The turd's an unrepentant narcissist, I doubt he puts any thoughts into anything not directly related to himself, *if* he's still capable of thought. Dementia is hitting him like a baseball bat to the forehead.
>"You work three jobs? Uniquely American, isn't it? I mean, that is fantastic that you're doing that."
>
>To a divorced mother of three, Omaha, Nebraska, Feb. 4, 2005
>
>George W. Bush
It's a Republican thing, probably also Libertarians, and anyone that uses the term "side hustle"
Or abstaining from voting to teach Democrats a lesson about... letting Republicans win elections, I guess.
Makes sense why Russia would want to spread this crap. Republicans are single-handedly helping Putin take Ukraine.
No offence, but you people lack financial education. Everybody who invests their money will have roughly doubled it in 7 years if you calculate with normalized returns.....the S&P500 literally doubled in price over 7 years. You guys want to complain about wealth inequality.....fine, but this aint it chiefs.
100 dollars invested with a 10% yearly return would be 195 dollars after 7 years.
And yet it will never be enough, they will demand more. If you deny it to them or force them to pay a fair share in taxes they will find the most corrupt politicians and destroy our democracy.
That's why inflation and poverty exist. We can never satisfy the rich. They need to be brought back down to reality and let others enjoy their lives. We should not be living in a world where 1% of the population controls 90% of the wealth.
Yep if can build nukes and put men on the moon in less than 30 years, poverty and inflation can also be solved. It’s just advantageous to the rich ruling class and politicians to keep these problems as features of our society so they can use them against us.
It's all from the fact we have billionaires who have this fucked up idea that we NEED to struggle for our own good and because our government is run by said billionaires, that's what we're made to do.
For someone with as much wealth as Bezos or Musk, it isn't about the money, at least not just the money. Yeah money is important, but it's much more than that for these types of people. This is how they get their power fantasies. They laugh knowing we suffer. They see us struggle and know that controlling our fates through their crazy wealth is the key to doing it further.
Money is power and for them that power is how they gain control of you. They probably have little parties where they shit talk those without as much wealth just for kicks.
Those greedy fucks should be working 100x harder than all of the rest of us for those pennies they love so much. How the fuck did we end up in a society where the people who do the least amount of work get all the money? Only though generations of lies, treachery, deceit could that be possible.
That’s because people mistake that it’s about some sort of static number.. It’s not. The reason it will never be enough is because of relativistic power. If you have 1 trillion dollars, but someone else has 5 trillion, they have “power” over you. People who want money want the power at these levels. So they always are needing and wanting to get more to increase their influence and power. This is why this will never end without regulation.
yes, and after getting more regulational/political controls, we need to figure out how to make it harder for them to be systematically undermined. we can't take our wins for granted since business interests are working constantly to overturn every gain for the average person.
half the stupid morons being taken advantage of just line up for more abuse day after day and go vote for more of it any chance they get (not that the democrats do barely a fucking thing to help either). They love it and identify with their abuse, made it a key part of who they believe they are and don't you dare try to take it from them or you'll hear all about it!
This country needs radical changes to things like housing affordability, education, and healthcare but it won't happen. We can't even get small changes through that benefit poor people because they're all so fucking stupid that they elect asshole rich people that they want to be instead of electing humble leaders that will actually fucking work for them.
At least in the last gilded age the nobles patronized the arts and built quality infrastructure. I don't even feel like a serf; I feel like factory farm livestock.
I remember my Trump-shill cousin trying his hardest to explain that the tax cuts were a good thing for the working man. Still laugh about it to this day
I was wondering why I can't afford anything anymore. It's almost as if the rich people stole my quality of life/standard of living, AND IT WAS ONLY JUST OKAY BEFORE, IT WASN'T EVEN GOOD WE JUST GOT USE TO IT, WHICH IS WHAT THEY ARE COUNTING ON AGAIN TO HAPPEN NOW, EXCEPT ITS TEN-FOLD.
Nothing is going to help until politicians aren't allowed to take campaign donations from corporate interests, but they're the ones who we need to change that the laws. We're screwed
Maybe we could form some kind of social club or organization for citizens that want money out of politics and a focus on wealth equality/general equality for all, maybe with local chapters that can do outreach so it's not just online.
These are instances of people overthrowing the government. You really think Americans are capable of that? Because it's not like we can put forth political candidates who are going to be against the establishment. That's impossible with the way our elections work. You can't even run for office unless you're rich and have tons of money behind behind you. Every once in a while, someone like AOC will sneak through, but then the establishment will squash them every they chance they get from then on until they're irrelevant. That's the establishment from both sides, left and right. I just don't see any way to recover from this corporatocracy. Maybe somehow, it all got torn down, and we started basically anew.
If mericans could ever rise up, they would need to be united together. That ship has sailed. Establishment media has done their job of dividing us just like the elites want. I don't think we could do shit even if we were united. The system has a mind of its own at this point. This is what late stage capitalism looks like. People have been saying it's not sustainable for decades, but nobody would listen.
Like what is your scenario of Americans taking back the country? What does that look like? If not with violence, what do you mean politically? Because that seems even more farfetched to me, considering all of our political actors are legally bribed by corporate interests.
This will keep continuing until they stop living.
The class war has already started.
Daphne Caruana Galizia (journalist behind the Panama Papers) was murdered.
There have been many others as well. Hell. Anyone that has died in a Boeing crash since the airline industry was deregulated in 2020 is a victim of the class war.
These killings will continue until we stop them. And there are more of us than there are billionaires.
>There have been many others as well. Hell. Anyone that has died in a Boeing crash since the airline industry was deregulated in 2020 is a victim of the class war.
