I haven’t seen any actual loopholes so I’ll provide one: breaking the law because you know the penalty will be far less than the profit.
This is an actual loophole that should be addressed. When you willingly violate laws the financial liability should far outweigh the amount that you stand to profit long term. And in many cases the liability should be criminal.
The laws that give fines should be written to include a clause along the lines of:
If the actions or inactions that lead to this fine being levied resulted in a net financial gain for the convicted then the fine shall at a minimum be 500% of the net financial gain, if the fine is being levied against a corporation and it exceeds 10% of the value of the company, they shall be subject to judicial dissolution, and any remaining assets shall be distributed to either the injured party(s), or the municipality that levied the fine.
I am sure that is not good legal verbiage but I am not a lawyer or legislator, they could clean it up. The idea is that breaking the law will always cost more if caught than not breaking the law, and major transgressions can literally destroy the company, and make all investors lose 100% of their investment. Then no publicly held company could do deliberately risk a fine without being sued by share holders.
Rich people have fancy ways of paying themselves. They hide it in debt and depreciation , offshore , and so many accounting tricks that I am not knowledgeable on.
But I do know this much a lot of rich people and rich companies can manipulate the system to the point they pay 0 taxes or very little.
I believe in taxing everyone. All should have "skin in the game". No one should be able to vote for a tax that only affects someone other than themself.
Isn’t taxing them upwards of 50% enough? I would say so… I think maybe people in CA and NY should be taxed more but that’s mostly because I don’t live there. Federal taxes are high enough
The government already gets a huge amount of money, but they seriously misuse it. If I can’t pay my bills they don’t think twice about taking my house; yet they can live in the red without any repercussions.
I believe in taxing absolutely no one regardless how much money they make or don’t make on a private scale like your federal withholding.
A small flat tax can be made on sales tax and capped. This will get rid of unnecessary government programs that tax dollars are used to launder money through. Corporate taxes should exist but can be offset by contributing to charity. However those charity’s should be throughly audited and all information should be made 100% public for everyone to see how that money is being used.
The rich create the jobs or is that too hard to understand.
The rich take the risks in order to grow their business so they can employ more of us.
The rich are the innovators again creating opportunities.
Please let's have more of the rich and less of the parasite living off our taxes
No, its like getting water from a rock. If you forced elon or bezos to liqudate some of his shares as taxes it would be virtually be the same as printing money. If you tax the middle class in theory they would have less money to spend on everyday things curling inflation
They are taxed quite heavily despite what people like to believe. I dont want to see taxes increase for anybody, I want our tax money to be spent more wisely and for somebody to do something about all the fraud and corruption. They don’t even try to hide it anymore.
It’s a tricky business, the tax brackets in theory the more income you make you pay a higher percentage.
The top 1% pays about 40% of the collective federal income taxes where the bottom 50% pays about 3%.
But there is a logical thought for just a 12.5% flat tax on everyone. Because there are so many loopholes.
Flat taxes are regressive. If we had a simplified tax code that still used brackets, that's fine. However, I'd argue rich people should have higher marginal tax rates.
Top tax rates were a lot higher in the Seventies (before Reagan) and I don’t remember a massive wave of millionaires starving to death. I’m old enough to have lived and worked in the 70s and we had some good times.
And the fact that the tax the rich more crowd doesn't want to admit is that if you look at the portion of total taxes that the rich pay versus the portion of total wealth earned,the rich already pay significantly more than their fair share.
No we all should pay our fair share.. if we tax the rich they will just raise prices there not going to give up their cash cow. It's not like there going to say ohh there's a new law I'll go back to being poor. This is an argument for people who are jealous that others have more than them .
Our founders would roll over in their grave if they knew how much the common folk are taxed.
I damn near give away 2,000 a month on my pay checks before I get taxed to purchase anything. Another 7-10 percent gone right there.
It is not about taxing the rich or closing loop holes. It is about not paying taxes at all until its properly fixed to serve the citizen again. We will never have that type of movement though
We need a different kind of tax strategy for the very wealthy that make most of their income from the capital they own. That should be the dividing line between the very rich and the rest of us. Even high earners such as most doctors and lawyers earn most of their income from the work that they do and a progressive income tax system works well.
As long as income from the wealth you already own is allowed to exceed income from the work that everyone else does, the rest of us will be screwed in the long run.
I believe we should tax people accordingly and we also need to tax the church. If a church is taking a political stance, then the separation of church and state, doesn’t count.
