What Taxing the Rich Could Yield

[montgomery]

America’s 15 wealthiest families are worth a combined $618 billion. That’s not good for our economy—or our democracy.

The New York Times investigation into the Trump family’s financial misdeeds recently revealed what had been obvious to most: The president is no self-made man. Like so many bombshell stories about the president, this story has been largely overlooked as new and more flagrant Trump indignities erupt nearly every day. Yet the tactics that the report shines a light on are hardly peculiar to the Trumps. Many wealthy families use similar tactics to stockpile their wealth and keep it from taxation that could reinvest it to meet the nation’s needs. And in doing so, these families keep building wealth with which they can wield political power.

A new report from the Institute for Policy Studies (IPS) takes a close look at the billionaire multi-generation families who wield that power—the American dynasties. Taking their cue from the Forbes 400 list of the wealthiest people in the United States, the report, "Billionaire Bonanza," by Chuck Collins, director of the Program on Inequality and the Common Good, and Josh Hoxie, director of the Project on Opportunity and Taxation, both at IPS, details how the nation’s 15 wealthiest families—some with household names (Walton, Koch, Mars), some perhaps less-known (Duncan, Bass, Stryker)—are worth a combined $618 billion.

Overwhelmingly, this is inherited money; the companies from which these families derive their wealth were all started at least a generation ago.

https://prospect.org/article/what-taxing-rich-could-yield

You would be better off bringing this topic to the APP section where it's not going to be spammed to hell by the extreme rightist lowlifes who only want to froth at the mouth.

Otherwise, it's great topic and a tribute to a great man. A true un-american in my opinion and a model for what the US politician of the future must be!

 

[LV426]

so tell us nut-bag, what would "taxing the rich" d

"ACCOMMODATE MEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE!"

Go fuck yourself, you bad faith loser.

 

[LV426]

you're actually dumber with every post, and for that I applaud yo

You are so dumb, you got conned by a reality TV show host.

You'll never be able to live down what was the worst political judgment you made in your entire adult life.

has a poor person ever offered you a job? nut-bag

Has a rich person ever created a job for the hell of it?

 

[LV426]

In fact I've worked for several companies in my career.

BULLSHIT!

Wait - aren't you the one who said you worked at the same job for the same company for 30 years?

That was you, wasn't it?

Changing your story again, I see.

Not surprising.

 

[LV426]

Your "argument" is avoid of facts.

Do you mean devoid?

How so?

No one creates a job just because the sun is shining or because they woke up on the left side of the bed.

Jobs are created by consumer demand.

If you cut consumer demand by not raising wages, or by making consumers spend their income on things the state should provide (health care, education), then what happens to the economy?

I suggest that you take a course in basic economic and get yourself better educated in reality.

What's clear is that you have never taken an economics class in your life, instead gleaning bullshit off message boards, then posturing to everyone because you want people to take your garbage seriously.

Fuck off and die.

 

[Getin the ring]

Has a rich person ever created a job for the hell of it?

this ^^^ kind of xposes you,

there is not a coherent thought in there is there, nut-bag?

 

[reagansghost]

that 90% marginal rate for the wealthy back in Eisenhower's time sure built a great national highway system and modern infrastructure for the entire country

too bad the wealthy now pay income tax at a lower rate than the working class, oh well who needs all that shit anyway?

 

[LV426]

Title purports to say what taxing the rich would but never says.
Probably because even if you taxed those mentioned at 100% of their fortune you solve nothing and put a great many out of work since those entetprises they run would be liquidated to pay it.
Get over your wealth envy and stop expectong government to be your sugardaddy.

Total straw man argument here: no one is calling for a 100% tax rate on the rich.

Is your mind so small and your thinking so binary that the only two options are the current rates or 100%?

Isn't it possible that there exists a rate between that maximizes revenue while not stifling growth? You know, like we had during the 50's and 60's?

 

[Getin the ring]

you could TAKE all of the 1% ers money and it wouldn't solve a thing,

please read , anything, just do yourself a favor and read, something

Total straw man argument here: no one is calling for a 100% tax rate on the rich.

Is your mind so small and your thinking so binary that the only two options are the current rates or 100%?

