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Why do you tolerate this?

davidallen

davidallen

MegaPoke is insane
Gold Member
Aug 15, 2006
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Portland, OR
The 25 richest Americans have an effective federal tax rate of 3.4% when you include passive income/unrealized capital gains. You piss and moan about Bezos and his power, yet you will go to war to keep from raising his (and my) tax rate. WTF?

www.propublica.org

The Secret IRS Files: Trove of Never-Before-Seen Records Reveal How the Wealthiest Avoid Income Tax

ProPublica has obtained a vast cache of IRS information showing how billionaires like Jeff Bezos, Elon Musk and Warren Buffett pay little in income tax compared to their massive wealth — sometimes, even nothing.
www.propublica.org www.propublica.org
 
davidallen said:
The 25 richest Americans have an effective federal tax rate of 3.4% when you include passive income/unrealized capital gains. You piss and moan about Bezos and his power, yet you will go to war to keep from raising his (and my) tax rate. WTF?

www.propublica.org

The Secret IRS Files: Trove of Never-Before-Seen Records Reveal How the Wealthiest Avoid Income Tax

ProPublica has obtained a vast cache of IRS information showing how billionaires like Jeff Bezos, Elon Musk and Warren Buffett pay little in income tax compared to their massive wealth — sometimes, even nothing.
www.propublica.org www.propublica.org
Click to expand...
Its truly embarrassing that you could read that and come to the conclusion that raising tax rates would solve anything.
 
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davidallen said:
The 25 richest Americans have an effective federal tax rate of 3.4% when you include passive income/unrealized capital gains. You piss and moan about Bezos and his power, yet you will go to war to keep from raising his (and my) tax rate. WTF?

www.propublica.org

The Secret IRS Files: Trove of Never-Before-Seen Records Reveal How the Wealthiest Avoid Income Tax

ProPublica has obtained a vast cache of IRS information showing how billionaires like Jeff Bezos, Elon Musk and Warren Buffett pay little in income tax compared to their massive wealth — sometimes, even nothing.
www.propublica.org www.propublica.org
Click to expand...
Nobody cares what you think chicken shit!
 
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davidallen said:
The 25 richest Americans have an effective federal tax rate of 3.4% when you include passive income/unrealized capital gains. You piss and moan about Bezos and his power, yet you will go to war to keep from raising his (and my) tax rate. WTF?

www.propublica.org

The Secret IRS Files: Trove of Never-Before-Seen Records Reveal How the Wealthiest Avoid Income Tax

ProPublica has obtained a vast cache of IRS information showing how billionaires like Jeff Bezos, Elon Musk and Warren Buffett pay little in income tax compared to their massive wealth — sometimes, even nothing.
www.propublica.org www.propublica.org
Click to expand...

we don’t believe in making people do the right thing. Hopefully they (you) are giving so much to charity that it would be a crime for the government to take their (your) tax money.
 
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davidallen said:
The 25 richest Americans have an effective federal tax rate of 3.4% when you include passive income/unrealized capital gains. You piss and moan about Bezos and his power, yet you will go to war to keep from raising his (and my) tax rate. WTF?

www.propublica.org

The Secret IRS Files: Trove of Never-Before-Seen Records Reveal How the Wealthiest Avoid Income Tax

ProPublica has obtained a vast cache of IRS information showing how billionaires like Jeff Bezos, Elon Musk and Warren Buffett pay little in income tax compared to their massive wealth — sometimes, even nothing.
www.propublica.org www.propublica.org
Click to expand...
I would be all for taxing passive income and realized capital gains as ordinary income, if corporate income tax is abolished. Taxing unrealized gain makes no sense, as it doesn’t actually benefit anyone until it becomes realized. Same thing with corporate earnings. They don’t really benefit an actual person until some other taxable event occurs.
 
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It sucks we have to raise taxes because scumbags like these people would rather take a joy ride into space in a giant cock rocket instead of get homeless people off the street through philanthropy. @davidallen how do you even have money to pay more taxes, I assumed this whole time your philanthropic endeavors kept you maxed out?? Hmmm.
 
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davidallen said:
The 25 richest Americans have an effective federal tax rate of 3.4% when you include passive income/unrealized capital gains. You piss and moan about Bezos and his power, yet you will go to war to keep from raising his (and my) tax rate. WTF?

www.propublica.org

The Secret IRS Files: Trove of Never-Before-Seen Records Reveal How the Wealthiest Avoid Income Tax

ProPublica has obtained a vast cache of IRS information showing how billionaires like Jeff Bezos, Elon Musk and Warren Buffett pay little in income tax compared to their massive wealth — sometimes, even nothing.
www.propublica.org www.propublica.org
Click to expand...

Are you proposing excessive wealth taxes or income taxes? Just trying to understand your underlying premise. I'm against more income taxes because the 1%ers don't pay much of it anyhow so it would only impact the middle and middle-upper class, and not the ruling elites. I'd rather see congress fix capital gains to be taxed as income and provide exemptions for the selling of a primary residence. But you don't actually see this proposal because it would hit the hypocrites in D.C. harder than most.
 
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soonerinlOUisiana said:
I would be all for taxing passive income and realized capital gains as ordinary income, if corporate income tax is abolished. Taxing unrealized gain makes no sense, as it doesn’t actually benefit anyone until it becomes realized. Same thing with corporate earnings. They don’t really benefit an actual person until some other taxable event occurs.
Click to expand...

Need to create rules where using 'unrealized capital gains' as collateral should make them realized.
 
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GoPokes43 said:
So, an all asset lien credit facility would cause a company to recognize all unrealized gain and get a stepped up basis? Ouch...
Click to expand...

If you are using the capital gains/increase in value in order to escalate (step up) your lien balances, then yes.
 
