Jbiden; Tax Cheat?

SixFoot · 2021-09-25T14:05:46.533Z

That’s not their programming.

WuWei · 2021-09-25T14:17:40.288Z

SixFoot:

That’s not their programming.

Tragic.

FloridaYankee · 2021-09-25T15:19:38.865Z

DougBH:

NJBob:

I neither love, nor hate, the rich.

The IRS, and the entire system, favors the rich over the middle class.

Actually, the IRS favors lower income earners.
'I am not opposed to that. I would love to be in the top 1% of earners even if I had to pay 40% of the country’s taxes. That is an enviable position to be in. But to say they are favored by the IRS? No, quite the opposite. They are forced to pay a greater share of their income to the government than any other group. That is not favored.

Billionaires are paying 8.2%

DougBH · 2021-09-25T15:47:03.014Z

FloridaYankee:

DougBH:

NJBob:

I neither love, nor hate, the rich.

The IRS, and the entire system, favors the rich over the middle class.

Actually, the IRS favors lower income earners.
'I am not opposed to that. I would love to be in the top 1% of earners even if I had to pay 40% of the country’s taxes. That is an enviable position to be in. But to say they are favored by the IRS? No, quite the opposite. They are forced to pay a greater share of their income to the government than any other group. That is not favored.

Billionaires are paying 8.2%

“The analysis by economists from the Office of Management and Budget and the White House Council of Economic Advisers drew from publicly available data and says the disparity is driven largely by how the tax code treats income generated from wealth — such as income from stocks, whose worth increases over time — rather than wages, which are immediately taxed.”

It looks again that they are talking about estimated increases in asset values and trying to represent that as income. It is only income if it is sold.
Will the government ever get its hands on money from the increase in value if the owner never sells it (and therefore doesn’t have a personal benefit from the increase in value)? Yes. Upon death they can apply an inheritance tax to the value of the asset,

FloridaYankee · 2021-09-25T15:57:36.623Z

DougBH:

FloridaYankee:

DougBH:

NJBob:

I neither love, nor hate, the rich.

The IRS, and the entire system, favors the rich over the middle class.

Actually, the IRS favors lower income earners.
'I am not opposed to that. I would love to be in the top 1% of earners even if I had to pay 40% of the country’s taxes. That is an enviable position to be in. But to say they are favored by the IRS? No, quite the opposite. They are forced to pay a greater share of their income to the government than any other group. That is not favored.

Billionaires are paying 8.2%

“The analysis by economists from the Office of Management and Budget and the White House Council of Economic Advisers drew from publicly available data and says the disparity is driven largely by how the tax code treats income generated from wealth — such as income from stocks, whose worth increases over time — rather than wages, which are immediately taxed.”

It looks again that they are talking about estimated increases in asset values and trying to represent that as income. It is only income if it is sold.
Will the government ever get its hands on money from the increase in value if the owner never sells it (and therefore doesn’t have a personal benefit from the increase in value)? Yes. Upon death they can apply an inheritance tax to the value of the asset,

It says “income” generated from wealth. You are wrong.

DougBH · 2021-09-25T16:23:50.124Z

I think they misused the term income, because they would pay more of a percentage than 8.2% on dividends and more of a percentage than that on Capitol gains. Since we don’t have their calculations, we don’t really know for sure what they did.

FloridaYankee · 2021-09-25T16:34:44.790Z

DougBH:

I think they misused the term income, because they would pay more of a percentage than 8.2% on dividends and more of a percentage than that on Capitol gains. Since we don’t have their calculations, we don’t really know for sure what they did.

Their overall tax burden is 8.2%.

DougBH · 2021-09-25T16:54:34.499Z

FloridaYankee:

DougBH:

I think they misused the term income, because they would pay more of a percentage than 8.2% on dividends and more of a percentage than that on Capitol gains. Since we don’t have their calculations, we don’t really know for sure what they did.

Their overall tax burden is 8.2%.

I would like to see that calculation. 8.2% of what? Nope. I want to see the calculation.
I am also doubtful as to how many billionaires gave these people their tax returns.

FloridaYankee · 2021-09-25T17:01:15.790Z

DougBH:

FloridaYankee:

DougBH:

I think they misused the term income, because they would pay more of a percentage than 8.2% on dividends and more of a percentage than that on Capitol gains. Since we don’t have their calculations, we don’t really know for sure what they did.