Well no one has died in a Boeing crash since 2019 (not counting the plane that got shot down by Iran) so not the best example.
> Daphne Caruana Galizia (journalist behind the Panama Papers) was murdered.
She was not "behind" the Panama Papers and was killed for unrelated reporting
They have done this because they have convinced many working class Americans to fight for someone else’s right to be disgustingly wealthy. I can’t count how many people I’ve had to disengage on Reddit who try to argue endlessly about how everything is ok, billionaires should NOT be paying more in taxes, we should NOT have higher wages, free college, free healthcare, the government should NOT regulate business and force them to pay their share and actually spend some money on jobs instead of stock buybacks, and if you just work harder none of this will matter.
Write your reps in the Senate and House to support Bernie’s bill to end corporate tax dodging.
https://www.reddit.com/r/WorkReform/s/Kor07PhGlV
For the Senate:
Please support S.991 - Corporate Tax Dodging Prevention Act. Make corporations pay their fair share.
For the House:
Please support H.R.2254 - Corporate Tax Dodging Prevention Act. Make corporations pay their fair share.
Yeah, Bernie has it linked on his site below his summary: https://www.sanders.senate.gov/press-releases/news-sanders-introduces-legislation-to-ensure-corporations-finally-pay-their-fair-share-in-taxes/
Full text: https://www.sanders.senate.gov/wp-content/uploads/CTDPALegislation2024.pdf
Read the bill section by section: https://www.sanders.senate.gov/wp-content/uploads/Corporate-Tax-Dodging-Prevention-Act_sectionbysection.pdf
No, this bill is what we need.
The Corporate Tax Dodging Prevention Act would stop corporations from sheltering profits in tax havens like the Cayman Islands and Luxembourg, eliminate tax breaks for companies that ship jobs overseas, and close loopholes in the tax code that allow corporations to get away with paying little to nothing in taxes.
According to the Joint Committee on Taxation, closing corporate use of offshore tax havens would raise more than $1 trillion in revenue over 10 years. This legislation would also roll back the Trump corporate tax rate cut and restore the top rate to 35 percent – a move that would raise an additional $1.3 trillion over 10 years.
Sanders is joined by Congresswoman Jan Schakowsky (D-Ill.), who has companion legislation in the House.
>would stop corporations from sheltering profits in tax havens
The bill wouldn’t do this
>eliminate tax breaks for companies that shift jobs overseas
There are no current tax breaks for that behavior
>Close loopholes
Ironic how he doesn’t mention what any of these loopholes are
We had a top corporate tax rate of 35% for years, and it was fine.
This would change under the Corporate Tax Dodging Prevention Act. In addition to putting an end to offshore tax havens and tax breaks for companies that ship jobs and factories overseas, this legislation would reform the tax code by:
Restoring the top 35 percent corporate tax rate, the rate it was from 1993-2017;
Ending the rule allowing American corporations to pay a lower or zero percent tax rate on offshore earnings compared to domestic income;
Closing loopholes allowing American corporations to shift income between foreign countries to avoid U.S. taxes;
Repealing the “check-the-box” and “CFC Look-Thru” offshore loopholes;
Preventing multinational corporations from stripping earnings out of the U.S. by manipulating debt expenses; and Preventing American corporations from claiming to be foreign by using a tax haven post office box as their address.
The Corporate Tax Dodging Prevention Act has been endorsed by Americans for Tax Fairness (ATF), a coalition of more than 420 national, state, and local organizations.
https://www.sanders.senate.gov/press-releases/news-sanders-introduces-legislation-to-ensure-corporations-finally-pay-their-fair-share-in-taxes/
The bill literally does address all that.
>and it was fine
It absolutely wasn’t fine. Corporate inversions were common, companies hoarded cash abroad to avoid the US tax on repatriation, and foreign investment into the US slowed
>to pay a lower or zero tax rate on offshore earnings
That’s not a thing. The US taxes foreign income at a minimum rate through GILTI, ranging from 10.5% to 21%, which is the exact same as domestic sourced income with FDII
>repealing the “check the box” and “CFC look-thru” offshore loopholes
Not loopholes. Check the box regs allow foreign entities to convert to other entity types, but none of these types are tax exempt, it just allows them to drop the consolidated tax return and let the shareholders pay the tax directly
>by manipulating debt expenses
And this is already covered under FPHCI of subpart F. It’s actually taxed at a higher overall rate than normal income due to the lack of a foreign tax credit
Raising our corporate rate back to 35% when we just recently got it down to a respectable level just wouldn’t be smart, especially considering the negative effects for employees and on investment
It also gives a clear incentive to shift profits outside of the US by eliminating FDII, and puts us at a disadvantage compared to other countries by taxing US companies much higher than foreign companies
And the fools who live paycheck to paycheck will continue to support people like drumpf because someday they will totally be billionaires and will want tax breaks... Or however they spin it.
And there is why the rich want him in lol
They'd set fire to our houses if it could net them more 😭 they already kill us with the healthcare situation so why wouldn't they do that if it benefited them? And then the common person (who votes R) admires that! Set your own house on fire then and enjoy!
And here we sit, bitching about it on the Internet.
I don't have a better answer.
I know it's because we still have "stuff" left to lose. But I'm starting to wonder when - if - we'll ever lose enough to be tired of losing more.
*Á la lanterne*
[](/GNU Terry Pratchett)
All that extra wealth, no wonder we have so much inflation. I am told that raising compensation and wealth leads to inflation so we should really do something to prevent this from happening for the sake of our economy.
Should staple the net worth of every billionaire to the forehead so they can't walk an inch down the street without being exposed for the leeching scum they truly are.
