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Tax cuts for Billionaires (Read 1021 times)
Sprintcyclist
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Tax cuts for Billionaires
Sep 27th, 2024 at 6:09pm
 

It even sounds ludicrous.
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Baronvonrort
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Re: Tax cuts for Billionaires
Reply #1 - Sep 27th, 2024 at 6:17pm
 
Quote:
How much income tax do the top earners pay?


Most of the government’s federal income tax revenue comes from the nation’s top income earners. In 2021, the top 5% of earners — people with incomes $252,840 and above — collectively paid over $1.4 trillion in income taxes, or about 66% of the national total. If you include the top 10% — everyone who made at least $169,800 — that figure rises to $1.7 trillion, or 76% of the total.

https://usafacts.org/articles/who-pays-the-most-income-tax/

The top 5% account for 66% of taxes raised.

How much would be acceptable to the forum commies?
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Baronvonrort
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Re: Tax cuts for Billionaires
Reply #2 - Sep 27th, 2024 at 6:24pm
 
Bidens Kamalas commie tax proposal.

Quote:
Biden pushed a billionaire minimum tax – here’s what Elon Musk would pay


During his State of the Union address, President Joe Biden urged Congress to pass his billionaire minimum tax.
While the idea drew cheers, it’s full of complications.
CNBC’s Robert Frank breaks down how such a tax would affect a billionaire like Tesla CEO Elon Musk.

The big change is taxing unrealized capital gains as income. Currently, if a taxpayer owns a stock, bond, real estate or other assets, they don’t typically owe capital gains until it’s sold. Biden proposes taxing “unrealized gains,” meaning a tax on the annual paper gain in value even if it’s not sold.


Take the example of Elon Musk:

-If the billionaire minimum tax started in 2020, he would have owed a tax of $31 billion on his total net worth, which at the start of the year was $156 billion.

-In 2021, his net worth increased by $121 billion, so he would owe $24 billion in taxes for the year.

-In 2022, however, his net worth fell by $115 billion on Tesla’s stock decline. If he already paid the 2021 tax, he will have paid billions of taxes on wealth that he no longer has.

-The government would then have to send him a $23 billion refund check. Or any credit for 2022 would take years to use, and would depend on Tesla’s stock recovering.

-If Musk had needed to take a margin loan sell stock to pay the 2021 tax, those costs wouldn’t be offset with a tax credit.

https://www.cnbc.com/2023/02/08/biden-billionaire-minimum-tax-elon-musk.html#:~:...


A tax on unrealised wealth is bullshit
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Karnal
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Re: Tax cuts for Billionaires
Reply #3 - Sep 27th, 2024 at 7:36pm
 
Baronvonrort wrote on Sep 27th, 2024 at 6:24pm:
Bidens Kamalas commie tax proposal.

Quote:
Biden pushed a billionaire minimum tax – here’s what Elon Musk would pay


During his State of the Union address, President Joe Biden urged Congress to pass his billionaire minimum tax.
While the idea drew cheers, it’s full of complications.
CNBC’s Robert Frank breaks down how such a tax would affect a billionaire like Tesla CEO Elon Musk.

The big change is taxing unrealized capital gains as income. Currently, if a taxpayer owns a stock, bond, real estate or other assets, they don’t typically owe capital gains until it’s sold. Biden proposes taxing “unrealized gains,” meaning a tax on the annual paper gain in value even if it’s not sold.


Take the example of Elon Musk:

-If the billionaire minimum tax started in 2020, he would have owed a tax of $31 billion on his total net worth, which at the start of the year was $156 billion.

-In 2021, his net worth increased by $121 billion, so he would owe $24 billion in taxes for the year.

-In 2022, however, his net worth fell by $115 billion on Tesla’s stock decline. If he already paid the 2021 tax, he will have paid billions of taxes on wealth that he no longer has.

-The government would then have to send him a $23 billion refund check. Or any credit for 2022 would take years to use, and would depend on Tesla’s stock recovering.

-If Musk had needed to take a margin loan sell stock to pay the 2021 tax, those costs wouldn’t be offset with a tax credit.

https://www.cnbc.com/2023/02/08/biden-billionaire-minimum-tax-elon-musk.html#:~:...


