Pro Publica tax info leak

HHusky

Administering it would be a challenge, but is a wealth tax really a terrible idea in principle?

HHusky

Race votes "pshaw!"

greenblood

You don't think the rich already have a plan in place? Either most of their property becomes foreign property, or it's transferred into other entities. As long as rich people are the ones modifying the tax code, rich people will continue to benefit from the tax code. Principle has nothing to do with it. It has to do with execution, and there will never be an efficient way of executing it. The people that get screwed by these code revisions are people who are fairly wealthy but not quite wealthy enough.

HHusky

greenblood said:

You don't think the rich already have a plan in place? Either most of their property becomes foreign property, or it's transferred into other entities. As long as rich people are the ones modifying the tax code, rich people will continue to benefit from the tax code. Principle has nothing to do with it. It has to do with execution, and there will never be an efficient way of executing it. The people that get screwed by these code revisions are people who are fairly wealthy but not quite wealthy enough.

All taxes can be evaded, whether successfully or not. The fact the super rich have oversize influence is just one of the many good reasons for enacting a wealth tax. And perhaps campaign finance reform as well.

RaceBannon

Using an article about income tax when billionaires don't have income proves @greenblood 's point.

HHusky

RaceBannon said:

Using an article about income tax when billionaires don't have income proves @greenblood 's point.

We haven't always taxed incomes either.

It is possible to change the law.

Sources

The only way to go after real wealth is to either tax net worth (good luck with that) or estates. Otherwise you're just beating up lower end millionaires and creating a larger wealth gap. This arbitrary 400k income level that Biden is targeting is FS

greenblood

Sources said:

The only way to go after real wealth is to either tax net worth (good luck with that) or estates. Otherwise you're just beating up lower end millionaires and creating a larger wealth gap. This arbitrary 400k income level that Biden is targeting is FS

THIS

$400k household income isn't rich anymore. It was rich maybe 25 years ago, but not anymore.

All the Dems are going to do is make life more difficult for the well off, but not elite. You really think rich people are going to create a tax that makes them pay more? Hell no. It's going to get thrown at the successful but not uber rich entrepreneurs and small to mid level business owners. The same people that employ people like HHusky. This is how people like HHusky lose their jobs.

HoustonHusky

HHusky said:

Administering it would be a challenge, but is a wealth tax really a terrible idea in principle?

That's what you got out of it? Not the fact raising income taxes doesn't impact them so that's why Buffet and Company always say we should? Or the Estate tax doesn't impact them so they don't mind raising that as well? Or even Buffet laughing at Government spending waste?

Not a bright one...

HHusky

Sources said:

The only way to go after real wealth is to either tax net worth (good luck with that) or estates. Otherwise you're just beating up lower end millionaires and creating a larger wealth gap. This arbitrary 400k income level that Biden is targeting is FS

Indeed, the estate tax is a wealth tax and Biden is merely talking about income taxes, which can have minimal impact on people who don't need to receive income regularly and who have the ability to time their receipt of income.

In my opinion we need to have an estate tax, at least. But a net worth tax would be better in my opinion, if you had to choose between the two--which we don't have to do actually.

PurpleThrobber

Consumption/VAT tax far better than a wealth tax.

Granny bought her house in Laurelhurst in 1958 for whatever $45,000?

Now it's worth a gazillion and she's still living there....so he has to come up with an ungodly amount of cash on appreciation without a liquidity event? Fuck that.

Fuck all taxes. Maybe spend a few years reigning in spending instead. You know, like normal businesses have to do.

HHusky

PurpleThrobber said:

Consumption/VAT tax far better than a wealth tax.

Why?

HHusky

HoustonHusky said:

HHusky said:

Administering it would be a challenge, but is a wealth tax really a terrible idea in principle?

Not a bright one...

This is the distinguished, intellectual bored.

We say, "I believe you are in error."