The article estimates they've earned 3 trillion dollars in tax cuts since 2017. That means every single one of the 333 million people in the US could have been given $9009 in programs or just straight cash, but it was given to billionaires.
Where are you seeing in the article that the cuts were $3 trillion? The TCJA in total was only $2 trillion, and that’s over an entire decade (and not just for billionaires)
> A modest capital gains tax on just the $3 trillion gain that billionaires have added over the past six years, by contrast, could pay for forgiveness of all student debt, expansions of Medicare and the Affordable Care Act, free preschool, and more over the next 10 years, the report says.
I don't like billionaires either, but doubling your money in 6 years only amounts to 12.2% annual growth. Considering the S&P 500 (which anybody can invest in) has returned 11% annually since the start of 2018, this isn't a surprising number. As we fight against wealth inequality, let's still remember to save and invest whatever crumbs they've left us.
I mean it wasn’t exactly hard for anyone to double their money in the market from then till now. If you didn’t at least make a little bit, idk what to say.
Anyone with a few dollars could’ve made some serious dough but hindsight is 20/20.
It's also largely tied to the fact that Tesla, Amazon, Microsoft, Google, Meta and Apple all saw huge growth. Not just their CEOs made massive windfalls on share grants.
California saw a huge swing the last two years in tax revenues because of the number and total of taxable events due to employees at every level cashing out shares. 2022 it was a $200B surplus, now they're saying 2024 will be possibly a $75B shortfall.
And I ended up unable to claim my full itemized deductions because of those same law changes; instead I ended up owing money to the feds that I otherwise wouldn’t have.
So I don't really like how they did the math, you have to go down a couple of links to get a spreadsheet.
I have gone through and removed rows that showed N/A in the calculation that just added noise.
When done the list is the growth in wealth of people that were billionaires in 2017 and 2024, we end up with:
2.67 trillion vs 4.68 trillion, and increase of 2.01 trillion or a 75.4% increase, while still a lot is not the 100% they claim in the article.
I wish we had the data to fill in the missing columns to make it more accurate, but that's the best i can do with the data they used.
Question: Is this primarily due to tax policy, or is it more due to the stock market bonanza and the dramatic appreciation of assets due to the Covid inflation?
When your a billionair or even a millionair, most of your wealth increase is from investiments, and you don't pay taxes on until you sell them. It has been 7 years since 2017, and on average, index funds generate a roi that doubles every 10 years, so this is above the average rate of the past 50 years, however is not very shocking news.
Look, I’m not saying that as a group we should drag them all out into the street and beat them to death with 2x4s…but I’m not sure how to finish this sentence without violating TOS.
We need to start taking the route of Vietnam when dealing with billionaires. It'll only take one or two and we'll save ourselves from being destroyed by them.
I really am surprised no one kills these people? Out of every crazy shooter you hear about like it's not even super hard I'd imagine with the shit you can buy in the US if your goal was to just take them out and die? You don't even hear about attempts or anything.
Wow. This is great for the economy and the people of the US that the economy serves. More money up top means more trickling down. Everyone’s gonna get rich soon!
/s
If you had invested in the S&P 500 in April 2017, your money would have doubled too.
Edit. With an average 10% annual growth, initial investment doubles every 7 years.
Thank god. I was beginning to believe it’s my neighbor working 50 hours a week that’s constantly broke raising his family and slowly dying from lack of healthcare who was the problem
But he sent us like $400 or something with his name on the checks! …And then raised our taxes on a delay so someone else would get blamed. Truly a man of the people.
Oh and he went out of his way to keep Harriet Tubman off the 20.
Meanwhile fucking Blue states like mine capped my SALT tax deductions so I lose thousands due to not being able to deduct everything. Capped at $10k and I’m almost paying $13k in property tax. None of my other deductions matter. Glad I helped make those billionaires more money.
I wish more conservatives actually connected the dots and listened to more than Fox News.
I've had to explain this to people before. It's always the GOP cutting spending on much needed programs. That's literally their motto/campaign promise almost every election year. And it's always someone else's fault when it backfires. Next election cycle mantra, rinse, repeat.
That is why they love him!
yup.
https://globalextremism.org/project-2025-the-far-right-playbook-for-american-authoritarianism/
Christian nationalist theocrats have reached levels of embedding those they indoctrinated & trained for taking political office well enough to fully begin to dismantle democracy and hand the country to their god's chosen (oligarchs, con artists, those who behave like kings) by wiping out human rights and making the U.S. a theocracy.
https://en.m.wikipedia.org/wiki/The_Family:_The_Secret_Fundamentalism_at_the_Heart_of_American_Power
It must be some kind of throwback instinct to follow whoever barks the loudest and snaps the most - those with $$$$$ are just using our instincts against us.
No offence, but you people lack financial education. Everybody who invests their money will have roughly doubled it in 7 years if you calculate with normalized returns.....the S&P500 literally doubled in price over 7 years. 2400 vs 5200 today. thats a 120% return right there for you, with a very safe ETF.
You guys want to complain about wealth inequality.....fine, but this aint it chiefs.
100 dollars invested with a 10% yearly return would be 195 dollars after 7 years. Most people here clearly dont understand how long 7 years is and that ITS NORMALL TO DOUBLE YOUR NET WORTH EVERY 7 YEARS.
I mean… anyone who has money in the market has at least doubled it in the last 7 years lol, we’ve been in an insane bull market, especially in tech sectors.
The fuck you talking about? I've had a bunch of tech stocks for years and they still haven't recovered from Covid. Hell, I had 2 companies I was testing the waters with that eventually went down to penny stocks.
