Wealth Tax

[05_never_again]

To show you how fair I was being with a P/E of 20 on the business I cited, the P/E she’s using on tesla to make her absurd claim is over 350x earnings.

So to get a the same valuation of a company earning 60k a year, if you multipled it by 350x you’d get 21million instead of the 1 million valuation I used.

That’s how insane these people are. They want to tax him based on 350x the earnings of his company

You are way overestimating her intelligence and sophistication on this issue. She has no idea what she is talking about. Break down her statement:

That's 4.5% of your net worth. You paid 3.27% between 2014 and 2018, no fed taxes at all in 2018

Your tax liability has nothing to do with your net worth. There is no wealth tax (yet), and your net worth has no impact on the amount of taxes someone pays.

You made $36 billion in ONE DAY in 2021.

She's conflating wealth (more specifically, an increase in net worth) with income. Again, an increase in someone's net worth or the value of their assets has no impact on their tax liability.

Most US ppl pay 10 to 37% in fed taxes & up to 13.3% in state taxes.

In this sentence, she abruptly switches to talking about income. People pay 10-37%, plus any state income taxes, of their taxable income in income tax. Which is of course different than net worth.

She's one of these people that thinks Jeff Bezos having a $200b net worth means that he has $200b in cash sitting in a bank account somewhere, and he made it via income (i.e., someone paid him $200b). They think about finance, money, and taxes like a 5-year-old does.

 

[AshG]

.
But if you are going to opine on this topic, it seems like a baseline expectation is knowing the difference between wealth and income. This is like writing an article about a football game but not knowing what a touchdown is.

I sure as hell wouldn't write that without talking with at least one economist, definitely two.

And the editor who allowed it to go public isn't too bright either.

 

[Vol8188]

I understand the concept. Not a fan of the estate/death tax.

I had not seen anyone propose a 100% rate.

I can’t proclaim I’ve heard it from any politicians I can name. I do know Warren wanted 75% and CNBC had published articles proposing 100%.

I’ve also seen memes from left wing cites promoting the idea of ending inheritance

https://www.cnbc.com/2019/07/24/its...illionaire-estates-oscar-mayer-heir-says.html

 

[BreatheUT]

The only thing more communist is the 100% death tax so many seem to want. The idea that if you die all your assets belong to the government

How about that tax on unrealized gains?

 

[05_never_again]

I sure as hell wouldn't write that without talking with at least one economist, definitely two.

And the editor who allowed it to go public isn't too bright either.

I don't think that they care - they have an agenda, and used that to write the piece.

I would have respected that piece more (not agreed with) if they just came out and said "Look, these people are extremely wealthy and the government needs to come up with a way to take more of their money. The federal income tax does not take enough of their money, so we need a wealth tax." Instead, they couched it in terms of the system not working, or them not "paying their fair share," or them making use of "loopholes" as though they are doing something illegal.

Just come out and say what you mean - don't couch it in misleading BS.

 

[Vol8188]

How about that tax on unrealized gains?

That’s what this thread is about

 

[McDad]

This is one of the more disgusting things I’ve seen. She seems to want his wealth treated as income and taxed as high as 37%.

To put this in perspective if you own a small business making 60k a year, I could reasonably claim that business is worth as much 1.2 million dollars (as high as 20x earnings). Let’s be more conservative and call it 1 million since it’s easy to work with.

Does anyone think 370k (37%) of 1 million is the proper tax rate for a business earning 60k a year?

How about the 10% number she gave. Is 100k the proper tax rate for a business owner making 60% a year?

She's not a politician or person of importance.
I don't care how idiotic she is.

 

[Vol8188]

She's not a politician or person of importance.
I don't care how idiotic she is.

I semi agree with two caveats.

1. She’s espousing a view held by politicians and people of importance.

2. She’s a journalist and their views do help shape the views of the public

 

[05_never_again]

She's not a politician or person of importance.
I don't care how idiotic she is.

She isn't, but many people with cultural cachet and actual power (some politicians) on the left do think that way.

 

[Boston Vol]

Let’s call it what it really is, an envy tax.

 

[05_never_again]

Let’s call it what it really is, an envy tax.

The crowd that advocates for this kind of thing isn't upset that poor people are that poor...they are upset that rich people are that rich.

