A good reason to have laws regulating the maximum pay gap between executive and the lowest paid peon. And make sure to include all types of pay like stock options so companies can’t squirm out of it.
37% federal plus 5-10% state, plus additional Medicare tax and 3.8% investment income tax and a bunch of others, not good enough for you? That’s literally approaching 50% what’s your problem?
That’s literally exactly what I’m advocating for word for word. Wealth tax bad, income tax good. Income tax rate too low? Crank it up to your hearts content. Glad we agree.
A majority of wealth doesn’t come from income so would never be touched by income tax. A “wealth tax” is just a broad term meaning that they should be taxed on the wealth fairly. Like capital gains for instance is a doozy. Way less taxation than what you likely pay (percentage wise obviously).
So “wealth tax” would include an income tax, capital tax, estate tax etc, all just at rates that are equivalent to how well the system treats them. They get a much larger advantage off the system that is set up than most others.
And the ultra wealthy don’t even always have an income. You think Bezos has a salary right now that’s significantly attributing to his wealth? Or Buffet or even Zuckerberg? I forget, his his salary still $1 a year? You want to tax only that?
The problem is that once you are super rich you don’t really have an income anymore. You just expand your wealth and you end up paying way less taxes on that.
This is something that the common mortal can’t even think of.
The upper-class does not rely on income the same way the middle and lower class do. Taxing income affects us much more than it does them, that’s why you institute a wealth tax to spread the burden.
You simply don’t understand. All income flows into wealth. All wealth is eventually becomes, one way or another, taxable income. You can defer it for a while but it’s literally all the same thing.
You’re talking about legislating a massive clusterfuck, like you can’t even imagine how messy it would be, that pretty much nobody would comply with free of errors and omissions, all over a timing difference.
Just please, I’m fucking begging you, stop talking about a wealth tax, especially when you don’t understand how tax works to begin with.
The point is that if max pay gap laws are passed, CEOs will just hide their actual pay in external resources and normal employees will still make exactly the same.
Good. Make them hide it. Then make it illegal to hide income(if it already isn’t).
Tax agencies like the IRS are really good at catching this sort of thing.
Make it difficult for them and their companies.
Make them have to spend to hide it. If they get caught, the money goes back to the economy. If they don’t get caught, at least some the money they spend on law firms and accounts goes back to the economy.
Because this is America and if you make rules like that you’ll crush the American Dream tm and no one will want to work at all because you’ve taken away their ability to daydream about one day being the disgustingly rich person doing the trickling instead of the disgustingly poor person waiting to be trickled on.
I’m ok with this, but it’s essentially just a step toward socialism which is the better option (but will never happen). Because all this will do is make CEOs less wealthy from the company itself. The investors still make tons more than the CEOs already and they don’t do anything. You need to force revenue sharing essentially which is just socialism with extra steps. Cause CEOs will just end up investing in other companies and still be wealthy and get less compensation from the company itself.
Exactly. Increasing pay would be really, really nice. But we can do that and have more control over our workplaces. Worker owned companies would prevent huge disparities in pay from reoccurring, regardless of what the government does.
Like a wise and angry man once said: “Fuck the G rides, I want the machines that are making them.”
I know. But investors don’t care. They’re the root of the problem. CEOs are simply an employee of the company that ultimately represents the shareholders interest. Affecting their pay does not affect shareholder value that much. It just commoditizes the CEO position.
Seriously, I literally just posted the same comment basically. It’s really silly how fixated on CEOs people are. I guess they are an easy scapegoat example, but they’re just goons hired by the board of directors on behalf of the shareholders. It’s not like they straight up own the company. (Yeah yeah yeah, there’s stock compensation, and some founder CEOs like Zuck still own shares after IPO etc, i know.)
Socialism is the abolition of social classes. Regulating capital is usually called Social Democracy, or Marxism. Honestly, sieze the means of production.
A good reason to have laws regulating the maximum pay gap between executive and the lowest paid peon. And make sure to include all types of pay like stock options so companies can’t squirm out of it.
Sounds great, and sure might as well pass it, but there’s a lot of ways to get around it
Ok, let’s do it anyway and make them work for their wealth. Instead of doing nothing, and letting them also do nothing to keep their wealth.
There are solutions for all of those loopholes, but it will hurt our congresspeople’s investments so it will get shot down
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Income tax is just fine thanks.
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37% federal plus 5-10% state, plus additional Medicare tax and 3.8% investment income tax and a bunch of others, not good enough for you? That’s literally approaching 50% what’s your problem?
