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

[Ray From Cleveland]

I didn't comment on that, I commented on the absurdity of taking someone at their word who says they want to pay more in taxes, but do everything they can to pay as little as they can. IOW, Bill Gates by saying he wants to pay more taxes is no more virtuous than TRUMP!, who obviously wants to pay as little as possible if they both do what they can to minimize their tax bill.

These loud mouth liberals always talk about increasing taxes, but take every deduction given to them by law. But it's like George W Bush once said. Wealthy people tell me they are not paying enough in taxes. I'm, happy to announce the IRS accepts personal checks and credit cards.

 

[AntonToo]

These loud mouth liberals always talk about increasing taxes, but take every deduction given to them by law. But it's like George W Bush once said. Wealthy people tell me they are not paying enough in taxes. I'm, happy to announce the IRS accepts personal checks and credit cards.

Yep - lets run a voluntary tax system. Thats the ticket.

 

[jc456]

Yep - lets run a voluntary tax system. Thats the ticket.

That’s what it’s supposed to be

 

[Ray From Cleveland]

Language of the proposal is not released yet, but it will almost certianly not include state/local taxes.

SS tax is capped at a small ammount to matter, Medicare is additional 2.35%

And Middle class not paying payroll taxes? Nonsence. Payroll taxes are far less progressive than federal "income" part of the taxation.

It's like I said, you get all of that back. What you don't get back goes towards city and state services you enjoy. When we're talking actual income tax (money to support our federal government) a lot of people don't pay income tax. In fact half our population doesn't pay any income tax at all.

 

[bodecea]

Biden has reached new heights of idiocy. Does he actually believe any Republican is going to vote for that?

Biden plans to unveil new 20% 'minimum tax' on billionaires​

the worlds richest men, including Elon Musk and Jeff Bezos, have much of their wealth in the form of stock.​

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As their stock rises in value, they are able to finance lavish lifestyles by taking out loans secured by their stock holdings. But loans are not taxed as income, and in many cases the interest payments are tax deductible.​

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The rising value of stock holdings -- known as unrealized gains -- is also not taxed as income. Capital gains taxes are only imposed when the stock is sold.​

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s a result, some 400 billionaire families paid an average federal tax rate of just over 8 percent of their income between 2010 and 2018, according to an estimate from the White House Office of Management and Budget and Council of Economic Advisers.​

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However, critics of a 'wealth tax' argue that treating unrealized gains as income is unfair and could lead to unintended consequences.​

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If billionaires are forced to pay taxes on the rising values of their stocks, even before they sell them at a profit, they could be forced to sell off control of companies that they founded in order to pay their tax bills, critics say.​

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Under Biden's new plan, billionaires already paying more than 20 percent in federal taxes would not owe additional taxes, according to the Post.​

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The taxes paid toward the minimum tax would count toward whatever billionaires owe whenever they sell their stock and pay ordinary capital gains taxes.​

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'The Billionaire Minimum Income Tax will ensure that the very wealthiest Americans pay a tax rate of at least 20 percent on their full income,'​

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'This minimum tax would make sure that the wealthiest Americans no longer pay a tax rate lower than teachers and firefighters.'​

Don't worry. Doesn't affect you.

 

[Ray From Cleveland]

Yep - lets run a voluntary tax system. Thats the ticket.

Well not many contributed to additional taxes, so it only goes to show the hypocrisy of people like Gates. You can pay as much as you desire to the federal government and nobody will stop you if you think you're not paying enough.

 

[AntonToo]

It's like I said, you get all of that back. What you don't get back goes towards city and state services you enjoy. When we're talking actual income tax (money to support our federal government) a lot of people don't pay income tax. In fact half our population doesn't pay any income tax at all.

Thats not true for 2.35% of the Medicare part of the payroll taxes (on higher incomes).

And yes, because Federal Inclome tax is the most progressive part of taxes many on lower end do not pay it.

 

[AntonToo]

Well not many contributed to additional taxes, so it only goes to show the hypocrisy of people like Gates.

There is nothing hypocritical about supporting legislative changes to the system while paying taxes in accordance with the current system we have.