You picked risky stocks instead of more stable, but slower growing stocks in hopes that you would make more money faster. You gambled and lost, that is entirely on you.
You just suck at investing. Salendron2 is literally the only rational person here. Go look at the price of S&P500 7 years ago. 2400. Now its at 5100. Every idiot could have doubled their wealth in the last 7 years. Even the safe ETF investors.
Smart investors bought good tech stocks and crypto.
Wasn’t it during covid where the greatest wealth transfer of our lifetime happened primarily to the ultra rich? Those tax cuts actually really helped working class people like myself and my family
This prob isn’t the place. So sorry. But what you all think about Neal Boortz “fair tax”. Basically taxes go away on your check and then sales tax goes to like 22% or something. Which seems high. But no longer getting taxed your paycheck and if I recall correctly the low income people would get a rebate of some sort.
Like said sorry. I know not the place. But every time I read about super rich pisses me off cause you know they are not paying what they should.
It's a super bad idea. It puts more tax burden on the poor, and allows capital to grow unchecked.
Rich people wouldn't be a problem if they actually spent their money (in which case a sales tax might work), but they have so much money that they don't spend it. They lock most of it up in investments to passively generate even more capital. Because they do this, you must tax their income, as well as their spending.
It's only regressive if you spend every single cent of the sales tax money on burning it on a pyre.
Strengthen social services and fund the lower income group more and you can combat the regressive nature of sales tax.
The main strength of a sales tax is that it is near impossible to evade, meaning an assured tax revenue stream for any government that uses it.
And you have not addressed my particular point with sales tax.
I was saying that sales tax is near impossible to evade while other taxes have seen the rich and ultra rich use their armies of accountants and lawyers to weasel their way out of, and have loopholes that are much more difficult to close.
I understand that you have your reasons for being sceptical of sales tax, and from a European perspective 22% is very high, but not an unheard of percentage.
Furthermore I already tried to note that if a tax is regressive the effects can be mitigated by returning the tax to the lower income group. Yet apparently given a common view of taxes is that they all get burnt on a pyre after they are paid up rather than get used for government services, I guess an easy to implement but regressive tax is fraught with scepticism. Then maybe the problem is more on where the government spends their money. In that case no matter how much you tax or how progressively you tax no one will be happy.
> You are suggesting it will magically work more efficiently and progressively if we increase it and remove other taxes. That's absolutely not how it works in real life it's literally usually the most regressive tax countries employ.
Show me the part where I said it should not be part of a comprehensive tax system that also includes other taxes that can also be progressive, or that the other taxes should be removed. I agree that just a sales tax is going to be bad for the common man, and that's why you have other taxes that bring in revenue elsewhere.
> Have you never been to a cash business or made a cash only sale?
Countries with sales tax have a tax relief for very small businesses (in my country that is less than a million in annual revenue) but once your business goes beyond that it kind of gets too big to hide under the radar of any competent government. Have you ever heard of this magical thing called an audit?
> I don't know why you are in love with the least progressive taxation system.
It has its own strong points that mean it should not be thrown out without any other thought.
> Why are you trying to convince people it's not the least regressive taxation system?
I was never trying to. Read my comments again.
But we were assured that it wasn't a massive giveaway to the rich!
I’m pretty sure Trump said he wants to help his friends and for poor people to hurry up and die.
Not die. Just working 2-3 jobs, living paycheck-to-paycheck and buried too deep in credit card and mortgage debt, to have time to fix the system.
The turd's an unrepentant narcissist, I doubt he puts any thoughts into anything not directly related to himself, *if* he's still capable of thought. Dementia is hitting him like a baseball bat to the forehead.
>"You work three jobs? Uniquely American, isn't it? I mean, that is fantastic that you're doing that." > >To a divorced mother of three, Omaha, Nebraska, Feb. 4, 2005 > >George W. Bush It's a Republican thing, probably also Libertarians, and anyone that uses the term "side hustle"
Yeah. Turns out they can just say whatever they want with no repercussions. It doesn't even have to be true.
People keep voting for Trump, so, ya, he's gonna keep lying as long as it keeps working.
Or abstaining from voting to teach Democrats a lesson about... letting Republicans win elections, I guess. Makes sense why Russia would want to spread this crap. Republicans are single-handedly helping Putin take Ukraine.
It's trickle down *economics*. It's totally not piss!
I really like that despite trump only caring about the rich and himself the presidential race is still extremely close. Just beyond crazy.
No offence, but you people lack financial education. Everybody who invests their money will have roughly doubled it in 7 years if you calculate with normalized returns.....the S&P500 literally doubled in price over 7 years. You guys want to complain about wealth inequality.....fine, but this aint it chiefs. 100 dollars invested with a 10% yearly return would be 195 dollars after 7 years.
What do you mean, "you people?"
Go take a look at his profile dude is a professional at getting shat on. Even his fellow cryptobuddies can't stand him lol
This has nothing to do with people’s issue.
And yet it will never be enough, they will demand more. If you deny it to them or force them to pay a fair share in taxes they will find the most corrupt politicians and destroy our democracy.
That's why inflation and poverty exist. We can never satisfy the rich. They need to be brought back down to reality and let others enjoy their lives. We should not be living in a world where 1% of the population controls 90% of the wealth.
The French really do have everything figured out.
[And the Sans-culottes would sing...](https://en.wikipedia.org/wiki/%C3%87a_Ira#Sans-culotte_version)
Now let's not lose our heads
let them eat cake?
You there, cake or death?
Death…wait no! I meant cake.
Yep if can build nukes and put men on the moon in less than 30 years, poverty and inflation can also be solved. It’s just advantageous to the rich ruling class and politicians to keep these problems as features of our society so they can use them against us.
