Are you worried about the proposed 70% tax on the rich? Consider what that really means.
First, know that it is not a Socialist proposing this. It is a Democrat Socialist. That is a vast difference. A Democrat Socialist believes in capitalism, but believes that some things must not be for-profit.
If you reach the 70% tax bracket, that does not mean that income under $10 million is taxed at 70%. Only income earned above $10 million (one year's income) is taxed at 70%. The rest is taxed at whatever bracket it falls in. The first $9,700 (for unmarried individuals) is still only taxed at 12%. Income from $9,701 to $39,475 is taxed at 22%. And so on. So if income is $10,000,001, only $1 is taxed at 70%. Don't worry, the super-rich have plenty of ways to reduce taxable income. If you are worried about some of your income being taxed at 70%, think about all the people who work for you and what their incomes are. It's like having 99 slices of pizza while 99 people have to split one piece. And those 99 people are the ones who are doing the work.
Every year the income disparity only grows. Minimum wage has remained the same since 2009. 2009's minimum wage of $7.25 (same as 2018) is only worth $6.19 today. With inflation, 1968's minimum wage of $1.60 should have risen to above $19.
Companies expect stocks to earn 15% each year to remain competitive in attracting industrial investors (such as pensions). With inflation so low, that means cutting costs to get that rate of return. Employee wages are one of those costs. Health care and other benefits are another source for cutting costs. Cheaper ingredients. Lack of safety equipment. Lack of pollution controls. Shipping jobs overseas. Imports not having to meet the same standards as U.S. products. Increasing employee portion of insurance costs. Exempting part-time workers from health coverage. With part-time (cheaper) work, companies save money. But people then have to have two or more jobs to get as much income as they did for one full-time job, and their multiple jobs have no benefits.
Corporations do not pay taxes on income; they only pay taxes on profits. Yet their taxes were cut 50%. And almost none of the tax savings trickled down to employees. Remember Ryan gushing about a worker's rise in income of 50¢ per week and how she could now afford a Costco membership?
Yes, there is class warfare. The rich have been waging it on poor people.
First, know that it is not a Socialist proposing this. It is a Democrat Socialist. That is a vast difference. A Democrat Socialist believes in capitalism, but believes that some things must not be for-profit.
If you reach the 70% tax bracket, that does not mean that income under $10 million is taxed at 70%. Only income earned above $10 million (one year's income) is taxed at 70%. The rest is taxed at whatever bracket it falls in. The first $9,700 (for unmarried individuals) is still only taxed at 12%. Income from $9,701 to $39,475 is taxed at 22%. And so on. So if income is $10,000,001, only $1 is taxed at 70%. Don't worry, the super-rich have plenty of ways to reduce taxable income. If you are worried about some of your income being taxed at 70%, think about all the people who work for you and what their incomes are. It's like having 99 slices of pizza while 99 people have to split one piece. And those 99 people are the ones who are doing the work.
Every year the income disparity only grows. Minimum wage has remained the same since 2009. 2009's minimum wage of $7.25 (same as 2018) is only worth $6.19 today. With inflation, 1968's minimum wage of $1.60 should have risen to above $19.
Companies expect stocks to earn 15% each year to remain competitive in attracting industrial investors (such as pensions). With inflation so low, that means cutting costs to get that rate of return. Employee wages are one of those costs. Health care and other benefits are another source for cutting costs. Cheaper ingredients. Lack of safety equipment. Lack of pollution controls. Shipping jobs overseas. Imports not having to meet the same standards as U.S. products. Increasing employee portion of insurance costs. Exempting part-time workers from health coverage. With part-time (cheaper) work, companies save money. But people then have to have two or more jobs to get as much income as they did for one full-time job, and their multiple jobs have no benefits.
Corporations do not pay taxes on income; they only pay taxes on profits. Yet their taxes were cut 50%. And almost none of the tax savings trickled down to employees. Remember Ryan gushing about a worker's rise in income of 50¢ per week and how she could now afford a Costco membership?
Yes, there is class warfare. The rich have been waging it on poor people.
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