That ^^ right there.
It has been that way since the institution of income taxes. This is nothing new.
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Let’s have a wealth tax
Well all know the mega rich don’t pay the feds.
We didn’t need this release for that.
The tax laws are made for the rich, not for the poor.
Allan
Yep, let’s punish financial success.
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The income taxes of all wage earners - top 1% included - are subsidizing the wealth increases of the very top (I.e, the multibillionaire subjects of this study).
The argument of whether Dr. Jones, $750k/year heart surgeon, should pay more income taxes is a separate issue.
The discussion here is about whether and/or how to tax unrealized capital gains. I don’t like the idea of forcing people to sell assets to pay taxes, and also don’t like the idea that tax burdens grow for average people commensurate with income and wealth increase, but once you hit a certain point, that tax burden reverses.
We’ve done it before. It was 70% before Reaganomics became the rage in the 80s.
Allan
No, pretty sure nobody pays taxes on unrealized gains, rich or poor.
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lol. Until you die and you heirs must declare the unrealized capital gains as part of the estate and then are taxed if they exceed a certain amount.
They most assuredly are taxed if certain conditions are met.
Allan
Then by all means let’s do it again. I can’t think of a better reason than “we’ve done it before!”
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Elon Musk should be exempt from taxes for life. He has more than earned it by dropping our payload costs by an order of magnitude.
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It isn’t punishment.
Of course it is. That was silly.
Couple that with the push to eliminate the estate tax…
Could I be so bold and suggest given that everyone apparently is able to work their way up from their bootstraps to be successful that a 100% death tax is introduced so no-one who hasn’t been responsible for building that wealth benefits from it?
Nah… he got paid for that.
He didn’t get paid what it’s worth. And he’s dropping them by another order of magnitude. Guy is a national treasure.
It isn’t punishment.
Considering what historically happens to the really wealthy when the rabble get tired of them hoarding all of the resources… taxing them is the nicest thing.
Nah, they got taxed for that.
This is a hilarious thing coming from someone who I have had multiple conversations about what labor is “worth” and what it isn’t “worth”
He got paid what his labor was “worth”
Of course it is.
Your argument is it’s the nicest punishment?
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