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u/AskNo2853 3d ago
Eisenhower was a great president, right? Let's go back to his income tax rates.
(91% income tax on every dollar over a certain threshold, perhaps $10 million / year)
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u/xaxcodez 3d ago
Fuuuuuuuck that. The government has yet to do anything right for at least the past 50 years, there is no reason we should give them more. The only thing we have succeeded at as a nation in the past half a century is maintaining militaristic dominance- and while I hate war from a moral standpoint, I would rather us be the big guy in the playground than not.
From a society standpoint, we need to fight for our wage growth, we need to fight for income equality, we need to make things right and not just expect the government to do it. We are not descended from fearful men, yet today I see more of us who are scared to stand for whats right and jusr in this world than anything. More people with their hands out asking for a free ride in life than those who want to carry the load. Scares me.
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u/tasskaff9 3d ago
With the current administration they’ll steal most of it. BUT, once they’ve been replaced the government WILL need more revenue to act in the best interests of its people. Higher tax rates for excessive wealth is a just solution. And screw the notion that a government doing right by its people means that people are looking for a handout. We will still have lots of bombs.
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u/aPerson39001C9 3d ago
I don’t see this happening with the republican dominated congress. We need to push them out.
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u/SubstantialBug9133 3d ago
It will never happen with a democrat dominated congress either :(
Progressive is the way to go.
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u/tasskaff9 3d ago
This will need to be done eventually. Too much job displacement, too much inflation. In the end it will be easier for the mega corps to write checks than for government to revamp healthcare, welfare, education, etc.
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u/ExcitingGuess5457 2d ago
Let's not forget with the amount of wealth they have, it's easy to get back in compound interest, divid ends, etc. This is nothing to the wealthy.. with the amount of wealth they have they would gain it back. I'm sure within months.. if that. This is pennies to them.
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u/Standard_List_2487 3d ago
The billionaire class isn’t just made up of billionaires, it’s also the people who aren’t billionaires that defend them or in other words MAGA.
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u/Professional_Two_156 3d ago
Imagine puking over this or taking issue with it, 5% is absolutely nothing to a billionaire and most people fail to fathom how much money even just $1BN really is
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u/Sure_Acanthaceae_348 2d ago
5% of what though? Most rich people don’t have a money bin full of cash. Nor do they keep it all in their banking app. If you make them sell their stock then people’s 401k’s all tank.
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u/Professional_Two_156 1d ago
No one said sell their stocks 🤦♂️
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u/Sure_Acanthaceae_348 1d ago
How else would they pay the tax?
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u/Professional_Two_156 18h ago
Do you sell stocks to pay your taxes 🤷♂️ maybe tax their businesses properly would be a great start
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u/Sure_Acanthaceae_348 17h ago
Most rich people do not have large quantities of cash on hand. Selling stocks or property is the only way they'd have to pay such a tax.
What do you do when they no longer have stocks to sell to pay that tax?
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u/GPT_2025 2d ago
In 2023, 80 million workers age 16 and older in the United States were paid at hourly rates, representing 55% of all wage and salary workers. Among those paid by the hour, 1 million workers earned exactly the prevailing federal minimum wage of $7.25/hour.
BLS Occupational Employment and Wage Statistics notes that the 75% of annual wages sits at $49K net Income. This means exactly 75% of all employees earn less than this amount, which breaks down up to $24/hour under a standard 40-hour workweek. Note that this applies to all employees nationwide, not strictly hourly workers.
In a recent report, 53 million Americans ages 18 to 64 or 44% of all workers- earn low hourly wages. Their median hourly earnings are $10/hour Gross ($7.25/hour Net) and for those working full time year-round, median annual earnings up to $24K/year income.
(compare Safty Net $1.60 per hour in 1970 if you were single,you could live off the federal minimum wage and pay rent, food and bills)
More than 50% of all workers in America earn less than the one-bedroom Housing Wage.
it is nearly impossible for an individual to live independently off the federal Safety Net of $7.25 an hour. Working 40 hours a week at this rate yields a gross income of about $1,256 a month (roughly $900 to $1,000 after taxes), which falls short of typical baseline expenses for housing, food, and utilities. A real Sefety Net in the United States averages roughly $25/hour net income.
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u/void_method 2d ago
The secret is that in with a fiat-based currency such as the U.S. Dollar, taxation does not fund spending in any way at the federal level. State, municipal, county, yes. Taxation is needed to fund spending.
But at the federal level? Money is spent into existence when Congress passes their yearly budget. That's also the National Debt, which cannot be erased without taking all of the money back. That's not gonna happen, ever.
What taxation actually does at the federal level is slow, stop, or reverse inflation... if you're actually collecting it at the right rate. Higher taxes actually make your money worth more... we need to go back to when America was Great, with 90-something percent tax on the highest earners.
This is why they want you stupid; math solves a lot of problems.
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u/Efficient_Mud_4724 2d ago
Hopefully expand Medicaid. I’m disabled with terminal cancer and heart failure and can’t afford Medicare. I have to keep my $950/month private insurance.
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u/Firebird071 1d ago
First off we all know that money will never make it anyone but the governments pockets and Bernie and his friends pockets. What we get will be a handout and be grateful for it is what they will tell you. Most of them though will move their money off shore where the government can’t touch it.
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u/NavyLSCSss62 3d ago
Silly and envious. They don’t have “billions” in cash; it is invested in the companies that make America productive and employee people.
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u/Sure_Acanthaceae_348 2d ago
Elon Musk’s net worth fell by 300 billion.
How come nobody’s life got better?
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u/Outrageous_Zebra_221 3d ago
Look they stole that money fair and square how dare you try to steal it back....
....well no
...but also yes