RaceBannon

This isn't an intellectual thread. HTH

I like to complain about "the rich" writing our tax laws as I ask for them to write some more. You like to claim you voted for Reagan so maybe revisit starving the beast and get back to us

6 trillion dollar budget by Joe. Not enough taxes to come close to covering that nut

Good luck the rest of the way

HHusky

RaceBannon said:

This isn't an intellectual thread. HTH

I like to complain about "the rich" writing our tax laws as I ask for them to write some more. You like to claim you voted for Reagan so maybe revisit starving the beast and get back to us

6 trillion dollar budget by Joe. Not enough taxes to come close to covering that nut

Good luck the rest of the way

I simply proposed a change to the tax laws. You and Houston keep complaining that only the rich are allowed to write tax laws. Under the previous administration, perhaps. But it's not a Constitutional requirement.

Baseman

HHusky said:

Administering it would be a challenge, but is a wealth tax really a terrible idea in principle?

Buffett is leaving all his money to charity. Or the government can take it through a wealth tax and piss it away. He's not selling his stock and flaunting it. He still lives in the little shitbox in Omaha Nebraska he bought in the 1950's.

Raise the corporate rate back to 30% on earnings before taxes above $1Billion and lower it for small business owners.

A minimum world earnings tax on corporations is a better way to go. Don't allow the big companies to harbor profits off-shore. If you're going to sell in America you pay tax.

That said, fuck Elizabeth Warren for going after big companies that hire workers and spend billions on infrastructure which benefits everyone. They don't pay tax on the depreciation but the government gets it down the road through after the company captures the full amount. Taking aim at billionaires? What an ignorant cunt.

I'm all for being more progressive but the dumb fucks who blindly go after billionaires are moronic fucktards.

greenblood

PurpleThrobber said:

Consumption/VAT tax far better than a wealth tax.

Granny bought her house in Laurelhurst in 1958 for whatever $45,000?

Now it's worth a gazillion and she's still living there....so he has to come up with an ungodly amount of cash on appreciation without a liquidity event? Fuck that.

Fuck all taxes. Maybe spend a few years reigning in spending instead. You know, like normal businesses have to do.

HHusky needs Granny's money HTH

HHusky

Baseman said:

HHusky said:

Administering it would be a challenge, but is a wealth tax really a terrible idea in principle?

Buffett is leaving all his money to charity. Or the government can take it through a wealth tax and piss it away.

Raise the corporate rate back to 30% on earnings before taxes above $1Billion and lower it for small business owners.

A minimum world earnings tax on corporations is a better way to go. Don't allow the big companies to harbor profits off-shore. If you're going to sell in America you pay tax.

That said, fuck Elizabeth Warren for going after big companies that hire workers and spend billions on infrastructure which benefits everyone. They don't pay tax on the depreciation but the government gets it down the road through after the company captures the full amount. Taking aim at billionaires? What an ignorant cunt.

I'm all for being more progressive but the dumb fucks who blindly go after billionaires are moronic fucktards.

I'm not advocating for Warren's plan. And any wealth tax should start well below $50 million in my opinion. Piketty says starting at 1 million euros--although he concedes that's arbitrary. His figure feels too low to me. But 5 million dollars doesn't. And a benefit of any wealth tax and federal income taxes is encouraging people to give some of their wealth away. That would continue to be the case

RaceBannon

HHusky said:

RaceBannon said:

This isn't an intellectual thread. HTH

I like to complain about "the rich" writing our tax laws as I ask for them to write some more. You like to claim you voted for Reagan so maybe revisit starving the beast and get back to us

6 trillion dollar budget by Joe. Not enough taxes to come close to covering that nut

Good luck the rest of the way

I simply proposed a change to the tax laws. You and Houston keep complaining that only the rich are allowed to write tax laws. Under the previous administration, perhaps. But it's not a Constitutional requirement.

Did congress change?

Oh the democrats are for the little guy.

HHusky

RaceBannon said:

HHusky said:

RaceBannon said:

This isn't an intellectual thread. HTH

I like to complain about "the rich" writing our tax laws as I ask for them to write some more. You like to claim you voted for Reagan so maybe revisit starving the beast and get back to us

6 trillion dollar budget by Joe. Not enough taxes to come close to covering that nut

Good luck the rest of the way

I simply proposed a change to the tax laws. You and Houston keep complaining that only the rich are allowed to write tax laws. Under the previous administration, perhaps. But it's not a Constitutional requirement.

Did congress change?

Oh the democrats are for the little guy.

Hopelessness isn’t a strategy.

RaceBannon

Neither is dementia