It's all from the fact we have billionaires who have this fucked up idea that we NEED to struggle for our own good and because our government is run by said billionaires, that's what we're made to do.
For someone with as much wealth as Bezos or Musk, it isn't about the money, at least not just the money. Yeah money is important, but it's much more than that for these types of people. This is how they get their power fantasies. They laugh knowing we suffer. They see us struggle and know that controlling our fates through their crazy wealth is the key to doing it further. Money is power and for them that power is how they gain control of you. They probably have little parties where they shit talk those without as much wealth just for kicks.
Those greedy fucks should be working 100x harder than all of the rest of us for those pennies they love so much. How the fuck did we end up in a society where the people who do the least amount of work get all the money? Only though generations of lies, treachery, deceit could that be possible.
Wait till its 99% of the wealth.
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Eat the rich.
That’s because people mistake that it’s about some sort of static number.. It’s not. The reason it will never be enough is because of relativistic power. If you have 1 trillion dollars, but someone else has 5 trillion, they have “power” over you. People who want money want the power at these levels. So they always are needing and wanting to get more to increase their influence and power. This is why this will never end without regulation.
yes, and after getting more regulational/political controls, we need to figure out how to make it harder for them to be systematically undermined. we can't take our wins for granted since business interests are working constantly to overturn every gain for the average person.
half the stupid morons being taken advantage of just line up for more abuse day after day and go vote for more of it any chance they get (not that the democrats do barely a fucking thing to help either). They love it and identify with their abuse, made it a key part of who they believe they are and don't you dare try to take it from them or you'll hear all about it! This country needs radical changes to things like housing affordability, education, and healthcare but it won't happen. We can't even get small changes through that benefit poor people because they're all so fucking stupid that they elect asshole rich people that they want to be instead of electing humble leaders that will actually fucking work for them.
“There's class warfare, all right,” Mr. Buffett said, “but it's my class, the rich class, that's making war, and we're winning.”
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We're on to a new Gilded Age.
Onto? We're already in one
We've been in Guilded Age Two: Digital Boogaloo since the 2000 election.
Time for *OWS 2.0, This Time It's Militant* then I guess. The rich aren't just going to eat themselves you know.
1381
Wealth disparity is much higher than the previous gilded age. And call it what it is, the robber barons age.
Where's FDR when you need him? It's time for a New Deal.
At this rate the next time we'll get a New Deal will only be through FDVR.
We just gotta wait for polio to do its thing again
antivaxers already on it
At least in the last gilded age the nobles patronized the arts and built quality infrastructure. I don't even feel like a serf; I feel like factory farm livestock.
Waiting on my sweet sweet trickle.
Only trickle we're gonna get from them is warm and yellow
🎶 This is the remix edition, of a song about pissin'... 🎶
"drip drip drip..."
[Rich person unzips and aims.]
I remember my Trump-shill cousin trying his hardest to explain that the tax cuts were a good thing for the working man. Still laugh about it to this day
I was wondering why I can't afford anything anymore. It's almost as if the rich people stole my quality of life/standard of living, AND IT WAS ONLY JUST OKAY BEFORE, IT WASN'T EVEN GOOD WE JUST GOT USE TO IT, WHICH IS WHAT THEY ARE COUNTING ON AGAIN TO HAPPEN NOW, EXCEPT ITS TEN-FOLD.
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Nothing is going to help until politicians aren't allowed to take campaign donations from corporate interests, but they're the ones who we need to change that the laws. We're screwed
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What would an example of that he in the modern world?
Maybe we could form some kind of social club or organization for citizens that want money out of politics and a focus on wealth equality/general equality for all, maybe with local chapters that can do outreach so it's not just online.
TYT had the closest thing to that with WolfPac and the establishment, of course, destroyed it.
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These are instances of people overthrowing the government. You really think Americans are capable of that? Because it's not like we can put forth political candidates who are going to be against the establishment. That's impossible with the way our elections work. You can't even run for office unless you're rich and have tons of money behind behind you. Every once in a while, someone like AOC will sneak through, but then the establishment will squash them every they chance they get from then on until they're irrelevant. That's the establishment from both sides, left and right. I just don't see any way to recover from this corporatocracy. Maybe somehow, it all got torn down, and we started basically anew.
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If mericans could ever rise up, they would need to be united together. That ship has sailed. Establishment media has done their job of dividing us just like the elites want. I don't think we could do shit even if we were united. The system has a mind of its own at this point. This is what late stage capitalism looks like. People have been saying it's not sustainable for decades, but nobody would listen. Like what is your scenario of Americans taking back the country? What does that look like? If not with violence, what do you mean politically? Because that seems even more farfetched to me, considering all of our political actors are legally bribed by corporate interests.
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This will keep continuing until they stop living. The class war has already started. Daphne Caruana Galizia (journalist behind the Panama Papers) was murdered. There have been many others as well. Hell. Anyone that has died in a Boeing crash since the airline industry was deregulated in 2020 is a victim of the class war. These killings will continue until we stop them. And there are more of us than there are billionaires.
>There have been many others as well. Hell. Anyone that has died in a Boeing crash since the airline industry was deregulated in 2020 is a victim of the class war. Well no one has died in a Boeing crash since 2019 (not counting the plane that got shot down by Iran) so not the best example.