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HighStickHarry said:
friendly reminder that Joe Biden has been in Washington for fifty years and tax laws are written by the idiots in congress.
Click to expand...

Leftist are not intelligent enough to grasp the concept that their leaders placate them while doing the exact opposite.
For years the left has told us Democrats were the ones fighting to protect the people from the wealthy and corporation, all while those same Democrats being championed by the left did the bidding of both. Washington created the tax breaks/loop holes used by the wealthy to legally escape paying taxes. When Democrats are ever confronted, they lay blame solely on Republicans and the low IQ left gobbles it up like they can't get enough.
 
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They tax attorneys who estate plan for the wealthy are smarter than the ones writing the tax laws. Death tax and other transfers of wealth are where you can get them.

If you want to help even the playing field, set a death tax at 90% on every dollar over $10 million. Set minimum tax rates on withdrawals from Trusts. Get rid of the income tax on wages and replace with a sales tax that gets progressively higher on luxury goods (0% on milk, 50% on a Lamborghini).
 
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squeak said:
They tax attorneys who estate plan for the wealthy are smarter than the ones writing the tax laws. Death tax and other transfers of wealth are where you can get them.

If you want to help even the playing field, set a death tax at 90% on every dollar over $10 million. Set minimum tax rates on withdrawals from Trusts. Get rid of the income tax on wages and replace with a sales tax that gets progressively higher on luxury goods (0% on milk, 50% on a Lamborghini).
Click to expand...
Will there be an import tax then when they just have it shipped from out of the USA?
 
This is a fascinating thread. It seems everyone knows the best way for the government to confiscate peoples’ money. I think all the people with all their plans should volunteer to apply their plan to themselves first, before it becomes law, and see how they like it then. But, of course most people’s’ plans involve the government confiscation of other peoples’ money, not their own.
 
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JonnyVito said:
Will there be an import tax then when they just have it shipped from out of the USA?
Click to expand...
Not necessarily. The purchaser could be required to submit the tax directly to the gummet.
 
Ponca Dan said:
This is a fascinating thread. It seems everyone knows the best way for the government to confiscate peoples’ money. I think all the people with all their plans should volunteer to apply their plan to themselves first, before it becomes law, and see how they like it then. But, of course most people’s’ plans involve the government confiscation of other peoples’ money, not their own.
Click to expand...
If the rich fücks would stop ****ing over so many poors, we wouldn’t have to confiscate their money.
 
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aix_xpert said:
Need to create rules where using 'unrealized capital gains' as collateral should make them realized.
Click to expand...
So, an all asset lein
aix_xpert said:
If you are using the capital gains/increase in value in order to escalate (step up) your lien balances, then yes.
Click to expand...
And you have a further liquidity squeeze in paying the resulting taxes. Obviously this would eliminate 1031 exchanges, opportunity zone benefits, small business 1202 exchanges, and plays havoc with things like F-reorgs. Well, if you are looking for an economic crash for years, there's your roadmap.
 
squeak said:
If the rich fücks would stop ****ing over so many poors, we wouldn’t have to confiscate their money.
Click to expand...
The only person on this board that brags that he’s rich is @davidallen. Are you implying @davidallen screws over poor people? Because I think he would be very surprised to learn he does such a thing.

I wonder if you’d explain how rich people screw over poor people. Maybe the best way to get them to stop would be if we knew what and how they did it. Confiscating their money doesn’t seem to do the job. For some strange reason they always figure out a way to hang on to their money!
 
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squeak said:
They tax attorneys who estate plan for the wealthy are smarter than the ones writing the tax laws. Death tax and other transfers of wealth are where you can get them.

If you want to help even the playing field, set a death tax at 90% on every dollar over $10 million. Set minimum tax rates on withdrawals from Trusts. Get rid of the income tax on wages and replace with a sales tax that gets progressively higher on luxury goods (0% on milk, 50% on a Lamborghini).
Click to expand...
No offense but only stupid people pay a death tax. The conversation starts with would you like your family to have this or Uncle Sam?
 
On Tulsa Time said:
No offense but only stupid people pay a death tax. The conversation starts with would you like your family to have this or Uncle Sam?
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Any increase in wealth is taxable. If I give my son $1,000 then it is taxable unless there’s an exception.
 
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Hey Dave what is your address? I was going to swing by and pillage until I feel stimulated enough. I just hope I can find a trash car nearby to burn on the way in
 
squeak said:
Any increase in wealth is taxable. If I give my son $1,000 then it is taxable unless there’s an exception.
Click to expand...
It depends on how you give it too him and if exceptions are used properly an estate of almost any size can be made “whole”.
 
JonnyVito said:
Hey Dave what is your address? I was going to swing by and pillage until I feel stimulated enough. I just hope I can find a trash car nearby to burn on the way in
Click to expand...
I'll DM it to you. Come on over. We will pillage my wine cellar together. I still have a little gift for you - a Sasquatch flask. You'll love it.
 
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Ponca Dan said:
The only person on this board that brags that he’s rich is @davidallen. Are you implying @davidallen screws over poor people? Because I think he would be very surprised to learn he does such a thing.

I wonder if you’d explain how rich people screw over poor people. Maybe the best way to get them to stop would be if we knew what and how they did it. Confiscating their money doesn’t seem to do the job. For some strange reason they always figure out a way to hang on to their money!
Click to expand...
Dense as ever...
 
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squeak said:
Any increase in wealth is taxable. If I give my son $1,000 then it is taxable unless there’s an exception.
Click to expand...
Sure. Just don't give it to him, but let him use it. Trusts, insurance wrappers, etc.
 
Taxing unrealized gains. LOL

I read that propublica article yesterday. I actually felt dumber for having read it. The person who wrote it has zero understanding of finance.
 
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