Saying "it would work just fine" isn't defending the proposal...
"Trust me I'm with the government" is only convincing if you're an imbecile.
The 20% minimum is more than reasonable. The unrealized gains and unearned income stuff is overreach.
This tax would be insanely crazy. You have Elon M. who owns $200 billion of Stock X. Over 5 years the stock appreciates $50 billion each year and he dutifully pays $10 billion each year in taxes. Stock Y (another Electric car company) comes in and has a battery that lasts 10 times as long as Stock X's. Elon's value of Stock X drops to $100. Is the government going to refund the $50 billion (did they keep it in a lockbox) he has paid out in taxes AND pay him negative taxes all the way down to the $100? We have another Great Depression, is the government going to pay EVERYONE whose capital assets depreciated? Will it be a one-way street where the government only taxes capital appreciation but never refunds when your assets lose value? This is beyond crazy.
Yea that's why I said only the 20% income bit was reasonable.
Billionaires pay an average of 15.8% income tax despite being in the 37% top bracket. Not allowing billionaires to use deductions to get out of paying income tax isn't a crazy idea. Particularly, when every last one of the virtue signals about equity.
I want EVERY single Democrat running for election this November to focus solely on this sex ed/transgender lunacy. Keep it going, please!!!!!
The world is on fire, the border is wide open, inflation is at 20%, can't find milk, groceries or gas, they're increasing your taxes and decreasing the strategic petroleum reserve, but the government is fixated on transgenders. https://t.co/BsSj9WPHmL
Because it's bat sh*t crazy and everyone knows it but the Democrats.
There's a reason Democrats have to lie about what they actually believe everywhere that isn't California or an urban hell hole.
That lady went on for almost a minute mentioning transgender children again and again and again. It is one thing if the rare teen begins questioning his or her sexuality but children? Come on! They are children!
Flagpole, please elaborate on how you beat the market 32 out of 33 years. LOL. Most absurd comment ever written here. Liar.
I answered you in The Dow thread. Go read it there. I have not told a single lie, not even a white lie, in my adult life, so no, I do not lie. Also, for anyone reading this here, I have never said I beat "the market" 32 of 33 years. I have beaten THE DOW 32 out of 33 years, but I am currently losing to the Dow YTD by a lot so far this year. The Dow is not "the market." Maybe a better understanding of terms will help you not feel so bad about your failures in life.
Flagpole, please elaborate on how you beat the market 32 out of 33 years. LOL. Most absurd comment ever written here. Liar.
I answered you in The Dow thread. Go read it there. I have not told a single lie, not even a white lie, in my adult life, so no, I do not lie. Also, for anyone reading this here, I have never said I beat "the market" 32 of 33 years. I have beaten THE DOW 32 out of 33 years, but I am currently losing to the Dow YTD by a lot so far this year. The Dow is not "the market." Maybe a better understanding of terms will help you not feel so bad about your failures in life.
No adult has ever not lied in their life, except for one, the Lord Jesus Christ. You have lied as have the rest of humanity.
I answered you in The Dow thread. Go read it there. I have not told a single lie, not even a white lie, in my adult life, so no, I do not lie. Also, for anyone reading this here, I have never said I beat "the market" 32 of 33 years. I have beaten THE DOW 32 out of 33 years, but I am currently losing to the Dow YTD by a lot so far this year. The Dow is not "the market." Maybe a better understanding of terms will help you not feel so bad about your failures in life.
No adult has ever not lied in their life, except for one, the Lord Jesus Christ. You have lied as have the rest of humanity.
Your wife (anyone's) is wearing the most hideous dress ever. She asks if she looks good in it. You say she does even though the dress is dreadful. That is an okay lie.
The recently proposed "billionaires tax" would raise $361 billion over 10 years. That's not going to wipe out the debt or anything, but it's a large chunk of change for a tax that only affects 700 people.
And it's definitely constitutional. Even conservatives on the supreme court are very deferential to the government's power to levy taxes.
Please show where you got that only 700 people would be subject to the tax. I am seeing 20,000.
The $100 million wealth threshold means the richest 0.01% of Americans — roughly 20,000 households — would owe this tax
This tax would be insanely crazy. You have Elon M. who owns $200 billion of Stock X. Over 5 years the stock appreciates $50 billion each year and he dutifully pays $10 billion each year in taxes. Stock Y (another Electric car company) comes in and has a battery that lasts 10 times as long as Stock X's. Elon's value of Stock X drops to $100. Is the government going to refund the $50 billion (did they keep it in a lockbox) he has paid out in taxes AND pay him negative taxes all the way down to the $100? We have another Great Depression, is the government going to pay EVERYONE whose capital assets depreciated? Will it be a one-way street where the government only taxes capital appreciation but never refunds when your assets lose value? This is beyond crazy.
