Why hasn’t Biden done anything about the Tax Cuts and Jobs Act?
Dems had house majority when he started and he could have tried to push changes through like Trump did.
this post was submitted on 09 Apr 2024
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Till we close the loop holes for these billionaire foundations buying elections (i.e. the Koch network) - billionaires will continue to tip the scales their way. Courts also need to be 10 year appointments, not life time.
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More needs to be said about taxing the wealthy. 70% for every dollar over 10 million. Wealth tax for those hoarding wealth in stocks.
You are way too generous.
Some own islands, land, mansions, art, bonds, cars, boats.
Not generous, but not thorough. Don’t ask me to write the bill!
It's not just billionaires. If you put any amount of money into the S&P500 in Jan 1 2017, it would be worth more than twice as much today.
But is it really fair that a person with 50 million can turn that into 100 million, whereas most people can turn at most $5,000 into $10,000?
Earning $5,000 over 7 years is basically worthless.
The median 40 year old has retirement savings of $45K, not $5K. And the median 70 year old has savings of $200K. In both groups, doubling the amount is quite significant.
Using median makes it a loaded statistic skewed in favor of the minority (in this case, the wealthy).
Over half the country is living paycheck-to-paycheck, so that median number is already in the 'well-off' category by default, making them irrelevant to the main point of discussion.
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It’s not like these billionaires are spending this money, so it’s just been invested for 7 years. What’s the old adage, Rule of 72? Given a 10% rate of return, they would be expected to double their money in…
…seven years.
While the tax policies certainly aren’t helping the majority of the population, let’s not pretend compound interest isn’t a thing.
That's more than inflation I wonder where it's coming from.
It's not as if that makes it any better. Tax policy should be designed to actively combat the inequality increase created by compound interest, not go along with it.
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USA USA USA
What a disgusting shithole america has become.
It's only going to get worse. Money buys elections and Putin, along with American oligarchs have a lot to spend on getting their desired results.
You mean AIPAC.
Become? They call it the American dream because you gotta be asleep to believe it.
Yeah, it was started by rich people looking to increase their wealth and influence and has remained under their control ever since.
I miss George
preech choombata.
Tukeyá, beltalowda?
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