Everybody hates the 1%. Everybody accuses them of cheating or not doing enough. But everybody aspires to become one. That’s the irony in life… you strive to become the person you hate.
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Yes, everyone should study the history of income taxes. They were only inacted to pay for WW1. Then they kept them after the war. The number of people paying taxes was dramatically increased for WW2. They kept that after the war too. SS and Medicare taxes were added, because people were promised future benefits.
Historically, the public is against new taxes. It only has popularity when we have extreme events: WW or Great Depression.
Dude, we all consume. Food every day. Clothing, toiletries. You wipe your butt with toilet paper right? Amazon survives on two income households who need things (food, toiletries, or other) and don’t have the time to go find them in a store.
Toilet paper on Amazon? I would rather go to Costco…
The best tax policy is no income tax and no property tax. All the tax revenue will come from sales tax. We should tax consumption in order to protect our planet and protect citizens from over zealous meterialism.
We can charge a $10k tax on average car and $100k tax on luxury car. Charge $1000 tax on iPhone and $500 on android. Charge $10 tax on bottled water and $5 on burgers.
This way our innocent citizens will be healthier, more frugal and pollution will be reduced.
Welcome to the free world
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True, but people of lower income consume more proportionally. We all have only one butt, no matter how much money you have. And Jeff Bezos’ toilet paper is not 100x more expensive than ours.
You give poorer people money, and they will spend it, out of necessity. This gooses the economy. You give rich people money and they will just save it.
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You can’t give the poor money without first taking it from the rich.
And I argue that’s actually helpful to the economy. Of course we have to do it with moderation.
Trickle down economics is pure fantasy. You cut rich people’s taxes and the money will sit unspent. Money not spent does nothing for the economy. That’s what ailed the QE programs. The Fed can print all the money in the world but most ends up parked in assets like RE and stocks. Main street economy doesn’t benefit much.
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Taxes play a role in investment choices. If there’s lower taxes, then there should be more investment. More ideas will meet the minimum bar for acceptable return. At least in trickle down people have a chance to move up the ladder. More people have moved up than down over the last 35 years in the US. Tons and tons of immigrants have come to the US and been able to move up. What other country offers that?
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True, Taxes, esp corp taxes are way higher in US. US economy can not function alone as it become part world economy. US companies goes to other countries for cheaper cost and they hoard Trillions of dollar abroad to avoid paying high corporate taxes.
If corp tax is reduced, there is no incentive to hoard cash abroad. When trillions of dollars coming to USA, it improves the local economy.
The unfortunate part is Trump+Rep unable to proceed further as this is very complex issue for government !
Consumption tax affects everyone… …Progressive income tax is popular with the masses …Just out vote the rich…Fortunately in America people still believe they have a chance to be in the one percent group, unlike Europe that has up to 90% income tax
1% net worth is 8M. No, I am not an 1-percenter… 
Not add salt to wound, but it WAS 8M back in 2013…
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$8m net worth makes you a 1 percenter nationwide but not in the BA…However almost everyone on this forum is probably a 1 percenter worldwide…
Looking at the bright side, another 4m will take me to half-percenter.
To have your own jet you really need a hundred million…Otherwise you have be to searched like the rest of us…
Private jets are overrated. Time share jets are practically the same thing, at a fraction of the price.
Btw have a friend worth one hundred mill…Has a $2m turboprop. …costs $400k a year, depreciation of $200k plus fuel, landing fees, storage, maintenance, pilot salary…not a cheap toy. And not even a jet…Goes about 300 mph…San Carlos to Truckee in 20 min…I think it is more about ego than anything else…Timeshare is too much like a charter…
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Top 1% worldwide
.rank by income, greater than $32,400 per year.
.rank by wealth (include home), greater than $770,000.
Median income of Americans is greater than $50k, so more than 50%
of Americans are top 1% worldwide.
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