They always could create dollars at will. Under the gold standard the number of dollars in circulation was frequently adjusted by simply changing the quantity of gold that could be exchanged for a dollar. The value of a dollar was not spontaneously generated from the market independent of government intervention.
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It can still all go wrong for them
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What I meant by “changes everything” is that it makes federal spending inherently different from household or state-level spending. I’d say that going off the gold standard made the game / grift easier.
Their income is from capital gains vastly more than salary, and these are barely taxed at all, so, no.
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“In 2016, the top 1 percent of taxpayers accounted for more income taxes paid than the bottom 90 percent combined.”
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You’ll have to forgive him. Most Libertarians don’t understand that there are other sources of total income besides jerbs (like the ones that will be making them millionaires anydaynow), and the ones who do understand (e.g those at the totally neutral National Taxpayers Union) would prefer that they not be taken into account.
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The Tax Foundation is organized as a 501©(3) tax-exempt non-profit educational and research organization. They are primarily funded by corporate interests such as the Koch Brothers and Exxon-Mobil. According to their website, in 2010 (the last we could find) 33% of donations came from corporate sources.
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Ad hominem is no argument:
‘Richest 1,409 taxpayers pay more income tax than bottom 70Mln’
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Again, you and theses reports (and the IRS for that matter) are choosing to ignore their REAL income.
That’s the problem. Sure, the Uber wealthy pay more tax on their salary AS THEY SHOULD, but as a percentage of actual $$ they have vs $$ they pay in taxes, they pay next to nothing. And that’s not even getting into the corporate tax loopholes and offshore secret accounts.
But fine, the wealthy pay more income tax.
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And yet, anecdotally:
'“We had to leave England to acquire enough money to pay the taxes because in those days, in England, the high tax rate was 90 percent, so that’s very hard,” Jagger told Richards told th CNN. “You made 100 pounds, they took 90. So it was very difficult to pay any debts back. So when we left the country, we would get more than the 10 pounds out of 100. You know, we might get 50 or something.”
The move proved to be both a creative and financial success.’
Edited because copy and paste is not infallible.
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Oooh, he “gotcha”! Because, of course, in the “free”-market fundie’s world there are no types of income that can be taxed other than that generated by salary and wages. Of course, this is not the real world that you and Cory and Zucman and the other adults are discussing.
[Apparently, they also don’t understand the concept of a progressive income tax. And they wonder why I’m wary of any startup founder “genius” who reveals himself to be a Libertarian.]
If a millionaire “moves” for tax purposes, it’s usually for just long enough that he’s not personally taxed by the original jurisdiction (this is more difficult in the U.S., which is unusual in that it taxes citizens whatever country they spend most of their time in). His corporations, job-creating or not, can remain in place and enjoy the lower tax rate of that same jurisdiction, which convenience is another reason why millionaires don’t have to move. His homes and other property can also remain in the original jurisdiction.
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You know that’s not how it works!
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I know some people worry that billionaires will the country if taxes are higher, but we’ve got that covered. We’ll yell, “Good riddance” as they go. Problem solved.
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Tell that to the guys who moved to avoid taxes.
That’s not how progressive taxation works. You make 100 pounds, they take NOTHING. You make 100M pounds, they take 90%. And you are still rich.
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If I may humbly submit; it doesn’t pay to argue with the guy who quotes biased, misleading statistics from the Koch brothers when it suits, then shifts to anecdotal accounts when confronted with evidence.
The Venn diagram of people who cheat on their taxes and people who argue in bad faith is a solitary circle.
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Is it biased and misleading to say the wealthy pay most of the money collected as income tax?
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While technically accurate, you know it misrepresents reality by omitting information.
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