Taxes and the Mega-Wealthy

#176
#176
NorthDallas40 said:
You are so full of **** kid there are NOT cases upon cases of private citizens personal tax information being compromised like this. What a clown response. It’s a felony offense with up to 5 years imprisonment penalty.

The only thing that might get action this time is these are all rich powerful people who know other rich powerful people that can do something about it. If this were just a bunch of peons like the massive OPM breach nothing would happen.
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Again, these are public figures. I've linked the legal definition of what a public figure is for you earlier and you responded linking a MAGA Russian troll column. You're out of your element.
 
#177
#177
Tyler Durden said:
Again, these are public figures. I've linked the legal definition of what a public figure is for you earlier and you responded linking a MAGA Russian troll column. You're out of your element.
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It doesn’t matter you clueless tool! It’s confidential tax information protected by federal law and it’s a felony offense to disclose it without the individual’s consent! 🤡

And a personal wealth management site is a MAGA Russian troll column?

HAHAHAHAHAHAHAHAHAHA!!! 🤡
 
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#178
#178
LouderVol said:
They already have a much higher tax rate. What else do you want to do? A double progressive tax rate? Put some exponential tax rate in place? They have to pay 1000% income tax so that their effective rate actually works out to be the 45%, or whatever fair number we make up?

I am not saying it cant be done, I am just saying I dont see any way our government pulls it off. And that's not thinking about these guys buying off the politicians in the first place. Just the logistics of writing something they cant wiggle out of.
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Well, yeah, if we limit our thoughts to that, then we'll rarely have any solutions to discuss in here on any given topic. It did sound like you were saying it can't be done, but you are not.
 
#179
#179
Simple tax system everyone pays 10% of their income (all income). That should bring in somewhere around 5-6 trillion dollars every year with 125+/- working adults.
 
#180
#180
When four people like Bezos, Buffett, Gates and Musk own more than the GDP of more than 90% of countries maybe our system is broken.
 
#182
#182
Tyler Durden said:
Wrong, all students pay for their costs in some way. Those on scholarship are most likely on scholarship because they are basically a marketing tool for the university. Now and in the future. How many millions of dollars has Peyton Manning's scholarship earned for the university?

The university sells a product just like everyone else, and the user (student) chooses to go there. With taxes there is no choice, we are all getting taxed. We can argue about what level of taxation is appropriate, but we are going to be taxed. It's how governments work. The government creating loopholes so the billionaire can avoid tax and have the common man pay the billionaire's share is the issue. I don't blame people for taking advantage of loopholes, but they should be closed.
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@McDad I was wrong you didn't get an answer.
 
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#183
#183
McDad said:
I am about halfway through it. One thing of note so far, and EL's sentence structure gives insight to it, there is a lot of intermingling of "wealth", and "income". I think that is done intentionally.

As you know, we do not have a wealth tax in this country. And income under our system is classified as earned and unearned which are taxed differently.
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Yep. Kept thinking that over and over again while reading the article. It's totally done intentionally to conflate the two terms, and many financial illiterates (whose numbers are considerable) will eat it up.

While never explicitly doing it, the article is basically advocating for a wealth tax in addition to the income tax and a removal of the ability to use past losses to reduce taxable income. It takes issue with a SCOTUS decision in the early days of the income tax that effectively ruled that unrealized gains on assets were not income (because duh).
 
#187
#187
NorthDallas40 said:
It doesn’t matter you clueless tool! It’s confidential tax information protected by federal law and it’s a felony offense to disclose it without the individual’s consent! 🤡
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This is me holding my breath waiting for your theory to be proven correct, despite the ample amount of evidence that shows you are out of your element and have no clue what you're talking about.

ehZ86eH65XaPNhrE4U.gif
 
#189
#189
Tyler Durden said:
This is me holding my breath waiting for your theory to be proven correct, despite the ample amount of evidence that shows you are out of your element and have no clue what you're talking about.

View attachment 372737
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You are looking foolish. Take the L. It's a felony unless the person whose tax info is leaked authorized it. Which I hope we can agree did not happen here.


Is It Illegal to Publish a President’s Tax Returns? (Published 2017)


You are confusing several different laws.
 
