Guvnah
21
That ^^ right there.
It has been that way since the institution of income taxes. This is nothing new.
1 Like
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
WuWei
24
Yep, let’s punish financial success.
3 Likes
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
zantax
27
No, pretty sure nobody pays taxes on unrealized gains, rich or poor.
1 Like
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
WuWei
29
Then by all means let’s do it again. I can’t think of a better reason than “we’ve done it before!”
3 Likes
zantax
30
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.
5 Likes
WuWei
32
Of course it is. That was silly.
Jezcoe
33
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?
Jezcoe
35
Nah… he got paid for that.
zantax
36
He didn’t get paid what it’s worth. And he’s dropping them by another order of magnitude. Guy is a national treasure.
Jezcoe
37
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.
WuWei
38
Nah, they got taxed for that.
Jezcoe
39
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”
WuWei
40
Of course it is.
Your argument is it’s the nicest punishment?
2 Likes