President plans to unveil new 20% 'minimum tax' on 700 super-rich Americans that would levy ALL forms of income for families worth more than $100M

[Big Bend Texas]

Actually, you do. It is called Property taxes

We're discussing Federal Taxes dumbass.

 

[Big Bend Texas]

Yep, that's what they tell dupes like you, so they never pay reasonable tax rates.

Unless you sell them or they pay dividends there's no income.

Stock values fluctuate from minute to minute but you don't realize any actual gains unless you sell them.

 

[AntonToo]

Unless you sell them or they pay dividends there's no income.

Stock values fluctuate from minute to minute but you don't realize any actual gains unless you sell them.

I know how it works, I also know this system abused by the rich to not pay reasonable tax rates middle class is paying.

Elon Musk "borrows" from his companies, while keeping all in his money in their stocks.

It's not a simple taxation reform, but this idea that the rich CAN'T be reasonably taxed is pure BS.

 

[Big Bend Texas]

I know how it works, I also know this system abused by the rich to not pay reasonable tax rates middle class is paying.

Elon Musk "borrows" from his companies, while keeping all in his money in their stocks.

It's not a simple taxation reform, but this idea that the rich CAN'T be reasonably taxed is pure BS.

Borrowed money is not income. It only becomes income if you fail to repay the loan.

 

[jc456]

That's $100,000,000, not $1,000.

So I don't think you need to worry too much, Brian.

You still don’t understand the ripple so you?

 

[jc456]

Borrowed money is not income. It only becomes income if you fail to repay the loan.

Guess what they have to have to pay them back? Income, and they pay taxes on that income today. These people are clueless

 

[Toddsterpatriot]

what is 100% or 1% ??

My wealth is higher if my mortgage is paid off versus if I have 1% equity in the house.
Pretty sure my property tax is the same in either case.

 

[Toddsterpatriot]

Yep, that's what they tell dupes like you, so they never pay reasonable tax rates.

That's in the tax code, idiot.

 

[Toddsterpatriot]

Elon Musk "borrows" from his companies, while keeping all in his money in their stocks.

He borrows? That's awful!!!

There ought to be a law.........

 

[AntonToo]

Borrowed money is not income. It only becomes income if you fail to repay the loan.

Yep not income, he just lives a lavish lifestyle on it while getting away with not paying reasonable tax rates that I and other middle class Americans pay.

I really don't know what's in it for YOU to support this broken status quo, but it makes no fn sense.

 

[AntonToo]

He borrows? That's awful!!!

There ought to be a law.........

Damn straight it is awful.

There is much to respect about Musk, but he is certainly rich enough to live on his income instead of turning weasel tricks to evade paying taxes.

 

[Big Bend Texas]

Yep not income, he just lives a lavish lifestyle on it while getting away with not paying reasonable tax rates that I and other middle class Americans pay.

I really don't know what's in it for YOU to support this broken status quo, but it makes no fn sense.

You really just have no clue at all what you're talking about.

If you borrow that money and fail to repay it, it is taxed as normal income.

You can't pay it back, without actual income and you sure can't live lavishly off of it without then doing one or the other.

Now call me crazy but when a guy has to pay 11Bn in income taxes for a single year I'm pretty sure he had taxable income appropriate for such a tax bill.

 

[366h34d]

We don't pay taxes on wealth, we pay taxes on income.

But, the taxes rate will be based on wealth.

 

[366h34d]

My wealth is higher if my mortgage is paid off versus if I have 1% equity in the house.
Pretty sure my property tax is the same in either case.

The property tax is taxes on the property value. It has nothing to do with your wealth. I understand where you're coming from.

 

[bripat9643]

Actually, you do. It is called Property taxes

True. but those are state and local taxes, and therefore aren't controlled by the Constitution.

 

[AntonToo]

You really just have no clue at all what you're talking about.

If you borrow that money and fail to repay it, it is taxed as normal income.

You can't pay it back, without actual income and you sure can't live lavishly off of it without then doing one or the other.

Now call me crazy but when a guy has to pay 11Bn in income taxes for a single year I'm pretty sure he had taxable income appropriate for such a tax bill.

Cool story, but there actually IS a reason one of the richest men in the world borrows money from his companies and lives in houses those companies own.

 

[bripat9643]

I know how it works, I also know this system abused by the rich to not pay reasonable tax rates middle class is paying.

Elon Musk "borrows" from his companies, while keeping all in his money in their stocks.

It's not a simple taxation reform, but this idea that the rich CAN'T be reasonably taxed is pure BS.

How is it "abused."

 

[bripat9643]

Yep, that's what they tell dupes like you, so they never pay reasonable tax rates.

Check with the IRS, dumbass.

 

[AntonToo]

Check with the IRS, dumbass.

? Tax evasion is legal dummy.

You don't go after it with IRS. You go after it with reforms to tax laws.

 

[jc456]

Yep not income, he just lives a lavish lifestyle on it while getting away with not paying reasonable tax rates that I and other middle class Americans pay.

I really don't know what's in it for YOU to support this broken status quo, but it makes no fn sense.

You’re still confused at what is income