Welcome to DU! The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards. Join the community: Create a free account Support DU (and get rid of ads!): Become a Star Member Latest Breaking News Editorials & Other Articles General Discussion The DU Lounge All Forums Issue Forums Culture Forums Alliance Forums Region Forums Support Forums Help & Search

Democratic Primaries

bluewater

(5,420 posts)

6. "the rest of the population pays 25-30% of their income in taxes"

Reply to oldsoftie (Reply #5)

Sun Oct 27, 2019, 06:20 PM

Oct 2019

Yes, we realize poorer people (~50% of the workforce) don't pay much if any Federal income tax, but that doesn't make this statement untrue.

Walk me thru your point again please, I am a little unclear what you are getting at.

Is it "there aren't enough rich people to raise the money . Period." ?

A Wealth Tax is not an income tax, it's a tax on the accumulated assets a person has.

Currently there is a vast and growing wealth disparity in the USA:

Thanks.

If I were to vote in a presidential
primary today, I would vote for: Joe Biden

Edit history

Please sign in to view edit histories.

Recommendations

0 members have recommended this reply (displayed in chronological order):

17 replies

= new reply since forum marked as read

Highlight:

Warren's wealth tax would solve economic inequality, says economist Gabriel Zucman [View all] bluewater Oct 2019 OP

I'm for a wealth tax. Turin_C3PO Oct 2019 #1

Great! I am tired of paying property taxes on my home. bluewater Oct 2019 #3

Cute, but flawed & unrealistic in so many ways. oldsoftie Oct 2019 #2

Don't forget the payroll taxes for Social Security. bluewater Oct 2019 #4

But i'm referring to income taxes. 1/2 of federal income comes from income taxes. oldsoftie Oct 2019 #5

"the rest of the population pays 25-30% of their income in taxes" bluewater Oct 2019 #6

Of course. Its pretty simple. But it requires being objective & honest oldsoftie Oct 2019 #8

You are forgetting another major tax source bluewater Oct 2019 #10

You are MOST welcome!!! And thank YOU oldsoftie Oct 2019 #11

OK, so using Warrens 2% tax on over 50M, you STILL wont get nearly enough oldsoftie Oct 2019 #9

You need to show some math on those numbers. bluewater Oct 2019 #12

Well, i just estimated how much of the 31T covers the "over 50M" crowd. oldsoftie Oct 2019 #13

What we need is a better breakdown of wealth distribution or we are just guessing. bluewater Oct 2019 #16

We used to invest in our society at large Turbineguy Oct 2019 #7

No it wouldn't dsc Oct 2019 #14

Even if it is a good idea, it will never pass. I prefer ideas and plans that actually have a chance Thekaspervote Oct 2019 #15

Well overdue! WobblyDem Oct 2019 #17