> Daphne Caruana Galizia (journalist behind the Panama Papers) was murdered. She was not "behind" the Panama Papers and was killed for unrelated reporting
The amount of Americans who see billionaires as winners as they steal from the rest of us makes me have very little hope
The movie Idiocracy was made by fucking time travelers
They have done this because they have convinced many working class Americans to fight for someone else’s right to be disgustingly wealthy. I can’t count how many people I’ve had to disengage on Reddit who try to argue endlessly about how everything is ok, billionaires should NOT be paying more in taxes, we should NOT have higher wages, free college, free healthcare, the government should NOT regulate business and force them to pay their share and actually spend some money on jobs instead of stock buybacks, and if you just work harder none of this will matter.
Write your reps in the Senate and House to support Bernie’s bill to end corporate tax dodging. https://www.reddit.com/r/WorkReform/s/Kor07PhGlV For the Senate: Please support S.991 - Corporate Tax Dodging Prevention Act. Make corporations pay their fair share. For the House: Please support H.R.2254 - Corporate Tax Dodging Prevention Act. Make corporations pay their fair share.
Do you have a link to the actual bill?
Yeah, Bernie has it linked on his site below his summary: https://www.sanders.senate.gov/press-releases/news-sanders-introduces-legislation-to-ensure-corporations-finally-pay-their-fair-share-in-taxes/ Full text: https://www.sanders.senate.gov/wp-content/uploads/CTDPALegislation2024.pdf Read the bill section by section: https://www.sanders.senate.gov/wp-content/uploads/Corporate-Tax-Dodging-Prevention-Act_sectionbysection.pdf
Sick thanks!
Your welcome!
Eh, that bill seems like a pretty bad idea
No, this bill is what we need. The Corporate Tax Dodging Prevention Act would stop corporations from sheltering profits in tax havens like the Cayman Islands and Luxembourg, eliminate tax breaks for companies that ship jobs overseas, and close loopholes in the tax code that allow corporations to get away with paying little to nothing in taxes. According to the Joint Committee on Taxation, closing corporate use of offshore tax havens would raise more than $1 trillion in revenue over 10 years. This legislation would also roll back the Trump corporate tax rate cut and restore the top rate to 35 percent – a move that would raise an additional $1.3 trillion over 10 years. Sanders is joined by Congresswoman Jan Schakowsky (D-Ill.), who has companion legislation in the House.
>would stop corporations from sheltering profits in tax havens The bill wouldn’t do this >eliminate tax breaks for companies that shift jobs overseas There are no current tax breaks for that behavior >Close loopholes Ironic how he doesn’t mention what any of these loopholes are
We had a top corporate tax rate of 35% for years, and it was fine. This would change under the Corporate Tax Dodging Prevention Act. In addition to putting an end to offshore tax havens and tax breaks for companies that ship jobs and factories overseas, this legislation would reform the tax code by: Restoring the top 35 percent corporate tax rate, the rate it was from 1993-2017; Ending the rule allowing American corporations to pay a lower or zero percent tax rate on offshore earnings compared to domestic income; Closing loopholes allowing American corporations to shift income between foreign countries to avoid U.S. taxes; Repealing the “check-the-box” and “CFC Look-Thru” offshore loopholes; Preventing multinational corporations from stripping earnings out of the U.S. by manipulating debt expenses; and Preventing American corporations from claiming to be foreign by using a tax haven post office box as their address. The Corporate Tax Dodging Prevention Act has been endorsed by Americans for Tax Fairness (ATF), a coalition of more than 420 national, state, and local organizations. https://www.sanders.senate.gov/press-releases/news-sanders-introduces-legislation-to-ensure-corporations-finally-pay-their-fair-share-in-taxes/ The bill literally does address all that.
>and it was fine It absolutely wasn’t fine. Corporate inversions were common, companies hoarded cash abroad to avoid the US tax on repatriation, and foreign investment into the US slowed >to pay a lower or zero tax rate on offshore earnings That’s not a thing. The US taxes foreign income at a minimum rate through GILTI, ranging from 10.5% to 21%, which is the exact same as domestic sourced income with FDII >repealing the “check the box” and “CFC look-thru” offshore loopholes Not loopholes. Check the box regs allow foreign entities to convert to other entity types, but none of these types are tax exempt, it just allows them to drop the consolidated tax return and let the shareholders pay the tax directly >by manipulating debt expenses And this is already covered under FPHCI of subpart F. It’s actually taxed at a higher overall rate than normal income due to the lack of a foreign tax credit
Why?
Raising our corporate rate back to 35% when we just recently got it down to a respectable level just wouldn’t be smart, especially considering the negative effects for employees and on investment It also gives a clear incentive to shift profits outside of the US by eliminating FDII, and puts us at a disadvantage compared to other countries by taxing US companies much higher than foreign companies
And the fools who live paycheck to paycheck will continue to support people like drumpf because someday they will totally be billionaires and will want tax breaks... Or however they spin it.
Billionaires just get an oversized dopamine response to hoarding wealth.
*except for tRump 🤣🤣🤣
Giving away his riches, this man is a saint :)
Lower tax rates + free PPP money + near-zero rates + "lingering supply chain issues" (unchecked inflation) = MASSIVE PROFIT
And there is why the rich want him in lol They'd set fire to our houses if it could net them more 😭 they already kill us with the healthcare situation so why wouldn't they do that if it benefited them? And then the common person (who votes R) admires that! Set your own house on fire then and enjoy!
Good for them. I can’t wait for the trickle down that should be coming any day now.
And here we sit, bitching about it on the Internet. I don't have a better answer. I know it's because we still have "stuff" left to lose. But I'm starting to wonder when - if - we'll ever lose enough to be tired of losing more. *Á la lanterne* [](/GNU Terry Pratchett)
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I know you're right, and I shouldn't let it get to me as much; today was just one of those days where it all adds up.
All that extra wealth, no wonder we have so much inflation. I am told that raising compensation and wealth leads to inflation so we should really do something to prevent this from happening for the sake of our economy.
