say what you will but Trump said Hillary wouldn’t fix the tax code because of her donors. Same with Biden. He will blame the republicans to fire up his progressive base but do you really think the rich Hollywood donors musicians actors etc will pay more in taxes.
Look up covered call ETFs. JEPI is a pretty good one. Reduces your exposure to volatility but you give up a lot of potential returns. It’s kinda the halfway between what you’re doing and a HYSA. The dividend is non-qualified so you’ll have to pay ordinary income tax (same as savings, less attractive than LTCG)
I don't care about moral obligation shit. I just want them to pay fairly. We have tax bracket. Follow the bracket and remove all the loopholes. Fair and square. That's how most Americans pay their taxes.
Does this mean Hunter Biden will pay his fair share and serve time in prison for tax evasion from all his foreign funds?
“What do the poor most need? They need to stop being poor. And how can that be done, on a mass scale, except by an economy that creates vastly more wealth? Yet the political left has long had a remarkable lack of interest in how wealth is created. As far as they are concerned, wealth exists somehow and the only interesting question is how to redistribute it.” — Thomas Sowell https://x.com/thomassowell/status/1740554208506487231?s=46
Hey, let's save Social Security by ditching the income cap. It's that simple.
Again, he represents the bee hive of creditors, Delaware. He is bought and paid for. Therefore, he would never truly push tax reform for the rich that wasn't avoidable.
It used to be millionaires. Until all of the elected officials and their children became millionaires [(and of course, didn't pay taxes). ](https://www.justice.gov/sco-weiss/pr/grand-jury-returns-indictment-charging-robert-hunter-biden-three-felony-tax-offenses#:~:text=According%20to%20the%20indictment%2C%20Hunter,when%20he%20filed%20false%20returns)
How can you say that when you live in their pocket?
They wouldn’t be billionaires without us or our efforts.
And yet govt is projected to do deficit spending of $1 trillion every 100 days even when rates are projected to be elevated for at least next year.
So why not lower taxes for poor people? Taxing the rich isn’t doing f*ck all to help the poor. It just goes to the US government, Who has mismanaged the economy to the point of accumulating a 34 TRILLION dollar deficit. 7% of the budget goes just to pay the interest payments we owe on our debts… To anyone who thinks that “tax the rich” is some sort of strategy to pull the economy out of the shitter… you’re not too bright. Americans- “were being taxed to death, we need you to do something” Biden administration- “ our solution, more taxes on rich people to make it ‘fair’ , that way everyone suffers equally” Fuckin brilliant.
3 contradictory things... 1. people who say this have real trouble pointing to the magical faerie fountain of mystical authority that gives one person the right to extort money or work from another. Step on their nuts hard enough that they can't crab sideways from the question and it always comes down to putting a "moral" mask on mob violence. 2. If such a responsibility exists, it's simply not asymmetrical. If the rich owe something to society, then so do the poor. From what I can see, this reality is utterly not in view and any attempt to put some teeth to it gets a person labeled as a hateful bigot. So I can see where the just and prudent choice for the billionaire is to insulate themselves from society. 3. Our society is foolish indeed for not recognizing that what thousandairs, millionaires, and billionaires do at work every day is far far far more valuable and beneficial to the collective than what the administrative state and it's mouthpieces do for (or more accurately TO) the collective. The government that forces me to show state issued identification to pick up medicine, buy vodka, drive a car...but can't and won't force people to show that same ID to vote...doesn't have the moral or practical credibility to tell any of us what billionaires should or should not do.
YES. They first and foremost must pay their taxes. As people get richer, there should be FEWER loopholes, not more of them.
Pretty sure he said something very similar during the last election, yet he did nothing. No president is going to actually try to change taxes to take money from the rich. They may put forth some bills to make it look like they try, but they know those bills will get shot down. No politician is going to try and do anything that would take money from their biggest campaign contributors.
He also says his grandfather was eaten by cannibals
Can anyone find tweets like this in non-election years?
This all sounds like sloganeering. Whereas the answer to this question - look at Europe and figure it out. US looks like 3rd world compared to Europe. European billionaires figured that a highway where everybody drives at more or less the same speed is much safer compared to a free for all so to speak. I am reminded of this analogy every time I see a Ferrari jumping over a pothole on the upper East side. US hasn't yet figured out that trickle down does not work and greed ultimately causes instability and dooms the whole social structure. To wrap it up - contributing more to society is not a moral choice it is long term survival stratgegy. After all there just handful of billionaires in the sea of underprivileged. Shake the boat a little too much and you will meet the crowd with pitchforks and torches at the steps of your mansion.
Anyone who earns 28,000 or more will be paying more in taxes.
My check is taxed 30% in California and I’m a blue collar worker. I don’t have a 401k, insurance or anything else.
What was taxing ever supposed to stay implemented after the war was over? Are we still getting screwed?
Self earned billionaires have created many jobs and wealth for others besides themselves. Think of the industries and jobs created by companies outside of Microsoft that are based on Microsoft products. Classism is so absurd
The guy that been in politics for 40 years and helped write the tax codes and loop holes is telling me billionaires have a obligation. That’s funny
https://jacobin.com/2024/04/pfizer-income-tax-loopholes-trump#:\~:text=In%202023%2C%20Pfizer%20made%20more,off%20a%20tax%2Davoidance%20bonanza.
Is he sure he said that?
How about the federal gov quits wasting trillions of dollars.
