Tax the rich

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.
 
Their methodology is profoundly stupid but not surprising. Splashed out there to advance an agenda, get a headline and clicks.  Talk about fake news.
 
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.
 
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 way I see it. They are using the existing tax law.
For example tax credit for solar panels, ev, capital loss carry forward etc..
 
nosuchreality said:
Sadly, Katie Porter, our representative is flogging this drum too.  I know she knows better. 
https://www.propublica.org/article/...ds-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?
 
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
 
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. 
 
eyephone said:
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)
 
eyephone said:
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.
 
zubs said:
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.  :)
 
nosuchreality said:
Sadly, Katie Porter, our representative is flogging this drum too.  I know she knows better. 
https://www.propublica.org/article/...ds-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.

I'm not for the wealth tax because it's an inefficient way to tax. More importantly, the wealth tax was already tried in European countries and ended up getting repealed. (primarily due to inability to generate anywhere close to the projected revenue)

But, I understand the people's desire for a wealth tax.

We do live in a country where everyone knows that billionaires and mega corporations have huge tax advantages and utilize loopholes. And white collar criminals almost never go to jail.

Yet the 99% cannot get together to do anything about it. Hence the public frustration.

It's only natural for politicians to recognize it and run with it. Especially when much of the voting public is ill-informed on how practical the wealth tax really is.
 
VAT are hugely regressive.  Rich people don't buy stuff that is taxed in proportion to their income or wealth (they buy properties or companies).  It hits the middle class very hard, since it is a sales tax with few exemptions for necessities like food or medicines.

Kenkoko said:
zubs said:
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.  :)
 
freedomcm said:
VAT are hugely regressive.  Rich people don't buy stuff that is taxed in proportion to their income or wealth (they buy properties or companies).  It hits the middle class very hard, since it is a sales tax with few exemptions for necessities like food or medicines.

Kenkoko said:
zubs said:
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.  :)

The answer is simple, property tax.  Anything with a title and all financial instruments.
 
freedomcm said:
VAT are hugely regressive.  Rich people don't buy stuff that is taxed in proportion to their income or wealth (they buy properties or companies).  It hits the middle class very hard, since it is a sales tax with few exemptions for necessities like food or medicines.

That's unfortunately a manufactured talking point by the left in the US.

In theory, a flat and untailored VAT can be regressive. But almost no country does that.

I asked this of all my friends on the left and never got any good answers -

If the VAT is so regressive, then why do all the progressive Nordic countries have VAT?
Bernie Sander often touts how progressive the Nordic countries are. So why do they have some of the highest VAT % in the world if the VAT is so regressive?

The progressive Nordic countries exempt VAT on most consumer staples, food, diapers etc. They run up the VAT % on luxury goods like 200% on Yachts, luxury watches etc
 
nosuchreality said:
The answer is simple, property tax.  Anything with a title and all financial instruments.

With all due respect, No

It's mind boggling to me why we don't simply follow what has worked in every other developed country and adopt a VAT. It's proven to work and is an efficient way to tax.

Why keep trying to invent the wheel?
 
Back
Top