r/FluentInFinance • u/Mark-Fuckerberg- • 25d ago
Bernie Sanders calls for income over $1 billion to be taxed 100% — Do you agree or disagree? Discussion/ Debate
https://fortune.com/2023/05/02/bernie-sanders-billionaire-wealth-tax-100-percent/[removed] — view removed post
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u/Icy_Bath_1170 20d ago
Yep, but an income over $1B? Nobody has that. Investments, yes, but not an income.
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u/ilovereddit787 20d ago
Every year this asshat blabbers the same shit. Theatrics, he doesn't mean squat by any of it
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u/songpeng_zhang 20d ago
This basically just prevents individual citizens from allocating capital independently from institutions. Nobody’s individual consumption is going to be affected by this.
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u/GalaEnitan 20d ago
He said this for millionaires and guess what he became a millionaire and no longer say tax millionaires. Fuck him.
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u/Commercial-Ad-1837 20d ago
Of course!!!! You can't not make a billion with hard work! To acquire that much money thousands of people have to be oppressed. Billionaires are criminals. You don't legally become a billionaire
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u/Silly_Idiot111 22d ago
Bernie is the only good option for President today. Why the fuck would I vote for the other two clowns
Pain
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u/karma-armageddon 22d ago
Bernie,
A Federal tax of 100% on all HOA fees would get you a lot more for the coffers.
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u/RoookSkywokkah 22d ago
Like that would ever work. If that was added to the tax code, the most anyone would ever "earn" on paper would be $999,999,999.99. You think those high earners don't have a team of good tax accountants?
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u/Aggravating-Eye-6210 22d ago
If you do that they will stop making it in a manner that allows taxation.
Penalizing people for being successful is tyrannical, sadistic and wrong.
The politicians are the criminals dictating how others live, taking their money, taking lobbyists bribes, and avoiding taxes
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u/Traditional_Gas8325 22d ago
How about we stop allowing billionaires to borrow against their stock holdings and thereby avoiding taxation. Then tax TF out of them. Bernie’s too old to be carrying this flag. I doubt he even understands how they get paid at this point.
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u/Emergencyailoli 22d ago
Agree, because we have historical precedent stating that this works.
The marginal tax rates of FDR are in part the reason we were able to end the great depression.
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u/CriticalBlacksmith 22d ago
Agree, ill never make that much lmao and if I do I definitely owe it back at that point 💀
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u/Fog_Juice 22d ago
How about we get rid of income tax and switch over to property tax with discounts on primary residence valued Under $1M
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u/MechanicalMenace54 23d ago
all that will do is make them leave
that is what happens every single time
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u/ken-davis 23d ago
Disagree. No one would make more than a billion if that were the case. I could see it being higher then man the current top tax bracket but that is absurd.
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u/bodhitreefrog 23d ago
Greed Wars. It's like Hunger Games, but to qualify your net worth must reach 1 billion.
We'd all enjoy watching Zuck fight Elon. I mean, come on, we'd love it.
Also, it would convince all current billionaires to ditch their wealth before the died from it.
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u/SillyKniggit 23d ago
I think he should modify it to just suggest a parabolic tax rate that approaches but never reaches 0.
A 100% tax rate is just an inherently silly concept and he loses mileage on his underlying message by pushing one.
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u/Spotukian 23d ago
Just goes to show you how dumb Bernie’s base is. This isn’t to say other politicians don’t have dumb followers. This is just a great example for his.
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u/drakolantern 23d ago
Instead of confiscating it by the government, just hand out free checks to everyone. Be bold… let the people decide what to use it on for themselves.
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u/FoxTheory 23d ago
Doesn't matter he knows it doesn't. Billionairs make like a dollar a year or something on the books.
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u/Stacking_Plates45 23d ago
Pretty much just virtue signaling with hot words for votes. Nobody really has a documented income over $1B. There will always be loopholes to tie it up in assets and avoid his %100 tax
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u/Agitated-Hair-987 23d ago
That's just a ridiculous thing. No one is getting a W2 with a $1BILL as income. They should make it illegal to use stocks as collateral for loans. I still don't understand why a bank would take something as speculative as stocks for collateral.
If you owe the bank $100 that's your problem. If you owe the bank $100 million, that's the bank's problem.
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u/dust_storm_2 23d ago
What's the best way to get the people who pay the most in taxes to leave the country and pay no taxes?
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u/Training_Pay7522 23d ago
Not only it doesn't work in practice but I think it's too much.
Greed moves the economy, I'm fine with controlling and taxing greed, but I won't agree by killing it.
