The top 10% of households in the United States are doing just fine without more tax breaks, amirite?

85%Yeah You Are15%No Way
PhilboydStudges avatar Life
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Yes, but such unequal taxing only attributes more to "class warfare".

@ctiscooler Yes, but such unequal taxing only attributes more to "class warfare".

I agree with your main issue. We should seriously consider weaning ourselves of all loopholes and tax deductions. That and treat all income, including capital gains, as income. Today it's impossible to know who’s paying what. I suspect that with a completely flat tax rate and no deductions, the exceptionally wealthy would be worse off than they are today. If everyone was forced to have their tax records published there would probably be civil unrest.

PhilboydStudges avatar PhilboydStudge Yeah You Are +1Reply
@ctiscooler Yes, but such unequal taxing only attributes more to "class warfare".

If you feel increasing taxes on the wealthy will lead to "class warfare" (the struggle between classes for economic and political power), I would urge you to read http://www2.ucsc.edu/whorulesam...er/wealth.html . It says 85% of all the wealth in the United States is owned by the top 20%, while the bottom 40% own 0.3%. Somewhere else I've heard the bottom 50% own 2.5% of the wealth. Which ever figure you chose, a form of class warfare has been happening for some time, and the poor have been losing badly.

If you have information that contradicts what I've written please do share. All I know is what I've read.

PhilboydStudges avatar PhilboydStudge Yeah You Are 0Reply
@ctiscooler Yes, but such unequal taxing only attributes more to "class warfare".

I'm not denying that class warfare doesn't already exist. My point is that higher taxes on one group will only make it worse. Those numbers you gave prove that there is some serious division in our current economy. But treating it by punishing one group doesn't help.
The problem with higher taxes on the rich is that it makes the rich angry, and that anger makes the other classes think that the rich are being selfish with their money, since it seems like they're refusing to share. It just makes each "side" angry at each other.
And my main issue with these taxes is that they are unbelievably easy to get around. Many one-percenters just move their funds to a bank in the BVI or rent out their second home to their nephew and get a tax break. This is a pretty big dick move, but most people do this because they feel that these taxes are out of line, not because they can't stand to lose a dime. So the taxes aren't even effective, yet they still create that anger that I explained above.
There has to be a better way to solve this class warfare than higher taxes.

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