r/WallstreetWhales • u/Bignblk • 7h ago

NEWS Trump just called for Congress to abolish the income tax.

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Thoughts???

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u/XiMaoJingPing 3h ago

We need a wealth tax. The top 10% have more wealth than the bottom 90% wtf is even the point of taxing the bottom 50%?

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u/we-have-to-go 3h ago

For real, it’s not just about creating revenue. It’s also about erroding the power of the super rich

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u/DJAnarchie 3h ago

It's kind of insane that theres a whole debate going on right now about CA Prop 40, that people don't even see the disparity and just licks the boots of billionaires for free.

See https://www.reddit.com/r/longbeach/s/WrmQT4PhGJ

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u/1_useless_POS 31m ago

A bunch of people are up in arms about WA taxing income over a million per year at 9.9%, affecting about. 06% of households.

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u/DJAnarchie 9m ago

I mean if it's like $1m straight up income, I would probably vote no, those making a million a year isn't the billionaires that are avoiding tax. Honestly, I think people in that bracket of like 500k-1m probably shoulder all the "eat the rich" hate while also being impacted by the marginal tax rate, and I don't even see that as even that rich rich. Like if you're a doctor/surgeon in HCOL, you'd be hit with that. I'm more after the Elon/Zuckerberg, doing everything in their power to avoid tax through loans and for not only personal but corporations as well.

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u/1_useless_POS 4m ago

Income OVER a million. Everyone gets a $1m standard deduction.

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u/Valuable_Garlic_9711 2h ago edited 12m ago

That's what made america great back in the day, but if you suggested this now the 1% would probably start hiring hitmen so they can keep their monopoly. (The reason why they do it is because they want you to be debt slaves, debt slave have to work, if you had extra capital then you could be an investor which means more competition for the 1%. It takes money to make money, by putting a debt collar around your neck it lowers the chances of them encounting competition.)

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u/XiMaoJingPing 2h ago

They don't need hitman , there's far too many bootlickers to where this'll never happen

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u/Valuable_Garlic_9711 2h ago

Your right there's probably people out there that would do it for free.

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u/ruizach 23m ago

They’d rather rule over a wasteland than govern in paradise.

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u/Valuable_Garlic_9711 22m ago

Correct. That's just the way that it is.

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u/LysergicRico 1h ago

Trump?  Wealth tax?  😭😭😭😭😭  He would never

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u/XiMaoJingPing 1h ago

Poor people would never allow a wealth tax.

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u/Turbulent-Fail-1007 3h ago

Wealth tax is fucking dumb

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u/XiMaoJingPing 2h ago

Dude making pennies coming out to defend the billionaires, classic

America prospered under FDR who set the highest tax rate, only for republicans to screw it all up.

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u/Upton4 2h ago

I do laugh that everyone talks about that time period being the greatest and what people want to go back to… but completely ignore this absolute fact.

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u/GibbyG1100 1h ago

Cuz when they say that they're talking about for white people.

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u/Upton4 1h ago

Yes but also many speak about it in the ways about 1 income family could have a blue collar job, own a house those, etc… those taxes still existed in that time period as well.

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u/Itsnotthatsimplesam 2h ago

If you have a wealth tax, and you rely on it for your country to run, the wealthy just leave and take their wealth elsewhere.

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u/themengsk1761 2h ago

I'm sure the EU or China will be far more accommodating little bro. Try moving your wealth to either place.

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u/XiMaoJingPing 1h ago

Answer is simple, make it a massive taxable event if they were to leave the US

Also good luck trying to do business in the US afterwards, people here aren't gonna stop spending their money just cause some rich people decide to flee, others will take their spot.