politics
Welcome to the discussion of US Politics!
Rules:
- Post only links to articles, Title must fairly describe link contents. If your title differs from the site’s, it should only be to add context or be more descriptive. Do not post entire articles in the body or in the comments.
- Articles must be relevant to politics. Links must be to quality and original content. Articles should be worth reading. Clickbait, stub articles, and rehosted or stolen content are not allowed. Check your source for Reliability and Bias here.
- Be civil, No violations of TOS. It’s OK to say the subject of an article is behaving like a (pejorative, pejorative). It’s NOT OK to say another USER is (pejorative). Strong language is fine, just not directed at other members. Engage in good-faith and with respect! This includes accusing another user of being a bot or paid actor. Trolling is uncivil and is grounds for removal and/or a community ban.
- No memes, trolling, or low-effort comments. Reposts, misinformation, off-topic, trolling, or offensive.
- Vote based on comment quality, not agreement. This community aims to foster discussion; please reward people for putting effort into articulating their viewpoint, even if you disagree with it.
- No hate speech, slurs, celebrating death, advocating violence, or abusive language. This will result in a ban. Usernames containing racist, or inappropriate slurs will be banned without warning
We ask that the users report any comment or post that violate the rules, to use critical thinking when reading, posting or commenting. Users that post off-topic spam, advocate violence, have multiple comments or posts removed, weaponize reports or violate the code of conduct will be banned.
All posts and comments will be reviewed on a case-by-case basis. This means that some content that violates the rules may be allowed, while other content that does not violate the rules may be removed. The moderators retain the right to remove any content and ban users.
That's all the rules!
Civic Links
• Congressional Awards Program
• Library of Congress Legislative Resources
• U.S. House of Representatives
Partnered Communities:
• News
view the rest of the comments
Maybe I'm not good at comprehending numbers at this scale but does this seem kind of low to anyone else? I mean, that's a lot of money in absolute terms but the government spent $6.3 trillion in FY 2023 alone.
We should still do it obviously. Don't let perfect be the enemy of good and all that.
No, it sounds correct. Taxing billionaires' income is fine, but the real money would come from actually taxing corporations more.
See, they only have income in certain circumstances, so the amount raised from an income tax would not be very high. You can raise corporate taxes by a little bit and get much more.
That way the income is taxed before it gets to anyone. It doesn't matter if they have a billion dollars. Plus it encourages investment in the company (wages, new products, better quality, etc.) because business costs are tax write-offs.
I’m surprised it’s that high. The reason their effective rate goes down, is getting money by ways that are either special cases in the tax code or aren’t “income”. Until you fix those, wealthy people will still have the lowest tax rate.
…although apparently the tax rate for long term capital gains is already 20% for the wealthy. I didn’t know that
$500 billion is a sizable chunk of that $6.3 trillion, and it's still only a 25% tax rate, and then only the "ultra-rich."
If one considers something more reasonable, like a 70% tax of income over $100,000, then you're talking about more substantial amounts to really start catching up to top economies.
500 billion over 10 years is not a sizeable chunk of a single year total.
They spend more than that a year on "defense".