Billionaire true tax rate

Chew Toy McCoy

Pleb
Vaccinated
Site Donor
Posts
6,121
Reaction score
9,410
A55557DA-06D0-4AF5-9980-AFDFA992E8E4.jpeg


I think it’s safe to say people on the right don’t look past the 3rd column and people of the left go straight to the 4th.
 

Herdfan

Resident Redneck
Vaccinated
Posts
3,240
Reaction score
2,476
Ok, so here is a question.

Let's say we tax Bezos on his $99B increase in wealth. If Amazon stock goes down and he loses $99B in wealth, does he get a tax credit?

We have never taxed on unrealized gains. I don't think many people would be happy if their mutual funds increased $20K in value and they had to pay whatever percentage of tax on that gain and then the fund goes down in value wiping out that $20K they just paid taxes on.
 

Cmaier

Elite Member
Staff Member
Vaccinated
Site Donor
Posts
3,417
Reaction score
4,841
Ok, so here is a question.

Let's say we tax Bezos on his $99B increase in wealth. If Amazon stock goes down and he loses $99B in wealth, does he get a tax credit?

We have never taxed on unrealized gains. I don't think many people would be happy if their mutual funds increased $20K in value and they had to pay whatever percentage of tax on that gain and then the fund goes down in value wiping out that $20K they just paid taxes on.

If he takes out loans against his unrealized gains and uses them to “live on,” that (minus interest) is effectively income. Tax him on that.
 

Chew Toy McCoy

Pleb
Vaccinated
Site Donor
Posts
6,121
Reaction score
9,410
If he takes out loans against his unrealized gains and uses them to “live on,” that (minus interest) is effectively income. Tax him on that.

And that is exactly what they do. It's a big tax avoidance loophole billionaires frequently use. It's as if the rich wrote the tax code, but I'm sure that didn't happen. No way.
 

Herdfan

Resident Redneck
Vaccinated
Posts
3,240
Reaction score
2,476
If he takes out loans against his unrealized gains and uses them to “live on,” that (minus interest) is effectively income. Tax him on that.

Ahh, you know the scam. :)

But I'm OK with that.
 

Cmaier

Elite Member
Staff Member
Vaccinated
Site Donor
Posts
3,417
Reaction score
4,841
Ahh, you know the scam. :)

But I'm OK with that.

Yep. I mean, i should just tell my boss - instead of paying me, put all that money in an account and you keep it. I have no rights to it until after I die, so it is in no way income for me. Then I go to a bank and say “give me a loan, and as collateral here is this account.”. There, I have no income. No taxes from me!
 

Chew Toy McCoy

Pleb
Vaccinated
Site Donor
Posts
6,121
Reaction score
9,410
Ok, so here is a question.

Let's say we tax Bezos on his $99B increase in wealth. If Amazon stock goes down and he loses $99B in wealth, does he get a tax credit?

We have never taxed on unrealized gains. I don't think many people would be happy if their mutual funds increased $20K in value and they had to pay whatever percentage of tax on that gain and then the fund goes down in value wiping out that $20K they just paid taxes on.

I don't see why we couldn't set limits like we do with everything else.

Musk recently used the favorite fiscal conservative trope of "they'll be coming for you next". Um, no. The only reason they'd have to go more after lower incomes is because these assholes aren't paying enough.
 

SuperMatt

Site Master
Posts
7,779
Reaction score
14,777
Ok, so here is a question.

Let's say we tax Bezos on his $99B increase in wealth. If Amazon stock goes down and he loses $99B in wealth, does he get a tax credit?

We have never taxed on unrealized gains. I don't think many people would be happy if their mutual funds increased $20K in value and they had to pay whatever percentage of tax on that gain and then the fund goes down in value wiping out that $20K they just paid taxes on.
They are not proposing taxing unrealized gains for everybody. Nobody will be hurt by this except billionaires, who never cash in their stocks anyway, so they aren’t actually being hurt either. They get 1% (or lower) APR loans against the value of the stock and use that money. They are enjoying the gains without “officially” realizing them. They’re abusing the system, and they need to pay their fair share.

I also believe if/when they do sell the stock, the tax is already considered “paid” by this tax... they wouldn’t be double-taxed on the gains.

If you don’t realize that billionaires are playing by different rules when it comes to the tax code, you aren’t paying attention. Absurd to talk about $20,000. Just completely missing the point. Tossing out hypotheticals to avoid ever improving the system instead of actually addressing REAL problems = a HUGE problem with the GOP.
 
