Bezos and Musk combined increase up $20 billion dollars in one day

I have a problem with those who say we need to tax these billionaires to 75%+ or more. That's obscene and unrealistic. Musk has taken huge risks no one else would even consider to grow his wealth. Our system rewards those risks.

 

My problem is the further tax breaks which have been given to the wealthy and corporations. The 1.5 trillion in tax breaks was an absolutely dumb idea. Majority of the money went to the wealthy at the expense of the middle class tax payers (debt). We all know that money went to buy backs and dividends.

 

How on earth could treasury Mnuchin think it would have increased tax revenues when the majority of money was given to those who don't need to spend? Companies don't give bonuses to their employees because they can. They don't invest in new machinery or technologies just because it's "old" or the paint has chipped. If it was given to the poor, they would have spent it (they can't save). Eventually this money would have reached the top and produced tax revenue along with GDP.

 

Now with the additional trillions in 'free money', the middle class again will foot the bill as companies no longer pay taxes. It's absolutely disgusting how this free money is being handed out. A huge amount of this money went straight into millionaires pockets. I sure would have liked to receive a $5 million handout I can self deal. I'm an idiot for not running some income producing assets under and LLC.

Tax cuts and tax refunds can ONLY GO TO those who PAY TAXES.

Last thing we want is to punish those who work hard to become successful and reward the lazy.

No country has ever prospered with wealth distribution to the lazy.

Tax cuts and tax refunds can ONLY GO TO those who PAY TAXES.

 

Last thing we want is to punish those who work hard to become successful and reward the lazy.

No country has ever prospered with wealth distribution to the lazy.

 

Offshore tax evasion. I know someone who had an LLC that doesn't make any money, and he received $12,000. Let's not forget about Churches who received free money!

I have income producing assets and if I had them registered differently (like I should have) I would have received free money that I could self deal. That's what a huge amount of CEOs and business owners are doing. Good thing we are dismantling regulatory bodies who's purpose is to protect and catch wrong going.

Edited by orange, 23 July 2020 - 03:32 AM.

 

Tax cuts and tax refunds can ONLY GO TO those who PAY TAXES.

 

Last thing we want is to punish those who work hard to become successful and reward the lazy.

No country has ever prospered with wealth distribution to the lazy.

 

Offshore tax evasion. I know someone who had an LLC that doesn't make any money, and he received $12,000. Let's not forget about Churches who received free money!

I have income producing assets and if I had them registered differently (like I should have) I would have received free money that I could self deal. That's what a huge amount of CEOs and business owners are doing. Good thing we are dismantling regulatory bodies who's purpose is to protect and catch wrong going.

 

Income based taxes are counter-productive. Too many loopholes exist and invented every day.

Much better method would be consumption & transaction based tax. 

And low income people should receive checks so no one is below poverty level.