Pro Publica tax info leak

HHusky

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

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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

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

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

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

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

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

Consumption/VAT tax far better than a wealth tax.

Why?

HHusky

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

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

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

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

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

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

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

PurpleThrobber

Consumption/VAT tax far better than a wealth tax.

Why?

Ask @GrandpaSankey to read for you and explain 'liquidity'.

ntxduck

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

So 600 billion less than in 2020. Didn’t hear the complaints then

RaceBannon

You weren't listening

We can't tax 6 trillion a year

Full stop

RaceBannon

Note that emergency pandemic spending is now the baseline

What can go wrong?

HHusky

Consumption/VAT tax far better than a wealth tax.

Why?
Ask @GrandpaSankey to read for you and explain 'liquidity'.

"Consumption/VAT tax far better than a wealth tax" 'cuz liquidity?

C'mon. You need to put the work in.

PurpleThrobber

Consumption/VAT tax far better than a wealth tax.

Why?
Ask @GrandpaSankey to read for you and explain 'liquidity'.

"Consumption/VAT tax far better than a wealth tax" 'cuz liquidity?

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.

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.

HHusky

Consumption/VAT tax far better than a wealth tax.

Why?
Ask @GrandpaSankey to read for you and explain 'liquidity'.

"Consumption/VAT tax far better than a wealth tax" 'cuz liquidity?

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.

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.

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.

Cuz finance.

HoustonHusky

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.

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?

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...

HHusky

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.
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?

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...

I read your "There's nothing we can do" flavored poast.

It wasn't your best work . . . one hopes.

PurpleThrobber

Consumption/VAT tax far better than a wealth tax.

Why?
Ask @GrandpaSankey to read for you and explain 'liquidity'.

"Consumption/VAT tax far better than a wealth tax" 'cuz liquidity?

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.

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.

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.

Cuz finance.

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?

Because smarter than you.

Comments

HHusky

Race votes "pshaw!"

greenblood

HHusky

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.

RaceBannon

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

HHusky

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

greenblood

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

HoustonHusky

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

HHusky

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

PurpleThrobber

HHusky

Consumption/VAT tax far better than a wealth tax.

Why?

HHusky

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

HHusky

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

Baseman

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

greenblood

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

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.

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
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

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

PurpleThrobber

Consumption/VAT tax far better than a wealth tax.

Why?

Ask @GrandpaSankey to read for you and explain 'liquidity'.

ntxduck

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

So 600 billion less than in 2020. Didn’t hear the complaints then

RaceBannon

You weren't listening

We can't tax 6 trillion a year

Full stop

RaceBannon

Note that emergency pandemic spending is now the baseline

What can go wrong?

HHusky

Consumption/VAT tax far better than a wealth tax.

Why?
Ask @GrandpaSankey to read for you and explain 'liquidity'.

"Consumption/VAT tax far better than a wealth tax" 'cuz liquidity?

C'mon. You need to put the work in.

PurpleThrobber

Consumption/VAT tax far better than a wealth tax.

Why?
Ask @GrandpaSankey to read for you and explain 'liquidity'.

"Consumption/VAT tax far better than a wealth tax" 'cuz liquidity?

C'mon. You need to put the work in.

HHusky

Consumption/VAT tax far better than a wealth tax.

Why?
Ask @GrandpaSankey to read for you and explain 'liquidity'.

"Consumption/VAT tax far better than a wealth tax" 'cuz liquidity?

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.

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.

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.

Cuz finance.

HoustonHusky

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.

HHusky

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.
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?

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...

I read your "There's nothing we can do" flavored poast.

It wasn't your best work . . . one hopes.

PurpleThrobber

Consumption/VAT tax far better than a wealth tax.

Why?
Ask @GrandpaSankey to read for you and explain 'liquidity'.

"Consumption/VAT tax far better than a wealth tax" 'cuz liquidity?

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.

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.

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.

Cuz finance.