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I’m not against people being billionaires if they pay a fair share of their wealth in taxes every year. The reality in America is that the tax system is lopsided. Even in the lowest tax brackets, workers still have to deal with payroll taxes. On the other hand, if your income is derived from investments, you escape payroll taxes __and__ you pay less in capital gains taxes than you would in normal income taxes. In other words, we pay a higher share of our income that we earn from doing actual work than many billionaires do on passive income. Not to mention all the loopholes tailor-made for billionaires and corporations. Anyways, regarding the mechanics of trickle-down economics, concentrating more wealth in the hands of the wealthy is, from a morally neutral “let’s just grow our GDP” standpoint, bad for the economy. Folks who already have everything they need/want may, given a few more billion dollars, buy a mega yacht here or make a trip to space there, but most of it will be hoarded away or, worse, used to influence policy so they can rake in more billions. If you spread those billions among the less wealthy, they’re more likely to go out and spend it on necessities, which puts more money in the hands of people who need it, and so on. The faster that money circulates, the more GDP grows. Source: https://en.m.wikipedia.org/wiki/Velocity_of_money It’s shocking how many Americans can be persuaded to hand over their hard-earned money and worship the thieves at the same time. As if they’ll somehow be getting that money back. |