I believe in taxing everyone equally. I don’t care if the rich are not paying more taxes than me, I just don’t want to find out I’m paying more taxes than them.
They (we) are taxed more already. Look up progressive tax rates. The more you earn the more you are taxed, some (California/NY) are taxed over 50%. On income. Less on long term capital gains income. I hope this helps.
The biggest issue is capital gains. It’s bonkers to me that passive income is taxed at a lower rate than labor. I’d even be OK with a flat tax on labor income, but capital gains should be taxed at least at the same rate, if not higher.
Chrge income tax on any asset used as collateral for a loan. That would close the biggest loophole for the rich. They could no longer use tax free shares as collateral to fund their lives with tax free loans.
I think at the very least everybody should be taxed the same percentage of their income. Although I don’t believe the rich should be taxed a ridiculous amount, I also don’t believe the rich should be getting tax breaks they don’t need.
They already are! That 30-million dollar house brings in scads of tax-dollars. Plus, the top 1% pay about 40% of all Federal-income-taxes......many Americans pay no Federal income-tax.
the top .1% need to pay a lot more in tax (I'm fine with people having hundreds of mil, but Billionaire status looks more like a mental illness), maybe in the form of heavy taxes on loans against assets over a couple mil. IE the way many of them stay wealthy on paper but don't actually have the money in accounts all the time and bypass taxation on wages and bonuses.
To a point. But let's be real, the category of "rich" entails they are in control of political establishments, and it's not going to happen, even when "eat the rich" politicians are claiming it is.
It’s really not that hard to understand. If we want European type of benefits then we need to institute European type taxation. That means higher taxes across the board, you can’t get there by just taxing the “rich”.
They believe in taxing me
No, I believe in changing the tax code loopholes that only the rich benefit from
Why not both?
You change the loopholes and the rich people suddenly have to pay taxes. Killed two birds with one stone already.
Such as - ?
I always hear that argument and I never leave with an answer
I haven’t seen any actual loopholes so I’ll provide one: breaking the law because you know the penalty will be far less than the profit.
This is an actual loophole that should be addressed. When you willingly violate laws the financial liability should far outweigh the amount that you stand to profit long term. And in many cases the liability should be criminal.
If the penalty is a fine, that just means it's legal for a price. I agree, the price should outweigh the benefit.
The laws that give fines should be written to include a clause along the lines of:
If the actions or inactions that lead to this fine being levied resulted in a net financial gain for the convicted then the fine shall at a minimum be 500% of the net financial gain, if the fine is being levied against a corporation and it exceeds 10% of the value of the company, they shall be subject to judicial dissolution, and any remaining assets shall be distributed to either the injured party(s), or the municipality that levied the fine.
I am sure that is not good legal verbiage but I am not a lawyer or legislator, they could clean it up. The idea is that breaking the law will always cost more if caught than not breaking the law, and major transgressions can literally destroy the company, and make all investors lose 100% of their investment. Then no publicly held company could do deliberately risk a fine without being sued by share holders.
The same laws the rich use to balance their book exist for everyone else too. Anyone can take advantage of these tricks
The only difference is the rich actually have enough money to make it worthwhile to actually do it
Flat tax
Rich people have fancy ways of paying themselves. They hide it in debt and depreciation , offshore , and so many accounting tricks that I am not knowledgeable on.
But I do know this much a lot of rich people and rich companies can manipulate the system to the point they pay 0 taxes or very little.
Rich people have the resources to hire people that will protect their assets.
There is an enormous difference between not paying taxes and not owning taxes. Following tax laws is not a loophole.
Define rich.
No. Eating is more appropriate.
Came here with the same thought.
I believe in taxing everyone. All should have "skin in the game". No one should be able to vote for a tax that only affects someone other than themself.
Fair taxes on the wealthy make sense; nobody should be untouchable when it comes to contributing.
No, because I will be a billionaire someday. /s
I do, it just doesn't seem like anyone else seems to be?
I‘m convinced micro taxes on financial transactions would be far more effective, making „regular“ taxes obsolete, covering UBI and healthcare.
Define rich
Top 10% earners already pay 72% of all the federal income tax taken in. We don’t have a tax problem, we have a spending problem.
top comment.
Absolutely. If someone working two jobs just to make ends meet has to, they should too.
As someone who goes back in forth with 2 jobs, what do you actually think would change if they taxed them more.
No. I believe that everyone should be equal
The whole taxing system is a scam. No one rich or poor should be taxed the way we are.
