this post was submitted on 07 Jun 2024
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the debt (lemmy.world)
submitted 5 months ago by Varven@lemmy.world to c/memes@lemmy.ml
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[–] ryathal@sh.itjust.works 0 points 5 months ago (2 children)

This is a popular thought, but even if we take 100% from the billionaires it pays for almost one year for the US.

[–] TheOakTree@lemm.ee 0 points 5 months ago (1 children)

Now imagine if we had taken 30-40% from billionaires every single year... hmm...

[–] ryathal@sh.itjust.works 0 points 5 months ago

We could have a couple year of almost not having a deficit.

[–] RogueAozame@programming.dev 0 points 5 months ago (1 children)

While I understand what assumption you're running under no one said for only billionaires to pay. The idea is progressive tax brackets the less you make the less you pay percentage wise. We also need less loopholes for the people that can buy lawyers and manipulate their funds to get out of paying what they should. There is no reason companies and the extremely wealthy should be paying an effectively less tax percentage than the diminishing lower middle class.

[–] ryathal@sh.itjust.works 0 points 5 months ago

It's not about only billionaires paying, it's about them not being a magical money source. A higher rate might feel better, but it's not solving government revenue problems.