Thread by @RickSmithShow

Bob Lord: Billionaires are killing it--they've increased their wealth during the pandemic by $1.3 trillion. Over 1% of our country's growth over the last year went to just one guy: Elon Musk.
@AZBobLord @4TaxFairness @IPS_DC

Bob Lord: If you take the top 1.0%, back in 1980, that group held a little over 2% of our wealth. Now they hold 10% of our wealth.
@AZBobLord @4TaxFairness @IPS_DC

Bob Lord: In the last 40-43 years, esp. once Reagan took office, we implemented a policy of taxing work more & taxing wealth less, so the money keeps flowing to the top.
@AZBobLord @4TaxFairness @IPS_DC

Bob Lord: If you help the folks at the bottom who need help paying rent & buying food, they'll spend the money & it'll go into the economy. If you help people at the top, their money goes in their bank acct or into their stock portfolio.
@AZBobLord @4TaxFairness @IPS_DC

Bob Lord: I'm working on estate tax & on Elizabeth Warren's wealth tax. Those do not apply to everyday working people--only to the wealthy.
@AZBobLord @4TaxFairness @IPS_DC

Bob Lord: The crux of the problem is that when someone gets a W2 at the end of the year for the wages they've been paid, they'd better put that on their tax return. (con't)
@AZBobLord @4TaxFairness @IPS_DC

Bob Lord: (con't) When a company makes money, no one reports what they make to the gov't. It's up to them to be truthful on their tax returns. They may get caught, they may not.
@AZBobLord @4TaxFairness @IPS_DC

Bob Lord: I think there are ways to increase the reporting of money that's paid to businesses & high-end medical practices & so forth, but the way to do it is to invest more money in the IRS to increase the investigating of folks at the top.
@AZBobLord @4TaxFairness @IPS_DC

Bob Lord: It's a tragedy that more people claiming the earned income tax credit are audited than millionaires are audited.
@AZBobLord @4TaxFairness @IPS_DC

Bob Lord:The country did its best when we had the most progressive tax structure we've ever had, & wealth& income were distributed as evenly as they ever were. The wealthy back then were still wealthy, just not as obscenely wealthy as they are now
@AZBobLord @4TaxFairness @IPS_DC

Bob Lord: I think it was Louis Brandeis who said we could have wealth consolidated in the hands of a few or we could have a democracy, but we couldn't have both.
@AZBobLord @4TaxFairness @IPS_DC

Bob Lord: We should just go after the very, very top, like in Elizabeth Warren's wealth tax, & tax people over $50 million. Combined with the estate tax. We should tax the Elon Musks. Their children will still inherit a lot of money.
@AZBobLord @4TaxFairness @IPS_DC

Bob Lord: I think there's talk of taxing the top 1% at a 39% rate. There's also talk of taxing capital gains.
@AZBobLord @4TaxFairness @IPS_DC

Bob Lord: If we compare today's tax schedule compared to 1959's, the people at the bottom are about the same. It used to be once you go to the 1%, the rates kept going up & up & up. Now the top rate is flat.
@AZBobLord @4TaxFairness @IPS_DC