This is why we need to tax the wealthy

[Soupnazi630]

Billionaires Are Hoarding Trillions in Untaxed Wealth. They Want the Supreme Court to Keep It That Way

A new report from Americans for Tax Fairness found that America’s richest families accumulated $8.5 trillion in untaxed capital gains in 2022

www.yahoo.com

TRILLIONS in untaxed wealth. Good luck explaining this to republicans I guess. You have to explain the difference between the official tax rate and the EFFECTIVE tax rate of top earners.

What do you expect them to do? Being wealthy does not create a debt or obligation to others.

Everyone evades taxes. Most tax evasion is done by working stiffs and the lower economic classes. If it is good enough for the average bartender or waitress it is good enough for a billionaire

Rather than worrying about who is paying what we should cut taxes for ALL and demand government only spend what they have.

 

[justoffal]

I didn't say anything about tax cuts. I just don't think that punishing the rich for being rich is right and I don't think taxing them more will lower the deficit.

Again, we have a deficit because the government can't handle money worth a shit.

Well they have the the talent on hand and they know what the morals are. They simply ignore the talent and have no morals whatsoever.

 

[justoffal]

What do you expect them to do? Being wealthy does not create a debt or obligation to others.

Everyone evades taxes. Most tax evasion is done by working stiffs and the lower economic classes. If it is good enough for the average bartender or waitress it is good enough for a billionaire

Rather than worrying about who is paying what we should cut taxes for ALL and demand government only spend what they have.

I know I'm wearing out the point but a straight up sales tax would most likely triple the revenue and eventually disappear into the unnoticeables as time went on. The IRS could be reduced by 90%..... It's already an entire army of tax collectors out there at the cash registers of America.
I venture to guess that the increase in people's holding money would actually outnumber the cost increases of texed goods. This would eliminate the concept of illegal aliens.

 

[scruffy]

Rather than worrying about who is paying what we should cut taxes for ALL and demand government only spend what they have.

lol

Good luck with that.

 

[ThisIsMe]

Billionaires Are Hoarding Trillions in Untaxed Wealth. They Want the Supreme Court to Keep It That Way

A new report from Americans for Tax Fairness found that America’s richest families accumulated $8.5 trillion in untaxed capital gains in 2022

www.yahoo.com

TRILLIONS in untaxed wealth. Good luck explaining this to republicans I guess. You have to explain the difference between the official tax rate and the EFFECTIVE tax rate of top earners.

So if the government taxes unrealized gaines but then you have unrealized losses the next year, will the government issue a rebate for the losses?

 

[ThisIsMe]

Taxing wealth is not the same as seizing it

Ok, let say some poor dude who has nothing, gets an inheritance from a rich uncle he didn’t know about, but the inheritance is in real estate or some other physical asset. The government wants to tax that, but this poor fella doesn’t have any money to pay those taxes. The only wealth he has is tied up in the physical assets.

So…does this mean he has to start liquidating his inheritance just to be able to pay those new wealth taxes?

 

[ThisIsMe]

That is what Billy was saying

In other words….Taxes are the price we pay to live in a civilized society

Seriously? That’s just an excuse to allow the government to keep taking money from people instead of doing the responsible thing and cut expenses.

The taxation for the things government is constitutionally allowed to do is one thing, all of this other stuff is wrong.

What do you think will happen if a wealth tax is passed? That we will suddenly have more money? No, the government will just look for more ways to spend it and we’ll be right back at square one.

You can only tax people so much..

 

[ThisIsMe]

Yes but the point is that excessive spending is just as bad as massive tax cuts.

Increased taxation is pointless due to the governments never ending desire to spend more money.

 

[ThisIsMe]

On the defense budget yeah.

Defense is in the cotus.

But go ahead, chop our budget. Let’s spend the least on defense, percent wise, than any other country.

Yes, please vote for that.

 

[ThisIsMe]

What we need are taxes on the wealthy that they are not so easily avoided.
The wealthy know better than to earn taxable income

The wealthy know better than to earn taxable income

Yes, because they know the government will try to take it.

