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Thread: richest 1% got 82% of the wealth

  1. #21
    Senior Member flowerseverywhere's Avatar
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    Quote Originally Posted by Rogar View Post
    There is a group called "Americans for tax fairness" that presents some interesting figures. I think there are common misconceptions about income tax rates vs. effective tax rates. I've already forgotten the name of the wealthy politician who paid a lower effective tax rate than his secretary.

    https://americansfortaxfairness.org/...thy-americans/
    Warren Buffet says he pays a lower tax rate than his secretary.

    There is so so much waste even common people can see in our government, no wonder why our deficits are so big. It was not cheap for Melania to fly for the weekend in Mara Largo. Huge amounts are spent when presidents golf. They rent golf carts, fly down and so on. Advance teams to clear everything. One day in DC we happened to see Pence leaving his compound. There was a large police escort with multiple big black vehicles, motorcycle escorts, and the we have several times seen the presidential escort,around town, which is even bigger. Pelosi and pals to the Middle East? The gang going to Davos, and Pompeo jetting around in Washington DC. That would be enough to build a mile or two of a big beautiful concrete wall.

  2. #22
    Senior Member iris lilies's Avatar
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    Quote Originally Posted by flowerseverywhere View Post
    Warren Buffet says he pays a lower tax rate than his secretary.
    You do understand they are taxed on different kinds of income, right? Or maybe the details dont matter to you.

    I get the kind of income Warren gets, and so do you. Would you like to pay a higher tax percentage on that?
    Last edited by iris lilies; 1-21-19 at 9:27pm.

  3. #23
    Senior Member flowerseverywhere's Avatar
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    Quote Originally Posted by iris lilies View Post
    You do understand they are taxed on different kinds of income, right? Or maybe the details dont matter to you.

    I get the kind of income Warren gets, and so do you. Would you like to pay a higher tax percentage on that?
    absolutely there is a difference. The richest of us have access to armies of attornies, tax loopholes, different tax structures and so on. Is it fair that Trump, while building a multi million dollar empire reportedly had many years federal tax free? Of course since we have never seen his tax returns who knows? Certainly the rich have a whole other way of doing business and paying or not paying taxes. Is it right? Is it fair? Obviously people have different opinions about it and it is doubtful anyone changes their minds on a forum like this.

  4. #24
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    There is nothing wrong with contributions to benefit the less fortunate, of course.
    there is nothing wrong with it, but I doubt it's particularly sincere unless one has experienced at least some economic misfortune at some point in life themselves, how else to even know how to help the unfortunate (and to not start feeling superior rather than just luckier than them), but no doubt the homeless still need homes etc. etc. - but people shouldn't be going homeless etc. anyway.
    If you want something to get done, ask a busy person. If you want them to have a nervous breakdown that is.

  5. #25
    Senior Member jp1's Avatar
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    Quote Originally Posted by iris lilies View Post
    You do understand they are taxed on different kinds of income, right? Or maybe the details dont matter to you.

    I get the kind of income Warren gets, and so do you. Would you like to pay a higher tax percentage on that?
    Oh yay. Now we can again go through the argument of whether people who work for a living should have lower tax rates or whether the saintly investor class should get lower tax rates on their unearned income. All the while ignoring the concept of marginal tax rates.

  6. #26
    Senior Member Rogar's Avatar
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    It would make sense to me to tax returns on investments at the same progressive rate as other forms of income, like wages, interest income, pensions, etc.

  7. #27
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    Quote Originally Posted by ApatheticNoMore View Post
    there is nothing wrong with it, but I doubt it's particularly sincere unless one has experienced at least some economic misfortune at some point in life themselves, how else to even know how to help the unfortunate (and to not start feeling superior rather than just luckier than them), but no doubt the homeless still need homes etc. etc. - but people shouldn't be going homeless etc. anyway.
    So you feel charity is somehow insincere or condescending unless it stems from motives you approve of? That you have to have experienced poverty to know how to alleviate poverty? You canít empathize with a condition you havenít lived?

    If I havenít been hungry or homeless, the time I have put into food banks and Habitat for Humanity was just an exercise in vanity?

  8. #28
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    Oh yay. Now we can again go through the argument of whether people who work for a living should have lower tax rates or whether the saintly investor class should get lower tax rates on their unearned income. All the while ignoring the concept of marginal tax rates.
    marginal income tax rates on wages are progressive already, they could be more of course, and they could be less (if there was a flat tax I guess), and how much would that really do about wealth inequality anyway i wonder, some I guess.
    If you want something to get done, ask a busy person. If you want them to have a nervous breakdown that is.

  9. #29
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    I have seen people’s middle class lives go down the crapper when they get a disability and can’t work. I have seen people use their savings and lose their homes and sometimes their marriages due to the stress. I don’t need to experience it myself to know how horrible it is.

  10. #30
    Williamsmith
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    Rather than focus on redistributing wealth I am in favor of Abolishing the IRS and replacing it with a simplified tax system which in part would eliminate tax shelters, loopholes, and all manner of taxable “income” manipulations that wealthier taxpayers who can afford to hire accountants and lawyers take advantage of. I would like to file my federal income tax on a postcard someday.

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