The top of the top are paying $0. But That’s like the 0.1% or the 0.01% and yes wed probably be best if they left. The top 10% are not paying a fair percentage but they are paying a lot in total dollars. Blue states are beginning to see a lot of wealthy leave for no income tax states. They still pay taxes in those places in the form of property and sales tax. Now the red state gets their tax dollars.
Taxing should be a tool, but not our only tool to fight income inequality.
Less popular opinion. If we drive taxes up on the rich they’ll just get more creative with tax avoidance or move to Panama.
The ultra wealthy don’t pay income taxes and they didn’t in 1950 either. They’re mostly paying capital gains which was lower back then then it is now.
What we really need to do is remove all the massive loopholes in the current tax code and maybe do something like having progressive tax brackets on capital gains (some people are legitimately just using capital gains as retirement income).
Also, fund the IRS more. They’re not the evil tax man. They are finding the people who aren’t paying their legal fair share.
I went hog hunting a few times back in my redneck days. There’s virtually no regulations and we had no idea what to do. Me and my friends went out with a full arsenal. I had a 9mm, SKS, and a 30-06.
I used every gun. It was crazy.
Well I’m at least 20 years from retirement. so I’ve got time. I’m looking into several options including coop and ESOP. First 5 years of business was living off savings and raiding retirement funds instead of getting investors. At present I’m aiming for selfish goals of repaying myself and saving for my kids.
There are tech companies who don’t want to sell. I started my tech company 9 years ago and we did almost $5M last year. My plan is to do this for next 20 years and then sell to my employees. Sure there’s a number big enough that I’d sell my company but so far any acquisition offers have been met with snark and disrespect (from me) and died pretty quick. I talk to other tech owners in similar boats. We just don’t need to tell everyone because we aren’t trying to get acquired. One vocal exception is 37 Signals.
European countries have scaled back taxes on the rich because they started fleeing. That’s exactly what I’m referencing. NPR article