Janet Yellen would like to tax unrealized capital gains

[wiley8425]

It may come as a shock, but the people most against things being taxed at the same rate, are those with the most money. Amazon is one of the top earners in the country right now and yet they got out of paying billions in taxes for some reason. Oh right, they can afford to buy the politicians who set up the tax rules.

[wiley8425]

Only the rubes still work for their money. The wealthy have set it up so their money works for them instead.

[FloridaYankee]

@wiley8425

Only the rubes still work for their money. The wealthy have set it up so their money works for them instead.

Nothing intrinsically wrong with that but,

He who has the gold…

[Axxowiz]

It used to be that way it’s crazy just how much effect Robinhood and no fee trading across the platforms has help shape the current market, while still true the big fish run the show millions of people purchasing a $100 here and there are changing the market as well.

[DougBH]

@FloridaYankee

It was till dubya “fixed “ it.

I remember that because I did my taxes and then used a tax program to check them. They were way less on the tax program. Then I traced it down to a change in dividend tax rates that I was not aware of. I never figured out why my dividends should be taxed at a different rate than my salary, but I decided to live with it.

[FloridaYankee]

@DougBH

@FloridaYankee

It was till dubya “fixed “ it.

I remember that because I did my taxes and then used a tax program to check them. They were way less on the tax program. Then I traced it down to a change in dividend tax rates that I was not aware of. I never figured out why my dividends should be taxed at a different rate than my salary, but I decided to live with it.

There was some flap over it at the time. Tax cuts for the rich and all that. It certainly benefited the wealthy far more than the middle class.

[Snow96]

@wiley8425

It may come as a shock, but the people most against things being taxed at the same rate, are those with the most money. Amazon is one the top earners in the country right now and yet they got out of paying billions in taxes for some reason. Oh right, they can afford to buy the politicians who set up the tax rules.

And progressives. Progressives thing high wage earners need to be punished and have their wealth redistributed to the poor.

With my flat tax proposal, the rate goes down for some, up for others – mainly because I get rid of the distribution via taxes. Any distribution should be set up through programs people can apply for if they need it. Limits on how long you can participate in them, and work requirments.

[coolidge]

I have liked the flat tax since I heard Steve Forbes talk about it.

[Snow96]

@coolidge

I have liked the flat tax since I heard Steve Forbes talk about it.

My idea of a flat tax. One tax payer per tax form. All income (earned and unearned) reported. Single tax bracket. One deduction per tax form (equal to 80% of federal minimum wage). No other deductions or credits allowed.

Will never passs because (gasp) it treats everyone equally.

[Jezcoe]

@Snow96

@Jezcoe

Wait… you agreed with me about the exact same thing in the previous post.

You didn’t read my exception – everyone taxed at the same rate.

In your post were I pointed out you are punishing sucess . . . you want to penalize middle and lower income less, and penalize the wealthy more.

As I said. I support it, but at a everyone pays the same tax rate schedule

I am. It punishing success.

I think that we should tax unearned income more than labor.

[Jezcoe]

@wiley8425

It’s cute you think there are factory jobs available that pay $25/hour for everyone. Starting wage at Intel (and they pay well for the industry) is around $17, with the minimum wage around $13.

It’s also cute that you think factory jobs are forty hour weeks. I haven’t worked a forty hour week in over a decade.

I was talking to my brother who works for Ford and he was complaining about how the unemployment kicker made it so people didn’t come into work.

Ford is paying $15 an hour. I told him that maybe Ford doesn’t pay it’s labor enough.

[Jezcoe]

@WCD9973

I’m less against that…but would need details. But the thread was about unrealized gains tax.

Yeah. But that is probably not going to happen.

[zantax]

Shouldn’t even bother with taxes if you ask me. Just print what the feds need to spend, everyone is automatically taxed equally by the erosion of the dollar. We are already following that model for like half of our spending anyway.

[Jezcoe]

@Axxowiz

It used to be that way it’s crazy just how much effect Robinhood and no fee trading across the platforms has help shape the current market, while still true the big fish run the show millions of people purchasing a $100 here and there are changing the market as well.

Nope. The majority of the market is owned by the top 10%

[Snow96]

@Jezcoe

I was talking to my brother who works for Ford and he was complaining about how the unemployment kicker made it so people didn’t come into work.

Ford is paying $15 an hour. I told him that maybe Ford doesn’t pay it’s labor enough.

No, it sounds like the Fed put too much into Unemployment for the pandemic. Normally, they would only get a percentage of their 15 an hour.

[wiley8425]

Really? After saying a guy working at McD’s should be taxed as if he was working a factory job at $25/hr? Way to be consistent.

[Snow96]

@wiley8425

Really? After saying a guy working at McD’s should be taxed as if he was working a factory job at $25/hr? Way to be consistent.

single tax rate. Yes a 8 dollar and hour earner would be taxed the same at a 25 dollar an hour earner. BUT under my plan both would get the exact same single deduction and nothing more.

So for example the 8 dollar an hour earner 8x40x52) annual pay 16,640. 25 an hour earner 52,000

Now give both the same 80% deduction (15080) and you come up with net taxable income of 1,560 and 36,950.

Now lets say a flat 23% tax rate (ss med, and everything else is now all rolled into one tax rate).
8 dollar an hour guy pays $359 in taxes for the year.
25 dollar an hour guy pays 8,499 in taxes.

Well all be hog dipped in mud. The guy making more pays more in taxes!

Now some one who made 25 million a year . . . tax on 24,985,000 = 5,746,550

Yet somehow people disagree with my flat tax proposal.

Businesses would be a flat tax as well. They get to deduct anything taxed at the personal level and a single 30% deduction after that. No other deductions credits allowed.

[Snow96]

@wiley8425

Really? After saying a guy working at McD’s should be taxed as if he was working a factory job at $25/hr? Way to be consistent.

I think I missread this.

That was in correlation to unrealized gains being taxed.

[wiley8425]

Which still makes no sense. Someone who owns stock in Coca Cola wouldn’t be taxed as if they had stock in bitcoin. A closer approximation would probably be the guy working at $15/hr for only three months getting taxed as if he worked at $15/hr for the entire year. What makes you think it would work any other way? There are tax brackets for a reason.

[Snow96]

@wiley8425

Which still makes no sense. Someone who owns stock in Coca Cola wouldn’t be taxed as if they had stock in bitcoin. A closer approximation would probably be the guy working at $15/hr for only three months getting taxed as if he worked at $15/hr for the entire year. What makes you think it would work any other way? There are tax brackets for a reason.

I was trying to find a close similation. The guy holding stock is taxed on it’s POTENTIAL. If you sell the day it’s appraised that would be the tax. But it’s unknown how much it will actually bed worth once converted to actuall dollars in the pocket. So why not tax a worker on their potential?