Yea that's why I said only the 20% income bit was reasonable.
Billionaires pay an average of 15.8% income tax despite being in the 37% top bracket. Not allowing billionaires to use deductions to get out of paying income tax isn't a crazy idea. Particularly, when every last one of the virtue signals about equity.
The super rich pay a lower percent of income than anyone else, including the poorest 20% of Americans. This is when you take all taxes into account. Look it up.
I answered you in The Dow thread. Go read it there. I have not told a single lie, not even a white lie, in my adult life, so no, I do not lie. Also, for anyone reading this here, I have never said I beat "the market" 32 of 33 years. I have beaten THE DOW 32 out of 33 years, but I am currently losing to the Dow YTD by a lot so far this year. The Dow is not "the market." Maybe a better understanding of terms will help you not feel so bad about your failures in life.
No adult has ever not lied in their life, except for one, the Lord Jesus Christ. You have lied as have the rest of humanity.
Yes, Flagpole is lying about lying. He is also trolling you.
Flagpole, please elaborate on how you beat the market 32 out of 33 years. LOL. Most absurd comment ever written here. Liar.
I answered you in The Dow thread. Go read it there. I have not told a single lie, not even a white lie, in my adult life, so no, I do not lie. Also, for anyone reading this here, I have never said I beat "the market" 32 of 33 years. I have beaten THE DOW 32 out of 33 years, but I am currently losing to the Dow YTD by a lot so far this year. The Dow is not "the market." Maybe a better understanding of terms will help you not feel so bad about your failures in life.
You are probably worth close to $100 million if you actually beat the Dow 32 out of 33 years.
this focus on billionaires is tiresome. There are only a few hundred billionaires in the nation. They just aren't that important.
The much more important fact is that the US has one of the most graduated income tax systems in the world and asks virtually nothing of a very large percentage of citizens. The great majority of income tax is paid by the rich
Isn't that a much more important fact than spending time worrying about a few hundred billionaires?
Honestly the virtue signaling going around right now is so hypocritical. It is everywhere on Linkedin and Twitter. It is turning America's productivity inside out. Every corporation signaled how woke they are today and it goes beyond signaling. They are seriously trying to get to half women and a "population correct" percentage of every minority group in every job category despite the fact that undergraduate and graduate populations in many areas of study are anything but 50-50. If this were corporate America the mods would be deleting posts by white males at a crazy pace to achieve a balanced board that looks like America. This is life in 2022 America, I wish I could retire, but I ain't beat the Dow for many a long year.
this focus on billionaires is tiresome. There are only a few hundred billionaires in the nation. They just aren't that important.
The much more important fact is that the US has one of the most graduated income tax systems in the world and asks virtually nothing of a very large percentage of citizens. The great majority of income tax is paid by the rich
Isn't that a much more important fact than spending time worrying about a few hundred billionaires?
but that, apparently, is not "fair" or at least not "fair" enough
Honestly the virtue signaling going around right now is so hypocritical. It is everywhere on Linkedin and Twitter. It is turning America's productivity inside out. Every corporation signaled how woke they are today and it goes beyond signaling. They are seriously trying to get to half women and a "population correct" percentage of every minority group in every job category despite the fact that undergraduate and graduate populations in many areas of study are anything but 50-50. If this were corporate America the mods would be deleting posts by white males at a crazy pace to achieve a balanced board that looks like America. This is life in 2022 America, I wish I could retire, but I ain't beat the Dow for many a long year.
ok boomer
geez you sound like an old man.
and it's pretty sad that you seem to think that it's just signalling - that Americans actually aren't interested in racial and economic justice - that they are just doing it to pass some tests.
Yea that's why I said only the 20% income bit was reasonable.
Billionaires pay an average of 15.8% income tax despite being in the 37% top bracket. Not allowing billionaires to use deductions to get out of paying income tax isn't a crazy idea. Particularly, when every last one of the virtue signals about equity.
The super rich pay a lower percent of income than anyone else, including the poorest 20% of Americans. This is when you take all taxes into account. Look it up.
The poorest 20% of Americans pay NO federal income taxes. In fact about 55% of Americans pay NO federal income taxes.