The pandemic has seen billionaires' wealth reach a record $10.2 trillion

Such an American thing to assume that every poor person is stupid, because we all know that intelligence is based on the size of your wallet. Nothing at all to do with environmental factors, what you start with, or to a small extent luck.
Financial intelligence can lend very well to financial success, I think that was his point. Here's an example...

When I was in my early 20s, I bought a very nice car because I had a lot of expendable income and very low costs. Today I am still making loan payments and if I could change the decision I would because it wasn't a very financially smart decision. Sometime afterwards, I also invested a couple thousand dollars in the stock market and continued to contribute to it over time. Today that money has multiplied itself multiple times and I've made tens of thousands of dollars.

Which was the financially smart decision? One decision has negatively contributed to my wealth and the other has positively contributed. One was the result of a lack of financial intelligence and the other was the result of the presence of financial intelligence.
 
so raise prices, thats a real simple anwser, no deductions, price so you have a bussiness, and attach a heavy tariff to prevent buying from over seas directly
That results in the customer paying for those taxes because the price raise is directly attributable to the tax raise. Since groceries are necessary to live and every person needs them, you end up getting a majority of this tax money from the general population and practically none from people who are more well off.
 
so raise prices, thats a real simple anwser, no deductions, price so you have a bussiness, and attach a heavy tariff to prevent buying from over seas directly

Simple and not thought out. You are talking about a 300% increase in grocery prices because you implemented a broken system that disproportionately effects certain industries.

Treating hundreds of millions of people the same tax wise is a recipe for disaster. The tax system is complicated because it has to handle a lot of different scenarios.
 
I'm sorry but no, flat 15% tax for everyone is more correct, and it's what we should do, you make a buck for an entire year uncle sam gets 15 cents, no exemptions no nothing, you make 1 billion dollars uncle sam gets 150 million no questions. It's time we treat everyone fairly.

Flat tax would only work for personal income tax, business tax has to be complex because not all businesses run the same. But a flat tax of 15% in the USA would reduce income tax collection by nearly $1 trillion. You would be giving the top 25% of earners(who pay nearly 80% of the income tax now) a significant tax break, like 2-10 times anything that's been done since Reagan. To get the additional funding we need as a country I see only two major ways working. A federal sales tax on non-staple items, or a flat 5% additional tax on income of all income earners above the bottom 10-15% (would be pointless to take the tax on them they would just get it right back in benefits). The 5% has been floated a few times as a infrastructure tax to pay for the trillions that are needed to overhaul our infrastructure across the country and anything left over year to year(or a set amount of the total like %15) could go to paying down the deficit directly. I am actually a larger fan of the federal sales tax. Would help offset the loss in fuel tax we will see over the next decade or two (also wouldn't mind a small federal tax on electricity) and would have the advantage of getting tax revenue from everyone, tourists, undocumented aliens, tax dodgers, everyone buys stuff everyone would pay.

The biggest problem at this point is politics, no matter what party you are part of raising taxes on everyday people is never a popular option, the party that try's it will lose a lot of votes, look at what happened to Dems in the house after ACA was passed. The only option that holds popularity is taxing the rich into oblivion (or until they leave and take all that capital with them)
 
Simple and not thought out. You are talking about a 300% increase in grocery prices because you implemented a broken system that disproportionately effects certain industries.

Treating hundreds of millions of people the same tax wise is a recipe for disaster. The tax system is complicated because it has to handle a lot of different scenarios.

I disagree, everyone should pay the same percentage, that is an actual fair system, what makes the billionaire more responsible for a greater part of his salary than someone working at McDonald's, it could be argued the Billionaire is contributing more to society and the country because he creates jobs and growth, while the guy flipping burgers does not. This is an ultimately fair system for everyone.

