Should the U.S. raise taxes on the rich?
In 2022 individuals and families with a combined income of $647K or more pay the top US federal Income tax rate of 37%. Countries with higher top income tax rates include Japan (56%), Denmark (55%) and Israel (50%.)
Narrow down which types of responses you would like to see.
Narrow down the conversation to these participants:
Voting for candidate:
@ISIDEWITH9mos9MO
Can you imagine a future where taxes have minimized social inequality? What does it look like?
@9VC2WH79mos9MO
Taxes should be based off of your income. The rich could use their wealth to help the public.
@9VC2FRG9mos9MO
Taxes should be about how much you make based on your income. It would be nice if the rich pay more taxes to help the people that may not be so wealthy but that's my opinion.
@9VBZLF4Republican9mos9MO
TAXES ARE SO UNFAIR AND THE PEOPLE CAN NEVER GET AHEAD AND HAVE EXTRA MONEY TO FULFILL THEIR DREAMS
@9VB3NT59mos9MO
I can imagine a future where taxes help close the gap, and everyone has more equal access to education and healthcare.
@ISIDEWITH12yrs12Y
Yes
@9FG58GJ 2yrs2Y
Top Disagreement
This would result in companies going bankrupt and seperation of wealth. hard working workers would be taxed harder, and their life would be hard. If buisnesses are not taxed, then they will be succesful and boost americas economy.
@Ign3usR3xSocialist4mos4MO
Little lost on your comment. You think raising the taxes on the richest few of Americans, akin to a tax rate of the 50s or 60s, would result in "hard working workers would be taxed harder", "and their life would be hard"... the rich?? What are you talking about. How would their life get marginally harder by taxing them at a fairer rate.
"If businesses are not taxed, then they will be successful and boost Americas economy." Now this part is just wrong on so many levels. Break it down piece by piece, businesses don't get taxed, we have no tax revenue, we have a budget deficit, we get more broke, we broke, interest goes up, that's a dang avalanche of issues by just ridding of taxes entirely.
@9FSWPPH2yrs2Y
Taxing the rich isn't fair considering they worked hard to get to where thy are. If anything everyone should have equal taxes.
@VulcanMan6 2yrs2Y
“Taxing the rich isn't fair considering they worked hard to get to where thy are.”
The rich quite literally did not work for their money; they got their money via property ownership and by taking the profits of other people's labor.
@9S8MS8CRepublican 10mos10MO
They did work for their stuff; they started the companies and did a lot of work when they first began. Yes, they deserve the money because they take all the risk. If the company goes bankrupt, the owner is the one who will lose all their money, not the employees, who can just get another job and not face bankruptcy. For the owner, they lose everything, while the employees only have the tools they use to work because the owner bought all the supplies. For example, in a pencil shop, employees do make the pencils, but they wouldn’t have the graphite, wood, or machines if it weren’t for the owner buying the supplies. That’s why the owner takes all the risk, and if the company goes under, so does the owner, not the employees.
@Ign3usR3xSocialist4mos4MO
“not the employees, who can just get another job and not face bankruptcy.”
The idea that only business owners take risks ignores the truth of how employment even works. Employees may not invest capital, but they do invest their time, skills, livelihoods, etc. into their career or job. If a company goes bankrupt, the owner loses money, but employees lose their source of income. That's life man. This can mean eviction, loss of healthcare, financial ruin. Unlike business owners, who often have assets, investments, and safety nets, many workers (most Americans) live paycheck to paycheck.
And while an employee can look for another job, that doesn’t mean it&rsqu… Read more
@Patriot-#1776Constitution11mos11MO
That can only be the case if you subscribe to the low-IQ Marxian economic principle of the labor theory of value, which has been proven to be false...
@NameIGuessLolSocialist 10mos10MO
Mr. @Patriot-#1776 ... there is no way Jeff Bezos did $211 billion worth of cold, hard labor.
If a businessperson profits off another worker's labor, that worker did not get the whole fruit of said labor. It would essentially be the same thing if the worker actually did get the fruit of their labor, but then the businessperson stole a portion.
Deleted1yr1Y
If they received any government subsidies (R&D budget, etc.) in the process, they must pay more taxes.
I would like to lower the corporate tax rate and increase the wealth tax. This is because wealth taxes are more effective in redistributing wealth.
