American families rely on three coping mechanisms while robber barons like Musk abuse their power.
The cap on social security tax should be eliminated and for every dollar earned a worker should pay into the system. The tax rate should be reinstated for corporations and make them pay more than 20% when they’ve already received more tax breaks than any individual. Finally President bife s idea of raising the tax rate on very wealthy individual should be enacted. Those people make money on the backs of poor Americans and they should pay for them if they’re not going to pay them fair wages, which they do not.
Well, you can call it whatever you like, but I would like to see EVERYONE pay the same rate I pay, as a minimum. Eliminate the ceiling on earnings for FICA tax. If ONE pays 6.2% on nearly every penny they make, everyone should. No more free ride for those million/billionaires.
What do you think? Is it time for a wealth tax, or even something more drastic?
Answer: Yes, it's way past time. Return to something effectively close to the tax system in operation during the Eisenhower years, with whatever modifications are necessary to get around the gaping loopholes that permit the monstrously wealthy to avoid paying taxes.
Capitalism is regaining control over politics and government because of increase in corruption amongst politicians . Looking at the huge amounts of donation and fund-raiser money going into politics and elections, this cannot be a surprise and likely is the result of deliberate strategy driven by the robber barons to regain control over government. Big business is more than happy to support. Force them to "donate" to the people via a fairer tax system and stop them donating to politicians.
The robber baron families have been chipping away at every protection afforded the middle class by FDR since the attempted coup against FDR in the 30s. It’s been purposeful and slow, but they have now achieved their goals. They must be stopped by whatever means necessary. CAPITALISM MUST BE REGULATED AGAIN. Wealthy individuals and corporations must pay their fair share of taxes.
my modest proposals:
1) a wealth tax of 70% on all estate valuations over US $500million.
2) inability to give one's estate to one's children, relatives, friends or fellow fraudsters if that estate is more than US $1million
3) outlaw a corporation's ability to pay its board, CEO, COO and CFO more than 100 times the salary of its lowest-paid employee (this includes its janitors)
4) outlaw all stock buybacks, especially if a corporation has gotten any taxpayer donations in the previous 36 months
5) mandatory and lengthy prison sentences for anyone who is convicted of 1-4
YES!!!! We need a wealth tax to bring all Americans out of poverty. We need a middle class that is also a median income class. No we shouldn't deprive the weal.thy of every penny, except those who have gained that wealth through stealing and cheating, those should be deprived of all wealth and let them try living at the bottom of the heap. We also need to reevaluate what is really valuable and what is merely entertainment. I'm not suggesting that entertainers and sports figures shouldn't have above average incomes, they just don't need obscene wealth. Medical doctors, scientists who are working on the betterment of life should be more valued than a quarterback or a singer.
Capitalism is a failed theory - as it has made rich - richer, poor - poorer, and poor thrown into the gutter without no tomorrow. Capitalism has bred robber barons, trained how to cheat government tax-mechanism and evading taxes to become mega-rich classes. Of course, wealth distribution is so unequal - the poor have to wait in soup queues to get their square meal and sleep under the highway bridge tunnels to escape to harsh weather.
Don't know if there needs to be a wealth tax, but there certainly needs to be a tax system where everyone, including the people known as corporations, pay their fair (fare) share. Closing tax loop holes would be a good start, as well as campaign finance reform to get $$$ out of politics so those other than the rich can run for office. But as long as the foxes guard the henhouse ..........
It's time for a wealth tax.
Here are some many ways to become a billionaire: Obtain generous govt handouts such as govt. contracts and tax breaks, (Musk), known as socialism for the rich. Paying minimal or no corporation tax (Bezos). Pay your workers the minimum that you can get away with (Walton family & Bezos).
I'll leave others contribute more.
I am 78 and watched the downfall of the common American family. They have list ground until now when it has become almost impossible to own a home and still
live a life. I voted for Reagan, but when ‘trickle down’ became a thing, I knew I had made a big mistake. Trickle down would never happen. To witness the result, just drive down streets and notice how people can’t even paint their homes. Homeless people was not even a thing when I was a kid.
The more you make, the more taxes you should pay. Everyone should pay their fair share. Common sense.
Definitely past time for a wealth tax. 💪🏼
As a follow up to your enlightenment message I found another warning on Wikipedia.
This is the abyss from which there is no return.
On August 17, 1975 Senator Frank Church appeared on NBC's Meet the Press, and discussed the NSA, without mentioning it by name:
In the need to develop a capacity to know what potential enemies are doing, the United States government has perfected a technological capability that enables us to monitor the messages that go through the air. (...) Now, that is necessary and important to the United States as we look abroad at enemies or potential enemies. We must know, at the same time, that capability at any time could be turned around on the American people, and no American would have any privacy left: such is the capability to monitor everything—telephone conversations, telegrams, it doesn't matter. There would be no place to hide.
If this government ever became a tyranny, if a dictator ever took charge in this country, the technological capacity that the intelligence community has given the government could enable it to impose total tyranny, and there would be no way to fight back because the most careful effort to combine together in resistance to the government, no matter how privately it was done, is within the reach of the government to know. Such is the capability of this technology. (...)
I don't want to see this country ever go across the bridge. I know the capacity that is there to make tyranny total in America, and we must see to it that this agency and all agencies that possess this technology operate within the law and under proper supervision so that we never cross over that abyss. That is the abyss from which there is no return.
A wealth tax, yes. A graduated income tax, yes. A strong application of antitrust laws, yes. A hefty tax on stock buybacks, yes. There are a number of ways to reduce the debt, corporate power, and the size of a rich man's ego. For the latter I suggest ignoring them, after you apply the tax.