It can also lead to a return to more sustainable practices, my great grand parents had a victory garden during WW2, they grew vegtables and fruits for their table, they went hunting for meet beyond what was rationed, and kept chickens for eggs. I'd like nothing more than to start seeing American's starting community and back yard gardens, a neighborhood chicken coop, and a return to sustainable hunting, in some areas wild populations are out of control, I know Texas has a massive wild Hog problem, if we gave people a reason they would begin to think more about providing for themselves directly instead of the grocery store.

Flat tax would only work for personal income tax, business tax has to be complex because not all businesses run the same. But a flat tax of 15% in the USA would reduce income tax collection by nearly $1 trillion. You would be giving the top 25% of earners(who pay nearly 80% of the income tax now) a significant tax break, like 2-10 times anything that's been done since Reagan. To get the additional funding we need as a country I see only two major ways working. A federal sales tax on non-staple items, or a flat 5% additional tax on income of all income earners above the bottom 10-15% (would be pointless to take the tax on them they would just get it right back in benefits). The 5% has been floated a few times as a infrastructure tax to pay for the trillions that are needed to overhaul our infrastructure across the country and anything left over year to year(or a set amount of the total like %15) could go to paying down the deficit directly. I am actually a larger fan of the federal sales tax. Would help offset the loss in fuel tax we will see over the next decade or two (also wouldn't mind a small federal tax on electricity) and would have the advantage of getting tax revenue from everyone, tourists, undocumented aliens, tax dodgers, everyone buys stuff everyone would pay.

The biggest problem at this point is politics, no matter what party you are part of raising taxes on everyday people is never a popular option, the party that try's it will lose a lot of votes, look at what happened to Dems in the house after ACA was passed. The only option that holds popularity is taxing the rich into oblivion (or until they leave and take all that capital with them)

The right supports a flat tax, it doesn't have to be a flat 15% it could be a flat 20%, but I don't think just because you earned to little should excuse you from paying taxes, and I don't think just because your successful you should be asked to pay for the majority, we are all created equal but not equal outcome. I don't see why we should give breaks to one, and penalize the other, because the billionaire does contribute far more to the economy than the fast food worker as I stated above.
 
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Utterly obscene, America.

Allowing this kind of wealth to accumulate in the hands of so few is nothing to be proud of but a sign of a fundamentally corrupt and broken business model and it will eventually bring your country to its knees and there maybe no getting up.

True words.
 
Good for you all pals.
Now could you please not buy all our politicians
and force us, simple folks, into slavery with lowest ever wages
and no medical protection, lol.
Much love.
 
Utterly obscene, America.

Allowing this kind of wealth to accumulate in the hands of so few is nothing to be proud of but a sign of a fundamentally corrupt and broken business model and it will eventually bring your country to its knees and there maybe no getting up.
The fact this money could be invested into making the world more eco friendly and protect the planet we live on. That David Attenborough Netflix thing that came out this week really hit home.
 
Did anyone find it funny seeing Steve ballmer in the top 10, that guy was terrible at running Microsoft. I can't get over how much wealth Elon Musk made in one year.
 
Pray-tell, how much did Sanders increase the National Debt by this year.

It rose by 4 Trillion this year alone.

Who was President when that happened?

When did COVID 19 hit the hardest? 2020. There is a reason why the debt rose as Democrats shut down a lot of economy forcing people out of work and then spending trillions to pay those people.
 
If the socialist end up winning the U.S. election in November, they will destroy what little capitalism in this nation
CONServatives have been saying that since the 60s. And I mean, exactly that, exactly that way. Its tough for people that live scared shitless to convince others the reasons for their cowardice actually exist.
 
Did anyone find it funny seeing Steve ballmer in the top 10, that guy was terrible at running Microsoft. I can't get over how much wealth Elon Musk made in one year.
That's because everyone suddenly recognized Tesla as a valuable investment 1 year ago and so its stock price shot up 10x in one year. Elon Musk made all his money that way since he personally financed Tesla 15 years ago and kept all his money in Tesla. And for 6 years until 2019, there was no real gain in Tesla's market capitalization, causing an outsized wealth increase for him this year as opposed to anyone else. For actual cash income, he gets paid minimum wage for the hours he does work. And he spends all his time working, so apparently he doesn't spend very much of his money either.
 
