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Akkula

Wealthy Tax Scams

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On 6/11/2021 at 9:45 AM, 818SUDSFan said:

How 'bout a percentage of their actual paid income taxes which is similar to what Joe Average Middle Class American pays?

I don't know about you but the "true tax" my wife and I pay on our income is hella more than the ~3.4% apparently being paid by the richest 25 multi-billionaire Americans: https://www.snopes.com/articles/347473/billionaire-taxes/

How about all the lazy bums lying their azzes off saying they can't find work? Or that they're too hurt to work? They only thing they're doing is sticking their hand out.

 

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On 6/11/2021 at 10:45 AM, 818SUDSFan said:

How 'bout a percentage of their actual paid income taxes which is similar to what Joe Average Middle Class American pays?

I don't know about you but the "true tax" my wife and I pay on our income is hella more than the ~3.4% apparently being paid by the richest 25 multi-billionaire Americans: https://www.snopes.com/articles/347473/billionaire-taxes/

That 3.4% they pay makes the true tax you and your wife or I pay look like a drop of water in the ocean. Taxing the rich more will be inconsequential. Biden is already talking about tax increases being spent on proposed new programs.

We don’t have a tax problem, we have a spending problem. No matter what we give the government they will always spend it plus spend more. 

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20 hours ago, soupslam1 said:

We don’t have a tax problem, we have a spending problem. No matter what we give the government they will always spend it plus spend more. 

I agree, spending is 90% of the problem.

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21 hours ago, soupslam1 said:

That 3.4% they pay makes the true tax you and your wife or I pay look like a drop of water in the ocean. Taxing the rich more will be inconsequential. Biden is already talking about tax increases being spent on proposed new programs.

We don’t have a tax problem, we have a spending problem. No matter what we give the government they will always spend it plus spend more. 

We have both. I believe in incrementalism and instead of defending the uber-rich, so should you.

"Incrementalism is a method of working by adding to a project using many small changes instead of a few large jumps. "

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On 6/10/2021 at 10:53 PM, Maji said:

I'd like to read a particular user's thoughts on tax policy, but I can't remember his username. I'm pretty sure he's an economist too. He's a solid, but infrequent poster

Wouldn't mind your thoughts again either :)

I was thinking of @tspoke

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On 6/12/2021 at 4:36 PM, soupslam1 said:

That 3.4% they pay makes the true tax you and your wife or I pay look like a drop of water in the ocean. Taxing the rich more will be inconsequential. Biden is already talking about tax increases being spent on proposed new programs.

We don’t have a tax problem, we have a spending problem. No matter what we give the government they will always spend it plus spend more. 

I hate that throw away line that has nothing to do with what we are discussing.   Even if spending we cut 50٪ we would still have the issue of billionaires paying a lower rate than their secretary. 

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9 hours ago, Maji said:

I was thinking of @tspoke

Thanks Maji. I am an economist but I was never much of a tax or Macro economist so I don't have any great insights. I think the discussions here is good. Think we need to do something to increase the amount the wealthiest pay. WHether it is increase the tax bracket but that could just increase taxes on rich wage earners but not the uber wealthy that get by with an army of accountants using all the loopholes available to them. We could try closing loopholes which I think would be a good idea but then we run the risk of losing some tax incentives that actually do some good things but I think there is a way to do it right but dont' think it will ever happen due to politics. I'd probably prefer a small increase at the top tax bracket along with closing loopholes. I don't buy into the idea that increasing the top tax bracket will lead to a decrease in incentive for the rich to work as hard. 

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19 hours ago, 818SUDSFan said:

We have both. I believe in incrementalism and instead of defending the uber-rich, so should you.

"Incrementalism is a method of working by adding to a project using many small changes instead of a few large jumps. "

We should be a lot more concerned about what our government spends and in many cases wastes than increasing taxes on the wealthy. Note that when taxes are decreased within reason tax revenue goes up. 

Under Bidumb you will get your wish. Taxes on the wealthy will be increased and the government will just blow it like usual. 

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1 minute ago, Joe from WY said:

We should force the people who jizz all over themselves about "the rich already pay enough" to pay all their income in taxes, you know, to lower the burden on their "job creator" overlords they worship.

 

We really should tax the rich before we are forced to eat them.

 

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I don't see how you can have a modern (read after 1600s) economy and tax unrealized gains. 

That said...

In the past, we kept such generational wealth down by having equal inheritance laws and no birth control.

New tax law:

once you are worth more than 50 million, you have to designate a minimum of 10 people to inherit your estate equally. 

Remember that every argument you have with someone on MWCboard is actually the continuation of a different argument they had with someone else also on MWCboard. 

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1 hour ago, Joe from WY said:

We should force the people who jizz all over themselves about "the rich already pay enough" to pay all their income in taxes, you know, to lower the burden on their "job creator" overlords they worship.

So what if  we devised a minimum tax for people who have assets in excess of 1 billion  or more 35% of Gross income. Get rid of all the gimmicks and just tax gross income at 35%

Will the federal revenues increase materially to cover the operating deficit? No, not even close. 

Will you or I or anyone else you know have their lives materially improved because we finally stuck it to a few thousand billionaires. No, not even close. 

Yeah we should probably look at the effective rates of billionaires and make necessary changes to make sure they pay enough, but lets not pretend  it will be the panacea to solve every problem we have. 

 

 

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2 hours ago, Joe from WY said:

We should force the people who jizz all over themselves about "the rich already pay enough" to pay all their income in taxes, you know, to lower the burden on their "job creator" overlords they worship.

Shit, Joe, you're starting to sound like a socialist commie pinko like me.

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12 hours ago, Joe from WY said:

Boone's Farm Strawberry Hill

Modesto beverage, pairs good with billionaire grisle. Does that pairing include the Gallo's? 

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For the tax pros on the board this podcast indicates that loans taken to cover existing loans may be deductible for the wealthy like Bezos. I hadn't heard of this and still wonder how that works in practice. 

https://www.nytimes.com/2021/06/15/podcasts/the-daily/jeff-bezos-elon-musk-billionaires-taxes.html

 

 

 

 

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On 6/14/2021 at 7:53 AM, soupslam1 said:

We should be a lot more concerned about what our government spends and in many cases wastes than increasing taxes on the wealthy. Note that when taxes are decreased within reason tax revenue goes up. 

Under Bidumb you will get your wish. Taxes on the wealthy will be increased and the government will just blow it like usual. 

We can either raise taxes in order to pay for the stuff "we the people" want or we can just continue to pay for it with deficit spending. I've come to realize it doesn't really matter either way. :shrug:

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