 

[VolStrom]

I'm all for a wealth tax and I think it should be modeled after the income tax on social security. The .gov should set a threshold at which wealth is taxable, let's say $400k since the democrats seem to be fixated on that number. Then every year after that they should never adjust it for inflation and before you know it your local cashier at the grocery store is paying a wealth tax in 20 years. Sound fair?

 

[hog88]

The crowd that advocates for this kind of thing isn't upset that poor people are that poor...they are upset that rich people are that rich.

They're upset they aren't that rich.

 

[OrangeTsar]

Left‘s definition of „wealth“ = anyone with more money than themselves.
What they don’t realize is that they themselves are „wealthy“ to everyone poorer than them. That’s the danger of obtaining power through envy. Eventually, people end up envying YOU and then it is too late to call of the hounds. That is wavy all Revolutions eventually eat their own

 

[Thunder Good-Oil]

How about that tax on unrealized gains?

How and who are going to calculate the unrealized gains on non-publicly traded equities?

 

[LouderVol]

Yep and IRAs too. The bastards already covet all that pretax money that they can’t get their grifting hands on.

As always it wont hurt the rich. Just the midlevel people. Those just "wealthy" enough to get hit.

All it's going to do is increase the divide between the wealthy and the rest.

You also know they are going to go after over sea assets too.

 

[RavinDave]

I don’t have any money, I have grandchildren.

No grandchildren (yet) and if Warren gets her way I’ll have no money either.

 

[hog88]

How and who are going to calculate the unrealized gains on non-publicly traded equities?

Just do it like they do in states with personal property taxes. Idiot county/state employee just estimates then its up to you to prove them wrong.

 

[Thunder Good-Oil]

Elon and the other ultra rich use their wealth to create businesses that employ people that pay income taxes and that build stuff. Those that make these envy proposals and those that agree with them are idiots.

 

[05_never_again]

They're upset they aren't that rich.

That also explains their fixation on income inequality. What really chaps their ass is that there are people out there who make X amount of more money than them, not the fact that poor people are that poor.

If you could snap your fingers and increase the income of the working poor by 200% but it increased the income of the top 1% by 300%, they'd hate it because "income inequality" would increase, even though the poor would be making much more money and would have a much better quality of life.

The fact that they care so much about the income/wealth gap between the rich and the poor, rather than the absolute income/wealth level of the poor, says a lot.

 

[BreatheUT]

That’s what this thread is about

I didn't read the entire thread. I thought it was another angle.

 

[Vol8188]

That also explains their fixation on income inequality. What really chaps their ass is that there are people out there who make X amount of more money than them, not the fact that poor people are that poor.

If you could snap your fingers and increase the income of the working poor by 200% but it increased the income of the top 1% by 300%, they'd hate it because "income inequality" would increase, even though the poor would be making much more money and would have a much better quality of life.

The fact that they care so much about the income/wealth gap between the rich and the poor, rather than the absolute income/wealth level of the poor, says a lot.

I used to think the problem was they didn’t understand their own policies and how they increase wealth gaps through inflation.

Now (and likely influenced by Atlas Shrugged) I believe they know their policies increase inflation which increases the wealth gap, and they do so, so they can proclaim capitalism has failed and then convince you that you need more of their policies. It’s so insane it has to be intentional

 

[LouderVol]

How and who are going to calculate the unrealized gains on non-publicly traded equities?

The government will calculate. It will be overly complicated, include tons of loop holes for the rich, and somehow not achieve what they set out for.

 

[Thunder Good-Oil]

Just do it like they do in states with personal property taxes. Idiot county/state employee just estimates then its up to you to prove them wrong.

They really are idiots. Impose a recurring “sales” tax on personal property and guess what happens. People stop buying personal property, jobs go away, income taxes on the employee’s earnings disappear. But they’re all happy because they’ve created more equality of wealth distribution. But there’s a **** ton less wealth for EVERYBODY.

 

[Vol8188]

The government will calculate. It will be overly complicated, include tons of loop holes for the rich, and somehow not achieve what they set out for.

And then they’ll use that failure as a reason for why they need more power. It’s a never ended cycle of failure on the left as an excuse for why they need more control and more of their failed policies