Sometimes I wonder to myself "How many people must be made poor for one billionaire to exist?"
The very framing of the question itself is based on Medieval-era thinking, invalidated at the start of the industrial revolution. Economics is not a zero-sum game; in a free market, wealth is created, not taken from others. Playing on class envy is an attractive concept, but if you think it is a successful strategy, I suggest you examine the booming economies of Venezuela, Cuba, or North Korea.

The oligarchs grabbed control of the governments and economies and that's why they went from paying close to 80% tax in the 1950s to literally 0% by 2000.
The US effective tax rate was never 80%, not in the 1950s or at any time. Due to bracketization and an enormous range of deductions, the effective rate on 1950s-era top earners was roughly 42%, about six points higher than today.
 
The [national debt] rose by 4 Trillion this year alone.

Who was President when that happened?
A textbook display of muddled thinking. The federal budget is passed by Congress before being signed by the President, and, since you've apparently been under a rock all year, Covid-related stimulus spending accounts for the bulk of that rise.

Even still, you might have something of a point, except that the political tension of the past six months has revolved around the Democratic-controlled House, which wants to spend even more, and the Republican Senate and President, which wishes to spend less. Just over this last weekend, for instance, stimulus talks were called off, because the President would not accede to Pelosi's desire to spend another $2.4 trillion.
 
A textbook display of muddled thinking. The federal budget is passed by Congress before being signed by the President, and, since you've apparently been under a rock all year, Covid-related stimulus spending accounts for the bulk of that rise.

Even still, you might have something of a point, except that the political tension of the past six months has revolved around the Democratic-controlled House, which wants to spend even more, and the Republican Senate and President, which wishes to spend less. Just over this last weekend, for instance, stimulus talks were called off, because the President would not accede to Pelosi's desire to spend another $2.4 trillion.


That's all a bit disingenuous - given the debt rises before Covid 19 were mostly due to tax cuts for the mega rich - and a lot of the Covid 19 package was corporate welfare .

I like that Americans are very friendly and hospitable - but you guys are the most brainwashed in the western world - with your swearing allegiance at school - to your total subjugation to your Corporate Gods - Classic Stockholm syndrome .

Proud of only 2 weeks holiday federal holidays.
Proud to have no meaningful socialized medicine ( why not go after primary schools?? )
Proud to have few employee rights.
Proud to work stupid hours- When I watched TV in the 70s I was amazed in shows when Corporations told employees to move State - they complied like whipped animals - uprooting kids and family .

As for the topic at hand - there is no easy answer - but the current system is very detrimental to happiness - will folks enjoy gated communities & 24 hour security if it comes to that like in some countries ?
Always makes me laugh when The Haves complain about positive discrimination - when then little dumb son Donny can get into good schools with some payoffs
 
That's all a bit disingenuous - given the debt rises before Covid 19 were mostly due to tax cuts for the mega rich
Oops, another trope disproven by the facts. Federal revenues actually increased after the tax cuts. The deficit went up because spending increased even faster than revenues.
 
That's all a bit disingenuous - given the debt rises before Covid 19 were mostly due to tax cuts for the mega rich - and a lot of the Covid 19 package was corporate welfare .

I like that Americans are very friendly and hospitable - but you guys are the most brainwashed in the western world - with your swearing allegiance at school - to your total subjugation to your Corporate Gods - Classic Stockholm syndrome .

Proud of only 2 weeks holiday federal holidays.
Proud to have no meaningful socialized medicine ( why not go after primary schools?? )
Proud to have few employee rights.
Proud to work stupid hours- When I watched TV in the 70s I was amazed in shows when Corporations told employees to move State - they complied like whipped animals - uprooting kids and family .

