Rich Pay More Then Federal Budget is Balanced
Our forefathers fought to break away from the King because of financial reasons, that likely became even more apparent when the King was across the ocean. Why did the King deserve to tax nearly everything and control everybody?
Make no mistake -- our Government was started mainly to supply defense and commerce – all that the Rich White Men needed – while removing the King.
There are some smart people in the right place and time, with a good idea, that have made a LOT of money on their concept. Their hard work, taking a risk, connections, etc. made it happen. There are others that are rich for a variety of other reasons – lucky you.
Today, it would take the average employee 200 years (over 4 working lifetimes) to make what the median S&P 500 CEO makes in 1 year (the AP and analyzed by Equilar).
However, they would earn way less if they didn’t have people working for them and people buying their products.
Enough of the thought process that the owners and shareholders are doing the employees a favor.
What is wrong with sharing more of the wealth? People would then be able to buy more or better goods. Which in turn comes back to the wealthy.
Of course, there are a small percent of the rich that realize they are privileged and still care about others that are not so fortunate.
But there are others -- 25,000 Millionaires have not filed a U.S. income tax return since 2017 (Washington Post). Also, the Republican Congress trying to cut IRS enforcement funding, even though each $1 IRS enforcement spends brings in $7 in taxes.
This attempted cutting of the IRS funding efforts is in the face of an overwhelming percentage of citizens, from both parties, who do not believe the rich and corporations pay their fair share in taxes -- and never will, if not forced to.
Why should we have over 800 citizens worth over $1 BILLION each, but also have people living in the street, begging, not being housed, and fed -- using taxpayer funds? Myself, I do not like seeing people on the street-corners begging.
Many of the new rich feel the same way as the rich have all along. They do not need, and therefore, do not want to have, or pay for, other Government services. Government services like -- Health and Human Services, Education, Social Security, Labor, and environmental law -- all the things the voters have been able to add over the decades.
Instead of trying to reduce the Federal Budget deficit by cutting government spending on people -- raise more money, by taxing the very rich closer to the historical rates and close the deficit.
The marginal tax rate on the rich in the 1980s was 70% the Government received 70 cents on the dollar for the very rich over a very high-income level. Today it is 37% almost half as much and applies to a single person earning over $609k/year and married is higher. How about a marginal rate of 45%, or 50%, and make it harder for them to hide their wealth? If they are worried about the budget deficient, the tax increase, could be ear-marked for that purpose.
Why does the IRS destroy everyone’s tax information after 7 years. It isn’t because of me. Being a data-analyst, I can tell you, it was put in place so the IRS cannot piece together some rich people’s hidden wealth.
With the 2010 Citizens United Supreme Court ruling – the gloves came off. Per Public Citizen, 100 people are responsible for over 70% of SuperPAC funding. In the 2022 election the 100 largest donors gave more money than 3.7 MILLION small donors combined. And the total election donation dollar amounts increased 400% in the timespan from 2014 to 2022. Campaign finance is being corrupted and is in ruins.
How do we change the Rich versus everyone else dynamic? With numbers – of people. We get to vote, and we dramatically outnumber them. We can organize without their approval. We can require change by groups collaborating -- for the greater good of all of US -- for “We the People”.
Megan
I agree, it's ridiculous that the rich think they can have their cake and eat it too. We outnumber them and I think we should all work together to get our needs passed.