Yes I had the thought that few would make more than a billion or even that much in a year. And yet I think what I said is technically true, or true enough for informal discussion. A news item claimed that over several years Trump paid from 0 to $750 dollars in income tax, and other billionaires have been said to pay nothing. Some years a…
Yes I had the thought that few would make more than a billion or even that much in a year. And yet I think what I said is technically true, or true enough for informal discussion. A news item claimed that over several years Trump paid from 0 to $750 dollars in income tax, and other billionaires have been said to pay nothing. Some years ago. Warren Buffet, who claimed to use no loophole legerdemain, said the the woman who empties his waste basket pays a greater share of her income in tax than he (and he was not OK about it). I overgeneralize o a forum such this as it is informal and long posts more rarely read, but yes, i want to be fundamentally accurate and informed where I might be slipping.
Parenthetically. HRC has written more than once about how old school Republicans introduced a graduated federal income tax to pay for the Civil War. They reasoned that it was only fair that those more easily pay a proportionally larger share should do so.
Warren Buffet is not the only one proposing taxes on wealth (that is, net worth). Piketty’s data shows that without wealth taxes (together with steeply progressive income taxes) capitalist economies are intrinsically unstable. So, wealth taxes (on the extremely wealthy, not on the bottom 99%) are a requirement for stability, not a luxury. And yes, wealth taxes would require the holders of wealth to cash in sone of their wealth annually to pay their wealth taxes. That is not a bug. It is part the purpose of wealth taxes.
Yes I had the thought that few would make more than a billion or even that much in a year. And yet I think what I said is technically true, or true enough for informal discussion. A news item claimed that over several years Trump paid from 0 to $750 dollars in income tax, and other billionaires have been said to pay nothing. Some years ago. Warren Buffet, who claimed to use no loophole legerdemain, said the the woman who empties his waste basket pays a greater share of her income in tax than he (and he was not OK about it). I overgeneralize o a forum such this as it is informal and long posts more rarely read, but yes, i want to be fundamentally accurate and informed where I might be slipping.
Parenthetically. HRC has written more than once about how old school Republicans introduced a graduated federal income tax to pay for the Civil War. They reasoned that it was only fair that those more easily pay a proportionally larger share should do so.
Warren Buffet is not the only one proposing taxes on wealth (that is, net worth). Piketty’s data shows that without wealth taxes (together with steeply progressive income taxes) capitalist economies are intrinsically unstable. So, wealth taxes (on the extremely wealthy, not on the bottom 99%) are a requirement for stability, not a luxury. And yes, wealth taxes would require the holders of wealth to cash in sone of their wealth annually to pay their wealth taxes. That is not a bug. It is part the purpose of wealth taxes.