Comment on Here are the massive tax increases coming your way in a second Biden term
wintermute_oregon@lemm.ee 7 months agoA fine example of using technicalities/loopholes/whatever you want to label it as a way to reduce taxes paid.
It’s neither. It’s using the tax code to their advantage. Just as we do every year. Loophole makes it sound like it wasn’t designed that way.
I am 100% against taxing wealth but I am onboard for forcing people to covert wealth to cash to be taxed. The loans are something I despise. That really is a pet peeve of mine.
I also don’t mind PUBLiC companies having more regulations such as total comp can’t exceed x of the lowest paid employee.
Part of the wealth gap is caused by the stock market. If they want the benefit of the stock market. They should have more regulations.
The problem though is congress is tied to the hip to these people and that is why things done change
GrymEdm@lemmy.world 7 months ago
That’s why I specified you may call it whatever you wish to. The important bit is not the words used, it’s the fact that less taxes are paid. Going back to the Oxfam report I linked: “Worldwide, only four cents in every tax dollar now comes from taxes on wealth.” and “A billionaire gained roughly $1.7 million for every $1 of new global wealth earned by a person in the bottom 90 percent.”
No matter how that is being achieved, or how you wish to fix it, or what you want to call it, that is the situation I would like to have remedied by taxation or other forced redistribution of wealth. I’m not even full communist or anything - I firmly believe we need distinct economic tiers to encourage people to perform. You don’t get enough surgeons if you pay everyone a cashier’s wage regardless of job. But there’s a huge amount of space for correcting wealth inequality that allows the wealthy to enjoy the best life has to offer while still preventing the (IMO) injustice of current economic reality.
wintermute_oregon@lemm.ee 7 months ago
Agreed. Success and risk should be rewarded.
In my opinion the whole tax system needs to be redesigned. It’s a total shitshow and most people have no clue how it works.
I earn in the top 5%. People think trump gave that bracket a huge tax break. He didn’t. It increased my taxes significantly.
The only thing I’m against changing is taxing wealth.