Zohran Mamdani - Democratic Socialist Mayor of NYC

[Moliere]

As of 2022 the 1% paid 40% of the income tax and made 23% of the money.

Maximusyohio

[YOhio]

if they pay 25% of the tax or whatever but make 60% of the money, seems like they dont pay enough

if elon can get interest free loans from his own stock as his income and pay normal tax on his stated salary from tesla which is close to 0 then it is a tax loophole IMO

As of 2022 the 1% paid 40% of the income tax and made 23% of the money.

New Internal Revenue Service data for tax year 2022 shows the US federal income tax system continues to be progressive as high-income taxpayers pay the highest average income tax rates. Average tax rates for all income groups remained lower in 2022, five years after the Tax Cuts and Jobs Act (TCJA), than they were in 2017 prior to the reform.

• In 2022, taxpayers filed 153.8 million tax returns, reported earning nearly $14.8 trillion in adjusted gross income(AGI), and paid $2.1 trillion in individual income taxes.
• The average income tax rate in 2022 was 14.5 percent. The top 1 percent of taxpayers paid a 23.1 percent average rate, six times higher than the 3.7 percent average rate paid by the bottom half of taxpayers.
• The top 1 percent’s income share fell from 26.3 percent in 2021 to 22.4 percent in 2022, and its share of federal income taxes paid fell from 45.8 percent to 40.4 percent.
• The top 50 percent of all taxpayers paid 97 percent of all federal individual income taxes, while the bottom 50 percent paid the remaining 3 percent.

https://taxfoundation.org/data/all/f...tax-data-2025/

[Maximus]

Why is this important?

if they pay 25% of the tax or whatever but make 60% of the money, seems like they dont pay enough

if elon can get interest free loans from his own stock as his income and pay normal tax on his stated salary from tesla which is close to 0 then it is a tax loophole IMO

[USUC]

what % of money does the 1% earn a year, and have?

Why is this important?

[Maximus]

Lots to unpack here:



Top 1% pays 25% of all taxes.

what % of money does the 1% earn a year, and have?

[Jeff Lebowski]

How does that change them being born into obscene amounts of money?

Most billionaires don't leave the bulk of their estate to their children because so much of it would be lost to estate taxes. Bill Gates' kids will inherit less than 1% of his fortune. Warren Buffet has a similar plan. This is not as big an issue as you think.

Factor in their unrealized capital gains and tell me what their effective tax rate is? Then they just pass it on to the next generation with their step up in basis.

**Unrealized** capital gains? Are you kidding me? Nobody pays tax on unrealized gains because that would be an incredibly stupid and counterproductive way to tax people. That is not a tax, that would be a straight up confiscation of property by the government.

Why does the portion of our budget servicing debt payments keep going up? Why has our credit rating been downgraded? Why is our debt to GDP so high? After WWII we had to raise taxes to address the debt and our economy was booming. But no need to raise taxes? I am not as optimistic as you are on this, but I hope you are right and I am wrong in this.

Because we keep spending too much. Both parties are guilty.

[Bo Diddley]

Lots to unpack here:

What are you talking about? There has always been a cap on how much you can pass down without estate tax. Current cap = $14M.

How does that change them being born into obscene amounts of money?

I know this is a popular Bernie/AOC/Warren/Mamdami talking point, but can you back that up? The top federal tax rate is 37% More like 50% when you throw in state and local taxes.

The top 5% of earners in the US pay 61% of all taxes. Top 1% pays 25% of all taxes.

The bottom 50% of earners in the US pay 3% of all taxes.

Please tell me more about the wealthy avoiding taxes disproportionately.

Factor in their unrealized capital gains and tell me what their effective tax rate is? Then they just pass it on to the next generation with their step up in basis.

Why is that? The economy is steadily growing so more revenue is coming in. The population is not growing. Why not just control spending?

Why does the portion of our budget servicing debt payments keep going up? Why has our credit rating been downgraded? Why is our debt to GDP so high? After WWII we had to raise taxes to address the debt and our economy was booming. But no need to raise taxes? I am not as optimistic as you are on this, but I hope you are right and I am wrong in this.