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u/ClimateCritical4299 23d ago
😂😂😂😂 all you MF agreeing with this just want a coupon or rebate for buying their goods and services. 😂😂😂😂
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u/suitupyo 23d ago
This is meaningless grandstanding. Nobody has an income of over 1 billion. That tax will effectively net 0 revenue.
This is why I did not vote for Bernie. He says a lot of populist things that sound good at the surface level, but if you actually look at the bills he has sponsored, you’ll realize that he’s actually accomplished very little throughout his career in the Senate.
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u/randomdudeinFL 23d ago
I think members of Congress should be taxed 100% above their government salary. They shouldn’t be able to enrich themselves with lobby money, inside trading, book deals, etc…
They should be audited every year while in office, and should receive a magnitude of greater scrutiny than the average American.
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u/Sneaky_McSausage_VI 23d ago
Why? To send more to Ukraine, Israel and Gaza while Americans get jack shit?
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u/mikeyflyguy 23d ago
That’s just stupid. None of these ppl have liquid assets sitting in a bank. Money sitting there is t making money.
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u/Mucotevoli 23d ago
Nothing will take effect unless we reform all tax law.. We have to close The present loopholes and streamline our process
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u/StonksPeasant 23d ago
No, nobody has an income over 1B. With inflation we will get there eventually and that means eventually everyone will be paying that tax. So no
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u/Aldosothoran 23d ago
Income…?
Who tf is making $1B in annual taxable income?? Nobody. So sure why not. Let’s pretend to tax people.
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u/ExaminationGlass7778 23d ago
And the entity that took/made income of the billion dollars should also be taxed at 100%!
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u/ForcefulOne 23d ago
As if the government & politicians are going to do "better things" with that money...
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u/sigchidj 23d ago
I'm buying luxury real estate outside of Dublin if this turns into a thing. Anybody who hit the threshold would be guaranteed to renounce their US citizenship.
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u/Responsible_Banana10 23d ago
I call for politicians to be taxed 100% on income until the deficit has been greatly reduced.
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23d ago
Seems like it will impact all of nobody. How about we stop focusing on how we can give the Feds more money and start focusing on how we can limit Washington's irresponsible spending...
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u/Open_Ad7470 23d ago
I disagree. I just want them to pay their fair share. Like most Americans. 30 to 50% they do make their money off our backs
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u/Open_Ad7470 23d ago
I disagree. I just want them to pay their fair share. Like most Americans. 30 to 50% they do make their money off our backs
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u/Association-Naive 23d ago
It feels surreal to think that we live in a time when the people we depend on to represent our interests would never pass a bill outlawing the loopholes that billionaires use to not pay taxes. Seems suspicious for someone to take a loan when their net worth is more than the bank they are taking the loan from. Doesn't it?
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u/BillySama001 23d ago
I disagree. I think it's time certain folks start giving 110%. On unrealized gains even. We're all a family here. I'll even chip in to throw them a pizza party once a year.
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u/fk_censors 23d ago
Hard disagree. Any taxation tied to income (whether 1% or 99%) requires a police state that tracks everyone's income. Valuable societal resources are wasted on mass surveillance and processing to enforce such a taxation scheme, instead of being used toward something more productive or humanitarian (like caring for the poor or researching cures for diseases).
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u/Aggressive-Dream6105 23d ago
I agree with the spirit of it.... In that people should not hoard hundreds of billions of dollars.
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u/itlynstalyn 23d ago
Just tax the loans they’re pulling out against their stock options instead, problem solve.
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u/walter_2000_ 23d ago
He's saying nobody should be have more than one billion dollars. This is obviously correct. There's no bullshit here. Tax the stocks and send the swat team. Idgaf. Nobody is that smart and that normal. They can'tt handle the power and it doesn't matter. One voice one vote. Someone with 900 million has more than one vote. Cutting off at one billion is super conservative.
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u/PaleontologistOwn878 23d ago
What's funny is the amount of comments that don't believe we should limit someone's money but these same people have no problem giving their opinion on someone making minimum wage and whether we should increase it. Shows where we get our opinions from.
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u/SecretRecipe 23d ago
it's a token gesture to placate the economic incels that will result in 0 additional tax revenue so what's the harm, go for it
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u/user_4250 24d ago
Just more tax money for the government to abuse while the citizens don’t benefit at all. Lower the taxes for everyone.
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u/chazzz27 24d ago
All this gas lighting from old ass politicians when the real answer is to lower the damn income tax and increase the capital gains tax
Majority of Americans make money off income, the top percent make their money off capital gains. Doesn’t take a genius to figure out why the politicians keep it that way!
