I guess some people in US are just blind

Billionaires don't pay 90% on incomes

They leave the money in their companies that, like Apple, evade taxes sheltering their money through international tax heaven

They are worth billions not because they have billions cash on which they paid taxes, but because they own stocks and properties worth billions

So yeah, paying a marginal tax on their wealth is only fair

> Even if you could tax 100% of all billionaire money, you will only fund the entire federal governments spending by a year.

There are 11 million millionaires in USA, if you take the 1% of their wealth over a million you could have an healthcare systems that don't let you die like flies when the next COVID-19 hits

But if you prefer to die, it's ok to me

Just know that your system is broken

> There are 11 million millionaires in USA, if you take the 1% of their wealth

There’s that word again, “take”

If they were willing to give volunterly that wouldn't be necessary

Taxes are always taken, even if you earn 20k/year

I know that the only reason USA are born was to avoid paying taxes, but it's a bit silly to think that a billionaire cannot be asked to contribute back to help those that are in need

A billionaire

It means at least a million times a thousand dollars

1% for them is virtually nothing

Unless billionaires want to send their children to collect trash, ship Amazon packages, drive cabs, keep the house clean, defend the country in the military (funny how rich people almost always skipped it) etc. etc. then they owe to society more than society owes to them

It's that simple

To not understand it one must be mentally challenged

The funniest thing is that you're not a billionaire and would only benefit from a more just society

But you felt for the same mistake that Scott Fitzgerald made many years ago.

"The rich are different from you and me” wrote in his novella, The Rich Boy, with a sense of romantic longing.

Ernest Hemingway is said to have replied “Yes, they have more money.”

Hemingway wrote later on, in a 1936 issue of Esquire magazine, “that was not humorous to Scott. He thought that they were a special glamorous race and when he found out they weren’t, it wrecked him"

Don't be a Fitzgerald, be a Hemingway.

Correction they pay equivalent income tax to the bottom 90% (and a third of all once tax)

That's the problem, because their wealth is many times larger than the bottom 90%

The top 1% of the population in US owns 39% of the wealth, top 10% own 76% of the wealth, bottom 50% owns only 1% of it.

If the system was fair, bottom 50% of the population should pay no taxes, because they own too little to live.

BTW you are another of the wannabe rich I guess who drank the billionaires cool aid, the top 1% only pays a marginal amount of the taxes

"Zucman, as detailed in his new book, "The Triumph of Injustice," written with fellow University of California at Berkeley economist Emmanuel Saez, found that the 400 richest Americans now pay a total tax rate of about 23% — that's lower than the bottom half of U.S. households, who pay a rate of about 24%"

American Scholars and the FED are making these analyses, not some hippie socialist in a kibbutz

It's time you all wake up

To be clear, it is wrongful thinking because people cannot usually grasp the vastness of billions and make their idea around their thousands as of it was the same

It isn't

Consider this

If you had a billion today and paid 1% every year in 20 years you would pay 220 millions total

In those same 20 years if you invested in a conservative way, say 4% guaranteed, which is arguably easy if you have a billion, after 20 years you would have gained 1.2 billions

In other words a net positive of one billion

Talking about numbers helps because the ratio is the same if you apply them to 1 thousand dollars

220 dollars spent, 1.2 thousands gained, 1 thousand net positive

The only difference is that making 4% with a thousand dollars is harder than with a million times a thousand dollars

Simply put you have a million 1,000 dollars chances VS Just the one

Or put it another way you could spend 1k every day for a million days, which is approximately 2,740 years, it means you could spend 10k/day for 274 years or 100k/day for 27 years or a million every day for 3 years.

And the compound interest would keep the initial billion grow indefinitely.

It basically means you have infinite money.

And you are worried that taking 1% would be detrimental for billionaires?

> If you keep reaching into their pocket they will leave

Biases are so boring... (you used a mix of confirmation bias and ancoring bias)

We are not even reaching their pockets now, they are paying less than the poor

Wake up, or you end up living worse than rich people's dogs (you probably already are right now in US)

> And you are worried that taking 1% would be detrimental for billionaires?

Yes, because again it’s not fair. I completely ignored the rest of what was above this because I’m not a child and am quite capable of understanding quite advanced math and how large a billion is. So to recap you’re saying it’s ok because they have a lot of money.

I’m actually living quite well in the US, despite coming from a very poor family with both parents getting cancer and having absolutely no money to put me through school. Instead of complaining or finding new inventive ways to take others money I taught myself skills worth a lot of money and now no longer have to worry about it.

As far as your paying less than the poor statement, let’s get some facts to back that up? Actual facts, not liberal news articles.

Also I see we’re taking the “we want more of your money” tantrum route.