Isn’t taxing them upwards of 50% enough? I would say so… I think maybe people in CA and NY should be taxed more but that’s mostly because I don’t live there. Federal taxes are high enough
I believe the “rich” pay lots of taxes, no?
They are taxed
Maybe only tax people who make more than &350k/yr?
I believe in a flat tax with limited exclusions, write-offs, etc. Everyone needs to have skin in the game.
Exactly
The money wasn’t pilfered by corruption it might actually work.
The rich are taxed.
The rich are already taxed and pay a disproportionate amount of total tax
Already do
They already pay the majority of taxes…….
The government already gets a huge amount of money, but they seriously misuse it. If I can’t pay my bills they don’t think twice about taking my house; yet they can live in the red without any repercussions.
The only thing that the USA has going for it anymore is the full faith and credit of the government (and even that is being eroded).
Go look at the income tax rates before Reagan was president compared to today.
I believe in taxing absolutely no one regardless how much money they make or don’t make on a private scale like your federal withholding.
A small flat tax can be made on sales tax and capped. This will get rid of unnecessary government programs that tax dollars are used to launder money through. Corporate taxes should exist but can be offset by contributing to charity. However those charity’s should be throughly audited and all information should be made 100% public for everyone to see how that money is being used.
I believe everyone should pay the same percentage that makes it fair and those that make more naturally pay more
i believe in taxing everybody.
its what makes society function.
i also believe the same rate of tax should apply to everyone.
I believe no one should be taxed in excess because they made the effort to become successful.
Are they not already paying taxes?
Rich is very subjective.
A person who has food & a place to live is considered rich by some.
Having a job is considered rich by some.
Etc etc.
People who own companies tend to be considered "rich" but they also provide jobs for people to have money to spend.
The rich create the jobs or is that too hard to understand. The rich take the risks in order to grow their business so they can employ more of us. The rich are the innovators again creating opportunities. Please let's have more of the rich and less of the parasite living off our taxes
Everyone should be paying their fair share. It isn’t rocket science.
Billionaires should be taxed out of existence.
No, I feel like we should be doing something else with them entirely.
The rich are being taxed. But the super wealthy aren't paying their fair share. It's called: Buy. Borrow. Die.
Absolutely. People are dying in the streets. Jeff Bezos won’t die with one less yacht.
Much more sense than taxing the poor..
No, its like getting water from a rock. If you forced elon or bezos to liqudate some of his shares as taxes it would be virtually be the same as printing money. If you tax the middle class in theory they would have less money to spend on everyday things curling inflation
Without rich people we may not have a job.
Consumers are job creators, not the rich
spot on.
i work for the richest person in australia.
she pays more tax than anyone in this country.
she turned a 75m company into a 40b company.
without her, many tens of thousands of people would not have a job.
Of course they need taxing, if other non rich people have to have tax and rich people dont, then thats not really fair is it?
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They are taxed quite heavily despite what people like to believe. I dont want to see taxes increase for anybody, I want our tax money to be spent more wisely and for somebody to do something about all the fraud and corruption. They don’t even try to hide it anymore.
No. I lean towards a flat tax for wealth.
It’s a tricky business, the tax brackets in theory the more income you make you pay a higher percentage. The top 1% pays about 40% of the collective federal income taxes where the bottom 50% pays about 3%. But there is a logical thought for just a 12.5% flat tax on everyone. Because there are so many loopholes.
Flat tax is regressive, and would only benefit the wealthy. 40% isn't enough from the top 1%, who own 95% of the ENTIRE WORLD'S wealth.
Flat taxes are regressive. If we had a simplified tax code that still used brackets, that's fine. However, I'd argue rich people should have higher marginal tax rates.
Definitely.
Top tax rates were a lot higher in the Seventies (before Reagan) and I don’t remember a massive wave of millionaires starving to death. I’m old enough to have lived and worked in the 70s and we had some good times.
Fact. The majority of taxes are currently paid for by the rich in the US.
They’re already taxed. Taxing success into oblivion stifles progress.
No, they already pay the majority. If the rich get richer, the poor get jobs. When was the last time you got hired by a poor person?
Get rid of taxes altogether
You realize that is not an option, right?
No fire trucks or 911 and we would be speaking Russian with no army during the Cold War which would not be cold.
Somewhat. I don't believe in massive inheritance taxes. Abd taxing the ultra rich runs the risk of capital flight. Taxing the lower upper class sure.
Whatever the tax policies were in the 50s when we had the strongest middle class and best social mobility... let's just bring that back.
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Would you rather tax the poor?
