Mastodawn

Qasim Rashid, Esq.Jul 15, 2023

From 1940s-1980, the wealthiest paid 70-94% marginal tax rates. Zero of them went broke from taxation. Zero of them left the USA. All remained exceedingly wealthy, manufacturing boomed, AND we had the strongest middle class growth in US History.

Let's do that again. #TaxTheRich

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Joseph Cursio Jul 15, 2023

@QasimRashid My understanding, although with no research, is that through the combination of the extraordinarily level of income required to reach that level and loopholes, is that hardly anyone ever paid those high tax rates.

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Sibachian Jul 15, 2023

@josephcursio @QasimRashid that doesn't make sense. it's the same as tearing down the tiger fence at the zoo because idiots kept finding ladders, climbing into the tigers enclosure and getting eaten. "the idiots who couldn't find ladders were complaining that conditions were unfair, so we decided to even the playing field." "what about the people who doesn't want to get eaten? isn't this unfair to them?" "nah, they keep paying the zoo entrance fee, clearly they are willing to accept the risk."

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Joseph Cursio Jul 16, 2023

@Beiz @QasimRashid I did not understand @BeiZero ’s analogy, but I haven’t had my morning coffee yet.

Let me create a hypothetical example: if we were create a new tax bracket for earned income above one billion dollars per year, and set the marginal tax rate for that bracket to 90%, that would technically satisfy the proposed change. But it would not actually accomplish anything, as no one earns more than a billion dollars per year.

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𝔹𝕖𝕚ℤ𝕖𝕣𝕠 Jul 16, 2023

@josephcursio @Beiz @QasimRashid I think it mistake to tag me, but I'm in. If you earn more than one billion dollars a year, you can afford to hire, for example, lawyers to avoid too high taxes, or arrange for a friend to be hired at your company to give you kickbacks, or even trivially buy certain things on behalf of your company, not yourself, thus evading tax payment. So, it's somewhat pointless, but you're propagating hatred towards the rich.

Sorry for my bad english.

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𝔹𝕖𝕚ℤ𝕖𝕣𝕠

@josephcursio @Beiz @QasimRashid I live in Russia and here the median salary per year is less than 4 thousand dollars and under the slogan "tax the rich" many here understand a significant increase in taxes for those who earn more than 20 thousand dollars a year, correct me, but it seems that these people are in Europe and America would not even be considered middle class. Therefore, I believe that hating the rich is not good. Really rich people don't mix with ordinary people, but existing hatred usually spills over to some neighbor who is a little more successful than you.