Perspectives, Opinion: The Rich Got Richer While Millions Lost Their Livelihoods. It's Time For A Wealth Tax - Cn

Perspectives, Opinion: The Rich Got Richer While Millions Lost Their Livelihoods. It's Time For A Wealth Tax - Cn

Opinion: The rich got richer while millions lost their livelihoods. It's time for a wealth tax

It's time to modernize the federal tax code — not only to raise revenue and ensure the wealthy pay their fair share, but also to slow these democracy-distorting levels of concentrated wealth and power.

6/14/2021 5:07:00 PM

'If you paid $5 in taxes in 2011, you paid more that year than Jeff Bezos, one of the wealthiest people in the world,' Chuck Collins writes, adding: 'It's time to modernize the federal tax code.' | CNNBusiness Perspectives

It's time to modernize the federal tax code — not only to raise revenue and ensure the wealthy pay their fair share, but also to slow these democracy-distorting levels of concentrated wealth and power.

.leftside-floating-image { width:100%; display:block; margin:0 auto 1.5rem; } @media screen and (min-width: 200px) { .leftside-floating-image { float:left; width:50%; max-width: 200px; display:block; margin:0 1.5rem 1rem 0; } } If you paid $5 in taxes in 2011, you paid more that year than Jeff Bezos, one of the wealthiest people in the world.

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Business It’s funny we keep hearing things like this but nothing ever happens. Business Yep. Steal from the rich and give to the poor. Class envy much? Business Business Such a crock . I work for the company and that makes me livid Business That’s fucked up. Business In the year Bezos paid $0 income tax, so you know how much tax he would have paid if the tax rate was even 92%. Still $0. Its not a tax rate issue but how taxable income is calculated. Which you think the author would understand but apparantly not.

Business Besos seems to be making a strong case for himself being the most hated wealthiest man in the world 😂 money sure doesn’t bring that peace. Business How many jobs did Mr Bezos supply ? Business When you ask them to chip in on the bill, they cry their eyes out! The only way to fix it is to scream louder!

Business Of by and for… Americans allow it Business Wow, your tax system is so screwed up down there. If you're a pretty good accountant you can find loopholes that will let the rich off scott free.

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Business I just don’t understand how the wealthy don’t have to pay any taxes. But the middle class pays everything! Business If you paid 5 dollars last year that's more than trump has paid in the last decade Business Have a flat tax rate that everyone pays. The entire tax code would fit on a single sheet of paper.

Business If you have any dignity left, Congress will change the tax laws, so this never happens again. Of course, it will, but this is blatant injustice. Whatever they are doing, STOP IT NOW. You don't need all the money they pay you to let this happen. Business Bezos is a Lefty so tax the hell out of him.

Business America. Home of the crooked. Business .Sen_JoeManchin get on board with killing the filibuster. KillTheFilabuster Business And someone paid Bezos $28mil for an 11 minute rocket ride! This man is disgusting! People struggling every single damn day! Business 🇺🇸🤣 All billionaires and supporters of the Democratic Party! Where are the voters of this party now? 🤣🇺🇸

Business Nobody will know 😂

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Business One percent hoards 85 percent of world resources. That arrangement makes sense to the other 99 percent of the world. More so legal practitioners, state armed forces and politicians. Business That's why Jeff is a Democrat. Their good at fooling people.... Business What about Oprah 🤔 Business Who created the tax codes? Dig into that a bit more!!!

Business Attn: Hacked Materials Dept. Business And who was president in 2011?!? Democrats have been in the wealthy’s pockets for all of time Business Es obvio que ellos tienen su capital en base a que trabajan, no obstante deberían pagar impuestos en proporción a sus ingresos como empresarios, no como si fueran ciudadanos de a pie cualquiera que apenas para pagar el alquiler les alcanza con el sueldo irrisorio que ganan.

Business It has been modernized...it's not an oversight that they don't pay taxes...the IRS isn't underfunded to save money. We need to modernize our system of government. Business 💥The CCP had the Coronavirus antidote 💥中共有冠状病毒解药 Business Jeff Bezos owns the Washington Post. As a matter of fact, I think nearly all the major news sources are owned by some rich guy that doesn’t pay taxes. 🤔🤔🤔

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Business Business Dont forvet that bezos claimex and got $4000 child credit for his children. Even tbough he paid no taxes he got the free money. Business Especially when us that work in education with a Master’s Degree, make pennies and most have to work a second job to survive. I pay a ton in taxes where I live and get nothing in return. I love my job, but damn seeing this over and over where the rich pay nothing. Needs to change

Business I love rich people. Business But they're worried about trump Business They should start taxing not with the income but with the wealth Business Something very wrong with that!! Business The rich will not tax the rich... we need to have a revolution until the system changes to benefit the worker✊🏻

Business It's not just about lack of taxes they paid, it's about them using exclusive credits and deductions THAT GIVES THEM TAXPAYER MONEY THEY DIDN'T EARN. Business 5 مرلہ گرے سٹریکچر پر کتنا خرچا آیا؟ جانئیے ویڈیو میں👇🏻

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Business Esto es absurdo....este tipo desea hacer a los ricos, menos ricos...¿ Cuál es el sentido de eso? Llegar finalmente al Comunismo? Business Please Business They are enjoying every minute of it too Business You can cherry pick all you want Doesn't change the fact that the top 10% paid 71% of all federal taxes You don't like the way some people use chartable deductions and other loop holes to pay less taxes They change the tax law to remove those deductions.

Business Did we mention rocket rides? $2.5 million per minute? Git you some. BillionairePrime Business Exactly Business Go after them like you did Trump. Business dipsticks......................? Business ...he gets to go to space and I'm stuck with enough boxes to build a fort. Business Meanwhile Biden wants to hire 90,000 IRS agents. They sell it as going after the rich. BS. The rich have lawyers and accountants to ensure they don't break laws. That army is coming after all of us who will just pay because we can't afford to challenge and fight them. What a mess

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Business So evidently being able to file your taxes on a postcard didn't solve this problem? Business Yes because of cash flow. He has not requidated any of his investment that year... You can only pay tax when you cash out profit from investment. Nobody taxes your cash flow. Infact he actually paid over $300m in taxes when he sold some few billion dollars Amazon shares.

Business And the billions they donate to charity for the purposes of tax write offs What incentives does he have to donate now if he loses that? Billions of charity money... poof gone Business Change the cheat codes. Business At least tax the income they take home like all of us

The Limits of Wealth-Tax PopulismSoaking the Bezoses and Musks of the world will not be sufficient to finance social democracy, nor to meaningfully reduce elite domination of democratic politics. EricLevitz writes EricLevitz Demanding corporations & the uber wealthy pay their fair share of taxes is not “soaking” them when they pay 3.5% in taxes while the rest of Americans pay as much as 37% This article absurdly claims taxing the wealthy to fund social programs would inexplicably cause inflation. EricLevitz Cutting SNAP benefits won’t erase the deficit, but folks on Cap Hill still want to try it. EricLevitz Not really the point, tho...