As for the topic at hand - there is no easy answer - but the current system is very detrimental to happiness - will folks enjoy gated communities & 24 hour security if it comes to that like in some countries ?
Always makes me laugh when The Haves complain about positive discrimination - when then little dumb son Donny can get into good schools with some payoffs

The pledge of allegiance is not required and hasn't been for nearly 30 years. But I was taught (and others I know from around the USA said similar) the flag is a representation of the people of the country and the history we come from. When you pledge allegiance to it your pledging allegiance to the people, not the government, the government has it's own symbols. This is also why some people take flag burning as a serious offense, they see it as you symbolizing that you want to destroy the people of the country, not the government (which is usually who those people are most angry at)

Most Americans don't trust and have a lot of gripes with many of the large corporations that operate in the country. It's hardly a undying obsession and love for them.

2 weeks holiday is standard, many jobs have 2-4 weeks depending on time with the company or how they accrue it for hourly position, it's also something that can be negotiated when hired.

Social medicine is complex as hell subject here in the USA, but it typically boils down to who earned what and dealing with consequences for ones actions and choices. Basically if I choose to take up heavy drinking and smoking, knowing full well what the effects are, is it right for me to pass the burden of my choices onto my fellow citizens in millions of dollars in medical bills? Should I have to pay for some guy who got shot in a gang on gang violence in a state that is over 2,000 miles away from me? This has worked on a national level in much smaller less culturally diverse countries than the USA, and it works damn well for them, others have a terrible implementation of it with no better or even worse care then private healthcare. We get compared to the various Europeans nations a lot for healthcare, I like to counter with a though experiment. Imagine if the entire EU decided very quickly to force all the countries in it to switch to one universal EU health care system, do you think it would go over smoothly? I could see years of fighting over "who's system is the best" and "who has to pay what amount" and "why do we in France have to pay for the people in Lithuania?" type of arguments. Then factor in the massive lack of individual representation the average person has at the EU level of government. That's the general issue in the United states. You can't think of us one unified culture, we are a large country geographically, with a lot of different cultures and ideas spread throughout it. I think if states were given the right (like they have over the majority of other things) to implement whatever healthcare system they want in the state we would see it implemented in nearly half the states. The best part would be the different kinds of systems, proving which methods work better than others. It would also have the chance to be implemented in a democratic way in that states elections and tailored specifically over time to that state's needs. The people of California get the system they want and they pay for it, not everyone else paying for the stuff that mainly benefits California. But the feds have basically blocked this and it would take an act of god for them to allow it at this point.

Employee's rights vary from state to state (this is a major thing they have control over) some states (like California and New York) are strict with lots of employee protection, others not so much, but the people in those states can choose to change it.

If 40 hours a week seems like a lot to you then that's odd, historically we worked 50-70 hour weeks so 40 is pretty light, and many only work 25-35 hours. When being asked to move for a job a significant bonus is usually involved or your moving for a new higher position which will give you more pay and a better path for advancement.

Current system could easily be solved with simple bipartisan work and a realistic approach. Anytime one side try's to force something they want(especially with the slim majorities we have seen in the last decade) without any say or opinion allowed or implemented from the other side is when **** get's hectic and it's been a steady 12 years of tit for tat bullshit from both sides.
 
GeforcerFX

Thanks for taking time to answer - I know my statements seem flippant - but there is some truth in them - I know the USA is diverse .
A lot of salary folks are still putting in long hours - getting emailed outside of work.
I admire that high school drop out can take night school and better themselves in America.

But the dice is loaded & the mobility index is getting worse .

Yeah Bi-partisan agreements could help health . Your lobby groups in DC would be bordering on corruption in many western countries . Even with insurance you could be a step away from a huge bill .

Corporate Welfare is rife in the states - Grab the money , socialize the costs to environment and people .
TBF is not just America.

Endymio- no point discussing with you - sure revenue might have gone up - and maybe it got a temporary boost for your govts largess to the corporate snouts . But such a simple causality is BS .

