Pro Publica tax info leak
Comments
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Race votes "pshaw!"
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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.
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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.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.
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We haven't always taxed incomes either.RaceBannon said:Using an article about income tax when billionaires don't have income proves @greenblood 's point.
It is possible to change the law. -
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
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THISSources 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
$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. -
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?HHusky said:Administering it would be a challenge, but is a wealth tax really a terrible idea in principle?
Not a bright one...
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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.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
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.
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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.
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Why?PurpleThrobber said:Consumption/VAT tax far better than a wealth tax.
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This is the distinguished, intellectual bored.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...
We say, "I believe you are in error." -
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.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 -
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.HHusky said:Administering it would be a challenge, but is a wealth tax really a terrible idea in principle?
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. -
HHusky needs Granny's money HTHPurpleThrobber 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. -
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 caseBaseman said:
Buffett is leaving all his money to charity. Or the government can take it through a wealth tax and piss it away.HHusky said:Administering it would be a challenge, but is a wealth tax really a terrible idea in principle?
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.
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Did congress change?HHusky said:
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.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
Oh the democrats are for the little guy.
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Hopelessness isn’t a strategy.RaceBannon said:
Did congress change?HHusky said:
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.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
Oh the democrats are for the little guy. -
Neither is dementia
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Ask @GrandpaSankey to read for you and explain 'liquidity'.HHusky said:
Why?PurpleThrobber said:Consumption/VAT tax far better than a wealth tax.
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So 600 billion less than in 2020. Didn’t hear the complaints thenRaceBannon 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 -
You weren't listening
We can't tax 6 trillion a year
Full stop -
Note that emergency pandemic spending is now the baseline
What can go wrong?
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"Consumption/VAT tax far better than a wealth tax" 'cuz liquidity?PurpleThrobber said:
Ask @GrandpaSankey to read for you and explain 'liquidity'.HHusky said:
Why?PurpleThrobber said:Consumption/VAT tax far better than a wealth tax.
C'mon. You need to put the work in. -
I already work in finance. I don't need to do any work in that field. You do the work.HHusky said:
"Consumption/VAT tax far better than a wealth tax" 'cuz liquidity?PurpleThrobber said:
Ask @GrandpaSankey to read for you and explain 'liquidity'.HHusky said:
Why?PurpleThrobber said:Consumption/VAT tax far better than a wealth tax.
C'mon. You need to put the work in.
Because it is @creepycoug's gentlemen's board, I won't call you a fucking idiot for taking grannies cash when she doesn't have any to take. So she's supposed to condo out her home to pay her wealth tax? Fuck off with that bullshit. She has NO liquidity, no cash, no dinero to pay tax on a perceived unrealized gain/appreciation.
Instead granny buys a new luxury little rascal scooter with her saved up social security checks, she pays more in VAT than your fat obese slob riding a shopping cart model.
Capiche? Prolly not.
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You've identified one issue with a wealth tax that would need to be dealt with and explained the alleged vast superiority of a consumption tax not at all.PurpleThrobber said:
I already work in finance. I don't need to do any work in that field. You do the work.HHusky said:
"Consumption/VAT tax far better than a wealth tax" 'cuz liquidity?PurpleThrobber said:
Ask @GrandpaSankey to read for you and explain 'liquidity'.HHusky said:
Why?PurpleThrobber said:Consumption/VAT tax far better than a wealth tax.
C'mon. You need to put the work in.
Because it is @creepycoug's gentlemen's board, I won't call you a fucking idiot for taking grannies cash when she doesn't have any to take. So she's supposed to condo out her home to pay her wealth tax? Fuck off with that bullshit. She has NO liquidity, no cash, no dinero to pay tax on a perceived unrealized gain/appreciation.
Instead granny buys a new luxury little rascal scooter with her saved up social security checks, she pays more in VAT than your fat obese slob riding a shopping cart model.
Capiche? Prolly not.
Cuz finance. -
Only thing I poasted was 3 of the most obvious facts of the leak that you blatantly ignored because they go against your political leanings. Guess you are a mind-reader?HHusky said:
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.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
And you are correct...this is a distinguished board...for your interpretation of the information on any other board I would have called you a fucking moron.
HTH...
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I read your "There's nothing we can do" flavored poast.HoustonHusky said:
Only thing I poasted was 3 of the most obvious facts of the leak that you blatantly ignored because they go against your political leanings. Guess you are a mind-reader?HHusky said:
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.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
And you are correct...this is a distinguished board...for your interpretation of the information on any other board I would have called you a fucking moron.
HTH...
It wasn't your best work . . . one hopes. -
Make it on anything requiring a liquidity event. Why should someone be forced to liquidate their holdings before a realized gain to pay tax on something that hasn't transpired yet? Do they get a refund when their wealth goes down on taxes they previously paid?HHusky said:
You've identified one issue with a wealth tax that would need to be dealt with and explained the alleged vast superiority of a consumption tax not at all.PurpleThrobber said:
I already work in finance. I don't need to do any work in that field. You do the work.HHusky said:
"Consumption/VAT tax far better than a wealth tax" 'cuz liquidity?PurpleThrobber said:
Ask @GrandpaSankey to read for you and explain 'liquidity'.HHusky said:
Why?PurpleThrobber said:Consumption/VAT tax far better than a wealth tax.
C'mon. You need to put the work in.
Because it is @creepycoug's gentlemen's board, I won't call you a fucking idiot for taking grannies cash when she doesn't have any to take. So she's supposed to condo out her home to pay her wealth tax? Fuck off with that bullshit. She has NO liquidity, no cash, no dinero to pay tax on a perceived unrealized gain/appreciation.
Instead granny buys a new luxury little rascal scooter with her saved up social security checks, she pays more in VAT than your fat obese slob riding a shopping cart model.
Capiche? Prolly not.
Cuz finance.
Because smarter than you.