Last edited:

Herdfan

Resident Redneck
Vaccinated
Posts
3,240
Reaction score
2,476
If you don’t realize that billionaires are playing by different rules when it comes to the tax code, you aren’t paying attention. Absurd to talk about $20,000. Just completely missing the point. Tossing out idiotic hypotheticals to avoid ever improving the system instead of actually addressing REAL problems = a HUGE problem with the GOP.

Yes, $20K is a low number. But what starts out as a Billionaire tax will creep down to Millionaires and then to everyone else. If there is a way for a politician to extract a tax from it, they will.
 

Cmaier

Elite Member
Staff Member
Vaccinated
Site Donor
Posts
3,417
Reaction score
4,841
Yes, $20K is a low number. But what starts out as a Billionaire tax will creep down to Millionaires and then to everyone else. If there is a way for a politician to extract a tax from it, they will.

Except that hasn’t happened. Instead, I pay a higher percentage of my income than billionaires. The tax burden has shifted from the rich to the poor.
 

Chew Toy McCoy

Pleb
Vaccinated
Site Donor
Posts
6,121
Reaction score
9,410
Yes, $20K is a low number. But what starts out as a Billionaire tax will creep down to Millionaires and then to everyone else. If there is a way for a politician to extract a tax from it, they will.

That’s rich people propaganda, but I will give you one thing. Since the rich control policy I wouldn’t put it past them to raise taxes on lower incomes, not because they need to and not because taxing them more is some huge burden, but because it would be widely unpopular and force proof of “they’re coming for you next”. So we should just leave them alone too, like it’s impossible to tax them more without taxing everybody else more.
 

Chew Toy McCoy

Pleb
Vaccinated
Site Donor
Posts
6,121
Reaction score
9,410
Jesus, Musk is full of himself and shit. His God’s honest response to the proposed billionaire tax is that he is going to take people to mars so he shouldn’t have to pay more tax. Does he only hang out with the voices in his head? How many hours in the morning does he spend staring into his affirmation mirror?

So much to unpack there, but I’ll just go with this. Getting people to mars sounds like it would be an expensive endeavor but it clearly isn’t coming out of his wallet. You hear about people going broke pursuing their dreams and occasionally they gain financial success for the effort. Good on them. This asshole wants us to have sympathy for somebody getting astronomically rich in the pursuit of his.
 

Chew Toy McCoy

Pleb
Vaccinated
Site Donor
Posts
6,121
Reaction score
9,410
Another Billionaire tax detractor said it’s not practical. You mean not practical like the infinite web of loopholes and scams billionaires use to avoid paying taxes? Yeah, we certainly wouldn’t want them to have to navigate a system that isn’t at least that simple.
 

Chew Toy McCoy

Pleb
Vaccinated
Site Donor
Posts
6,121
Reaction score
9,410
U

User.45

Guest
View attachment 9418

I think it’s safe to say people on the right don’t look past the 3rd column and people of the left go straight to the 4th.
Let it sink in. These 4 guys made more money in a year than the net worth of 1,200,000 average american families (using the median; 200,000 if I use the average which is clearly heavily skewed towards the rich). For those claim these guys work proportionately harder, this means they can work >50,000 harder than the average american family.

So when Musk claims that the you are the next in taxation, what he actually tells you that you are a simp.


 

lizkat

Deep deep blue
Vaccinated
Top Poster Of Month
Posts
6,783
Reaction score
14,126
Location
Catskill Mountains
Yes, $20K is a low number. But what starts out as a Billionaire tax will creep down to Millionaires and then to everyone else. If there is a way for a politician to extract a tax from it, they will.

GOP pols mostly extract tax CUTS -- for the top tier at the expense of investment in the country's physical and social infrastructure. When it comes to tax hikes, the GOP says uh no thanks we like how trickle-down works right now, and it's time to tighten up on wasteful spending.

trickle down economics.jpg

 

GermanSuplex

Elite Member
Posts
1,122
Reaction score
3,273
View attachment 9418

I think it’s safe to say people on the right don’t look past the 3rd column and people of the left go straight to the 4th.

I definitely go straight to the fourth column, because I’m a tax paying blue collar worker who gets about 18 percent of his check taken with no return back after filing taxes. I may owe some, or get some back, but we’re talking like $200 or owing $200. Generally, I have taken out what I’m due and usually come up close to nothing owed, nothing due.

The fact a janitor, teacher, police officer, firefighter, electrician, etc pay a higher tax rate than these billionaires is so beyond wrong, yet it’s those same janitors, teachers, etc. who vote for the same schmucks who keep the ball rolling. Trump invites his rich buddies to a golf resort his redneck supporters could only dream of visiting, and brags about how much money he made them.

I’ve never heard a good argument as to why trickle down works, or why a wealthy person should pay a progressively lower rate. How in the **** is that even mathematically possible from a realistic standpoint?
 
Top Bottom