Their overall tax burden is 8.2%.

I would like to see that calculation. 8.2% of what? Nope. I want to see the calculation.
I am also doubtful as to how many billionaires gave these people their tax returns.

Mitt Romney made a big deal of paying an effective rate of 14% of his total income, cuz it was a “big deal” to see a very wealthy individual pay that much. Not sure why you are so doubtful LOL. Many are skating on much lower effective rates than the average slob out there.

STODR · 2021-09-25T17:08:34.608Z

Guntsu:

Oryx:

Trump sure looks like he’s enjoying it to me when he has his lips pressed up against that teen girl’s ear. The girl, though, not so much.

Maybe we should bring in some Fox News and CNN body-language experts to get to the bottom of who’s enjoying it more.

Look at how happy Trump looks, taking a nice family picture in front of the two mating bird statues.

image749×956 79.5 KB

Hard to tell if he is happy in a picture with 2 birds mating when you post a picture of 3 birds not mating.

WuWei · 2021-09-25T17:26:45.462Z

Jbiden, tax cheat.

shame

WorldWatcher · 2021-09-25T18:13:38.177Z

DougBH:

Will the government ever get its hands on money from the increase in value if the owner never sells it (and therefore doesn’t have a personal benefit from the increase in value)? Yes. Upon death they can apply an inheritance tax to the value of the asset,

FYI for those reading the thread.

The 2021 Estate Tax starts at individual estates over $11.58 Million and $23.16 Million for married couples and that is after deductions as part of the wealth transfer process.

About 1,900 estates out of 2,800,000 deaths last year were subject to the Estate Tax.

Forbes

IRS Announces Higher Estate And Gift Tax Limits For 2020

How much should you give your children and grandchildren?

Tax Policy Center

How many people pay the estate tax?

Because of a series of increases in the estate tax exemption, few estates pay the tax. The Economic Growth and Tax Relief Reconciliation Act of...

WW

DougBH · 2021-09-25T20:23:09.092Z

Thanks for the information. We were discussing taxes paid by billionaires.

DougBH · 2021-09-25T20:30:42.018Z

I am doubtful because this is an unsupported analysis by the Biden administration trying to sell their tax package. We are just supposed to accept their unsupported analysis on faith and change the tax laws? From the administration that is telling us about the slavetime like lashings of the border patrol? No. I want to,see the analysis and then be able to trace back their sources.

party-free · 2021-09-25T21:01:55.796Z

SixFoot:

Run along now (yeah right ).

SixFoot:

Lemme guess, you’re gonna get the last word while pretending to be SixFeet tall, too.

party-free · 2021-09-25T21:02:49.248Z

WuWei:

Why can’t they meme?

WuWei:

Irony.

Now THAT is some irony

SixFoot · 2021-09-25T21:26:34.340Z

Just call me the puppet master.

FloridaYankee · 2021-09-25T22:12:52.230Z

DougBH:

I am doubtful because this is an unsupported analysis by the Biden administration trying to sell their tax package. We are just supposed to accept their unsupported analysis on faith and change the tax laws? From the administration that is telling us about the slavetime like lashings of the border patrol? No. I want to,see the analysis and then be able to trace back their sources.

Fair enough.

WorldWatcher · 2021-09-25T23:11:33.869Z

DougBH:

Thanks for the information. We were discussing taxes paid by billionaires.

It was said that income gained from wealth grown not paid during the persons lifetime will be collected as part of the inheritance tax.

Not really true as tripping the inheritance tax threshold of 11.5 Million (23 Million) for married couples is exceedingly rare.

WW

DougBH · 2021-09-25T23:34:32.534Z

WorldWatcher:

DougBH:

Thanks for the information. We were discussing taxes paid by billionaires.

It was said that income gained from wealth grown not paid during the persons lifetime will be collected as part of the inheritance tax.

Not really true as tripping the inheritance tax threshold of 11.5 Million (23 Million) for married couples is exceedingly rare.

WW

Ok. Not really relevant to a discussion about billionaires though, as 11.5 million is no more than 1.15% of their estate. The rest would be taxed.