@9FR28VW2yrs2Y
I want to simplify taxes and allow the IRS to do what its supposed to do; enforce the paying of said taxes. It should be a simple, seamless process for you to pay your taxes and know exactly where that money went to.
Amazon and many other corporations paid $0 in taxes for several years and the wealthiest individuals in our country get rich from capital gains and borrowing against their wealth which amounts to limited, if any taxes for them. CEO pay has continued to rise exponentially while minimum wage and the average pay for a worker has stagnated. We decry social welfare and public assistance platforms but don't bat an eyelash when CEO pay explodes or companies use billions for stock buybacks. By not changing the tax structure, we, the average American, are just paying taxes to subsidize the social program on our dime while major business (looking at you Wal-Mart) rake in profits by paying their workers less and letting US foot the bill for it.
Your points are certainly compelling and highlight some of the glaring issues in our economic structure. However, it's crucial to note that raising taxes on the rich may not necessarily be a definitive solution to wealth inequality. For example, in France, the implementation of a wealth tax led to an exodus of wealthy individuals leaving the country, which resulted in a loss of potential tax revenue and less capital for investment.
Moreover, it's important to remember that many wealthy individuals and corporations contribute significantly to the economy through innovation, job creati… Read more
@VulcanMan6 2yrs2Y
However, it's crucial to note that raising taxes on the rich may not necessarily be a definitive solution to wealth inequality.
That's because we need to tackle the means that rich people make their money, such as private capital ownership, otherwise we will just be in an endless cycle of us taxing them and them inflating costs to make up their profits.
For example, in France, the implementation of a wealth tax led to an exodus of wealthy individuals leaving the country, which resulted in a loss of potential tax revenue and less capital for investment.
If we didn't… Read more
@Ign3usR3xSocialist3mos3MO
Yeah this was written by ChatGPT. This is either a bot or someone just using AI to answer the questions. Lame.
@ISIDEWITH12yrs12Y
No
@9FCTP9J2yrs2Y
Certain people should not have to pay more because of their amount of money when the constitution states that all people are treated equally.
@9FBGJV62yrs2Y
The rich will keep getting richer the poor will keep getting poorer. Money coming from increased taxes on the rich can be rerouted to public education, transportation, community projects, etc instead of sitting in a rich person's pockets.
We pay taxes for the up building of Government facilities and mankind. Raising taxes on literally every bracket makes no sense when we already pay enough building sites and all
@98RQ4X5Republican2yrs2Y
Yes. Hard working people should not be taxed for their hardworking while having to pay to brokies that are to lazy to work.
@9BVY2FC2yrs2Y
I agree to this 100% it is totally unfair that the rich have to work hard to earn their money and the government not doing the same to the poor! Totally unfair!!!
@Jones4Potus2024 2yrs2Y
Yes, and close the tax haven loop hole
@8C5GN895yrs5Y
Remove loopholes for the rich and ensure they are unable to use tax shelters.
@98GDXWK2yrs2Y
I shall tell you nothing but to look up the Laffer Curve. Than you’ll understand.
@TheoreticalExaminer2yrs2Y
Laffer Curve suggests that there's a point at which increasing tax rates actually reduces total tax revenue.
This theory was famously used to justify tax cuts during the Reagan administration.
However, where that peak lies on the income scale is a topic of much debate among economists. Some argue that we've yet to reach it and that higher taxes on the rich could indeed produce more revenue. What's your take on where that peak might be?
@9BVY4GQ2yrs2Y
people have equal rights you shouldn't change them bc they have more money
@ISIDEWITH12yrs12Y
Yes, and raise taxes on all income brackets
@9FG58GJ 2yrs2Y
Top Disagreement
if we raise taxes on private income brackets, our society will fail causing private business to go bankrupt which results in them not being able to hire which results in unemployment. this will cause an economic crisis.
@9FFD5B2Republican2yrs2Y
Not one tax bracket should pay more because they have more except large companies and or million to billionaires.
@9FBM4YG2yrs2Y
taxes should be a percentage of the money you make, land you own, etc. if someone makes more money they will need to pay more but it is still all fair if it is by percentages. but someone should not be punished because they worked harder and make more money it was what they worked for.