This is just an attempt at personality flame fest, not serious policy discussion.

 

[jc456]

Thats not true for 2.35% of the Medicare part of the payroll taxes (on higher incomes).

And yes, because Federal Inclome tax is the most progressive part of taxes many on lower end do not pay it.

It’s a funny thing you don’t really think people should pay their fair share

 

[jc456]

There is nothing hypocritical about supporting legislative changes to the system while paying taxes in accordance with current system.

Define fair

 

[hadit]

Well thats fine, you and Republicans you support are very welcome to make the argument that rich should pay a considerably smaller % of their income than middle class.

By all means.

And, of course, I haven't made that case either. Why are you insisting it's binary and that everyone has to support one or the other? What's so difficult about just envying someone else's success? As far as I'm concerned, I'd rather the wealthy pump their money into the private sector instead of the government.

 

[Ray From Cleveland]

There is nothing hypocritical about supporting legislative changes to the system while paying taxes in accordance with the current system we have.

This is just an attempt at personality flame fest, not serious policy discussion.

It's pure hypocrisy. People like me don't pay enough income taxes. Solution: pay as much as you want, but they didn't. They continued to take their deductions, continued to fight the IRS on how much they owed. It's hypocrisy at it's finest because you don't need to change any laws to pay more to our federal government. If you think you are not paying enough, then pay more if you like. You can pay them as much as you want and they'll happily accept your contribution.

 

[Ray From Cleveland]

Thats not true for 2.35% of the Medicare part of the payroll taxes (on higher incomes).

And yes, because Federal Inclome tax is the most progressive part of taxes many on lower end do not pay it.

I'm glad you see my point. Not one dime of Medicare goes to supporting our government: our military, our bureaucracies, our politicians. Medicare deductions go to one thing and one thing only--Medicare, which again you will get back that and more if you live the average lifespan in the US.

 

[hadit]

Yep - lets run a voluntary tax system. Thats the ticket.

We have one, it's called the sales tax.

 

[JohnDB]

It's called naked shorting. It used to be illegal...a major SEC violation.

What does naked short selling have to do with guys like Musk, Gates or Bezos?

So if we limit ourselves again to the original 3 day rule...it will stop these things.

Which 3 day rule?

Hedge funds will be OB somewhat...well they will not get so upside down to where they go bankrupt like several did this past summer.

What are you talking about? Which hedge funds?

Then guys like Elon musk will have to take larger salaries and sell his stock holdings by dribbling them out.

You're not making any sense.

The old rules for stock trading is what I'm trying to explain and I apologize if I'm using too much lingo of stock trading.

But the rules once were that we could only borrow money (margin) of 50% of a stock's value for three days before you had to settle all accounts to zero. Meaning that the stock could go up or down depending upon which direction you were betting on but that in three days the borrowing had to be settled with either a stock purchase or cash from a stock sale.
But three days was the limit no matter what.
Today you don't have to cover a purchase or short sale in three days. (Which is why the slang term "naked" is used.)

Hedge funds will have a reserve stock equity they use to borrow against and short sell stocks without covering...it can create situations like GameStop where margin calls create an explosive situation for a stock. They have to pay a ridiculous price for a stock that they sold but didn't own. And they lost millions on the situation.

 

[progressive hunter]

 

[JohnDB]

What the Democrats are proposing is a federal property tax...
And it's ridiculous.

If property taxes are now federal in nature then it is going to drastically change the nature of life in America. It won't be the same free market environment we have been accustomed to for these past 250years.

 

[jc456]

What the Democrats are proposing is a federal property tax...
And it's ridiculous.

If property taxes are now federal in nature then it is going to drastically change the nature of life in America. It won't be the same free market environment we have been accustomed to for these past 250years.

Reneging

 

[Toddsterpatriot]

Well thats fine, you and Republicans you support are very welcome to make the argument that rich should pay a considerably smaller % of their income than middle class.

By all means.

The rich pay a higher rate than the middle class.

 

[bripat9643]

Don't worry. Doesn't affect you.

Sure it does, idiot. The fact that you believe it doesn't affect you is why you should stay out of a voting booth.