A tax on unrealised wealth is bullshit


I see. Do you mean like how Mr Trump avoided paying any tax for over a decade because of his losses in the 1990s?

I think you do. That's exactly what you mean because that's how the tax system works.

But I'm curious. The big fella's running again this year. When do you think he'll release his tax returns, Baron?
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Mortdooley
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Re: Tax cuts for Billionaires
Reply #4 - Sep 27th, 2024 at 8:18pm
 
Baronvonrort wrote on Sep 27th, 2024 at 6:24pm:
Bidens Kamalas commie tax proposal.

[quote]
Biden pushed a billionaire minimum tax – here’s what Elon Musk would pay


During his State of the Union address, President Joe Biden urged Congress to pass his billionaire minimum tax.
While the idea drew cheers, it’s full of complications.
CNBC’s Robert Frank breaks down how such a tax would affect a billionaire like Tesla CEO Elon Musk.

The big change is taxing unrealized capital gains as income. Currently, if a taxpayer owns a stock, bond, real estate or other assets, they don’t typically owe capital gains until it’s sold. Biden proposes taxing “unrealized gains,” meaning a tax on the annual paper gain in value even if it’s not sold.


Take the example of Elon Musk:

-If the billionaire minimum tax started in 2020, he would have owed a tax of $31 billion on his total net worth, which at the start of the year was $156 billion.

-In 2021, his net worth increased by $121 billion, so he would owe $24 billion in taxes for the year.

-In 2022, however, his net worth fell by $115 billion on Tesla’s stock decline. If he already paid the 2021 tax, he will have paid billions of taxes on wealth that he no longer has.

-The government would then have to send him a $23 billion refund check. Or any credit for 2022 would take years to use, and would depend on Tesla’s stock recovering.

-If Musk had needed to take a margin loan sell stock to pay the 2021 tax, those costs wouldn’t be offset with a tax credit.

https://www.cnbc.com/2023/02/08/biden-billionaire-minimum-tax-elon-musk.html#:~:...


A tax on unrealised wealth is bullshit[

Bidens proposed tax on unrealized gains would include the so called increase in home values. As the dollar is inflated and loses value home owners will have an unrealized capital gain to pay an annual tax on every year. How about you get over the class envy and just demand the government spend less than it takes in?
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Karnal
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Re: Tax cuts for Billionaires
Reply #5 - Sep 27th, 2024 at 8:45pm
 
Mortdooley wrote on Sep 27th, 2024 at 8:18pm:
Baronvonrort wrote on Sep 27th, 2024 at 6:24pm:
Bidens Kamalas commie tax proposal.

[quote]
Biden pushed a billionaire minimum tax – here’s what Elon Musk would pay


During his State of the Union address, President Joe Biden urged Congress to pass his billionaire minimum tax.
While the idea drew cheers, it’s full of complications.
CNBC’s Robert Frank breaks down how such a tax would affect a billionaire like Tesla CEO Elon Musk.

The big change is taxing unrealized capital gains as income. Currently, if a taxpayer owns a stock, bond, real estate or other assets, they don’t typically owe capital gains until it’s sold. Biden proposes taxing “unrealized gains,” meaning a tax on the annual paper gain in value even if it’s not sold.


Take the example of Elon Musk:

-If the billionaire minimum tax started in 2020, he would have owed a tax of $31 billion on his total net worth, which at the start of the year was $156 billion.

-In 2021, his net worth increased by $121 billion, so he would owe $24 billion in taxes for the year.

-In 2022, however, his net worth fell by $115 billion on Tesla’s stock decline. If he already paid the 2021 tax, he will have paid billions of taxes on wealth that he no longer has.

-The government would then have to send him a $23 billion refund check. Or any credit for 2022 would take years to use, and would depend on Tesla’s stock recovering.

-If Musk had needed to take a margin loan sell stock to pay the 2021 tax, those costs wouldn’t be offset with a tax credit.

https://www.cnbc.com/2023/02/08/biden-billionaire-minimum-tax-elon-musk.html#:~:...


A tax on unrealised wealth is bullshit[

Bidens proposed tax on unrealized gains would include the so called increase in home values. As the dollar is inflated and loses value home owners will have an unrealized capital gain to pay an annual tax on every year. How about you get over the class envy and just demand the government spend less than it takes in?


