I don’t earn $1,000,000 a year, I don’t even earn $400,000 a year and I suspect neither do you. As a result I won’t be affected by any of the higher taxes proposed by the President.
Getting a lot more free stuff sounds good to me, not that at age 78 I will benefit from any of the American Families Plan expanded social spending.
Convincing Americans that other Americans don’t pay their fair share is a familiar message and it will be critical in the future. A scapegoat is always needed. There are about 1.4 million taxpayers in the 1% out of about 144 million taxpayers. The top 1% pay about 39% of all income taxes while the top 5% of earners pay 59% of income taxes.
To sell their ideas of social justice, progressive politicians must convince Americans they are victims, that they are entitled to and can only succeed with more from government assistance, that “inequality” somehow takes from them.
In essence progressives need a divided America.
And they must rely on the idea that all Americans desire will be paid for only by someone else. And there is the most scurrilous concept of all. The deceit progressives rely on to sell their ideas.
European and Scandinavia countries have extensive social programs, their populations delight in the free things they have. And woe be any politician who tries to reduce those programs even to manage costs. Remember the violent protests in France when it tried to restructure their pension system.
HOWEVER, those countries also have tax systems that support their programs, tax systems that affect all citizens. Systems that include value added taxes, payroll taxes, income taxes, high hidden taxes such as on fuel and assorted fees from getting a drivers license to buying a car. And, generally, Europeans live in more modest homes, drive smaller cars and have less stuff than most Americans.
So far in 2021 the Administration has enacted or proposed $6 trillion in new spending, much of it ongoing and not to be paid for by average taxpayers or not at all. Yet, not a word about addressing the Social Security or Medicare trust fiscal problems.
The question is, will Americans be deceived by all this slight of hand, will they be seduced by promises of free stuff, will they ignore the long-term consequences of new unfunded liabilities, of this approach to social justice?
Yup, they will😢 This is not going to end well. The real bill will come due.
“The Gini coefficient, also called the Gini Index or Gini ratio, is a statistical measure of distribution intended to represent the income or wealth distribution.”
“The Gini coefficient ranges from 0 (0%) to 1 (100%), with 0 representing perfect equality and 1 representing perfect inequality. A higher Gini coefficient means greater inequality.”
“Income inequality has political and economic impacts such as slower GDP growth, reduced income mobility, greater household debt, political polarization, and higher poverty rates.”
The U.S. is not the most unequal country in the world. We are beat out by…
South Africa – 63.0
Namibia – 59.1
Zambia – 57.1
Sao Tome and Principe – 56.3
Eswatini – 54.6
Mozambique – 54.0
Brazil – 53.9
Hong Kong – 53.9
Botswana – 53.3
Honduras – 52.1
United States – 41.1
Higher than Canada -33.3, or any European country.
As I have mentioned before, all those people on the lowest rung of income/wealth are occupying “positions” on the income strata. Any one of them can, through work and diligence, climb the income ladder. Thousands do, every day. But that position, on the lowest rung of the pyramid, will be filled. It must be. You cannot have a CEO without dozens, hundreds, or thousands, of low level workers.
“Anyone” can grow up to be President (or CEO), but “everyone” can’t.
It behooves the CEO, and all of us, to ensure the lowest level have adequate income to survive, and even prosper, to some extent. If for no other reason than enlightened self interest.*
“The United States has a Gini coefficient of 0.480. In 1990, the Gini coefficient was 41.1, indicating an overall increase in income inequality over the last 30 years. In 2015, the top 1% of earners in the United States averaged 40 times more income than the bottom 90%. In the U.S., poverty is an increasing issue, with about 33 million workers earn less than $10 per hour, putting a family of four below the poverty level. Many of these low-wage workers have no sick days, pension, or health insurance.”
“A high-income country and a low-income country can have the same Gini coefficients.”
Meaning, I’d rather be poor in the U.S. than rich in Botswana.
*In January 1914, Henry Ford started paying his auto workers a remarkable $5 a day. Doubling the average wage helped ensure a stable workforce and likely boosted sales since the workers could now afford to buy the cars they were making. It laid the foundation for an economy driven by consumer demand.”
Your children WILL be effected by the step up basis loss under the proposed plan.
Well stated. You hit the nail on the head
Darn Quinn! You answered you own question! Well said….
There always has to be a boogeyman for the usual suspects to advance their agenda i.e. rich, white, male, conservative, etc.