5 ms·

I’m more concerned about what happens if we don’t start taxing the rich more (in the US). I’m worried about the class divide turning violent

tonystubblebine 6y ago
Or not turning violent. Either way is a lot of misery. Also, how about the game of entrepreneurship? I'd much rather play that game on a playing field where there are a lot of customers who are well off.
- failuser 6y ago
  Learn Mandarin if not already.
cpursley 6y ago
The top 1% of US taxpayers already cover 21% of the share of federal taxes collected with the top 10% covering 48% percent of taxes. The bottom 50% of income earners pay little to no taxes (11%). https://taxfoundation.org/summary-of-the-latest-federal-income-tax-data-2020-update/ https://taxfoundation.org/summary-of-the-latest-federal-inco...
- anthony_romeo 6y ago
  Arguably, that itself can be a sign that income inequality is far too high, as 50% of the population doesn't earn enough to pay meaningful amounts of federal tax.
- Dylan16807 6y ago
  The top 1% also have 39 percent of the wealth and rising. The "and rising" means it's pretty clear that the taxes are not enough (and/or wages need to be wildly adjusted), if you believe that we currently have too much wealth inequality.
  - ultrarunner 6y ago
    I would like to see a graph that correlates this phenomenon with the output of the FED's printing presses.
- tw04 6y ago
  >The top 1% of US taxpayers already cover 21% of the share of federal taxes collected The top 1% of US taxpayers control over 60% of the wealth. If they're only paying 21% of the tax burden they are GROSSLY under-taxed. https://www.bloomberg.com/news/articles/2019-11-09/one-percenters-close-to-surpassing-wealth-of-u-s-middle-class https://www.bloomberg.com/news/articles/2019-11-09/one-perce...
Lammy 6y ago
They'll all be in New Zealand in their other private compounds.
- erentz 6y ago
  I love this idea that they think Kiwis, with the huge and growing wealth inequality problems there too, somehow will welcome the billionaires from America and won't come for them in their Queenstown mansions.
  - rrrrrrrrrrrryan 6y ago
    Yeah, relative to other nations, Kiwi governance is extremely responsive to the will of its citizenry. Compared to America, I think they're much more likely to end up taxing the snot out of their own billionaires (both imported and domestic).
coliveira 6y ago
Any kind of class divide that grows over time is bound to become violent. A stable society may have classes, but these classes have to remain relatively the same for a long time (even if there is movement of people between classes). For example, medieval society was unjust, but at least the difference between classes was stable over several centuries. In the modern world we now have a class of owners that increase their wealth astronomically in a few years, while most people are seeing their incomes stagnate or decrease.
kofejnik 6y ago
> I’m worried about the class divide turning violent reply it doesn't have to be if Marxists don't stir it all the time

tonystubblebine 6y ago

Or not turning violent. Either way is a lot of misery. Also, how about the game of entrepreneurship? I'd much rather play that game on a playing field where there are a lot of customers who are well off.

failuser 6y ago
Learn Mandarin if not already.

cpursley 6y ago

The top 1% of US taxpayers already cover 21% of the share of federal taxes collected with the top 10% covering 48% percent of taxes. The bottom 50% of income earners pay little to no taxes (11%). https://taxfoundation.org/summary-of-the-latest-federal-income-tax-data-2020-update/ https://taxfoundation.org/summary-of-the-latest-federal-inco...

anthony_romeo 6y ago
Arguably, that itself can be a sign that income inequality is far too high, as 50% of the population doesn't earn enough to pay meaningful amounts of federal tax.
Dylan16807 6y ago
The top 1% also have 39 percent of the wealth and rising. The "and rising" means it's pretty clear that the taxes are not enough (and/or wages need to be wildly adjusted), if you believe that we currently have too much wealth inequality.
- ultrarunner 6y ago
  I would like to see a graph that correlates this phenomenon with the output of the FED's printing presses.
tw04 6y ago
>The top 1% of US taxpayers already cover 21% of the share of federal taxes collected The top 1% of US taxpayers control over 60% of the wealth. If they're only paying 21% of the tax burden they are GROSSLY under-taxed. https://www.bloomberg.com/news/articles/2019-11-09/one-percenters-close-to-surpassing-wealth-of-u-s-middle-class https://www.bloomberg.com/news/articles/2019-11-09/one-perce...

Lammy 6y ago

They'll all be in New Zealand in their other private compounds.

erentz 6y ago
I love this idea that they think Kiwis, with the huge and growing wealth inequality problems there too, somehow will welcome the billionaires from America and won't come for them in their Queenstown mansions.
- rrrrrrrrrrrryan 6y ago
  Yeah, relative to other nations, Kiwi governance is extremely responsive to the will of its citizenry. Compared to America, I think they're much more likely to end up taxing the snot out of their own billionaires (both imported and domestic).

coliveira 6y ago

Any kind of class divide that grows over time is bound to become violent. A stable society may have classes, but these classes have to remain relatively the same for a long time (even if there is movement of people between classes). For example, medieval society was unjust, but at least the difference between classes was stable over several centuries. In the modern world we now have a class of owners that increase their wealth astronomically in a few years, while most people are seeing their incomes stagnate or decrease.

kofejnik 6y ago

> I’m worried about the class divide turning violent reply it doesn't have to be if Marxists don't stir it all the time