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I’m in the 1 Percent. Please, Raise My Taxes

nytimes.com

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Re: I’m in the 1 Percent. Please, Raise My Taxes

#11

Post by CanSpice »

youareawesome wrote: post #6

If you took the total combined wealth of the wealthiest 100 Americans, you wouldn't be able to fund the federal government for more than half a year or so. Taxing the rich sounds nice as virtuous political rhetoric but it won't effectively address poverty, just further erodes the liberty of private citizens. If you want to fund more social programs then tax corporations, like the oil companies and the large investmen…

You do realize that the top 1% is more than just the wealthiest 100 Americans, right? And you do realize that nobody's saying "reduce everybody else's taxes to zero", right?

Re: I’m in the 1 Percent. Please, Raise My Taxes

#13

Post by komali2 »

jsnk wrote: post #3

Does IRS prohibit people from paying extra in tax if they want to?

I think people are taking this question in bad faith, which I understand, because I can see it come off as you essentially saying "if he wants to pay more, maybe he should voluntarily," which isn't at all in the spirit of the article. He CAN pay more, and he does donate to charity - his entire article though is about how the ultra wealthy are getting away with far too much, and society needs to step in. Non-voluntarily.

In any case, to answer your question: No, the IRS doesn't prohibit it, and as far as I can tell it's not illegal.

https://www.irs.gov/newsroom/the-right-to-pay-no-more-than-t...

> Taxpayers who overpaid their taxes can file for a refund. Taxpayers must file a claim for a credit or refund by the later of these two dates: Three years from the date they filed their original return. Two years from the date they paid the tax.

I guess if you overpaid, didn't file for a refund, and waited 3 years, the money would just vanish.

The problem is it'd vanish into a black hole - no congressional committee has budgeted for that "extra" money to suddenly appear, there's not really any accountability for it like you'd have for charity.

A higher tax rate means that economists can much more confidently say "this is how much money the US government will have for spending in 2020" than guessing how much ultra-wealthy will pay, and then not request refund on.

Re: I’m in the 1 Percent. Please, Raise My Taxes

#14

Post by jsgo »

jsnk wrote: post #3

Does IRS prohibit people from paying extra in tax if they want to?

No, don't believe so (I mean, I could probably reject my income tax refunds too). But I think what they're arguing here is that as a class they feel they should pay more.

While one billionaire paying extra for the Greater Good would be fine in isolation, how effective would that be in the big picture?

Re: I’m in the 1 Percent. Please, Raise My Taxes

#16

Post by tylerhou »

slang800 wrote: post #9

This is a great idea, but Eli doesn't need to wait for the law to be changed. He can donate as much as he wants directly to the US government right now. https://fiscal.treasury.gov/public/gifts-to-government.html

Except raising tax rates on everyone above a certain income is much more effective than one person voluntarily donating.

Re: I’m in the 1 Percent. Please, Raise My Taxes

#17

Post by youareawesome »

CanSpice wrote: post #11
youareawesome wrote: post #6

If you took the total combined wealth of the wealthiest 100 Americans, you wouldn't be able to fund the federal government for more than half a year or so. Taxing the rich sounds nice as virtuous political rhetoric but it won't effectively address poverty, just further erodes the liberty of private citizens. If you want to fund more social programs then tax corporations, like the oil companies and the large investmen…

You do realize that the top 1% is more than just the wealthiest 100 Americans, right? And you do realize that nobody's saying "reduce everybody else's taxes to zero", right?

Only those with more than 50 million in total assets will be paying a "wealth tax" according to Liz Warren's plan, everyone else won't be paying.

I never claimed the top 1% is just the top 100 wealthiest Americans.

Re: I’m in the 1 Percent. Please, Raise My Taxes

#19

Post by chris11 »

jsnk wrote: post #3

Does IRS prohibit people from paying extra in tax if they want to?

I've read the IRS just returns the money, but you can donate to the government. But the argument is that charity does not make up for the negatives of low taxes. Also, the Broads are noted philanthropists, and they have committed to giving away 75% of their wealth.

https://slate.com/news-and-politics/2011/04/orrin-hatch-says...

Re: I’m in the 1 Percent. Please, Raise My Taxes

#20

Post by Kye »

slang800 wrote: post #9

This is a great idea, but Eli doesn't need to wait for the law to be changed. He can donate as much as he wants directly to the US government right now. https://fiscal.treasury.gov/public/gifts-to-government.html

Money at that level is power, and giving it up means letting people with similar wealth have more power over you. People don't generally unilaterally disarm.
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