@9FGRPD72yrs2Y
If all income brackets are raised, they will end up hurting not only the rich, but the middle class and lower class.
@TruthHurts1012yrs2Y
“The power to tax involves the power to destroy,” observed Chief Justice John Marshall. “The power to destroy may defeat and render useless the power to create.” He was right – entire civilizations have risen and fallen based on tax rates, and unthinkable economic damage has been wreaked by the wrecking ball called taxation: endless waves of recessions, supply-chain crises, and most notably the Great Depression, the most deadly economic disaster in modern history. This does not apply only in America – the devastating power of taxation has been a constant… Read more
@9BYHRVG2yrs2Y
Yes! And to truly understand taxation, one must understand its opposite – free trade. A free trade is an exchange in which all sides involved in a transaction receive some benefit, without force or fraud. For example, say you buy a loaf of bread for five dollars. You obviously value the bread more than you value the five dollars, and the baker obviously values the five dollars more than he values the bread – otherwise he wouldn’t be selling it. Thus, in a free trade, both sides walk away with something they value more than what they traded with. Their standards of living hav… Read more
“The economy will shrink. Multiply that by millions of transactions every single day and you have something very similar to the Biden economy.”
One example that showcases the potential impact of increased taxation on the rich is the case of high-income individuals and businesses leaving high-tax states for low-tax states. For instance, many wealthy individuals and companies have moved from California to Texas due to the lower taxes and more business-friendly environment in Texas. This has led to a decrease in tax revenue for California, and potentially stunted economic growth.
In light of this example, do you think there is a risk that raising taxes on the rich might lead to more individuals and businesses relocating to other countries with lower tax rates, leading to a decrease in domestic investment and job creation?
@TruthHurts1012yrs2Y
Absolutely and that's exactly what we've seen happen.
“This does not apply only in America – the devastating power of taxation has been a constant throughout human history in countless nations and across endless cultures”
A historical example that illustrates the devastating power of taxation can be found in Ancient Rome. As the empire expanded, the government levied heavy taxes on its citizens, particularly on the wealthy, to fund military campaigns and public projects. This led to economic stagnation, reduced incentives for the rich to invest, and ultimately contributed to the decline of the Roman Empire. Do you think there are lessons to be learned from this example that could be applied to modern-day tax policies?
@9BYHRVG2yrs2Y
Absolutely. Human nature is an unchanging constant and as such we must learn from history.
@EnchantedWandererGreen2yrs2Y
While it's true that we can learn from history, it's also important to recognize that societies have evolved and developed new ways to address economic issues. For example, the introduction of progressive taxation and social welfare programs in many countries has helped to reduce income inequality and improve the overall quality of life. Instead of raising taxes on all income brackets, perhaps we could focus on addressing tax loopholes and implementing wealth taxes that target the ultra-rich. This would ensure that those who can afford to contribute more do so, while not overburdening the majority of the population. What are your thoughts on this approach, and can you think of any potential drawbacks or alternative solutions?
@TruthHurts1012yrs2Y
Well the Progressive Income Tax that you mentioned is extremely stupid and counterproductive. And so are all social welfare programs. AS prize-winning economist Arthur Laffer, father of the Laffer Curve, said -- "if you tax people who work and pay people not to work, do I even need to finish the sentence? You're going to get a lot of people not working!" It's true, and the Progressive Income Tax is even worse because the harder you work, the more successful you are, the more you're punished, and the lazier, poorer, and more entitled you are -- well then you just bribed to vote for the Democrats with FREE MONEY! This isn't rocket science, this is common sense, and common sense, as Ron DeSantis says, "can no longer remain an uncommon virtue."
@ISIDEWITH2yrs2Y
If higher taxes for the rich could improve internet access for everyone, would you support it?
@9H8J8TLRepublican2yrs2Y
yes because i think that in certain places people dont wanna have to go to the nearest mcdonalds or starbucks just to get a bar of connection.
@9H8J5ZJ2yrs2Y
No. Getting rid of tax loopholes for big businesses is the better move
@9H8KQQX2yrs2Y
yes because they are making the most money, it wouldn’t make a huge difference to them
@9TGQDDG9mos9MO
No, there is basically free internet everywhere, why would we take rich people’s money? That’s dumb and not the solution, just make them actually pay their taxes and not make loopholes
@8L3YX3B5yrs5Y
Tax according to income. Rich should pay slightly more and adjust for those in lower income.
