These companies paid their employees a median wage of $31,672 in 2022, while their CEOs took home an average $15.3m

  • OsrsNeedsF2P@lemmy.ml
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    1 year ago

    Sounds great, and sure might as well pass it, but there’s a lot of ways to get around it

    • Shell companies
    • TC in stock/bonuses
    • Outsourcing to contractors
    • Utilizing foreign jurisdictions
    • PunnyName@lemmy.world
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      1 year ago

      Ok, let’s do it anyway and make them work for their wealth. Instead of doing nothing, and letting them also do nothing to keep their wealth.

          • solstice@lemmy.world
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            1 year ago

            37% federal plus 5-10% state, plus additional Medicare tax and 3.8% investment income tax and a bunch of others, not good enough for you? That’s literally approaching 50% what’s your problem?

            • JimmyMcGill@lemmy.world
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              1 year ago

              I fail to see the problem with your statement.

              50% when you are Uber rich isn’t even that much. In plenty of countries you have that at a much lower level of income. Perfectly doable and fine

                • JimmyMcGill@lemmy.world
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                  1 year ago

                  Why not both?

                  The problem is that once you are super rich you don’t really have an income anymore. You just expand your wealth and you end up paying way less taxes on that.

                  This is something that the common mortal can’t even think of.

                  • solstice@lemmy.world
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                    1 year ago

                    don’t really have an income anymore

                    You’re delusional. High and UHNW individuals also tend to have high income.

                    just expand your wealth

                    Income expands wealth. Unrealized income will be taxed eventually.

                    common mortal

                    Thank god you’re here to tell us these things. Did you get your accounting degree from university of american samoa too? Please just stop

            • mrnotoriousman@kbin.social
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              1 year ago

              37% federal means you are in the tax bracket that makes over $578,000/year. You’ll be just fine with several more percentage points added on.

              • solstice@lemmy.world
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                1 year ago

                That’s literally exactly what I’m advocating for word for word. Wealth tax bad, income tax good. Income tax rate too low? Crank it up to your hearts content. Glad we agree.

              • solstice@lemmy.world
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                1 year ago

                So then add more percentage points. You don’t need a wealth tax to do that. Income tax is fine.

                • pjhenry1216@kbin.social
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                  1 year ago

                  A majority of wealth doesn’t come from income so would never be touched by income tax. A “wealth tax” is just a broad term meaning that they should be taxed on the wealth fairly. Like capital gains for instance is a doozy. Way less taxation than what you likely pay (percentage wise obviously).

                  So “wealth tax” would include an income tax, capital tax, estate tax etc, all just at rates that are equivalent to how well the system treats them. They get a much larger advantage off the system that is set up than most others.

                  And the ultra wealthy don’t even always have an income. You think Bezos has a salary right now that’s significantly attributing to his wealth? Or Buffet or even Zuckerberg? I forget, his his salary still $1 a year? You want to tax only that?

                  • solstice@lemmy.world
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                    1 year ago

                    You don’t get it. Unrealized capital gains are just deferred income. It’ll be taxed eventually. Income tax is fine, banish the thought of wealth tax.

            • CancerMancer@sh.itjust.works
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              1 year ago

              The upper-class does not rely on income the same way the middle and lower class do. Taxing income affects us much more than it does them, that’s why you institute a wealth tax to spread the burden.

              • solstice@lemmy.world
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                1 year ago

                You simply don’t understand. All income flows into wealth. All wealth is eventually becomes, one way or another, taxable income. You can defer it for a while but it’s literally all the same thing.

                You’re talking about legislating a massive clusterfuck, like you can’t even imagine how messy it would be, that pretty much nobody would comply with free of errors and omissions, all over a timing difference.

                Just please, I’m fucking begging you, stop talking about a wealth tax, especially when you don’t understand how tax works to begin with.

      • whatisallthis@lemm.ee
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        1 year ago

        The point is that if max pay gap laws are passed, CEOs will just hide their actual pay in external resources and normal employees will still make exactly the same.

        • Shard@lemmy.world
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          1 year ago

          Good. Make them hide it. Then make it illegal to hide income(if it already isn’t). Tax agencies like the IRS are really good at catching this sort of thing.

          Make it difficult for them and their companies.

          Make them have to spend to hide it. If they get caught, the money goes back to the economy. If they don’t get caught, at least some the money they spend on law firms and accounts goes back to the economy.