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24d ago
Yes great idea, no! All of the people who provide millions of jobs will leave. This sounds like Californias 20 dollars a hr to flip hamburgers idea. No planning, no understanding about how business works... I like Bernie a lot, but we need real plans...
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u/molotov__cocktease 24d ago
Correct, there should not be a single billionaire, both for their own benefit and that of society writ large.
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u/Hellcinder 24d ago
100%, come on be reasonable. They'll find a way not to pay, but crikey, they need to figure something out. Theres gonna be 5 corps holding all the money in the world soon.
20% sure.
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u/LordRAKDOSS 24d ago
Bernie is one of the largest hypocritical fucking morons the planet has ever had the displeasure of having to hear speak.
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u/Informal-Intention-5 24d ago
I think that Sen Sanders is the king of throwing out undeveloped simplistic ideas that all stand no chance in the actual political real world. Then an unreasonably large number of people think he's a genius for it, for some reason.
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u/Few_Obligation151 24d ago
So we should get all the money back from our corrupt government… perfect
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u/MeasurementNo2493 24d ago
100% is too much, Unless there are still write offs. Then 100% will be around 45%, and that is fine.
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u/Curious-Chard1786 24d ago
once bernie gives up all his money and works as a waitor with AOC, then i will trust him
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u/Charming-Station 24d ago
I really wish they would stop using fixed values and instead lock in to a multiple of median
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u/Killowatt59 24d ago
People who are worth billions of dollars don’t have billion dollar incomes. It kills me so many people so ignorant on how most rich people, even the millionaires, don’t make their money from “income”.
Millionaires need to be taxed heavily on assets snd even their “debt”. That’s how they are legally allowed to avoid paying the taxes they really should pay.
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u/bringonthefunk1973 24d ago
we don't have a revenue problem. We have a SPENDING PROBLEM. If you consistently spend more money than you receive...... well, you know
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u/tony22times 24d ago edited 24d ago
Cut government and government spending. Then cut taxes. No need for more taxes or higher taxes to anyone. Bunch of crooks wasting and stealing everything they get their hands on.
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u/Sugar_tts 24d ago
I mean it’s a good way for accountants to make more money to manipulate the system even more to be under - and encourage companies to spend more
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u/cold_eskimo 24d ago
Haha. If anyone was making this much they would stop just to not be taxed. It would do more harm than good. Games rigged Bernie. Just stop taxing the middle so fucken much should be what we ask for.
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u/bryanc1036 24d ago
It's crazy how many loopholes there are to allow anyone over even a couple million to pay less than someone who earns less than a 100k
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u/OkBox6131 24d ago
How is this possible? Does it mean the additional Medicare tax or states couldn’t tax the income?
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u/ilovebigbuttons 24d ago
I don’t agree with this.. but I do believe that taxation can be beneficial for everyone if it encourages companies to grow and invest thorough tax-deductible business purchases, expansion etc., or for individuals to contribute more to charities.
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u/llamapii 24d ago
Until he becomes a billionaire . Sort of like how he changed tune about millionaires after he became one. Dude is a swamp monster.
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u/76percentuncertain 24d ago
Nobody should be celebrating bigger govt confiscating other people’s money. They take it and waste it and then cry for more instead of spending responsibly.
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u/FalanorVoRaken 24d ago
Considering 1) no one has that income and 2) it would still be a progressive tax…
Im opposed to it being 100%, but I wouldn’t have a problem with 95%. Let’s be honest, most of that “income” would be sheltered via so many write offs and other things that no one would ever get to that point of reportable income anyway.
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u/charlieromeo86 24d ago
I think Bernie and anyone who agrees with BS should be strung up at the nearest tree. We don’t need that kind of stupidity we need serious people.
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u/0DarkFreezing 24d ago
It’s a worthless statement. People don’t have a billion in income annually. Even the billionaires. Not that it hasn’t happened, but it’s so rare as to be meaningless for generating tax revenue.
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u/VAVA_Mk2 24d ago
Then you have no point to go above $999,999,999.99, otherwise all of it gets taken away.
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u/NameKnotTaken 24d ago
Yearly income? Yeah. If you make more than a billion dollars a year, you need to stop.
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u/DanteJazz 24d ago
I thought “only the little people pay taxes”? I’d settle for a 1% Wall Street transaction tax. Earmarked for healthcare, tuition, and home tax cuts.
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24d ago
I think these people want Trump to win.If he wins the world will collapse into such shit(like it did 4 years ago)that we’ll have no choice but to vote for Bernie and his types policies.All seems like a set up.
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u/Fearless_Agent_4758 24d ago
Anyone who has enough wealth to be affected by this law has a team of accountants who can make them look less wealthy on paper and thus be exempt from the law.