I know nothing about your tax system, Mort, but do you know?

Even I know taxing home owners is fabricated deranged hysteria. Why?

Because a house is not capital, you silly old thing. You don't get taxed on things you don't buy or sell.

Good idea about spending less than you take in though. Your DL's promised to continue spending, lower taxes and take in more revenue. How?

It's comp-licated, he says. Still, he says he's going to pay off the entire US deficit by 2028.

Imagine, even you, with your taxing home owners ruse, know that one's bullshit. And yet, you'll forgive and forget.

2028 will come along, you'll be up to your neck in debt, and you won't say a thing. You'll make excuse after excuse. How do we know?

He said exactly the same thing in 2016. By 2019, he spent more of your money than any other prez in your history - long before covid.

So please spare the Biden hysteria, Mort. If you were sincere about low-spending governments, you wouldn't be supporting the guy who's wasted more of your money than any prez ever.
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Mortdooley
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Re: Tax cuts for Billionaires
Reply #6 - Sep 27th, 2024 at 9:07pm
 
Quote:
I know nothing about your tax system, Mort, but do you know?

Even I know taxing home owners is fabricated deranged hysteria. Why?

Because a house is not capital, you silly old thing. You don't get taxed on things you don't buy or sell.

Good idea about spending less than you take in though. Your DL's promised to continue spending, lower taxes and take in more revenue. How?

It's comp-licated, he says. Still, he says he's going to pay off the entire US deficit by 2028.

Imagine, even you, with your taxing home owners ruse, know that one's bullshit. And yet, you'll forgive and forget.

2028 will come along, you'll be up to your neck in debt, and you won't say a thing. You'll make excuse after excuse. How do we know?

He said exactly the same thing in 2016. By 2019, he spent more of your money than any other prez in your history - long before covid.

So please spare the Biden hysteria, Mort. If you were sincere about low-spending governments, you wouldn't be supporting the guy who's wasted more of your money than any prez ever.


I would have thought something as simple as taxing any asset could be understood by all. Each year the dollar is worth a little less which turns home equity into an unrealized capital gain for the purpose of the Harris tax proposal.

The family home is capital. On any balance sheet of net worth the family home is usually the most valuable asset.

I know it seems to go contrary to liberal thinking but lowering taxes actually increases the amount of tax collected as people spend their own money better than the government spends it.

By up to my neck in debt I suppose you don't actually mean me personally because I haven't had personal debt for over 20 years.

Until we have line item veto you can't blame the President for keeping the government running over a bad budget when the Congress is willing to shut the government down to get their pork.

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Karnal
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Re: Tax cuts for Billionaires
Reply #7 - Sep 27th, 2024 at 9:41pm
 
Mortdooley wrote on Sep 27th, 2024 at 9:07pm:
Quote:
I know nothing about your tax system, Mort, but do you know?

Even I know taxing home owners is fabricated deranged hysteria. Why?

Because a house is not capital, you silly old thing. You don't get taxed on things you don't buy or sell.

Good idea about spending less than you take in though. Your DL's promised to continue spending, lower taxes and take in more revenue. How?

It's comp-licated, he says. Still, he says he's going to pay off the entire US deficit by 2028.

Imagine, even you, with your taxing home owners ruse, know that one's bullshit. And yet, you'll forgive and forget.

2028 will come along, you'll be up to your neck in debt, and you won't say a thing. You'll make excuse after excuse. How do we know?

He said exactly the same thing in 2016. By 2019, he spent more of your money than any other prez in your history - long before covid.

So please spare the Biden hysteria, Mort. If you were sincere about low-spending governments, you wouldn't be supporting the guy who's wasted more of your money than any prez ever.


I would have thought something as simple as taxing any asset could be understood by all. Each year the dollar is worth a little less which turns home equity into an unrealized capital gain for the purpose of the Harris tax proposal.

The family home is capital. On any balance sheet of net worth the family home is usually the most valuable asset.

I know it seems to go contrary to liberal thinking but lowering taxes actually increases the amount of tax collected as people spend their own money better than the government spends it.

By up to my neck in debt I suppose you don't actually mean me personally because I haven't had personal debt for over 20 years.