[frank ryan]

Nobody is disputing that that was Bezos.

They didn’t endorse a candidate in 2020 either. That decision was made by the paper and then supported by Bezos. In 2024 Bezos directed them not to endorse anyone then or at any point going forward. For the record, prior to 1976 they didn’t endorse candidates either.

I think that is good policy for a large newspaper.

Thanks. I did not have all the information on this. Thanks for explaining more

[beefytee]

What are you talking about? There has always been a cap on how much you can pass down without estate tax. Current cap = $14M.

It sounds like he is talking about the government taking everything after a certain point (a.k.a. 100% tax rate) and not just taxing it at the standard rate. But I should let Bo clarify.

[Northwestcoug]

Lots to unpack here:



What are you talking about? There has always been a cap on how much you can pass down without estate tax. Current cap = $14M.



I know this is a popular Bernie/AOC/Warren/Mamdami talking point, but can you back that up? The top federal tax rate is 37% More like 50% when you throw in state and local taxes.

The top 5% of earners in the US pay 61% of all taxes. Top 1% pays 25% of all taxes.

The bottom 50% of earners in the US pay 3% of all taxes.

Please tell me more about the wealthy avoiding taxes disproportionately.



Why is that? The economy is steadily growing so more revenue is coming in. The population is not growing. Why not just control spending?

Mandatory spending is at 75% of the US budget. Is there any realistic plan to control spending that would stop the US from careening off the fiscal cliff in any meaningful way?

Surely there is room for a multimodality approach that includes increased taxes and decreased discretionary spending.

[Jeff Lebowski]

Lots to unpack here:

Despite my admiration of the late Queen Elizabeth II, I'm not a fan of being born into obscene amounts of money. I'm socialist enough to favor capping how much can be passed down to the next generation.

What are you talking about? There has always been a cap on how much you can pass down without estate tax. Current cap = $14M.

Our tax code in the US allows the wealthy to avoid taxea disproportionately..

I know this is a popular Bernie/AOC/Warren/Mamdami talking point, but can you back that up? The top federal tax rate is 37% More like 50% when you throw in state and local taxes.

The top 5% of earners in the US pay 61% of all taxes. Top 1% pays 25% of all taxes.

The bottom 50% of earners in the US pay 3% of all taxes.

Please tell me more about the wealthy avoiding taxes disproportionately.

And we're getting to a point where taxes will need to go up--for all of us.

Why is that? The economy is steadily growing so more revenue is coming in. The population is not growing. Why not just control spending?

[Jeff Lebowski]

There was reporting about the uproar. They broke with tradition and endorsed no one. It was because of Bezos, that's not in dispute

Nobody is disputing that that was Bezos.

They didn’t endorse a candidate in 2020 either. That decision was made by the paper and then supported by Bezos. In 2024 Bezos directed them not to endorse anyone then or at any point going forward. For the record, prior to 1976 they didn’t endorse candidates either.

I think that is good policy for a large newspaper.

[frank ryan]

The fact that everyone assumed that without Bezos intervention, they would support Harris is evidence of the traditional left-wing bent of the paper.

There was reporting about the uproar. They broke with tradition and endorsed no one. It was because of Bezos, that's not in dispute

[Jeff Lebowski]

He forbade them endorsing Harris during the election. It's absolutely a possibility he influenced this piece

The fact that everyone assumed that without Bezos intervention, they would support Harris is evidence of the traditional left-wing bent of the paper.

[Jeff Lebowski]

Umm, publishing a take down of Mamdani is in no way an indication that the WaPo opinion page is right wing. Not even close. That's not even a conservative-only opinion. Plenty of smart people (including all economists and historians worth a grain of salt) know his proposed policies would fail as they are proposed. If there's one thing economists all agree on, it's that wide-spread rent freezes are a horrible, awful idea if you want to make and keep housing affordable.

And not endorsing Harris also is not an indication they are right wing. They didn't endorse Trump. I think it's fair to say they are more apolitical...which is a good thing.

Good point. The directive was that the editorial board would support free markets and libertarianism.