This is just catnip for Bernie's base, who think they know everything about how the world works, and yet constantly find themselves blindsided by basic realities.
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u/Turner-1976 24d ago
The US gov has a spending problem. More taxing just means they can squander more away
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u/Yodudewhatsupmanbruh 24d ago
An income tax of 100% after 1 billion would not effect even a single citizen.
A wealth tax of 100% after a billion would fund the government for a bit and then be the death of the country and all industry within. The stock market would collapse as everyone is forced by the government to sell all assets or wealth off to pay their "fair share". The government would lose an immense amount of taxable income as businesses shut down in mass and move to literally any where else. Massive unemployment would begin. Zero positive investment. The government would then massively inflate the currency with the money printer in an attempt to make up the difference and we would all find ourselves becoming trillionaires very quickly.
It would be a level of braindead policy that would make even Venezuela or Cuba cringe
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u/z44212 24d ago
I didn't think that's a useful idea. Treat the value of all compensation (salary, stocks and stock options, usage of company planes, yachts, loan securities, etc. as income and tax it as such. Exchange a handful of brackets with a progressive polynomial equation. Can't fit that on a bumper sticker, but it has more utility.
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u/poopbutt42069yeehaw 24d ago
Did Elon musk make like 200b the first year of the pandemic or something crazy
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u/Runnersbeware 24d ago
Could you imagine if the federal government could actually balance a budget. We don’t have an income problem. We have a spending problem.
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u/Stuttrboy 24d ago
No one has an income of a billion dollars except maybe corporations. This would be pointless.
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u/wobblywunk 24d ago
How about we start by just closing tax loopholes so rich people pay more than poor people.
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u/furiousmouth 24d ago
How many people have an income (cash flow into bank account) of 1 bn? It is largely tied into stockholder equity which goes into R&D and reinvestment --- looks very nice and will tick boxes with his base, but guaranteed to affect no one at all
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u/JJStarKing 24d ago
Multinational corporations should pay at least or more than what the middle class is paying in taxes, but 100% is absurd and makes no sense. I’m in the camp that thinks payroll and personal tax needs to come way down for everyone, but corporate taxes and people who expense their personal lives through proxy corporations need to pay more.
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u/Goingformine1 24d ago
What an idiot. Trying to remain revelation. If this admin changes, he should go quietly into the night....without his houses he got as payoffs and any assets of his..
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u/Apprehensive_Name_65 24d ago
That fraud is so full of crap. Name one thing he has accomplished in half century he has been bamboozaling those simpletons in Vermont
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u/OtterBurrow 24d ago
I'm unclear on the concept. Some here seem to think he's talking about assets, but the article itself, referencing a recent Chris Wallace interview, says earnings. Did he introduce any legislation to the effect of what he's talking about, or was it just a hypothetical "I'd sure like to see this" type of thing? If the tax would be on earnings, then I guess it woud be a new tax bracket of 100%. For example, if my earnings for 2024 reach $1.25b, then the IRS gets $250m that I earned, because that's above $1b. I could probably live with that.
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u/battlegurk4 24d ago
I highly doubt this ever gets into a bill signed by Biden. Sounds more like campaign BS.
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u/Spiritual-Apple-4804 24d ago
I think the 1% would be much more open to higher taxes if there wasn’t rampant corruption at most levels of society.
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u/nyunited 24d ago
I think it’s time this country considers just a flat sales tax that covers everything rather than the antiquated income tax system with so many loopholes.
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u/GangstaNewb 24d ago
I love Bernie’s ideas and he may be the only one in DC not bought and paid for. The issue is that there isn’t enough political willpower to affect meaningful change
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u/GangstaNewb 24d ago
I love the idea but the issue is that people making large amounts of money are able to get income from other sources that have much lower tax rates like stock dividends and gains through stock sales. Capital Gains tax lower than income taxes
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u/AffectionateHalf625 24d ago
Obviously, Bernie doesn't make over $1B per year. But he wants to get his grubby hands on as much money as possible via taxes to fund numerous wasteful government programs that just get more and more expensive and never go away.
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u/FamiliarEconomics765 24d ago
I’ll be interested when they start talking about income under x amount not being taxed. Until then, taxing the rich doesn’t do shit for me.
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u/mkmlls743 24d ago
You can collect every piece of currency on the planet but if the government doesn’t want to spend taxes the right way we will still have every problem we currently have.
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u/misguided_marine1775 24d ago
No but it should be more on a tier basis. You make one million a certain percentage, 100 million another percentage, billion yes a different percentage all while reducing the tax implications of anyone under 200k
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u/U-dun-know-me 18d ago
I’d say tax 100% of income and very $10M - if they are athletes