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#190
#190
Tyler Durden said:
Wrong, all students pay for their costs in some way. Those on scholarship are most likely on scholarship because they are basically a marketing tool for the university. Now and in the future. How many millions of dollars has Peyton Manning's scholarship earned for the university?

The university sells a product just like everyone else, and the user (student) chooses to go there. With taxes there is no choice, we are all getting taxed. We can argue about what level of taxation is appropriate, but we are going to be taxed. It's how governments work. The government creating loopholes so the billionaire can avoid tax and have the common man pay the billionaire's share is the issue. I don't blame people for taking advantage of loopholes, but they should be closed.
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Wanna take a shot at the other 2 questions...property tax and public utilities?
 
#191
#191
volfanhill said:
You are looking foolish. Take the L. It's a felony unless the person whose tax info is leaked authorized it. Which I hope we can agree did not happen here.


Is It Illegal to Publish a President’s Tax Returns? (Published 2017)


You are confusing several different laws.
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Oh no no no. Boy genius has to be correct and the IRS chief adamantly proclaiming they are immediately opening a criminal investigation is all smoke screen. These are “public figures” so it’s all legit 😂
 
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#192
#192
Tyler Durden said:
Wrong, all students pay for their costs in some way. Those on scholarship are most likely on scholarship because they are basically a marketing tool for the university. Now and in the future. How many millions of dollars has Peyton Manning's scholarship earned for the university?

The university sells a product just like everyone else, and the user (student) chooses to go there. With taxes there is no choice, we are all getting taxed. We can argue about what level of taxation is appropriate, but we are going to be taxed. It's how governments work. The government creating loopholes so the billionaire can avoid tax and have the common man pay the billionaire's share is the issue. I don't blame people for taking advantage of loopholes, but they should be closed.
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Bolded is incorrect. The majority of scholarship dollars are delivered on need or merit and are not athletic scholarships. Most of the funds come from donations from people and companies as a method to support students.
 
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#193
#193
Tyler Durden said:
Again, these are public figures. I've linked the legal definition of what a public figure is for you earlier and you responded linking a MAGA Russian troll column. You're out of your element.
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Speaking as someone who is slightly left of center politically but who is likely the most qualified person on VN re: this subject.

You are an idiot.
 
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#194
#194
hog88 said:
Simple tax system everyone pays 10% of their income (all income). That should bring in somewhere around 5-6 trillion dollars every year with 125+/- working adults.
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No thank you.
Currently Fed collects about 20% of GDP in revenue.
 
#197
#197
BigOrangeMojo said:
Speaking as someone who is slightly left of center politically but who is likely the most qualified person on VN re: this subject.

You are an idiot.
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That's not very cordial of you. I expect more from a poster with an elephant and slide coming from his butt avatar.
 
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#198
#198
n_huffhines said:
It is fair to have the same legal opportunities but it doesn’t make everything about the system fair. The system can still deliver unfair results.

If you allowed people to write off 10 Lamborghinis, it would be fair in terms of legal opportunity but for practical purposes, this is only for the rich and doesn't create real life tax fairness.
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So your version of fair sounds like specifically targetting the rich.

In your scenario the government isnt saying you can only write off 10 lambos. Its saying you can write off your personal vehicles. For me that's a Sentra. For my parents it's a versa, frontier, and rogue. For the rich its 10 lambos.

That's fair, in law and practicality. You cant assume it's fair for someone to pay more because they can afford it.

I eat McDonalds more than I should, part of my weight loss strategy. I make more than most of their customers, should I pay more? Should Bezos dollar menu options be limited to tap water? For me the answer is no. And I dont see why it's different, legally, ethically, morally, logically, etc, for the government.
 
#199
#199
VolStrom said:
How much money does one man need? It's like a Monopoly game where one player collects all of the money and owns all of the property. Besides, why are all of the rich billionaires white?
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Need isn't part of the equation.
 
#200
#200
volinbham said:
Bolded is incorrect. The majority of scholarship dollars are delivered on need or merit and are not athletic scholarships. Most of the funds come from donations from people and companies as a method to support students.
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Tyler refused to discuss my question because the situations were radically dissimilar. Unfortunate.
 
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