President Biden says that 3,500,000,000,000 equals 0.

[Pete F.]

Originally Posted by Jim in CT

you cried about the wealthy getting wealthier, without even trying to explain why that’s bad. Boo hoo.

Yes Amazon needs roads and bridges. Which is why the feds and states have gas taxes and tolls, which Amazon pays same as you.

i looked it up, in 2018 ( latest year i could find), the top 1% of the wealthiest, earned 20.9% of all adjusted gross income, and paid 40.1% of all federal income taxes.

they’re paying a vastly disproportionate share of our nations tax burden. We have a very progressive tax scale.

You can argue it should be tweaked, and maybe you’re right. But You can’t argue they’re not paying plenty already. not as a group in total.

also, do the math to see how
much more revenue would be generated under whatever marxist tax rate youd impose, and see how meaningless that amount is, compared to the federal budget. it’s not even worth discussing.

https://www.google.com/amp/s/www.fox...e-us-taxes.amp
Posted from my iPhone/Mobile device

Your numbers would be usable if they were based on wealth, not income. It's not how much money you make, it's how much you keep. No billionaire, or wealthy person for that matter in this country tries to increase his income, they would then be taxed.
So they legally (in most cases) take their income in un or less taxed methods. Lots more ways to take income untaxed if like your CEO you can take some as stock options. Since 1978 CEO compensation has risen 940% while worker compensation has risen 12%, guess who sets pay rates?

As far as the effect of taxes, I can find experts who claim that taxation increases growth.

Bruce Bartlett, who served under both Presidents Ronald Reagan and George H.W. Bush, drafted the Kemp-Roth tax bill, the basis of the Reagan tax cuts.

Mr. Bartlett, in an August 2016 op-ed in the New York Times, recognized that "the Reagan tax cut played only a secondary role in the 1980s boom." Furthermore, he pointed out that Reagan, concerned about deficits, "supported 11 different increases from 1982 to 1988 that collectively took back half of the 1981 tax cut."

Mr. Bartlett also noted that the "economy tanked during the Bush years despite numerous large tax cuts" and that "there is far more evidence from the last 35 years showing that tax increases do more to stimulate growth than tax cuts."