Author Topic: Tax the rich  (Read 904 times)

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Offline nosuchreality

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Tax the rich
« on: June 09, 2021, 08:52:55 AM »
Sadly, Katie Porter, our representative is flogging this drum too.  I know she knows better. 

https://www.propublica.org/article/the-secret-irs-files-trove-of-never-before-seen-records-reveal-how-the-wealthiest-avoid-income-tax

The rich pay nothing, honestly, the gall given they show a table with Bezos paying $900 million+ in taxes.  Musk nearly $500 million.

Oh, compared to their unrealized capital gains of stock ownership… drivel.

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Offline qwerty

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Re: Tax the rich
« Reply #1 on: June 09, 2021, 09:14:21 AM »
That article is garbage. Apples and oranges. They are comparing a wealth tax rate to an income tax rate. And the wealth tax rate of 3.4% is actually higher than the 2% that has been proposed by the Warren, etc.

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Offline morekaos

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Re: Tax the rich
« Reply #2 on: June 09, 2021, 09:47:16 AM »
Their methodology is profoundly stupid but not surprising. Splashed out there to advance an agenda, get a headline and clicks.  Talk about fake news.

Offline eyephone

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Re: Tax the rich
« Reply #3 on: June 09, 2021, 10:10:51 AM »
It does show how much they paid in taxes.

Misinformation Morkeas the guy who supports Ted Cruz. He went to Mexico when Texas was freezing and had no electricity.

Offline zubs

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Re: Tax the rich
« Reply #4 on: June 09, 2021, 10:40:04 AM »
Perhaps we should find a solution for how we can tax the following even though they never sold...

2014 - Warren owns $20,000,000,000 in stock
2018 - Warren owns $54,300,000,000 in stock

2014 - Elon Musk owns $2,000,000,000 in stock
2018 - Elon Musk owns $15,900,000,000 in stock

How can you tax someone if they never sell their capital?


It's sort of like me never selling any house I own in CA due to prop 13.

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Offline eyephone

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Re: Tax the rich
« Reply #5 on: June 09, 2021, 10:48:00 AM »
The way I see it. They are using the existing tax law.
For example tax credit for solar panels, ev, capital loss carry forward etc..

Offline eyephone

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Re: Tax the rich
« Reply #6 on: June 09, 2021, 10:52:52 AM »
Sadly, Katie Porter, our representative is flogging this drum too.  I know she knows better. 

https://www.propublica.org/article/the-secret-irs-files-trove-of-never-before-seen-records-reveal-how-the-wealthiest-avoid-income-tax

The rich pay nothing, honestly, the gall given they show a table with Bezos paying $900 million+ in taxes.  Musk nearly $500 million.

Oh, compared to their unrealized capital gains of stock ownership… drivel.

How about point out the Orange County Republicans from the House of Representatives that voted against the January Capital take over commission?
« Last Edit: June 09, 2021, 11:24:47 AM by eyephone »

Offline eyephone

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Re: Tax the rich
« Reply #7 on: June 09, 2021, 11:05:00 AM »
Numbers are numbers. People look at the gross margin, PE ratio of big and small cap companies.

Offline morekaos

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Re: Tax the rich
« Reply #8 on: June 09, 2021, 11:13:35 AM »
They need a tax cut if anything... ;D >:D

      Wealth Growth   Total Income Reported   Total Taxes Paid   True Tax Rate    Actual % income tax paid
   
Warren Buffett

Berkshire Hathaway Inc.

$24.3B   $125M      $23.7M      0.10%  19% income tax paid
   
Jeff Bezos

Amazon.com Inc.

$99.0B   $4.22B      $973M      0.98%  23% income tax paid
   
Michael Bloomberg

Bloomberg LP

$22.5B   $10.0B      $292M      1.30%  29% income tax paid
   
Elon Musk

Tesla Inc.

$13.9B   $1.52B      $455M      3.27%  30% income tax paid

Offline Soylent Green Is People

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Re: Tax the rich
« Reply #9 on: June 09, 2021, 01:32:48 PM »
I would hope the same deep dive into politicians tax returns would be done sometime as a counterpoint to this drivel. Many of the same deductions used by the super rich are also used by politico's, yet of course not at the same $$$$$$$. These same people want higher taxes on the productive class. They should lead by example first. No one is stopping them from over paying their taxes. 
My .02c

SGIP

Offline eyephone

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Re: Tax the rich
« Reply #10 on: June 09, 2021, 02:13:30 PM »
The way I see it. They are using the existing tax law.
For example tax credit for solar panels, ev, capital loss carry forward etc..

Yup, you have to understand the tax law and explain it before you jump to conclusions. (I am the only one that did)

Offline freedomcm

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Re: Tax the rich
« Reply #11 on: June 10, 2021, 07:01:12 AM »
What about carried interest loophole and cap gains rate moving back up to normal income tax rates?

Offline eyephone

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Re: Tax the rich
« Reply #12 on: June 10, 2021, 07:51:52 AM »
There are so many to list:
Business vehicle deduction, paying your kids


Offline qwerty

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Re: Tax the rich
« Reply #13 on: June 10, 2021, 11:29:59 AM »
There are so many to list:
Business vehicle deduction, paying your kids



I’ve been thinking about paying my kids to do chores up to the Roth IRA limits so they can start saving for their retirement.

Offline Kenkoko

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Re: Tax the rich
« Reply #14 on: June 17, 2021, 12:50:22 AM »
Perhaps we should find a solution for how we can tax the following even though they never sold...

2014 - Warren owns $20,000,000,000 in stock
2018 - Warren owns $54,300,000,000 in stock

2014 - Elon Musk owns $2,000,000,000 in stock
2018 - Elon Musk owns $15,900,000,000 in stock

How can you tax someone if they never sell their capital?


It's sort of like me never selling any house I own in CA due to prop 13.

The answer is VAT, a consumption tax.

It's kind of wild that the US has not figured this out.

Every other developed country in the world already figured this out. USA is the only developed country in the world without a Value Added Tax.

With a VAT in place, companies like Amazon has to pay a toll for every transaction regardless of whether Amazon made any profit.

And when Musk & Bezo spend billions buying rockets to Mars, they also get hit with a VAT too.  :)
« Last Edit: June 17, 2021, 01:04:37 AM by Kenkoko »

 

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