Doesnt ol lunch pail Biden have a lot of these?

But those are not the top 1% in WEALTH, or the "richest" Americans. This only impacts good lawyers, doctors, architects, engineers, etc. Successful small business owners too. But it does NOT ADDRESS those truly at the top of the "wealth" list. The "billionaires" who own $1 billion or more of SOMETHING, yet have no income to speak of.

The worst part though, is there is no real way to tax wealth without lowering everyone's income. That's the catch22. Now states do this through property taxes, but that's limited to real estate, in that state. But if a true federal "property tax" on stocks, and other investments ever materialized, it would tank the economy. Income tax is real money, as it has been exchanged for labor, or some sort. In a sense it's "pure" money, tied directly to labor expended to earn it. IF you start taxing market valuations of an asset, that's the end of everything, and the dominoes will all come crashing down. The relation of labor to dollars MUST remain intact, as dollars "earned" through market appreciation/demand are not tied to labor, and that undermines the legitimacy of the currency.

One theory on our recent bout of inflation was due to the mysterious influx of federal revenue that happened right as inflation spiked. The cause was hush hush, even though the Treasury knew #### well what was flooding federal coffers. It was capital gains payments from assets being sold. A large-scale influx of money from capital gains means there's a large influx of money not exchanged for labor. When that money is realized through the sale of the asset, it becomes fuel for the economy, AND inflation.

That's just one of many theories, but it's likely at least a contributing factor.

tabbyplague®

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The Democrats love using the "1% need to pay their fair share"

May 7, 2024, 8:30 AM

but the reality is the 1% pay the very the amount of tax the DC political elites have established in the US Tax Code. As Tiggity explained - the top 1% aren't doing anything these political clowns in DC have not intentionally provided to them as an outlet to maintain their wealth and secure their future political contributions. These are not accidental tax code "loopholes" - they are campaign contribution bought and paid for tax code investments. The state of the US tax code is not an accident - it is an exercise in Congressional power where it is used to financially reward/punish and also modify desired behaviors based on what the elites in DC want at the time.

This overused "top 1% must pay their fair share" mantra is an emotion driven slogan that preys on the worst emotions of human beings - envy and hate. The very same call to emotion that every Marxist cause has used to rally support since Marx and Engles wrote about direct progressive taxes and government mandated property theft from "the rich" to pay for their de-humanizing Utopia.

The Democratic Party wants to grow the size and scope of the Federal Government. Every policy idea and budget proposal affirms Federal Government growth as their objective. We already cannot fund the current size/scope of the Federal Government based on current tax receipts - therefore the ballooning Federal debt.

What the Democrats ultimately understand is that the only way to continue with their expansion of Government spending is to find more tax dollars from more people. That is why we are now hearing "tax the rich" and "tax the wealthy" more so than "1%" in their language where the definitions of "rich" and "wealthy" are malleable and can be adjusted as needed.

The truth is that any attempt to pay for our current bloated Government, much less an increased spending Federal Government, will require the middle class to be a big bill payer because the wealthy class only has so much money and is only going to tolerate so much of it being ripped from their clutches by their bought and paid for political puppets. The politicos know this and must figure a way to slowly boil that massive middle class tax frog in the pot without us realizing it. So... they are going to keep moving that "rich" bar downward until it hits a lot of middle class folks.

The ultimate solution to fixing our budgetary mess and stopping the erosion of our individual liberty is to significantly cut the size and scope of the Federal Government with a return to our Constitutional moorings. Our system was intended and designed to be one where State/local governance was most prevalent with a very limited Federal Government mostly overseeing common defense, foreign policy, and interstate commerce/issues. It was never intended that the Federal Government would be the single arbiter of almost every social, cultural, and political issue of the day much less a cradle to grave benefits provider.

Today, the Governmental power distribution in the USA is almost the complete opposite of our original design. The DC elitist class has spent decades constructing a whole DC ecosystem designed to provide them with most of the real power in the USA. Any attempt to rip that power from them in a return to more State/local governance will most certainly be fought tooth and nail by the whole d.a.m.n.e.d DC ecosystem.

So... Chances are we'll continue down this road where a lot of the loudest DC politico bullhorns will continue the charade that if we just "tax the rich" it will solve all our budgetary problems. Yet at some point "the rich" will actually mean today's middle class and once that well of middle class tax dollars has been drilled and the Federal spending debt continues to rage well beyond it's tax receipts - the whole system will eventually fall over the financial cliff and our descendants will curse us for what we have done.

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Paying their fair share

Re: Paying their fair share means - - -

Re: Paying their fair share

Flat tax. Everybody pays.***

Re: Flat tax. Everybody pays.***

You run a company and make less than 400k?***

no, and intersting deflection

Ask this guy, who said it before Bernie

The biggest sham is what most Americans consider "wealth".

Re: The biggest sham is what most Americans consider "wealth".

Biden's plan hits those at the top of the INCOME list.

Re: Paying their fair share

Go touch some grass, youve spent way too much

You need a juice box or something.***

Re: Paying their fair share

wealthy peole do not pay income tax

Re: wealthy peole do not pay income tax

Re: wealthy peole do not pay income tax

Re: wealthy peole do not pay income tax

^^^Racist

not disagreeing with what you're saying

Like Balm said. The Top 1% aren't really represented here.***

Re: Like Balm said. The Top 1% aren't really represented here.***

it would be a problem if you live in Manhattan or San Fran,

The Democrats love using the "1% need to pay their fair share"

Re: The Democrats love using the "1% need to pay their fair share"

But that's the thing about power - the more they get the more they want and

Would you be opposed to

Absolutely not... I'm all for closing every "rich person loophole" in the tax

Re: Absolutely not... I'm all for closing every "rich person loophole" in the tax

Let me show you a chart that clearly illustrates the fallacy that is

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