Believe in eating the rich.
I don't believe in taxing anybody
Taxation is now a faith or something?
I’m all for everyone paying their fair share, not for penalizing someone for doing well.
And the fact that the tax the rich more crowd doesn't want to admit is that if you look at the portion of total taxes that the rich pay versus the portion of total wealth earned,the rich already pay significantly more than their fair share.
No we all should pay our fair share.. if we tax the rich they will just raise prices there not going to give up their cash cow. It's not like there going to say ohh there's a new law I'll go back to being poor. This is an argument for people who are jealous that others have more than them .
They should just have one tax rate. Like 15% across the board.
I don’t believe in violating consent, so no. I don’t believe in taxing anyone.
If I have to pay taxes, so do they lmao.
Our founders would roll over in their grave if they knew how much the common folk are taxed.
I damn near give away 2,000 a month on my pay checks before I get taxed to purchase anything. Another 7-10 percent gone right there.
It is not about taxing the rich or closing loop holes. It is about not paying taxes at all until its properly fixed to serve the citizen again. We will never have that type of movement though
With
Taxidermy the rich
Duh.
We need a different kind of tax strategy for the very wealthy that make most of their income from the capital they own. That should be the dividing line between the very rich and the rest of us. Even high earners such as most doctors and lawyers earn most of their income from the work that they do and a progressive income tax system works well.
As long as income from the wealth you already own is allowed to exceed income from the work that everyone else does, the rest of us will be screwed in the long run.
I think humans should not be taxed for living.
Tax the rich, feed the poor, til there are no rich no more
I believe we should tax people accordingly and we also need to tax the church. If a church is taking a political stance, then the separation of church and state, doesn’t count.
The rich are taxed. You need to phrase your question differently.
Not long term look at a chart
Fuckenay
I believe in no taxes. They way it was back at the turn of the 20th century and a bit beyond.
Define rich.
I believe in taxing everyone equally. I don’t care if the rich are not paying more taxes than me, I just don’t want to find out I’m paying more taxes than them.
No, we don’t want to upset our job creators. Sarcasm
They (we) are taxed more already. Look up progressive tax rates. The more you earn the more you are taxed, some (California/NY) are taxed over 50%. On income. Less on long term capital gains income. I hope this helps.
I believe in taxing everyone, flat tax rate for all.
I believe in taxing everyone equally
The biggest issue is capital gains. It’s bonkers to me that passive income is taxed at a lower rate than labor. I’d even be OK with a flat tax on labor income, but capital gains should be taxed at least at the same rate, if not higher.
I believe no personal or property income tax should be allowed. If govt can’t function off sales tax then they are wasteful
Chrge income tax on any asset used as collateral for a loan. That would close the biggest loophole for the rich. They could no longer use tax free shares as collateral to fund their lives with tax free loans.
Why a lot of people think that poor people are good people? Poor people can be lazy, jealous and dumb
Tax them into poverty.
I think at the very least everybody should be taxed the same percentage of their income. Although I don’t believe the rich should be taxed a ridiculous amount, I also don’t believe the rich should be getting tax breaks they don’t need.
Should be a flat tax for everyone. Do 10% down the board no matter the earnings.
They already are! That 30-million dollar house brings in scads of tax-dollars. Plus, the top 1% pay about 40% of all Federal-income-taxes......many Americans pay no Federal income-tax.
No, I'll pay. They should get a pass. Stupid post
the top .1% need to pay a lot more in tax (I'm fine with people having hundreds of mil, but Billionaire status looks more like a mental illness), maybe in the form of heavy taxes on loans against assets over a couple mil. IE the way many of them stay wealthy on paper but don't actually have the money in accounts all the time and bypass taxation on wages and bonuses.
Depends, what are you doing with the tax money?
To a point. But let's be real, the category of "rich" entails they are in control of political establishments, and it's not going to happen, even when "eat the rich" politicians are claiming it is.
Everyone should be taxed. Appropriately.
Tax the living hell out of them.
Absolutely!
Taxation is theft.
I believe in taxing no one
No let them own everything........
No, I believe corporations should be taxed the same way we are. I dont pay my bills and then get taxed on whats left and neither should they.
I believe in taxing everybody…just much less for those at/under the poverty level.
Depends what you mean by rich. Someone making 400k isn't the problem, it's the billionaires hiding money in offshore accounts
It’s really not that hard to understand. If we want European type of benefits then we need to institute European type taxation. That means higher taxes across the board, you can’t get there by just taxing the “rich”.