4 ms·

No idea why you're being downvoted

TAForObvReasons 5y ago
Rich != Wealthy. "Rich" tends to refer to people who are generating lots of cash, oftentimes through labor (like doctors or lawyers or athletes). "Wealthy" tends to refer to people who own lots of assets and generate cash through asset appreciation/sales and real property. Wealthy people will push for income taxes while trying to eliminate capital gains and inheritance taxes. This conversation came up years ago when Bill Gates Sr tried to push for income taxes in Washington state and critics pointed out that it would not affect wealthy people.
- devmunchies 5y ago
  yes, this is why people calling states with no income tax as a "regressive" tax structure seems like a psyop. Income tax taxes people who work for a living. Property + capital gains tax both tax assets appreciation and rent seekers (unless the investment is a high risk venture into a startup or something ambitious).
  - Spooky23 5y ago
    Maybe, but they are less regressive. States without income taxes usually rely on sales or excise taxes. In a “high tax” state like New York, poor people don’t pay income tax nor sales tax on food or clothing. (A significant expense) Usually high tax pressure is from property tax. In a state like South Carolina, you have income tax, but property taxes are very low. They make up for that by taxing food, which results in higher taxation for poor and elderly people.
    - devmunchies 5y ago
      Los Angeles has slightly higher sales tax[1] than king county (Seattle) Washington[2] Yet Washington is "regressive" since it doesn't have income tax. Los Angeles would actually be more "regressive" by this metric. This is why i think its a psyop. Somebody wants the lower and middle classes to fight. 1: https://www.cdtfa.ca.gov/taxes-and-fees/rates.aspx https://www.cdtfa.ca.gov/taxes-and-fees/rates.aspx 2: https://kingcounty.gov/independent/forecasting/King%20County%20Revenues/King%20County%20Sales%20Tax.aspx https://kingcounty.gov/independent/forecasting/King%20County...
- Spooky23 5y ago
  There is a third category of people who are resource rich. People who owe oil wells, mines, some farms, etc. Because of consolidation and the unique governance structure of the US, these folks are enormously powerful today.
ZeroGravitas 5y ago
I didn't downvote, but the comment did confuse me as it's an oddly specific complaint. If indeed there are lots of very wealthy people who are calling for higher income taxes on high earners (and I personally didn't think that was something so common as to be a stereotype) then that's hardly the worst thing they're doing. It comes across as someone who really doesn't like taxes, probably because they've listened to too much propaganda generated by very wealthy people who have a vested interest in taxes being seen as a universally bad thing.
deleted 5y ago
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Rich != Wealthy. "Rich" tends to refer to people who are generating lots of cash, oftentimes through labor (like doctors or lawyers or athletes). "Wealthy" tends to refer to people who own lots of assets and generate cash through asset appreciation/sales and real property. Wealthy people will push for income taxes while trying to eliminate capital gains and inheritance taxes. This conversation came up years ago when Bill Gates Sr tried to push for income taxes in Washington state and critics pointed out that it would not affect wealthy people.

devmunchies 5y ago
yes, this is why people calling states with no income tax as a "regressive" tax structure seems like a psyop. Income tax taxes people who work for a living. Property + capital gains tax both tax assets appreciation and rent seekers (unless the investment is a high risk venture into a startup or something ambitious).
- Spooky23 5y ago
  Maybe, but they are less regressive. States without income taxes usually rely on sales or excise taxes. In a “high tax” state like New York, poor people don’t pay income tax nor sales tax on food or clothing. (A significant expense) Usually high tax pressure is from property tax. In a state like South Carolina, you have income tax, but property taxes are very low. They make up for that by taxing food, which results in higher taxation for poor and elderly people.
  - devmunchies 5y ago
    Los Angeles has slightly higher sales tax[1] than king county (Seattle) Washington[2] Yet Washington is "regressive" since it doesn't have income tax. Los Angeles would actually be more "regressive" by this metric. This is why i think its a psyop. Somebody wants the lower and middle classes to fight. 1: https://www.cdtfa.ca.gov/taxes-and-fees/rates.aspx https://www.cdtfa.ca.gov/taxes-and-fees/rates.aspx 2: https://kingcounty.gov/independent/forecasting/King%20County%20Revenues/King%20County%20Sales%20Tax.aspx https://kingcounty.gov/independent/forecasting/King%20County...
Spooky23 5y ago
There is a third category of people who are resource rich. People who owe oil wells, mines, some farms, etc. Because of consolidation and the unique governance structure of the US, these folks are enormously powerful today.

ZeroGravitas 5y ago

I didn't downvote, but the comment did confuse me as it's an oddly specific complaint. If indeed there are lots of very wealthy people who are calling for higher income taxes on high earners (and I personally didn't think that was something so common as to be a stereotype) then that's hardly the worst thing they're doing. It comes across as someone who really doesn't like taxes, probably because they've listened to too much propaganda generated by very wealthy people who have a vested interest in taxes being seen as a universally bad thing.

deleted 5y ago

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