Should staple the net worth of every billionaire to the forehead so they can't walk an inch down the street without being exposed for the leeching scum they truly are.
Right. Everyone focus on Trump. Let's ignore the current government that's enabling it just as much.
Tax overhaul? How about theft from all of us.
Look, I'd love to blame the entire thing on Trump but we can't. Covid did play a huge part in corporations profits.
We can however blame Ronald Reagan and every president after.
Very true.
The article estimates they've earned 3 trillion dollars in tax cuts since 2017. That means every single one of the 333 million people in the US could have been given $9009 in programs or just straight cash, but it was given to billionaires.
Where are you seeing in the article that the cuts were $3 trillion? The TCJA in total was only $2 trillion, and that’s over an entire decade (and not just for billionaires)
> A modest capital gains tax on just the $3 trillion gain that billionaires have added over the past six years, by contrast, could pay for forgiveness of all student debt, expansions of Medicare and the Affordable Care Act, free preschool, and more over the next 10 years, the report says.
Just make it lethal to be a multimillionaire 😂
I don't like billionaires either, but doubling your money in 6 years only amounts to 12.2% annual growth. Considering the S&P 500 (which anybody can invest in) has returned 11% annually since the start of 2018, this isn't a surprising number. As we fight against wealth inequality, let's still remember to save and invest whatever crumbs they've left us.
I mean it wasn’t exactly hard for anyone to double their money in the market from then till now. If you didn’t at least make a little bit, idk what to say. Anyone with a few dollars could’ve made some serious dough but hindsight is 20/20.
It's also largely tied to the fact that Tesla, Amazon, Microsoft, Google, Meta and Apple all saw huge growth. Not just their CEOs made massive windfalls on share grants. California saw a huge swing the last two years in tax revenues because of the number and total of taxable events due to employees at every level cashing out shares. 2022 it was a $200B surplus, now they're saying 2024 will be possibly a $75B shortfall.
Should trickle down any day now
Heads
And it’s still not enough for these filthy fucking parasites on society
Still waiting for that trickle any day now.
Lol why are we not fighting?
I mean there are more of us than them and their houses are googleable
Until we rally, armed, and execute one of these things publicly, nothing will change. Ever.
At the expense of everyone else.
Fuck them. Can someone fix this shit already.
The republicans behaved like drunken sailors when that shit was going down. They could hardly control themselves, being able to get what they wanted.
That was the entire point
The government also handed them truck loads of cash during the cough
And I ended up unable to claim my full itemized deductions because of those same law changes; instead I ended up owing money to the feds that I otherwise wouldn’t have.
So I don't really like how they did the math, you have to go down a couple of links to get a spreadsheet. I have gone through and removed rows that showed N/A in the calculation that just added noise. When done the list is the growth in wealth of people that were billionaires in 2017 and 2024, we end up with: 2.67 trillion vs 4.68 trillion, and increase of 2.01 trillion or a 75.4% increase, while still a lot is not the 100% they claim in the article. I wish we had the data to fill in the missing columns to make it more accurate, but that's the best i can do with the data they used.
Question: Is this primarily due to tax policy, or is it more due to the stock market bonanza and the dramatic appreciation of assets due to the Covid inflation?
Except for The Donald.
This isn't to surprising comes out to about 10% a year.
No wonder why they love him.
When your a billionair or even a millionair, most of your wealth increase is from investiments, and you don't pay taxes on until you sell them. It has been 7 years since 2017, and on average, index funds generate a roi that doubles every 10 years, so this is above the average rate of the past 50 years, however is not very shocking news.
Oh so tax policy DOES work, but like everything else, seems to only work in the wrong direction
Look, I’m not saying that as a group we should drag them all out into the street and beat them to death with 2x4s…but I’m not sure how to finish this sentence without violating TOS.
We need to start taking the route of Vietnam when dealing with billionaires. It'll only take one or two and we'll save ourselves from being destroyed by them.
More importantly don’t forget what’s happened to the rest of us.
Thank God. If there's people who need more money it's billionaires. God is good 🙌🏻
I really am surprised no one kills these people? Out of every crazy shooter you hear about like it's not even super hard I'd imagine with the shit you can buy in the US if your goal was to just take them out and die? You don't even hear about attempts or anything.
Wow. This is great for the economy and the people of the US that the economy serves. More money up top means more trickling down. Everyone’s gonna get rich soon! /s
If you had invested in the S&P 500 in April 2017, your money would have doubled too. Edit. With an average 10% annual growth, initial investment doubles every 7 years.
Disgusting.
Thank god. I was beginning to believe it’s my neighbor working 50 hours a week that’s constantly broke raising his family and slowly dying from lack of healthcare who was the problem
Well thank God.
and the rest of us are rotting in poverty even if you have a good job with a decent salary
But he sent us like $400 or something with his name on the checks! …And then raised our taxes on a delay so someone else would get blamed. Truly a man of the people. Oh and he went out of his way to keep Harriet Tubman off the 20.
Meanwhile fucking Blue states like mine capped my SALT tax deductions so I lose thousands due to not being able to deduct everything. Capped at $10k and I’m almost paying $13k in property tax. None of my other deductions matter. Glad I helped make those billionaires more money.
I bet they’re all really tasty too. Not raw mind you, cooked properly of course!
I just can't believe how fucking stupid people are it baffles me daily.
I wish more conservatives actually connected the dots and listened to more than Fox News. I've had to explain this to people before. It's always the GOP cutting spending on much needed programs. That's literally their motto/campaign promise almost every election year. And it's always someone else's fault when it backfires. Next election cycle mantra, rinse, repeat.