Your vaunted trickle down BS - is exactly that -BS - it has never been shown to work .

If you want to stimulate the economy jacking share prices doesn't do much - putting money in consumers pockets and infrastructure spending will have a much greater effect . Best effect Donny could have is increasing the feel good factor - Sadly we see hatred increasing in the USA .

I look at Breitbart once and awhile - I just see hatred . We have an election here in NZ - it won't matter which party wins - They are pretty similar - and our MMP system means they kind of have to work together .

There used to be the funny story from America- like crazy legal payouts for people being silly .

Now most of us just feel sad - We know the USA is the worlds biggest economic bully - but you were forgiven as you stumble around trying sometimes to make the world better - Now under Trump you are just a Bully with no redeeming points . Trump has destroyed a huge amount of goodwill- insulting allies , holding funds out of petulance to help the poor .
We are all people on the same planet - building walls ultimately won't work
 
GeforcerFX

Thanks for taking time to answer - I know my statements seem flippant - but there is some truth in them - I know the USA is diverse .
A lot of salary folks are still putting in long hours - getting emailed outside of work.
I admire that high school drop out can take night school and better themselves in America.

But the dice is loaded & the mobility index is getting worse .

Yeah Bi-partisan agreements could help health . Your lobby groups in DC would be bordering on corruption in many western countries . Even with insurance you could be a step away from a huge bill .

Corporate Welfare is rife in the states - Grab the money , socialize the costs to environment and people .
TBF is not just America.

Endymio- no point discussing with you - sure revenue might have gone up - and maybe it got a temporary boost for your govts largess to the corporate snouts . But such a simple causality is BS .

Your vaunted trickle down BS - is exactly that -BS - it has never been shown to work .

If you want to stimulate the economy jacking share prices doesn't do much - putting money in consumers pockets and infrastructure spending will have a much greater effect . Best effect Donny could have is increasing the feel good factor - Sadly we see hatred increasing in the USA .

I look at Breitbart once and awhile - I just see hatred . We have an election here in NZ - it won't matter which party wins - They are pretty similar - and our MMP system means they kind of have to work together .

There used to be the funny story from America- like crazy legal payouts for people being silly .

Now most of us just feel sad - We know the USA is the worlds biggest economic bully - but you were forgiven as you stumble around trying sometimes to make the world better - Now under Trump you are just a Bully with no redeeming points . Trump has destroyed a huge amount of goodwill- insulting allies , holding funds out of petulance to help the poor .
We are all people on the same planet - building walls ultimately won't work
Well written but I would ask you to keep in mind that while almost never on the side of American citizens, Republicans are what the rest of the world hear to make their ultimate conclusions on us. The reason, as the old saying goes, is because they don't care about being right, or facts. They care about being the loudest. You know, the squeaky gears getting the grease kind of thing.

Our elections have been about relatively minor differences in ideology. But now it is about removing corruption on a massive scale and repairing our Country.
 
Well written but I would ask you to keep in mind that while almost never on the side of American citizens, Republicans are what the rest of the world hear to make their ultimate conclusions on us. The reason, as the old saying goes, is because they don't care about being right, or facts. They care about being the loudest. You know, the squeaky gears getting the grease kind of thing.

Our elections have been about relatively minor differences in ideology. But now it is about removing corruption on a massive scale and repairing our Country.

Here in NZ and I assume in most countries - Media are somewhat to blame - not because they are fake - but they often target the best sound bites . If you watch Parliament TV ( I've only once out of curiosity =you can see some good debate or ideas - I watched news that night and only some witty repartee will make it .
Often I want to see a good analysis of the parties policies in a full newspaper spread - no such luck.
Many politicians are not stupid - they know war on drugs doesn't work - that punishing criminals excessively will not reduce crime - but it wins votes . I'm sure most Republicans do not actually want to ban abortions ( they only need to say they do ).
A few years ago I took my family to Hawaii (Big Island(Hawaii) , Maui & O'ahu ( we just missed the lava destroying where we stayed near the lava pools on Big Island) , Anyway was happy to see State government sessions on TV - the speakers I saw spoke eloquently and well ).

