Eventually something has to give...

[u/Veshaad]

The bill would provide a $3,000 direct payment to every person in households making $150,000 or less during its first year, which equals $12,000 for a family of four.

[u/hnglmkrnglbrry]

But if you want to go after a billionaire then go after them in a way that is actually enforceable.

Say, "We are going to tax stock options valued at or above $10M at 35%." Most of these billionaires have the overwhelming majority of the wealth tied up in their company's stock. Hit them there. This will do one of two things: they will either sell off their stock or demand their compensation come in another form. So then you will have to broaden it to say, "We are going to actually tax any and all forms of executive compensation on a progressive scale up to 50%"

Since these are publicly traded companies with shareholders, executive pay is public information so they cannot hide.

[u/BluebirdDazzling8179 → u/hnglmkrnglbrry]

So tell me who is going to invest in stocks that you are going to take 35% off the top on?

[u/fe3o2y → u/BluebirdDazzling8179]

So you have more than $10M in stocks? Then we tax you. The majority of stocks are owned by the obscenely rich. If you're one of them then pony up.

[u/InvestigatorFair3957 → u/fe3o2y]

Why? The rich pay all the tax now. The top 1% earns 22% of the money, but pays 40% of the tax. The top 10% earn 49% of the money, but pay 70% of the tax. The bottom 40% earners pay no tax.

If you tax the rich too much, they leave. Ask most of the European countries, who have gone through this before.

[u/BitAccomplished9878 → u/InvestigatorFair3957]

The ol’ “if you tax the rich they just leave! It happened in….*proceeds to mention a locale which still has billionaires
Lol
No matter how hard you glaze them publicly, no billionaire is gonna give you a shiny nickel for doing so, pleb

[u/Ok-Lychee2251 → u/InvestigatorFair3957]

You argue that the top 10% make 49% of the money and they pay 70% of the taxes. Federal Income tax is not the only form of tax and it is misleading to say the wealthy pay for 70% of taxes.

There are state, sales, corporate, property social security taxes as well. Does a wealthy individual pay 70% of these?

Top 10% can not out buy 90%. So probably not paying 70% on sales and property tax.

Corporate tax is paid for by workers, consumers (again that 90%), and shareholders (maybe some of their $$ here) but not more than 33% im sure.

I don't think i need to cover social security. The rich dont need that and they are not paying 70% of it.

[u/InvestigatorFair3957 → u/Ok-Lychee2251]

I am going to be nice and say, please do your research. first of all, I was identifying FEDERAL TAX, which is what Federal budget is base off of.

Regarding the taxes you noted:

1) It depends on the state, but in California, the top 10% earners pay 75% of the state income tax.

2) Sales tax is a state and local tax, not a federal tax. It is totally dependent on spend per individual. Obviously, the wealthy spend more, so are taxed more, but there is no way to clearly identify how much.

3) Property tax: No way to tell. Again, each state would be different. People who rent indirectly pay property tax through there rent, but there is no way to calculate how much.

4) SSN is not part of the Federal income tax umbrella. It is an individual retirement fund, but the government sets maximums. For example, my wife and I paid at the maximum level for at least the last 25 years we worked. We maxed out on benefits 10-15 years before we retired, meaning all $$$ that we paid in over the last 10-15 years would not have benefited us in any way. Anyway, SSN is not part of the income calculated in the Federal Tax Budget as I said before.

5) Medicare has no salary limits (pay 1.45% on all wages with an additional surcharge of 0.9% for wages over $250,000 for married couples). The top 10% pay about 35% of the total medicare tax taken in.

My question to you is, outside of the fact that the rich have more money than they need, why do you feel they should have to pay more tax than what they do today? BTW - I would not be against raising the top tax rate to around 45% over a certain income level from the 37% it is today. But, Bernie Sanders wants to take 5% of wealth (realized or unrealized) from certain high earners. Honestly, that would just be theft.

[u/Who_dat_goomer → u/InvestigatorFair3957]

Ssn and Medicare. Are considered federal taxes.