Again, as I’ve stated before, next time dems have the house and senate, I BEG you, with every fiber of my being…pass the wealth tax. I strenuously support that notion. I want to see as every rich person pulls their funding from democrats.

 

[ThisIsMe]

So, how much defense needs to be cut, 100%? Make America totally vulnerable to massive invasion?

Yes, I hope they slash defense by at least 60%. I can’t wait to see how that plays out

 

[ThisIsMe]

Let me ask you this and I think I know the answer but I’ll ask anyway. What do you propose we do with the people who cannot have a job because it’s impossible? There’s the physically disabled and also the intellectually disabled we are talking about here. Should we just kill them off?

1) cut federal programs that are not constitutional, thereby reducing the federal budget and the need for them to have all that tax money. This will allow people and states to keep more of the money instead of the federal government siphoning it away.

2) state based programs and charities (who now have more money) can take care of these people in their states.

What’s wrong with that?

 

[ThisIsMe]

Oh hell no. I believe in a strong military but my gawd man.. we give them so much money they cant even keep up with it! Losing billions of dollars? a 400 dollar hammer? 750 foreign military bases? Fuck that shit.

I agree that their budgets need to be shored up to eliminate wasteful spending, that’s an absolute must. Government in general waaaay overpays for just about everything.

That certainly needs addressing, but cutting the budget that could weaken our defense, or advancement in military technology cannot happen.

 

[ThisIsMe]

lol well who would fund those programs in your state then?

States could tax their citizens directly for programs needed to help the citizens of their state.

 

[ThisIsMe]

Good God, can you really be this stupid? Do you have a clue what an unrealized gain is. It can't be spent, it's just an entry on a ledger that can change form day to day, depending on the markets. Let's say your house increases by 100,000 and you're taxed on that. Then the real estate market tanks and it loses 125,000 in value, can you get a refund of previous taxes paid, plus the tax rate on your loss? Or would it be better to wait until the gain is realized and tax it then? Come on child, think!

.

Exactly…let’s say you have an item that you never intend to sell, such as, maybe an extremely rare comic or baseball card. What if you just intend on holding it forever. It has an unrealized gain in value, but you are taxed on something that will never become income.

Same with your house. If it increases in value, but your intent is to live there and never sell it…then what would you be taxed on? You already pay property taxes on the estimated value….

So…how is that legal? They can basically just start taxing your property…anything that has value…

That’s not good.

 

[ThisIsMe]

If the wealth tax is such a good idea, then why aren’t dems voluntarily paying it? There are several dems in Congress whose families are worth a lot of money, who have these unrealized gains. Why are they not sending this wealth tax to the government on their own?

 

[beagle9]

GUESS WHAT, genius-- -- not only is every person I know hoarding trillions in untaxed wealth a far left democrat, but it is the democrats who wrote the tax laws allowing them to do so, so why don't you go cry in your pillow now?

The Biden's are under investigation now for such things.

 

[beagle9]

20-25% of SNAP recipients are black and another 20-25% of SNAP recipients are Hispanic .. are you saying these demographics of individuals are stupid?

About like their claim that black's couldn't get ID to vote or that they don't have drivers licenses so they can show ID to vote...

 

[AZrailwhale]

I agree that their budgets need to be shored up to eliminate wasteful spending, that’s an absolute must. Government in general waaaay overpays for just about everything.

That certainly needs addressing, but cutting the budget that could weaken our defense, or advancement in military technology cannot happen.

One easy change is to go back to the procurement practices prior to WWII, If the government wants a new plane, let the manufactures design it and build prototypes on their own dime and then have a competition. Get rid of the processes that a decade or more to develop a new piece of hardware.

 

[Markle]

Your percentage is off... as of 2022:

• Veterans are 3%-5% of SNAP recipients
• Disabled are 10%-15% of SNAP recipients
• Elderly are 10% - 15% of SNAP recipients
• Children are 40%-45% of SNAP recipients

That's 80% on the high end and 63% on the low end. Instead of making individuals more dependent on government with little to no incentive to better themselves .. why not incentive them instead?

Please do not confuse Billy000. You know how the truth and facts affect Progressives. They get woozy, stagger around, and fall over. Then we have to haul them out of the way and stack them up like logs.