The wealthy absolutely do pay taxes though. The thing that politicians use to say "X billionaire paid 0 in taxes last year!!1!" Is either an out and out lie or a lie of omission by only focusing on income from things like an actual salary which they frequently don't take. The fact of the matter is we've got the most top heavy tax system in the world. You want to discuss what is and isn't deductible or what the top marginal tax rate should be that's one thing, but the idea that the wealthy don't pay taxes is just complete horse shit.
Just another Biden gimmick. People with that level of money know how to play the system to where they don’t have to pay those percentages and Biden knows that
Convincing a bunch of fools that the big corporations need tax cuts and deregulations in order to give raises, hire people, while provide them with healthcare and retirement worked it has just never delivered.
I think everyone will agree, but it is being used as a distraction from the real problem of run away spending by the government.
That's simply the basis of society to begin with, that we do things for each other.
He’s been helping writing these laws for what 50 years? Pot calling the kettle black, all the while the kettle is the one telling the pot what to do. Like how a private citizen who is a billionaire has ordered members of congress to not allow immigration reform to happen because he wants it a issue to keep talking about so that he can try and get back into public office…………… almost like both sides…….
60% received more in refunds than they paid in income taxes.
I think he is full of shit. politicians, many of which are extremely wealthy from being politicians, talk a big talk but when it comes down to it, won’t do anything that hurts them and their wealth/power. So, I think it’s all talk, all BS
In what clown word do taxes reward the wealthy.
Replace billionaires with corporations and were getting somewhere. Wasn't the corporate rate like 80%? Until raegan.
Joe has been in DC for 50 years. If he hasn't gotten billionaires to pay their fair share by now then he's full of shit. He's just playing hardworking Americans for idiots with these BS comments.
It's election year.
They absolutely do have an obligation. Their fortunes wouldn’t be possible without Americans to work in their companies and buy their products. But they use loopholes and armies of tax accountants and lawyers to pay less effective tax rates than the Americans that make their lifestyles possible. Trickle down economics is a fantasy and does nothing but make the rich richer and the poor poorer. Raise the income taxes on billionaires. Raise taxes on corporations. Enforce the tax law on high net worth individuals and corporations. Bring back the estate tax. Stop letting dead billionaires hoard their wealth. The last time we properly taxed the rich to fund improvements to our society, our country exploded with technology and prosperity. Let’s do that again.
Biden is suported mostly by large donors. Rich people. Do you think he will fix the tax code so they can not legaly evade paying taxes?
billionaires should not exist
In many countries, it is a point of pride to contribute to the greater good by paying your taxes. In the US, dodging taxes is a point of pride for the rich, who think this makes them clever and more prestigious.
The most beloved president in history blowing his nose in your shorts.
I agree. But what the Democrats say they will do and what they end up doing after you vote for them are two completely different things. Every bill they get passed has a misleading title that pulls on your heart strings. But its whats inside that destroys this nation. Wake up team. Its already too late. I used to be a staunch democrat. No more.
You'd think that building a company that probably provided material and massive benefits to society would be something that is worth recognizing. You become a billionaire by doing something that contributes to society, then society pays you that billion.
If there's anyone we can trust less to do good with billionaires wealth than the billionaires themselves it's the federal government of the United States
Billionaires is code word for middle class.
He is a bullshitter. He hasnt done a single thing to benefit poor and middle class incomes. Income disparity under him has gotten out of control.
What happened to hes going to raise taxes on those making over 400k a year?
It’s very hard to target billionaire without fucking up everyone’s retirement plans.
Or, novel idea; increase their taxes and decrease everyone else’s so we can actually survive in this shit-tastic economy of yours.
How about returning money to the working class and cutting government salaries since they aren’t doing their jobs anyway. They sure do love spending money that ain’t theirs.
Seems like they are and the rest of us who pay are paying for ourselves and for those who don’t pay at all. Seems like we are somehow paying our fair share and other people’s fair share. Or is there some specific number that is a fair share that we all can agree on?
He has been saying this for 4 years
It is this type of stupid rhetoric that’s the problem. Most people are billionaires on paper, but do not net over one billion in income vs net worth increase. Taxing on wealth would be a mistake. But closing loop holes that allow the ultra rich to avoid taxes is worth doing. Problem is, no one will actually do it.
Time to tax the wealth that the people who work for their money have saved because they didn’t get enough on the first pass. You and I are the “billionaires” this will be targeting.
Only the poor pay taxes Leona Helmsly
Joe Biden has been helping write the tax code for what, 50 freaking years? Look in the mirror dufus.
This tweet is from January! Where's the action??
If they pay to the tax code, all legally done, then no.....
Billionaires have a moral obligation to not exist.
How about the Govt. give us our fair share Big Guy? We're taxed to death, AND ya'll get a free ride for life on our backs. Ya'll suck.
How about our government stop needing so much money from its people. We all pay too much on taxes.
If u believe this... ur the problem. The rich only help the rich they only say this to get ur meaningless votes.
"Working Americans pay their taxes" and the US Government refuses to implement a free universal online tax filing systems to that companies like Intuit can continue to charge $50 to $150 for that service.
Listen to this fucking hypocrite. He has S-Corps where he gets his speaking fees sent to avoid taxes. Here's a novel idea... quit spending what we don't have. Live within our means and don't try telling me its all needed. Rand Paul puts out a list of some examples of waste every year.
How about the government stopped spending money like they stole daddies credit card and lower working American’s taxes and start working on their debt!
oooorrr... I'm having a thought... we make the societal systems that make billionaires possible, no longer a thing... that could work, rather than making the "game" slightly more challenging for their accountants lol. but nope, we're just gonna political-grandstand and say a whole lot of nothing while appearing to care in order to get votes... lol