We do have referendums - sometimes binding sometimes not - this election we will vote on marijuana and assisted end of life - one of my pet hates is they frame the questions is the third person and not as your right . Eg Do you think if you are terminally ill and suffering YOU should have the right to end of life .

The 2 party system in America seems broken , the EC, the gerrymandering on maps with no rational - but to win closely contested areas. They appointment of Supreme Court judges as a pollical decision.
Most Judges here take pride they are not beholden to Govt - If the ruling party is not happy with the Judges interpretation they can seek to change the law - obviously harder if applies to Bill of Rights - like your Constitution ,
That's another thing I find funny - is that some Americans think the Amendments were given to Moses on Mt Sinai - they are AMENDMENTS FFS.

Speaking of TV when I first went to the States in '88 as youngster hitchhiking and doing drive-aways - was to stay a Motel Econ 666 buy a large popcorn ( ie a huge 4 gallon bucket ) and flick through Cable tv ( most of the world didn't have it then ) and watch quality TV of Jerry Falwell and Jim Bakker - also saw another dude pontificating on God sitting in an armchair with I think a glass of whiskey and a cigar - he was pretty good) - they were better than driving around on another long road trip listening to Rush, Gordon G , the Independent Mike R and the Good Dr Laura S offset by Art Bell ( he was entertaining )= I could only take so much of Laura " what did you expect you open your legs for him .... "
 
Republicans are what the rest of the world hear to make their ultimate conclusions on us.
Given that 96% of journalists are liberal, whereas less than 0.5% identify as very conservative, and that ratio is similar in the upper management of social media and search engine firms, it's quite clear that they ensure "the rest of the world" hears only what they wish it to.

Most Judges here take pride they are not beholden to Govt
Most judges here too. For example, the Obama Administration lost 96 cases before the Supreme Court, including 20 cases by unanimous 9-0 decisions-- even the two judges Obama himself appointed voted against him. Overall, the court rules nearly 50% of the time against the government, which is about as close to independent as one can get, and, I suspect, a better rate than that which exists in New Zealeand.

That's another thing I find funny - is that some Americans think the Amendments were given to Moses on Mt Sinai
Actually, there are two schools of thought on those Amendments, and the Constitution in general. The generally right-leaning one: the originalist or textualist approach, in which amendments should be interpreted as they are written, and can be changed, but only by the formal amendment process given in the Constitution. Then there are the proponents of the "living Constitution", of which the Left is a firm proponent, which believes those amendments can be reinterpreted to mean what we wish them to. The latter approach certainly gives more immediate gratification, but is ultimately damaging to the rule of law.

For example, I strongly support abortion rights, but that doesn't make Roe v. Wade any less of a flawed decision and horrendous precedent. The proper way to implement abortion rights is through federal law or the amendment process, not by having five unelected officials pretend that a non-written "right to privacy" also includes abortion. If five people can do that today, five different people can tomorrow pretend the opposite.
 
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The very framing of the question itself is based on Medieval-era thinking, invalidated at the start of the industrial revolution. Economics is not a zero-sum game; in a free market, wealth is created, not taken from others. Playing on class envy is an attractive concept, but if you think it is a successful strategy, I suggest you examine the booming economies of Venezuela, Cuba, or North Korea.

The US effective tax rate was never 80%, not in the 1950s or at any time. Due to bracketization and an enormous range of deductions, the effective rate on 1950s-era top earners was roughly 42%, about six points higher than today.

Best of luck arguing with the ignorant! It's obvious these people have ZERO understanding of capitalism and how the monetary system actually works.
 
Don't worry because they will be lined up and shot according tweeter CEO. \
"Me-first capitalists who think you can separate society from business are going to be the first people lined up against the wall and shot in the revolution. I'll happily provide video commentary."
 
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