Top 1% evade $163 billion/year in taxes

#104
#104
Some of the highlights

39.6% if over $450K (MFJ), $425K (HoH) and $400K (Single)

25% capital gains rate if over $400K

Lots of new distribution rules if IRAs over certain threshold and/or income over certain threshold ($400K)

26.5% corporate rate

Non-deductible compensation for anything over $1MM for top 10 at publicly traded company

A "local media" payroll tax credit
 
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#105
#105
BigOrangeMojo said:
Some of the highlights

39.6% if over $450K (MFJ), $425K (HoH) and $400K (Single)

25% capital gains rate if over $400K

Lots of new distribution rules if IRAs over certain threshold and/or income over certain threshold ($400K)

26.5% corporate rate

Non-deductible compensation for anything over $1MM for top 10 at publicly traded company

A "local media" payroll tax credit
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Holy chit batman. Are they trying to kill the economy?
 
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#106
#106
BigOrangeMojo said:
Some of the highlights

39.6% if over $450K (MFJ), $425K (HoH) and $400K (Single)

25% capital gains rate if over $400K

Lots of new distribution rules if IRAs over certain threshold and/or income over certain threshold ($400K)

26.5% corporate rate

Non-deductible compensation for anything over $1MM for top 10 at publicly traded company

A "local media" payroll tax credit
Click to expand...
What's the "local media" tax?
 
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#107
#107
So the top 1% account for ~20% of the total income, and ~40% of the total taxes paid ($600B of $1.5T) but somebody thinks that they should have paid $750B of $1.65T..... while the bottom 90% paid less than $600M and many of those bitching didn't pay a dime......
 
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#110
#110
BigOrangeMojo said:
It's a giveaway to a dying industry that skews strongly to the left. Pretty much, it covers every newspaper except the WSJ, NYT, and anything owned by Gannett or other large print media conglomerate.

View attachment 394436
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Aha, this sounds like a real opportunity for anyone with a printer to start a sub BU as a "local" paper and get in on some of the 1% who avoid taxes.
 
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#115
#115
As expected...

Stock market investors don't seem to care about higher taxes — but maybe they should

Suddenly everyone thinks the stock market is going to plunge

I continue to get more into cash. I'm betting the slide is bigger than 10% = Fed won't raise rates with economy cooling off, but we're still going to print insane amounts of $$. The almighty green back has been devalued almost 40% since 2000. More stimulus, anyone? Bueller?

Value of $1 from 2000 to 2021
$1 in 2000 is equivalent in purchasing power to about $1.59 today, an increase of $0.59 over 21 years. The dollar had an average inflation rate of 2.22% per year between 2000 and today, producing a cumulative price increase of 58.54%.
This means that today's prices are 1.59 times higher than average prices since 2000, according to the Bureau of Labor Statistics consumer price index. A dollar today only buys 62.89% of what it could buy back then.

The 2000 inflation rate was 3.36%. The current year-over-year inflation rate (2020 to 2021) is now 5.37%1. If this number holds, $1 today will be equivalent in buying power to $1.05 next year.

So, we can tax the hell out of the 1% or the 5% or the top 10%. Either way, it's not going to make a dent in anything, not one iota of difference other than more wasteful spending and none of it will be "deficit neutral", "pay for itself" or any other popular policy wonk catch phrase these admin talking heads that don't know s*** want to throw out there. We're gonna have to kill a lot of sacred cows along the way with some big @$$ budget cuts and everyone is going to have to have some tax skin in the game.
 
#119
#119
Vol423 said:
Be Careful what you wish for. They'll just move to Tennessee, continue to vote for the same tax and spend, liberal idiots for which they've always voted, and run the state of Tennessee into the ground too (and Florida and Texas).
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I’m fine with them moving to TN. Just stay the hell out of Texas 😈 However our blue blood carpet baggers appear to be more of the CA plague strain.
 
#120
#120
NorthDallas40 said:
I’m fine with them moving to TN. Just stay the hell out of Texas 😈 However our blue blood carpet baggers appear to be more of the CA plague strain.
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Yes. We get a ton of CA liberals here in AZ too. On of Texas' problems is that liberal Austin appeals heavily to the Silicon Valley types.
 
#125
#125
AshG said:
I


Bezos goes to space while his warehouse employees piss in bottles and collect food stamps. With the flick of a pen, he could end childhood hunger worldwide and still have more money than you or I will make in a hundred lifetimes. So much good could be done, but isn't.
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Never saw that when I worked there, must be a new problem.
 
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