Isn't it possible that there exists a rate between that maximizes revenue while not stifling growth? You know, like we had during the 50's and 60's?

do me a favor, PLEASE call every Democrat you know and tell them to run on raising taxes

 

[LV426]

You lie

"Tax cuts pay for themselves"

"Tax cuts will create jobs"

"Tax cuts will raise wages by $4,000 - $9,000"

All Conservative promises...all not true.

 

[LV426]

this ^^^ kind of xposes you,

there is not a coherent thought in there is there, nut-bag?

Your entire governing economic ideology makes no fucking sense.

No rich person has ever hired someone just because.

 

[LV426]

you could TAKE all of the 1% ers money and it wouldn't solve a thing

Two fucking things about this:

1. You're deliberately spiking the debate by constructing straw men arguments because you don't want to reconcile that your governing economic and fiscal ideology is a load of crap you've only gleaned off equally inept message board posters.

2. Taxing the rich to pay for infrastructure, universal health care, and free public colleges solves a lot of problems for the middle class.

 

[LV426]

please read , anything, just do yourself a favor and read, something

Stop Dunning-Kruger-ing your way through a debate.

You look like an idiot.

Also, no one believes your posturing.

 

[Legion]

I sure hope DEMOCRATS campaign on raising taxes.

 

[LV426]

do me a favor, PLEASE call every Democrat you know and tell them to run on raising taxes

Guess what?

THAT'S WHAT THEY DID THIS PAST NOVEMBER.

Your Russia Tax Cut failed to deliver on all the promises you made of it.

That's because the ideology behind the tax cuts is, was, and always will be a crock of shit that simple-minded idiots got conned into believing.

You got conned because you are an easy mark.

You're the kind of person who buys a time-share.

You're the kind of person who has this amazing skin-care product you pitch to all your old HS classmates on Facebook.

You're the kind of person who would take the yearly payouts instead of the lump-sum if you won Mega Millions.

You're the kind of person who leases a car.

 

[Ross Dolan]

You always want other people’s money Frankie. You never want to use your own

It is the leftists way

I do not want anyone's money. I want the country to be able to afford all the things a decent government should be able to provide.

Assholes like you are willing to let some people go without food, clothing, shelter, education and healthcare...so that the very wealthy can become even wealthier.

The richest 1% now owns more than 50% of all the wealth in the world.

When will fucking morons like you finally realize something has to be done...

...when the richest .01% own 90% if the wealth of the world?

PS

I don’t give a shit what you think of my writing on a message board

So you say.

Personally I think you are unable to write a coherent, logical comment.

 

[Getin the ring]

great, run on socialism guys, and no border security..
and let's see how that works out for you

I think we know already but by all means make this easy for Republicans

 

[Nordberg]

Of course, the premise that rich families are bad for the economy has never been explained....

Many got rich by cheating in businesses and taxes. Like Teddy Roosevelt said when he installed the inheritance tax, "nobody begrudges a person who has a great idea from becoming rich. But passing his wealth along creates swollen fortunes which are different in "kind" from money earned. " He saw it as a fundamental threat to the American exoeriment. Money = power and the wealth gap is worse than during the Gilded Age. Power and money are being concentrated in the hands of the few and we may regret permitting them to make the rules. They are making them to their advantage.

 

[Fentoine Lum]

great, run on socialism guys, and no border security..
and let's see how that works out for you

I think we know already but by all means make this easy for Republicans

I love the Reich wing direction america is headed in. Societies with this level of wealth disparity eventually wind up as police states or in revolt.

 

[Fentoine Lum]

Many got rich by cheating in businesses and taxes. Like Teddy Roosevelt said when he installed the inheritance tax, "nobody begrudges a person who has a great idea from becoming rich. But passing his wealth along creates swollen fortunes which are different in "kind" from money earned. " He saw it as a fundamental threat to the American exoeriment. Money = power and the wealth gap is worse than during the Gilded Age. Power and money are being concentrated in the hands of the few and we may regret permitting them to make the rules. They are making them to their advantage.

Think tank legislation like "Obama"care at the Heritage Foundation for example; a lovely socialist redistribution program rewarding pharma and the insurance industry.