These companies paid their employees a median wage of $31,672 in 2022, while their CEOs took home an average $15.3m

      • solstice@lemmy.world
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        1 year ago

        37% federal plus 5-10% state, plus additional Medicare tax and 3.8% investment income tax and a bunch of others, not good enough for you? That’s literally approaching 50% what’s your problem?

        • mrnotoriousman@kbin.social
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          1 year ago

          37% federal means you are in the tax bracket that makes over $578,000/year. You’ll be just fine with several more percentage points added on.

          • solstice@lemmy.world
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            1 year ago

            That’s literally exactly what I’m advocating for word for word. Wealth tax bad, income tax good. Income tax rate too low? Crank it up to your hearts content. Glad we agree.

          • solstice@lemmy.world
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            1 year ago

            So then add more percentage points. You don’t need a wealth tax to do that. Income tax is fine.

            • pjhenry1216@kbin.social
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              1 year ago

              A majority of wealth doesn’t come from income so would never be touched by income tax. A “wealth tax” is just a broad term meaning that they should be taxed on the wealth fairly. Like capital gains for instance is a doozy. Way less taxation than what you likely pay (percentage wise obviously).

              So “wealth tax” would include an income tax, capital tax, estate tax etc, all just at rates that are equivalent to how well the system treats them. They get a much larger advantage off the system that is set up than most others.

              And the ultra wealthy don’t even always have an income. You think Bezos has a salary right now that’s significantly attributing to his wealth? Or Buffet or even Zuckerberg? I forget, his his salary still $1 a year? You want to tax only that?

              • solstice@lemmy.world
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                1 year ago

                You don’t get it. Unrealized capital gains are just deferred income. It’ll be taxed eventually. Income tax is fine, banish the thought of wealth tax.

                • pjhenry1216@kbin.social
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                  1 year ago

                  But they’re literally not counted under income tax law. So you’re essentially arguing for the exact same thing if you want it to count under some sort of tax.

                  Edit: short term capital gains is the only one that counts as income. Long term is not and is severely under taxed compared to income tax. Like, I like your intentions, but you’re severely fucking up the details and it details your entire motivation and intentions.

        • JimmyMcGill@lemmy.world
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          1 year ago

          I fail to see the problem with your statement.

          50% when you are Uber rich isn’t even that much. In plenty of countries you have that at a much lower level of income. Perfectly doable and fine

            • JimmyMcGill@lemmy.world
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              1 year ago

              Why not both?

              The problem is that once you are super rich you don’t really have an income anymore. You just expand your wealth and you end up paying way less taxes on that.

              This is something that the common mortal can’t even think of.

              • solstice@lemmy.world
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                1 year ago

                don’t really have an income anymore

                You’re delusional. High and UHNW individuals also tend to have high income.

                just expand your wealth

                Income expands wealth. Unrealized income will be taxed eventually.

                common mortal

                Thank god you’re here to tell us these things. Did you get your accounting degree from university of american samoa too? Please just stop

        • CancerMancer@sh.itjust.works
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          1 year ago

          The upper-class does not rely on income the same way the middle and lower class do. Taxing income affects us much more than it does them, that’s why you institute a wealth tax to spread the burden.

          • solstice@lemmy.world
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            1 year ago

            You simply don’t understand. All income flows into wealth. All wealth is eventually becomes, one way or another, taxable income. You can defer it for a while but it’s literally all the same thing.

            You’re talking about legislating a massive clusterfuck, like you can’t even imagine how messy it would be, that pretty much nobody would comply with free of errors and omissions, all over a timing difference.

            Just please, I’m fucking begging you, stop talking about a wealth tax, especially when you don’t understand how tax works to begin with.