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Forum » Biden's "Eat the rich" 25% tax on billionaires SOTU
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Thread: Biden's "Eat the rich" 25% tax on billionaires SOTU

post 1698919573 03-08-2024, 11:05 AM
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Biden's "Eat the rich" 25% tax on billionaires SOTU

This is an interesting breakdown of the economics of Biden's tax on the rich from last night,
1h35m - 1h40m
https://rumble.com/v4hwl0h-state-of-...ress-2024.html

the bottom 50% of Americans do not even pay taxes.. therefor the rich are already paying all the taxes.


Biden says taxing the rich will produce 500 billion over the next 10 years... thats nothing. 50 billion a year wont even pay the INTEREST on the debt.


This is the State of the Union folks, we are going to tax the rich and give you free **** if you vote for us. Thats the state we are in.
post 1698919813 03-08-2024, 11:11 AM
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Someone broke down the numbers about a decade ago, when the spending and debt were A LOT less than they are now, and the conclusion was that even if you stole every penny from the top 10%, you couldn’t even pay for 1 year of what it costs to run our government.

The biggest lie of socialism is that government can never be too big and spend too much, you can only tax too little. Politicians be like “Hold my beer”. The State loves socialism because it means they are never at fault for anything. It’s always the evil capitalists, corporations etc. This rhetoric has been infecting the US since the 1920s.

*Edit* This was the point of inflation. It’s become the go-to for tyrants to get tax revenue without the votes from the American people, and it creates serious revenue, especially for war. Then again, it all gets diverted away from non essentials and real demand
One party system; Most Republicans are Democrats, but no Democrats are Republicans.
Hayek and Mises were right; they're all socialists.
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post 1698919823 03-08-2024, 11:11 AM
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i was driving but i thought i hard him say 21%

8.5% now to a minimum 21%
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post 1698920313 03-08-2024, 11:20 AM
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Places like Japan can service its debt by holding high return assets which counter the debt liabilities.

Meanwhile our politicians just milk the market for their personal wealth and don’t give a fuk about what servicing our debt looks like.
post 1698924493 03-08-2024, 01:09 PM
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If you really want to collect more taxes from the rich, close the loop holes. Until then, they will always find a way around paying more.
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post 1698931523 03-08-2024, 04:32 PM
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The man could barely talk....while reading off of a teleprompter.

When he did talk? He talked 100000 millions an hour and mumbled.

That is what dementia people do. They either talk very fast....or very slow. Not normal.

Anyone that says he is a good leader for America is just a cult member of the leftist woke party.
Words to live by...."You're at the shopping mall with your girl but a hot chick walks by. Are you going to look at the hot girl? No. You use your peripheral vision."
post 1698931643 03-08-2024, 04:37 PM
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Originally Posted By Kraken⏩
Someone broke down the numbers about a decade ago, when the spending and debt were A LOT less than they are now, and the conclusion was that even if you stole every penny from the top 10%, you couldn’t even pay for 1 year of what it costs to run our government.
I would like to see those numbers. Source?
post 1698931703 03-08-2024, 04:38 PM
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Originally Posted By icetrauma⏩
If you really want to collect more taxes from the rich, close the loop holes. Until then, they will always find a way around paying more.
Agreed.

I pay around 20k+ a year in federal taxes alone. Why would someone be ok with multimillionaires and billionaires paying substantially less than that is insane.
I loe e.
post 1698931933 03-08-2024, 04:44 PM
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Democrats will do ANYTHING besides cut spending.

Spend spend spend, tax tax tax.
post 1698950953 03-09-2024, 02:06 AM
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they should kill all the billionaires Mao style

except Taytay

she is kween
post 1698954153 03-09-2024, 05:05 AM
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Originally Posted By Redfish225⏩
Agreed.

I pay around 20k+ a year in federal taxes alone. Why would someone be ok with multimillionaires and billionaires paying substantially less than that is insane.
It's the system itself. We tax income, hence an income tax. Billionaires, for the most part, avoid that, as their wealth isnt income based.

The report noted that Amazon.com Inc. Founder Jeff Bezos “did not pay a penny in federal income taxes” in 2007 and 2011. It also pointed out that Tesla Inc. CEO Elon Musk paid no federal income tax in 2018 and investing legend George Soros did the same “three years in a row.

In 2011, a year in which his wealth held roughly steady at $18 billion, Bezos filed a tax return reporting he lost money — his income that year was more than offset by investment losses. What’s more, because, according to the tax law, he made so little, he even claimed and received a $4,000 tax credit for his children.
post 1698954183 03-09-2024, 05:06 AM
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Originally Posted By Redfish225⏩
Agreed.



I pay around 20k+ a year in federal taxes alone. Why would someone be ok with multimillionaires and billionaires paying substantially less than that is insane.
You're straight up mentally retarded if you legitimately think elite millionaires, and even billionaires are payinglessthan your $20k /year in federal taxes. You're just angry because your Democrat politicians you adore so much have you convinced that the people who already put the most total money into taxes still "aren't paying their fair share". Close tax loopholes, fine, whatever. But you're just delusional thinking you pay more than they do, or even close to what they do, in total taxes.

My god, the chit you liberals will buy hook, line, and sinker just because CNN/MSNBC/etc. told you so. All you want to do is hike taxes to the point where doing business in the U.S. isn't even worth it so they might as well take their billiones and take that business elsewhere. The short-sightedness is off the charts.
post 1698954253 03-09-2024, 05:08 AM
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Originally Posted By JayJ350⏩
Democrats will do ANYTHING besides cut spending.

Spend spend spend, tax tax tax.
So many government jobs and social spending to be cut. Give me the budget. I do it for a living. They have to balance every year.
post 1698956703 03-09-2024, 06:20 AM
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Originally Posted By Redfish225⏩
Agreed.

I pay around 20k+ a year in federal taxes alone. Why would someone be ok with multimillionaires and billionaires paying substantially less than that is insane.
They dont though. The top 1% pays 42% of federal income tax revenue
post 1698957083 03-09-2024, 06:34 AM
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A company pays corporation tax on it's profits. If you own that company, you are paying that tax, even though it isn't a "personal" tax. You also pay capital gains tax. The fact that you aren't paying tax on "income" (which would come out before corporation tax was levied) doesn't mean that you aren't "paying tax".
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