This is the kind of people we elect …

those who have no hesitation misleading you to advance their agenda of dividing Americans.

That is not true at all. In fact, here is what the White House release says and which is the source if her Tweet.

Abstract: We estimate the average Federal individual income tax rate paid by America’s 400 wealthiest families, using a relatively comprehensive measure of their income that includes income from unsold stock. We do so using publicly available statistics from the IRS Statistics of Income Division, the Survey of Consumer Finances, and Forbes magazine. In our primary analysis, we estimate an average Federal individual income tax rate of 8.2 percent for the period 2010-2018.

Do you pay taxes on unsold stock, on the growth in your 401k or IRA, on a pension you have accrued but not yet received?

Another example on the same theme of misleading information, but accepted as fact by many people.

The argument goes that billionaires have more stock holdings, more dividends than the rest of us, so what?

9 comments

  1. The point of the post is she’s is not telling the truth, but manipulating information. Billionaires do not pay 8% on taxable income and no American pays taxes on unrealized gains. As far as inequality goes, sure it exists and always has and always will be. How did we get there? For those at the very top, it was through the creation of new industries and hundreds of thousands, perhaps millions of new jobs directly and indirectly and their wealth was mostly created by the actions of the stock market, not on the backs of workers. And has all that inequality blocked opportunities from more average Americans? I don’t see how.

    Like

    1. Millionaires are fine.
      Billionaires are fine.
      Average Americans are fine.

      Just sayin’…

      “In a modern, moral, wealthy society, no American should be too poor to live.”

      And… “the extreme far left” (position) in the U.S. is “medicine shouldn’t bankrupt you”, “wages should cover rent”, etc.

      The present inequality in America is —after— government aid and transfer programs.

      Take care of your tires. That’s not socialism, it’s self preservation.

      Like

  2. “…their agenda of dividing Americans.”?

    Americans are already divided.

    Another elected politician advancing her agenda:

    “In a modern, moral, wealthy society, no American should be too poor to live.”

    And… “the extreme far left” (position) in the U.S. is “medicine shouldn’t bankrupt you”, “wages should cover rent”, etc.
    ……………….
    No one, or relatively few, give two figs about the wealthy. They can take care of themselves.

    The problem is on the other end. It’s a broken economic system that —needs— the labor of millions of it’s citizens but doesn’t provide the means to sufficiently maintain them (let alone reproduce.)*

    The U.S. has the highest income inequality of the G7 nations, its not just bad optics, it’s unsustainable, like a Ferrari with bald tires. You do not need envy of the rich or empathy for the poor to tell you that if you don’t maintain the tires, you could lose the whole damn car.

    Enlightened self interest.

    *”Forget the Wall Already, It’s Time for the U.S. to Have Open Borders”
    Cato Institute, July, 2018

    In other words, we –need– more workers.

    Like

  3. What would help non-billionaires, not even wealthy people, like many others and me, would be to put a moratorium on the 2022 minimum required distribution from our IRAs and 401-k accounts.  We can expect to be taking a big hit in those accounts by depleting our 2022’s balances, much of which have tanked because of Biden’s failed economic blunders, by amounts based on percentages of higher year-end 2021 balances.  Not too many months remaining in 2022 and we have to be taking money out of our accounts even if we don’t want to.  Joe and other politicians, if you really care about helping that middle class you bring up so often, hurry up and help us to manage our own long-term savings to be there during our retirement.*******************************

    Like

  4. Taxing unsold stock is basically a wealth or asset tax. Asset taxes are already used by states e.g. property tax on real estate or vehicles based on their current assessed value. Florida used to have an intangibles tax which was levied on certain investment values but it was abolished twenty years ago or so.
    In my opinion, this idea or taxing unrealized gains became popular with the publication of the progressives economic bible a few years back. Taxing unrealized gains for just billionaires is the camel getting his nose under the tent. Just like the early days of the income tax. It only affected the rich.

    Like

    1. The bible I was referring to was Capitalism in the 21st century by Thomas Piketty. It was on the best sellers list for a while. My post above didn’t pick up the link.

      Like

  5. The other danger or maybe it’s the goal is to tax unsold stock holdings of billionaires so that the IRS rules will be written to tax all stock holdings by everybody. That means people who have IRA and 401Ks that hold stock too.
    Our socialist acting government is running out of other people’s money and must find new sources.
    For some the American dream was to get rich. The democrats more so than the republicans want to keep you poor and are almost trying to make it illegal to have money to support yourself.

    Like

  6. This is how legislation is born. The false assumptions are repeated over and over to the point that many people start to believe how unfair this “current system” has become. Although we currently do not tax on monies not yet paid on investments, there are many who believe this has become an untapped revenue source for which they are trying to drum up support.

    Remember the vibrations that were felt years ago about taxing benefits paid on health benefits paid? Ops, maybe I should not stir up that bees nest.

    Make a positive difference in someone’s life today. Bill Mitchell ________________________________

    Like

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s