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re: The "tax the rich" ideaology.
Posted on 6/24/26 at 1:39 pm to theliontamer
Posted on 6/24/26 at 1:39 pm to theliontamer
As a foundational ideology, you are correct that it’s a toxic and self-defeating mindset.
But all the same, it is becoming more and alluring to a larger chunk of people for a very understandable reason… too much of our economic system has drifted away from rewarding value creation and towards rewarding rent extraction.
Our economy works best when we reward those who create value. Instead, we’re seeing more people amass their wealth by extracting economics rents without creating any new value in the process. And the more we orient our political economy to reward this type of wealth extraction, the more people we’re going to see getting tricked into thinking that the solution is to simply tax the rich.
But all the same, it is becoming more and alluring to a larger chunk of people for a very understandable reason… too much of our economic system has drifted away from rewarding value creation and towards rewarding rent extraction.
Our economy works best when we reward those who create value. Instead, we’re seeing more people amass their wealth by extracting economics rents without creating any new value in the process. And the more we orient our political economy to reward this type of wealth extraction, the more people we’re going to see getting tricked into thinking that the solution is to simply tax the rich.
0
Posted on 6/24/26 at 1:44 pm to theliontamer
quote:Indeed
There's a reason this country is so great. It's the laws, rules, tradition, and values on which it was built. The policies and cultures from terrible countries have no place here. Go be communist in a communist country, or fix your own dumpy country. It is just outrageous that we allow people like this to come here in the first place, much less give them resources and a platform to trash our amazing society.
From the Law by Frédéric Bastiat thread:
quote:
Let's take the case of our new trillionaire as an example. All of Musk's companies are 21st century creations. They did not exist previously. As such they did not take wealth from anyone. They created jobs and wealth which would otherwise be nonexistent.
Let's repeat that, because it is an elusive concept in Democrat circles. The Musk Companies created jobs and wealth which would otherwise be nonexistent. Estimates are in the 110,000-120,000 range for US jobs directly attributable to Musk Corporation employment.
For every new job, sociologists estimate ~2.5 additional jobs (as many as 4 in some calculations) are created in support. So at the low end, ~385,000 Americans are employed who would not have jobs had Musk not created TSLA, SPCX, the Boring Co, etc. That rates out at >$25B/yr in the pockets of Americans.
Again, I'll re-emphasize we are talking about wealth, jobs and opportunities which would not exist sans Musk. But he's a trillionaire on paper. So your academic brethren would just as soon have the man jailed or lynched for avarice. The same is true of the 80% of US million dollar households which represent newly created, not redistributed, money in our country.
Political Talk
Posted on 6/24/26 at 1:47 pm to Mo Jeaux
quote:
I think you should read the question to which I was responding more carefully.
He asked if you thought the rich pay taxes. You said no. That is laughable. As laughable as you thinking they can get a 1% loan.
Posted on 6/24/26 at 1:48 pm to theliontamer
How do you feel about something like closing the carried interest “loophole” for private fund managers? Is that a bad “tax the rich” proposal?
Posted on 6/24/26 at 1:51 pm to BBONDS25
quote:
He asked if you thought the rich pay taxes. You said no. That is laughable. As laughable as you thinking they can get a 1% loan.
First of all, like I said, I would ask that you go back and read the question to which I was responding carefully. It’s clear that you did not do so.
Also, please point out where I mentioned something about someone getting a 1% loan. You’re confusing me with someone else. You’re very emotional in this thread. Take a deep breath and read things carefully. Maybe think about what you’ve read before responding.
Posted on 6/24/26 at 1:54 pm to theliontamer
quote:literally asking for free healthcare, free education and roads with no pot holes. no on is asking for that tax money to come directly into our bank accounts but that is what the propaganda the rich want you to think.
If your whole identity is thinking rich people are bad and need to support you
If more people had access to free education more people would be educated and thus more people could contribute to society. it's not hard.
Posted on 6/24/26 at 1:54 pm to crewdepoo
quote:
quote:
"Rich people" cycle in and out.
lol
quote:
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Number of New Millionaires in the U.S. Per Day
In 2024, the United States added about 1,000 new millionaires every day, according to UBS’s Global Wealth Report Forbes+1. This equates to roughly 379,000 new millionaires over the year, bringing the total U.S. millionaire population to about 23.8–24 million — the largest in the world Forbes+1.
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Annual Loss of Millionaire Status in the U.S.
According to the 2023 UBS Global Wealth Report, about 1.8 million Americans lost their “dollar millionaire” status in 2022 — the first year since the 2008 financial crisis when the number of U.S. millionaires declined
This post was edited on 6/24/26 at 2:10 pm
Posted on 6/24/26 at 1:57 pm to Mo Jeaux
quote:
How do you feel about something like closing the carried interest “loophole” for private fund managers? Is that a bad “tax the rich” proposal?
What would your exact proposal be to "close" the so called loophole?
Posted on 6/24/26 at 1:58 pm to Byron Bojangles III
quote:
If more people had access to free education more people would be educated and thus more people could contribute to society. it's not hard.
Everyone has access to free education currently
Posted on 6/24/26 at 2:04 pm to GoCrazyAuburn
quote:
What would your exact proposal be to "close" the so called loophole?
Probably not let it be treated as capital gains. Trump’s 2017 Code amendments took a few steps close to that by setting a three-year holding period for favorable treatment.
Posted on 6/24/26 at 2:05 pm to Mo Jeaux
quote:
Probably not let it be treated as capital gains
Then no, terrible idea.
Posted on 6/24/26 at 2:06 pm to GoCrazyAuburn
quote:
Everyone has access to free education currently
The quality of said education can be up for debate
But that's usually a product of the other students and parents and not the schools being underfunded
Posted on 6/24/26 at 2:06 pm to GoCrazyAuburn
quote:
Then no, terrible idea.
Why?
Posted on 6/24/26 at 2:08 pm to Mo Jeaux
We should not tax anyone’s income.
Posted on 6/24/26 at 2:10 pm to Powerman
quote:
The quality of said education can be up for debate
But that's usually a product of the other students and parents and not the schools being underfunded
Fairly irrelevant, don't you think?
Posted on 6/24/26 at 2:10 pm to Sneauxghost
quote:
We should not tax anyone’s income.
that would be great. 
Posted on 6/24/26 at 2:13 pm to Screaming Viking
Millionaires aren't what the use to be. It's not even part of the 1%.
Posted on 6/24/26 at 2:13 pm to Mo Jeaux
quote:
Why?
Because you are still allowing the risk basis of the compensation to exist, while not allowing for the entire reason the tax calculation is lower. Compensation is coming from a split of the profits of the investment, yet you are taxing one recipient of those profits differently than another recipient of the exact same profits. If you want to tax speculative, risk based income at ordinary income rates, it needs to be a guaranteed income.
This post was edited on 6/24/26 at 2:14 pm
Posted on 6/24/26 at 2:14 pm to Sneauxghost
quote:then who would foot the bill for our super inflated defense budget?
We should not tax anyone’s income.
Posted on 6/24/26 at 2:15 pm to GoCrazyAuburn
quote:you know i mean college not K-12 but lets keep acting naive
Everyone has access to free education currently
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