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why more tax cuts for the rich

why more tax cuts for the rich | I don't support violence against billionaires. But you can tax them at high rates and still leave them enough money to live in luxury. If this money can't go to making govt. programs, it should go towards paying our national debt. | image tagged in spicymasterchief's announcement template,billionaire,taxes,government,money,politics | made w/ Imgflip meme maker
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15 Comments
2 ups, 2w,
1 reply
But why do we get to tax them higher than anybody else?
1 up, 2w,
1 reply
We use progressive tax rates for several things, it helps decrease taxes on the poor and the working class.
2 ups, 2w,
1 reply
Still, why are they subject to higher taxes when others are not?
1 up, 2w,
1 reply
they have more money in earnings, even though it mostly comes from stock portfolios, and even post-tax they'll still have more money than us
2 ups, 2w,
1 reply
Why does that give you the right to their money?
2 ups, 2w,
1 reply
It shouldn't go to me. It should go to the overall betterment of the country
2 ups, 2w,
1 reply
I meant you as in everyone. Why does anybody get to have anyone elses money?
0 ups, 2w,
1 reply
It's money that they choose to hold onto instead of spend, when that amount of money could solve critical issues across the country and the globe, such as homelessness and pollution. Billionaires do donate to charities and campaigns, but they can receive tax exemptions from said donations.
2 ups, 2w,
3 replies
But its income tax. Its money that they make and then reinvest.
0 ups, 2w,
1 reply
Even for that they get loopholes. If low income and middle income people pay their required share of taxes, so should high income people.
2 ups, 2w
Exactly. The top 1% pays 40% of all income taxes.
0 ups, 2w,
1 reply
Yes, but that's not the whole picture. Corporation income tax rates are lower and less progressive than individual income tax rates, thus the top leaders have salaries that are small compared to the income they get from shares. So even if they are paying higher rates on salary, they don't have rates that high on what constitutes the bulk of their income, thus being able to amass wealth.
2 ups, 2w
That tax is rate is 21%, similar to most Income taxes. So thats fine. The problem is the 37% income on individual salaries.
0 ups, 1w,
1 reply
21% seems too low. Why don't they increase it, especially pertaining to high returns such as in the billions of $$$? The market benefits mainly go to the top of the corporate hierarchy and aren't spread out.
1 up, 1w
Thats 7% higher than most people pay though.
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I don't support violence against billionaires. But you can tax them at high rates and still leave them enough money to live in luxury. If this money can't go to making govt. programs, it should go towards paying our national debt.