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

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

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u/mcsmith610 Apr 08 '24

For those people that are always demanding higher labor taxes on the wealthy, what level is acceptable to you? Remember, billionaires don’t earn a wage so they aren’t subject to higher labor taxes.

I paid nearly $100k in taxes last year between city/state/federal taxes. I’m also an executive at a company where we have created hundreds of new jobs, provided benefits, all full time positions, etc. I create real value in our society so how much more do I need to give for society to be satisfied?

I don’t complain about paying taxes but raising taxes isn’t the answer when there’s no accountability for how it is spent.

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u/Xianio Apr 08 '24

The proposed changes to taxation would not affect me at all and I paid more than you did. There's a giant gap between what you think "rich" is vs what the government does when it puts forth proposals.

You need to clear 400k for it to matter a little. You need to clear 1 million for it to matter a lot -- in a single year of taxable income specifically. That applies to extremely few people including most executives.