U.S. tax system: Why do the rich just keep on getting richer?

[Lifer11]

A lot of wealth is generated via investments which can be reinvested without ever paying capital gains tax. I remember reading somewhere that a dude who had $50 million simply lived off his yearly dividends which was like $800k a year or something crazy. So that's what was taxed....not the massive amount of wealth he had sitting in his accounts.

Honestly even greater than this problem I think are the corporate tax loopholes. You have corporations literally paying NO tax on BILLIONS in profit.

The problem with this is if we start taxing the corporations the way they should be they'll move their operations overseas, you'd have to literally threaten that they couldn't even sell their products here if they didn't adhere to the tax laws.

 

[rapbeats]

the wealthy don't care about this.... if they are truly wealthy enough to live off assets and not income they don't live in ghettos or hick towns... probably never travel over a crumbling bridge, their kids go to private schools, etc, etc.... they could give a rat's ass if the whole country burns down as long as their own private paradise remains...

thats why i said "WHAT IF?" i was asking yall to think what if that were not the case, what if they did care. what if they did pay their so called correct shares. How well would be as a nation?

 

[rapbeats]

Poverty will always exist. Its about managing it.

and right now its not being managed properly or at all.

 

[☑︎#VoteDemocrat]

and right now its not being managed properly or at all.

I wholly disagree.

How is it not?

Theres tons of options for the poor.

You just dont like that there are any poor in general.

 

[bnew]

 

[Redwood]

Nothing like the loan loopholes

 

[Swirv]

Nothing like the loan loopholes

that video is misleading though. You can escape capital gains tax on a state level, in certain states, but not federally. However, you might have expenses, credits, or deductions, elsewhere that offset the capital gains tax.

 

[Redwood]

that video is misleading though. You can escape capital gains tax on a state level, in certain states, but not federally. However, you might have expenses, credits, or deductions, elsewhere that offset the capital gains tax.

I kinda figured that. There's only so far exploiting a loophole will take you when it comes to taxes

 

[Swirv]

I kinda figured that. There's only so far exploiting a loophole will take you when it comes to taxes

these rich folks have lawyers researching loopholes of the loopholes. I used to work with a lawyer who did just that. Said the work burned him out and put a strain on his soul knowing these people who didn’t need anymore money, were trying to keep more after saving so much of it.

 

[Redwood]

these rich folks have lawyers researching loopholes of the loopholes. I used to work with a lawyer who did just that. Said the work burned him out and put a strain on his soul knowing these people who didn’t need anymore money, were trying to keep more after saving so much of it.

Here's hoping their greed comes back to bite them

 

[Swirv]

Here's hoping their greed comes back to bite them

You already know that’s likely not happening. If the US really wants to get serious about the wealth inequality here, they need to go back to the personal income tax structures of the 1960s.

 

[Redwood]

You already know that’s likely not happening. If the US really wants to get serious about the wealth inequality here, they need to go back to the personal income tax structures of the 1960s.

You think that going to happen anytime in this generation?

 

[Swirv]

You think that going to happen anytime in this generation?

Depends on who controls Congress and the Executive branch. Anything is possible

 

[Redwood]

Depends on who controls Congress and the Executive branch. Anything is possible

Maybe, but the way things are I'd consider that wishful thinking