37% federal means you are in the tax bracket that makes over $578,000/year. You’ll be just fine with several more percentage points added on.
That’s literally exactly what I’m advocating for word for word. Wealth tax bad, income tax good. Income tax rate too low? Crank it up to your hearts content. Glad we agree.
So then add more percentage points. You don’t need a wealth tax to do that. Income tax is fine.
A majority of wealth doesn’t come from income so would never be touched by income tax. A “wealth tax” is just a broad term meaning that they should be taxed on the wealth fairly. Like capital gains for instance is a doozy. Way less taxation than what you likely pay (percentage wise obviously).
So “wealth tax” would include an income tax, capital tax, estate tax etc, all just at rates that are equivalent to how well the system treats them. They get a much larger advantage off the system that is set up than most others.
And the ultra wealthy don’t even always have an income. You think Bezos has a salary right now that’s significantly attributing to his wealth? Or Buffet or even Zuckerberg? I forget, his his salary still $1 a year? You want to tax only that?
I fail to see the problem with your statement.
50% when you are Uber rich isn’t even that much. In plenty of countries you have that at a much lower level of income. Perfectly doable and fine
So crank it up to 60, 70, or 99%! You don’t need a wealth tax to do that.
Why not both?
The problem is that once you are super rich you don’t really have an income anymore. You just expand your wealth and you end up paying way less taxes on that.
This is something that the common mortal can’t even think of.
The upper-class does not rely on income the same way the middle and lower class do. Taxing income affects us much more than it does them, that’s why you institute a wealth tax to spread the burden.
You simply don’t understand. All income flows into wealth. All wealth is eventually becomes, one way or another, taxable income. You can defer it for a while but it’s literally all the same thing.
You’re talking about legislating a massive clusterfuck, like you can’t even imagine how messy it would be, that pretty much nobody would comply with free of errors and omissions, all over a timing difference.
Just please, I’m fucking begging you, stop talking about a wealth tax, especially when you don’t understand how tax works to begin with.
Whatever.
It starts with paying their employees a dignified wage.
The point is that if max pay gap laws are passed, CEOs will just hide their actual pay in external resources and normal employees will still make exactly the same.
Good. Make them hide it. Then make it illegal to hide income(if it already isn’t). Tax agencies like the IRS are really good at catching this sort of thing.
Make it difficult for them and their companies.
Make them have to spend to hide it. If they get caught, the money goes back to the economy. If they don’t get caught, at least some the money they spend on law firms and accounts goes back to the economy.
That’s the system we have right now and it doesn’t work. Soooo…
Hey I said this like 6 years ago on Reddit and I got downvoted and called a fucking idiot lol
Why do we not have a maximum wage when we have a minimum wage?
Because this is America and if you make rules like that you’ll crush the American Dream tm and no one will want to work at all because you’ve taken away their ability to daydream about one day being the disgustingly rich person doing the trickling instead of the disgustingly poor person waiting to be trickled on.
I’m ok with this, but it’s essentially just a step toward socialism which is the better option (but will never happen). Because all this will do is make CEOs less wealthy from the company itself. The investors still make tons more than the CEOs already and they don’t do anything. You need to force revenue sharing essentially which is just socialism with extra steps. Cause CEOs will just end up investing in other companies and still be wealthy and get less compensation from the company itself.
Exactly. Increasing pay would be really, really nice. But we can do that and have more control over our workplaces. Worker owned companies would prevent huge disparities in pay from reoccurring, regardless of what the government does.
Like a wise and angry man once said: “Fuck the G rides, I want the machines that are making them.”
I don’t think the point is for them to be less wealthy, the point is you shouldn’t make more than 600 times what half your employees make.
I know. But investors don’t care. They’re the root of the problem. CEOs are simply an employee of the company that ultimately represents the shareholders interest. Affecting their pay does not affect shareholder value that much. It just commoditizes the CEO position.
Seriously, I literally just posted the same comment basically. It’s really silly how fixated on CEOs people are. I guess they are an easy scapegoat example, but they’re just goons hired by the board of directors on behalf of the shareholders. It’s not like they straight up own the company. (Yeah yeah yeah, there’s stock compensation, and some founder CEOs like Zuck still own shares after IPO etc, i know.)
Socialism is the abolition of social classes. Regulating capital is usually called Social Democracy, or Marxism. Honestly, sieze the means of production.
I’d be absolutely ecstatic for a 1:4 ratio.