(03-06-2023, 06:58 AM)The Real Marty Wrote:

(03-06-2023, 03:17 AM)Lucky2Last Wrote: Mikey ain't wrong about this. There is a true income disparity in the US that is widening and needs to be fixed.

I disagree.  I don't see any need to fix it.  I think if a person invents a product or service that we all like and want, and he sells enough of it to become a billionaire, more power to him.  What he or she has done is a benefit to society.  And as I have already shown, we already tax the hell out of these people.  

But aside from that, if it was up to you, how would you fix it?

No fix needed.  The only thing that needs 'fixing' here is the idea that making a lot of money as Marty suggests above is somehow wrong or evil.  Exploiting people while on the way to doing that?  Wrong.  Paying a bunch of government lackeys and lawyers to keep your business productive and viable?  Wrong.  Adding real value to a society thru a product or service and making a bunch of money doing it without exploiting workers or raping the environment?  Right.

(03-06-2023, 11:04 AM)The Real Marty Wrote:

(03-06-2023, 08:45 AM)mikesez Wrote: That's kind of a fairytale.  You might have people like Jobs or Gates in mind as you say this.  I agree it's good for those people to get huge rewards for their accomplishments.  Theres nothing wrong with the existence of billionaires per se.  But we don't necessarily tax the hell out of them.  They can acquire money by growing their business and selling shares of it afterwards, but, they are not always taxed on that.  Often it goes to a trust. It's a convoluted issue, especially for the extreme cases at the very top, and the large corporations.

If they sell shares for more than the acquisition price, then they are taxed, always.  

People are falling for the myth that we don't tax rich people, but it is a fact that rich people pay way more than most of the income taxes that are collected, and poorer people pay almost nothing in income taxes.

There are plenty of demagogues out there that will tell you rich people aren't paying their "fair share," but they are ignoring facts.  In 2020, the top 1% of earners paid 42% of all the taxes collected.  The bottom 50% of earners paid 2% of all the taxes collected.

The most equitable tax is a flat rate tax.  Abolish tax loopholes for people and businesses and government.  Determine a reasonable low rate (10-15%) and then live within it.  Scale back the IRS; we shouldn't be needing as many audits or corporate tax lawyers.

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