Who's Paying the Taxes
For starters, billionaires do pay taxes but through legal avoidance techniques minimize them.
Despite attempts to minimize taxes, the top 1% pay 24.1% of all taxes. The top 5% pay over 40% of all taxes.
The amusing thing about that chart is that it is from an ITEP article that pisses and moans about the wealthy not paying their fair share.
In Praise of Billionaires
- How many jobs did billionaires like Bill Gates, Steve Jobs, Jeff Bezos etc, create?
- How much taxes did those employees of Microsoft, Apple, Amazon, and Google pay?
- How much FICA taxes did Microsoft, Apple, Amazon, and Google pay on behalf of those employees?
- How much wealth did those companies create?
- How much new innovation came out of Google alone?
- How much impact and other fees did those corporations pay when they expanded their workplaces?
- How much property taxes do Microsoft, Apple, Amazon, and Google?
- How much money does the Gates Foundation donate donate to charitable causes.
Individuals who cannot think hop on the "Progressive Express" lead by Elizabeth Warren, Joe Biden, and AOC.
Biden was supposed to be a moderate but as soon as he was elected turned into one of the biggest Progressive flag bearers in history.
Cheers for USA Innovention
There's a reason why Microsoft, Amazon, Apple, Tesla, and Google are US corporations.
That reason is socialists would have destroyed them everywhere else.
Destruction of Great Companies in the Name of Fairness
The EU has numerous legal proceedings in progress to bust up Google, Microsoft, Facebook, Amazon, and Apple.
Progressives in the US want to bust them up as well.
None of those companies could have gotten off the ground in the EU in the first place.
In addition to a fantastic search engine (that anyone can avoid if they disagree), Google gave us self-driving technology, Google Maps and Google Earth, a messaging App called Allo, Google Scholar (free academic books) used by thousands of students and teachers worldwide, Android phones (competition with Apple), Google Translate (free translation of articles from one language to another), and Project Loon (high-altitude balloons to support Wi-Fi in places that don't have connectivity),
Google abandoned Loon but the technological advancement was a success.
Wikipedia comments on Google Scholar.
While Google does not publish the size of Google Scholar's database, scientometric researchers estimated it to contain roughly 389 million documents including articles, citations and patents making it the world's largest academic search engine in January 2018.
The University of Michigan Library and other libraries whose collections Google scanned for Google Books and Google Scholar retained copies of the scans and have used them to create the HathiTrust Digital Library.
It's Free or Cheap, So Kill It
Mercy me, Google Scholar is free. We need to kill it or it will put librarians and teachers out of work.
Unfortunately, that is precisely how Progressives think, even on climate change.
We got cheap solar panels from China. But Trump placed tariffs on solar panels and Biden retained them, both claiming they hurt US jobs.
The fact of the matter is cheap solar panels would encourage more use and create hundreds if not thousands of US jobs for installers.
We can't have that because "China does not play fair."
Yes, it's idiotic, especially in light of all the moaning to "do something" for the environment.
Stop the Moochers!
The Progressives are not happy with Google because it is too big and too free.
They are not happy with Amazon because its products and shipping are too cheap. And they have hated Bill Gates for something like forever. Gates is the whipping boy for the Left and the Right.
Progressives complain these companies hurt mom and pop whomever wherever, And of course Google hurts newspapers (that Millennials and Zoomers never read anyway).
So forget about all those jobs, all that innovation, all the taxes that corporations pay on behalf of employees, and the 40% of all taxes that the top 5% pay directly.
In the name of fairness, let's shut down those moochers, take all their money, and send them packing.
Who needs billionaires anyway? Everyone knows it's the poor who create all the jobs and innovation.
Mish's Pie in the Sky, Tax and Spending Compromise Proposal
None of the above implies we have a good tax structure or spending culture in Congress. We don't.
I thought the last round of tax cuts benefited the wealthy and did little for the middle class. In addition, we need spending reform in Congress as much as we need tax reform.
I discussed both in Mish's Pie in the Sky, Tax and Spending Compromise Proposal
I propose a combination Flat Tax + a Consumption Tax + Surtaxes.
My consumption tax would exclude food, medicine, cleaning supplies, and clothes up to a certain amount.
As proposed, my consumption tax is anti-regressive. See the above for more details.
Stepping back, realize where this discussion started: The absurd idea that billionaire moochers pay no taxes when their companies rely on taxpayer funded infrastructure.
What a hoot.