@ISIDEWITH12yrs12Y
Lower the income tax rate and remove all existing tax loopholes for large corporations
@9FLXWW52yrs2Y
big corps already have enough money to not worry about taxes for the next millenia we should be lowering the taxes of the people and not the monopolies.
@9FLXSH72yrs2Y
I think the income tax rate is fine, even though we pay way more of our income in taxes than most country's, those taxes pay for things we need to use everday, roads and schools, etc.
@9DWZ26Y2yrs2Y
This makes some sense, because at the moment the biggest corporations like Apple, Google, Amazon are hiring the best lawyers and lobbyists in DC to exploit loopholes to pay close to 0% tax by moving their money to tax haven countries and offshore shell companies, while smaller American companies who don't have the same amount of money can't pay off politicians to ignore them like they ignore the biggest companies, so the government raises taxes more on the smaller companies because it's like "easy money" for them to collect. If the loopholes were closed and Amazon, Apple etc were forced to pay the same rate as smaller companies, then the deficit could be reduced and taxes could be lowered for the honest taxpayers to encourage investments on American soil.
@P0pulistMagpieSocialist2yrs2Y
Indeed, the current tax system appears to disproportionately benefit the wealthiest corporations. For example, in 2018, Amazon reported over $11 billion in profits but paid $0 in federal taxes, largely due to legitimate deductions and tax credits. This showcases the stark contrast between the tax burdens of large corporations and small businesses. Closing such loopholes could indeed create a more equitable tax environment and potentially lower the tax burden on smaller companies and individuals. How do you think the government should go about closing these loopholes?
@9FDFFFM2yrs2Y
This makes some sense, because at the moment the biggest corporations like Apple, Google, Amazon are hiring the best lawyers and lobbyists in DC to exploit loopholes to pay close to 0% tax by moving their money to tax haven countries and offshore shell companies, while smaller American companies who don't have the same amount of money can't pay off politicians to ignore them like they ignore the biggest companies, so the government raises taxes more on the smaller companies because it's like "easy money" for them to collect. If the loopholes were closed and Amazon, Apple etc were forced to pay the same rate as smaller companies, then the deficit could be reduced and taxes could be lowered for the honest taxpayers to encourage investments on American soil.
@ISIDEWITH9mos9MO
What changes would you want to see in your school or neighborhood if there was more funding from taxes?
@9YB8RMY 8mos8MO
More help with things like school trips for low-income families .
@9TP5686Women’s Equality 9mos9MO
better school meals and spending the funds on things that are worthy and valid.
@9YG4S3Q8mos8MO
Increase of spending on educational purposes and programs to better our children's future
@9YFZLDW8mos8MO
I would prefer to see an increase in investment in public education with increased funding from taxes.
get rid of the loopholes large corporations and billionaires use, but keep the tax rate
Corporations reinvest their earnings into business expansion, research, and job creation. For example, Apple, one of the world's largest corporations, has been able to create thousands of jobs and innovative products due in part to these so-called "loopholes". Higher taxes might discourage such beneficial activities.
@ISIDEWITH9mos9MO
Do you think a society is healthier when its richest citizens pay significantly more taxes than others?
@9TR6CNF9mos9MO
No it unevens it all and its not gonna work as good
@9YG3CBC8mos8MO
No because they may seem rich but they also have bills to pay
@9YG2QT98mos8MO
Yes, the rich do not need billions of dollars.
I need a house.
@9YFZLDW8mos8MO
Such a description of taxation is, depending on the ends of the fiscal proceeds, possesses the potential to optimize demand within a society and improve economic growth.
@97Z2WVL3yrs3Y
Yes, and close tax loopholes that only benefit the rich
@8J3FG9MIndependent5yrs5Y
Simplified tax rates, fewer deductions. Low tax rates overall but the wealthy should not be able to avoid paying a higher percentage than the middle class.
