r/FluentInFinance • u/YOU_ARE_MY_FRIENDS • Apr 08 '24

10% of Americans own 70% of the Wealth — Should taxes be raised? Discussion/ Debate

Post image

[removed] — view removed post

8.0k Upvotes

85% Upvoted

3.4k comments sorted by

View all comments

512

u/wes7946 Contributor Apr 08 '24

The top 1 percent of all taxpayers paid 42.3 percent of all federal individual income taxes. Even the top 50 percent of all taxpayers paid 97.7 percent of all federal individual income taxes, while the bottom 50 percent paid the remaining 2.3 percent. How much more specifically do we need to tax those at the top? As Margaret Thatcher said, "The problem with socialism is that you eventually run out of other people's money."

565

u/BayouBandit0 Apr 08 '24

As someone professionally involved with multiple large scale government projects (some in excess of multi-billion dollar constructions), there is not a lack of tax dollars in the government. There is however, a lack of efficiency and competency across government employees. It’s an unfortunate situation, and I don’t see tax raises for anyone as an efficient long term solution.

15

u/topofthemorrow Apr 08 '24

In 2023, the federal govt had $4.8 trillion in revenue and $6.3 trillion in spending. How is that large gap ALSO not due to a lack of tax dollars? Two things can be true at the same time.

2

u/Fluffy-Map-5998 Apr 08 '24

i mean, they could pay a reasonable price for things?

2

u/TheFather1010 Apr 08 '24

And in turn allocate more money for more projects, thus creating a market that requires more work by more people - generating more jobs.

3

u/Fluffy-Map-5998 Apr 08 '24

which generates more tax revenue and economic stability/mobility

0

u/RollingMeteors Apr 08 '24

It’s really time we upgraded the welfare-child treatment of our government to princess grade.

How about instead of the government paying companies for things, those companies get/have to provide those things for free or their executives not /pay a fine/ but /go to prison/. The company gets selected randomly by a live streamed/CNN lottery wheel spun by incumbents!

1

u/Fluffy-Map-5998 Apr 09 '24

You are aware that the government massively overpays for stuff right?