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Should the top 1% pay more?

In 2016 the wealth of the 1% of the world will exceed all of humanity.

Remember this when the Republicans say the 1% pay 80% of the taxes, Do the math, they have 99% of the money, shouldn't they pay 99% of the taxes? 🤔

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Ynotisay · M Best Comment

It's the greatest economic disparity in history and it just got a whole lot bigger with the tax reform bill. The fact that people climbing down from the tractor beat their chests on behalf of the very, very richest in lieu of what's in their own best interest is something I'll never, EVER understand.

SatanBurger · 36-40, F

Yes they should either pay more or propose ways to close the gaps.

[quote]Income disparities have become so pronounced that America’s top 10 percent now average more than nine times as much income as the bottom 90 percent. Americans in the top 1 percent tower stunningly higher. They average over 40 times more income than the bottom 90 percent. But that gap pales in comparison to the divide between the nation’s top 0.1 percent and everyone else. Americans at this lofty level are taking in over 198 times the income of the bottom 90 percent.[/quote]

[quote]The 2016 Wall Street bonus pool was large enough to have lifted all 3.2 million U.S. fast food workers, or all home care aides, or all restaurant servers and bartenders up to $15 per hour. Increasing the incomes of low-wage workers produces stronger beneficial economic ripple effects than boosting bonuses for the rich, since the poor tend to have to spend nearly every dollar they make while the wealthy can afford to squirrel away more of their earnings.[/quote]

https://inequality.org/facts/income-inequality

Davidarendale0 · 36-40, M

Actually the 1% don't have 99% of the money. Now you're straight up making stuff up. You just bought into the class Warfare rhetoric and have an irrational hatred of wealthy people.

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Davidarendale0 · 36-40, M

@Pherick capital gains is a form of income. Local income taxes only tax income. If you wait till you're old enough you don't pay taxes on money in your 401k and everyone pays taxes on profits from investment. With the exception of property taxes which I really forgot about all that is still just tax on income.

Pherick · 41-45, M

@Davidarendale0 I will be completely honest, I am not sure what the argument is at this point.

Income does not equal net worth.

Taxes are paid on a variety of forms of wealth salaries, property, 401k( everyone pays taxes on this, it should just be less at retirement than you would pay if you took the money now), etc.

The top 20% of wealthy people in this country have access to a variety of wealth to help them defer their taxes and pay less than the rest of the bottom 80%. The picture I posted was just trying to show how the net worth of people in this country breaks down. That the top 20% hold about 90% of the wealth, not 1% holding 99% as was mentioned above.

Davidarendale0 · 36-40, M

I only read the first sentence of the reply. I don't remember what the argument is about either. Have a good day.😀

katielass · F

uh no everyone should have to pay something. The ones not paying their fair share are the ones who pay nothing but they take and take and take.

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SW-User

@AustinCat these chicks don't know even know how to read dude, and are too lazy to think for themselves. Not worth it, let em rot in their own garbage.

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Bean17 · 46-50, F

Yes and the distribution of wealth should also be redistributed more evenly.😅

Davidarendale0 · 36-40, M

And all that really boils down to is it the rich pay more in taxes than everyone else. Of course they should they have more money than everyone else but it doesn't help anyone to tax the rich in the poverty. The rich are already paying plenty of taxes and the rich are the ones that create jobs.

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Davidarendale0 · 36-40, M

So do the cuts for the higher brackets. And I guess no one is going to make any money in the ten years before that happens.

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ladycae · 100+, F

@Davidarendale0 jobs are not created by rich people. jobs are created by consumer demand which is caused by a booming middle class. we have no middle class anymore. we have the very rich and then differing degrees of poverty. we become like a third world country every day. yes, we are in better shape on the outside but that is just appearance, on the inside, we are crumbling. rich people won't create jobs if people are too poor to buy their products. no one will make products no one buys. so [b]NO[/b] rich people do not create a single job. and when there is no consumer demand rich people start closing shops factories and businesses. they start laying people off. that causes a recession. there may be a low employment rate but john q. public isn't booming.

whowasthatmaskedman · 70-79, M

No.. They shouldn't.. They do create jobs and capital projects and do deserve an incentive.. BUT... We do have to look at the 80% figure critically. Just because the Republicans say it, doesn't make it so...Make sure they pay more tax on luxury items like Ferraris and Armani suits.

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whowasthatmaskedman · 70-79, M

Lets not do this. If you don't want to check your facts I cant help you. I recommend reading Joseph Stiglitz.@firefall

MethDozer · M

@whowasthatmaskedman Are you replying to me or to fireall?

whowasthatmaskedman · 70-79, M

I completely agree. But that's a argument against allowing those economic practices, not against paying taxes.. Note I picked on luxury import items to tax ..Taking a transaction based commission on a deal only shrinks the pie, not grows it.. And the US financial system has broken the country doing it, while the govt allows it. Its legal theft and unauthorised taxation.@MethDozer

firefall · 61-69, M

all [i]the rest [/i]of humanity, perhaps? or are you saying the 1% are no longer human (defensible but an argument that distracts from your main point)

SW-User

Makes sense to me. It's not like they ever have to worry about going hungry or paying their own bills.

lorne13 · 61-69, M

that's a joke, they don't pay taxes

Davidarendale0 · 36-40, M

"In 2016 the wealth of the 1% of the world will exceed all of humanity" that doesn't make sense and is not possible. And I'm sure they still covered 80% of the tax burden.

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MethDozer · M

There's definitely a problem in wealth distribution, however the solution is more taxation or benfits from the main benefactor and promoter/creator of the problem. Government.
Corporations are for the benefit of government and are a creation of government.

This message was deleted by the author of the main post.

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Pherick · 41-45, M

@TexChik

https://www.cnbc.com/layoffs/

https://www.washingtonpost.com/news/early-lead/wp/2017/11/29/espn-lays-off-approximately-150-behind-the-scenes-employees/?utm_term=.3fdcf7e2b399

https://www.nytimes.com/topic/subject/layoffs-and-job-reductions

http://www.dailyjobcuts.com/

All I am saying is that am I happy that companies are investing in the US? Yes of course I am, I know you think all liberals hate the US, but sorry thats not true. I just want facts made plain, that companies investing, were going to do so anyway, that companies giving out bonuses are doing it make it seem like the tax cut is helping, and companies giving raises were going to have to it anyway, as multiple states around the US are raising their minimum wages.

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Pherick · 41-45, M

@TexChik *sigh* Right because all the layoffs they list are "Fake News" right?

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