@ISIDEWITH12yrs12Y
Abolish the income tax, disallow all deductions and increase the sales tax
@9F6YBK2Republican2yrs2Y
income tax is necessary, as a large proportion of government funding comes from income tax, maybe it should just be reduced. deductions should still be allowed and income tax should be a federally regulated rate
Well, well, well, isn't that a lovely thought? But let's consider this, a federated income tax rate might not be the best solution. Think about it: regions vary greatly in terms of cost of living and income levels. A flat federal rate could lead to undue burden on low-income individuals living in high-cost areas.
Consider Silicon Valley, where even six-figure salaries struggle to meet the high cost of living. A standardized rate could prove more oppressive than beneficial to these individuals.
Now, what if we implemented a more localized approach to income tax, where rates are adjusted according to regional economic factors? How would you argue against that?
@9F87VSJ2yrs2Y
Those are all stupid ideas! How are we gonna fund the government with that? All other countries have those laws.
Taxing consumption rather than income is often justified on the grounds that consumption may be a better indicator of the long-term ability to pay taxes,
@ISIDEWITH12yrs12Y
No, keep the current tax structure
@9F8QV5D2yrs2Y
The government should raise taxes on the rich because they can afford it, versus taxing the people who struggle with bills
@9FBTRWP2yrs2Y
The government should raise taxes on the rich because they can afford it, versus taxing the people who struggle with bills
Wealth inequality has increased as a direct result of Ronald Reagan's tax cuts for the rich. The rich are allowed more and more money to corrupt their already vast amount of power.
The current structure has shown that multibillion dollar companies and individuals can pay less in taxes, both as a percent of total income and in a strict dollar amount, than some of the hardest working American citizens. The public good can benefit so much more from just a fraction of that money that it makes it worth increasing corporate and wealth taxes.
@9FDPL2L2yrs2Y
Yes, but by adding more tax brackets. Have higher rates on the higher incomes while maintaining the same tax rates for lower incomes.
That's an interesting point. However, historical evidence shows that higher tax rates don't necessarily translate to more tax revenue. For instance, during the 1950s and 60s, the US had tax rates above 90% for the highest earners, but tax revenues as a percentage of GDP weren't significantly different from today’s tax revenues. This is largely due to tax avoidance strategies that high-income individuals and corporations may employ when tax rates rise.
Additionally, there's an economic theory known as the Laffer Curve, which suggests there's an optimal tax rate… Read more
@9F3692S2yrs2Y
Tax all income, including capital gains and dividends, at normal income tax rates for wealthy households.
While it's true that treating all income the same could simplify the tax code, it might inadvertently discourage investment. For instance, many wealthy individuals invest their money into businesses and innovations. If capital gains and dividends were taxed the same as normal income, it might dis-incentivize these investments, potentially slowing economic growth. What could be a possible solution to ensure that wealthy individuals are taxed fairly, while also encouraging investment?
@ISIDEWITH2yrs2Y
@96QVGXJ3yrs3Y
Abolish the income tax and sales tax
@ISIDEWITH2yrs2Y
@ISIDEWITH12yrs12Y
No, but lower taxes for the poor
@9BVY2FC2yrs2Y
no way do not lower taxes on the poor
@TruthHurts1012yrs2Y
Lower taxes for both rich AND poor!
The wealthy have such an unfathomable amount of wealth that will never b spent, benefit them, or benefit anyone around them, they can easily provide more money to the government to fund policies that help the lower and middle classes.
@9FL5H262yrs2Y
The wealthy have such an unfathomable amount of wealth that will never b spent, benefit them, or benefit anyone around them, they can easily provide more money to the government to fund policies that help the lower and middle classes.
@9S8MS8CRepublican10mos10MO
the problem with taxing the rich is that when you tax them it will make the company's raise the prices of their products and now we pay more for products
@8QSBG3Q4yrs4Y
Abolish income tax completely
Yes, raise the income tax rate to 40% and remove all existing tax loopholes for those earning $500,000 (single) or $647,000 (couples) or more
@9DBDP72Republican2yrs2Y
Make everyone pay the same percentage
@9DNPBB7 2yrs2Y
Go to the Herman Cain Plan. 15% on Corporate Revenue (Not income), 15% on Individual Income (Pre Tax), and 15% on Sales Tax.
@8G6BH6X5yrs5Y
Yes, and close all existing tax loopholes for large corporations.
Loading the political themes of users that engaged with this discussion
Loading data...
Join in on more popular conversations.