Until we have line item veto you can't blame the President for keeping the government running over a bad budget when the Congress is willing to shut the government down to get their pork.



Oh? You mean the government hasn't taxed your home as a profit-generating business asset? How strange.

No, by debt I mean your valuable government coffers which you keep saying the leftards are frittering away, drowning your country in debt.

The thing is, you just don't give a hoot if your DL puts you in more debt.

You know this. Your DL could default, lower the US' credit rating, send you into recession, blow the bank.

You wouldn't bat an eye, Mort. You'd have nothing but praise.

The idea that lowering tax revenue raises more money was thoroughly debunked during the Bush administration. It took Obama to get you out of that mess, and it took Biden to get you out of covid.

These are cold, hard facts which you probably know already.
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« Last Edit: Sep 27th, 2024 at 9:46pm by Karnal »  
 
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Re: Tax cuts for Billionaires
Reply #8 - Sep 27th, 2024 at 9:57pm
 
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Re: Tax cuts for Billionaires
Reply #9 - Sep 28th, 2024 at 12:52am
 
Mortdooley wrote on Sep 27th, 2024 at 9:57pm:


Mort, if Memo's living in her little house, and going to her little Bible study and everything, she doesn't have to pay a cent.

Never has, never will.

You know this, why are you pretending?
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Re: Tax cuts for Billionaires
Reply #10 - Sep 28th, 2024 at 8:53am
 
Karnal wrote on Sep 28th, 2024 at 12:52am:
Mortdooley wrote on Sep 27th, 2024 at 9:57pm:


Mort, if Memo's living in her little house, and going to her little Bible study and everything, she doesn't have to pay a cent.

Never has, never will.

You know this, why are you pretending?



It isn't the law of the land yet but Kameltoe hopes to change that. Oh, and memaw has to pay property tax just like the rest of us although with on over 65 exemption her taxes can be held at the same rate as when she turned 65 regardless of how high they go for the rest of us.

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Re: Tax cuts for Billionaires
Reply #11 - Sep 28th, 2024 at 10:03am
 
Baronvonrort wrote on Sep 27th, 2024 at 6:17pm:
The top 5% account for 66% of taxes raised.

How much would be acceptable to the forum commies?
[/quote]


Seems to me that the fairest outcome would be that since the top 5% earn 90% of the total income, they should pay about 90% of the total tax take.
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Re: Tax cuts for Billionaires
Reply #12 - Sep 28th, 2024 at 10:10am
 
Mortdooley wrote on Sep 27th, 2024 at 9:07pm:
[quote]
The family home is capital. On any balance sheet of net worth the family home is usually the most valuable asset.


Did you make that up morty? I've never once seen a balance sheet with a family home listed as an asset.  Cheesy
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Re: Tax cuts for Billionaires
Reply #13 - Sep 28th, 2024 at 10:15am
 
the reality is that if you give more money to the people at the bottom, they will buy more drugs and tattoos and mag wheeels and KFC and you (as a country) will get no benefit .

if you allow an entrepreneur (like musk) to hang onto that money, he will build a business and create jobs and help the balance of trade figures and you will get a lot of benefit




say i have a super fast racehorse that earns my farm a heap of cash

should i give every horse the same feed, the same veterinary care, the same attention?

if i do that super fast horse will contribute much less and i will have less money to buy feed for all the slow horses and old horses and sick horses.

far better to pour your energy into elevating the best and then we call benefit

as my recent thread established  "rich people are just better people"

poor people , especially the third or fourth generation poor are generally assholes and selfish pricks.

i would support giving resources to new migrants as they can be very ambiotious and have untapped potential

but if you are 3rd or 4 th generational welfare takers, giving you more is rediculous.

much better to give it to new aspirational migrants (especially the chinese and the indians) or leave it with the established stars
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John Smith
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Re: Tax cuts for Billionaires
Reply #14 - Sep 28th, 2024 at 10:17am
 
aquascoot wrote on Sep 28th, 2024 at 10:15am:
the reality is that if you give more money to the people at the bottom, they will buy more drugs and tattoos and mag wheeels and KFC and you (as a country) will get no benefit .



now now, don't judge everyone by your standards.
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Our esteemed leader:
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