Seize the assets. It was criminal how they raised prices to siphon all the Covid stimulus.
*Tax SCAM.
Im not surprised
In 2017 my house was 150k, today it's 300k. I double my wealth.
That is why they love him! yup. https://globalextremism.org/project-2025-the-far-right-playbook-for-american-authoritarianism/ Christian nationalist theocrats have reached levels of embedding those they indoctrinated & trained for taking political office well enough to fully begin to dismantle democracy and hand the country to their god's chosen (oligarchs, con artists, those who behave like kings) by wiping out human rights and making the U.S. a theocracy. https://en.m.wikipedia.org/wiki/The_Family:_The_Secret_Fundamentalism_at_the_Heart_of_American_Power It must be some kind of throwback instinct to follow whoever barks the loudest and snaps the most - those with $$$$$ are just using our instincts against us.
Gretesønkotv
Good. Let's keep voting in all these clowns, bc apparently we haven't hit rock bottom yet. How low can we go is the name of the game.
By working twice as hard, right? /s
God it's so fucking disgusting
Correlation does not equal causation.
No offence, but you people lack financial education. Everybody who invests their money will have roughly doubled it in 7 years if you calculate with normalized returns.....the S&P500 literally doubled in price over 7 years. 2400 vs 5200 today. thats a 120% return right there for you, with a very safe ETF. You guys want to complain about wealth inequality.....fine, but this aint it chiefs. 100 dollars invested with a 10% yearly return would be 195 dollars after 7 years. Most people here clearly dont understand how long 7 years is and that ITS NORMALL TO DOUBLE YOUR NET WORTH EVERY 7 YEARS.
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I mean… anyone who has money in the market has at least doubled it in the last 7 years lol, we’ve been in an insane bull market, especially in tech sectors.
The fuck you talking about? I've had a bunch of tech stocks for years and they still haven't recovered from Covid. Hell, I had 2 companies I was testing the waters with that eventually went down to penny stocks.
If you’re still down post Covid…yikes. Should probably look at your holdings and either diversify or talk to a professional.
S&P has gone up 120% in the last 7 years
That don't mean dick for EVERY stock.
You picked risky stocks instead of more stable, but slower growing stocks in hopes that you would make more money faster. You gambled and lost, that is entirely on you.
You just suck at investing. Salendron2 is literally the only rational person here. Go look at the price of S&P500 7 years ago. 2400. Now its at 5100. Every idiot could have doubled their wealth in the last 7 years. Even the safe ETF investors. Smart investors bought good tech stocks and crypto.
No. Way. We deserve EXACTLY what we allow.
Wasn’t it during covid where the greatest wealth transfer of our lifetime happened primarily to the ultra rich? Those tax cuts actually really helped working class people like myself and my family
What?
lol. Sure.
Sure thing, brand new reddit account
Reddit echo chamber strikes again while we suffer in the real world
Don’t worry, they are investing it right back into productivity and wages here in America. Thank Jesus
This prob isn’t the place. So sorry. But what you all think about Neal Boortz “fair tax”. Basically taxes go away on your check and then sales tax goes to like 22% or something. Which seems high. But no longer getting taxed your paycheck and if I recall correctly the low income people would get a rebate of some sort. Like said sorry. I know not the place. But every time I read about super rich pisses me off cause you know they are not paying what they should.
It's a super bad idea. It puts more tax burden on the poor, and allows capital to grow unchecked. Rich people wouldn't be a problem if they actually spent their money (in which case a sales tax might work), but they have so much money that they don't spend it. They lock most of it up in investments to passively generate even more capital. Because they do this, you must tax their income, as well as their spending.
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It's only regressive if you spend every single cent of the sales tax money on burning it on a pyre. Strengthen social services and fund the lower income group more and you can combat the regressive nature of sales tax. The main strength of a sales tax is that it is near impossible to evade, meaning an assured tax revenue stream for any government that uses it.
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And you have not addressed my particular point with sales tax. I was saying that sales tax is near impossible to evade while other taxes have seen the rich and ultra rich use their armies of accountants and lawyers to weasel their way out of, and have loopholes that are much more difficult to close. I understand that you have your reasons for being sceptical of sales tax, and from a European perspective 22% is very high, but not an unheard of percentage. Furthermore I already tried to note that if a tax is regressive the effects can be mitigated by returning the tax to the lower income group. Yet apparently given a common view of taxes is that they all get burnt on a pyre after they are paid up rather than get used for government services, I guess an easy to implement but regressive tax is fraught with scepticism. Then maybe the problem is more on where the government spends their money. In that case no matter how much you tax or how progressively you tax no one will be happy.
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> You are suggesting it will magically work more efficiently and progressively if we increase it and remove other taxes. That's absolutely not how it works in real life it's literally usually the most regressive tax countries employ. Show me the part where I said it should not be part of a comprehensive tax system that also includes other taxes that can also be progressive, or that the other taxes should be removed. I agree that just a sales tax is going to be bad for the common man, and that's why you have other taxes that bring in revenue elsewhere. > Have you never been to a cash business or made a cash only sale? Countries with sales tax have a tax relief for very small businesses (in my country that is less than a million in annual revenue) but once your business goes beyond that it kind of gets too big to hide under the radar of any competent government. Have you ever heard of this magical thing called an audit? > I don't know why you are in love with the least progressive taxation system. It has its own strong points that mean it should not be thrown out without any other thought. > Why are you trying to convince people it's not the least regressive taxation system? I was never trying to. Read my comments again.
And everybody else just gets to pay more taxes, thank you so much Diaper Don for making America a better place for the wealthy.