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toonkee

Bill and Melinda Gates on Taxing the Rich

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Not a deep dive video but interesting perspectives from two of the riches people alive. It's not as "soak the rich" as you might think.  They actually have nuanced and measured thoughts about philanthropy, taxes and maintaining a culture of innovation and entrepreneurship.  

 

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Just now, toonkee said:

Not a deep dive video but interesting perspectives from two of the riches people alive. It's not as "soak the rich" as you might think.  They actually have nuanced and measured thoughts about philanthropy, taxes and maintaining a culture of innovation and entrepreneurship.  

Link?

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6 minutes ago, modestobulldog said:

The rich are already taxed enough, the top 10% pay 71% of the taxes collected.

Absolutely. So Congress should pass legislation which prevents people like the Gateses from paying more.

 

Melinda Gates is a truly good person. Would that the spouses of wealthy men were all like her as opposed to selfish money whores like Steve Mnuchin's wife.

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2 hours ago, SleepingGiantsFan said:

Absolutely. So Congress should pass legislation which prevents people like the Gateses from paying more.

 

Melinda Gates is a truly good person. Would that the spouses of wealthy men were all like her as opposed to selfish money whores like Steve Mnuchin's wife.

What does a good / bad person have to do with taxes?

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10 hours ago, modestobulldog said:

The rich are already taxed enough, the top 10% pay 71% of the taxes collected. Although, the capital gains rate probably should be increased.

Does it make sense to quote a number independent of their income.   If you combined income from labor and income from capital I’m pretty sure the top 10% has more than 71% of income.  

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7 minutes ago, sactowndog said:

Does it make sense to quote a number independent of their income.   If you combined income from labor and income from capital I’m pretty sure the top 10% has more than 71% of income.  

Actually they don’t. 6608C823-B4E9-4CD2-8D75-AE421304B49D.png

The top 10% have less than 50% of income yet pay 71% of the tax. 

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10 minutes ago, mugtang said:

Actually they don’t. 6608C823-B4E9-4CD2-8D75-AE421304B49D.png

The top 10% have less than 50% of income yet pay 71% of the tax. 

 I'm not a CPA, of course, so I'm legit asking, not challenging. Would someone making 500k a year gross generally have a higher or lower AGI when expressed as a percentage of their gross, than someone making 60k a year? 

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11 minutes ago, toonkee said:

 I'm not a CPA, of course, so I'm legit asking, not challenging. Would someone making 500k a year gross generally have a higher or lower AGI when expressed as a percentage of their gross, than someone making 60k a year? 

I’m not sure I understand your question.  Your adjusted gross income is what it is.  That includes income and losses.  If I have 500,000 in income from partnerships but have 100k in losses from other partnerships then my AGI would be 400k (for simplicities sake not taking into account things like self employment tax deductions).

If you’re wealthy you’re more likely to be invested in things that will give you losses. So if you simply have a w-2 that’s most likely to be your AGI when compared to somebody who’s rich who may have income and losses coming in from multiple places like investments, partnerships, rentals etc. 

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