Board 8 > Should Congress cut taxes for the rich?

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red sox 777 09/27/21 2:50:46 AM #1:	Should Congress cut taxes for the rich? Yes, raise taxes on the middle class to make up the difference. Yes, raise taxes on the poor to make up the difference. Yes, borrow more money to make up the difference. Yes, print more money to make up the difference. Yes, cutting taxes on the rich will lead to higher tax revenues. No, raise taxes on everyone. No, keep things the same. No, other. Should Congress cut taxes for the rich? - Results (44 votes) Yes, raise taxes on the middle class to make up the difference. 2.27% (1 vote) 1 Yes, raise taxes on the poor to make up the difference. 13.64% (6 votes) 6 Yes, borrow more money to make up the difference. 4.55% (2 votes) 2 Yes, print more money to make up the difference. 2.27% (1 vote) 1 Yes, cutting taxes on the rich will lead to higher tax revenues. 13.64% (6 votes) 6 No, raise taxes on everyone. 6.82% (3 votes) 3 No, keep things the same. 6.82% (3 votes) 3 No, other. 50% (22 votes) 22 Vote away! --- September 1, 2003; November 4, 2007; September 2, 2013 Congratulations to DP Oblivion in the Guru Contest! <cite>red sox 777 posted [p:958455445] in Should Con... [t:79681658]...</cite> <quote> Should Congress cut taxes for the rich? Yes, raise taxes on the middle class to make up the difference. Yes, raise taxes on the poor to make up the difference. Yes, borrow more money to make up the difference. Yes, print more money to make up the difference. Yes, cutting taxes on the rich will lead to higher tax revenues. No, raise taxes on everyone. No, keep things the same. No, other. Vote View Results Should Congress cut taxes for the rich? - Results (44 votes) Yes, raise taxes on the middle class to make up the difference. 2.27% (1 vote) 1 Yes, raise taxes on the poor to make up the difference. 13.64% (6 votes) 6 Yes, borrow more money to make up the difference. 4.55% (2 votes) 2 Yes, print more money to make up the difference. 2.27% (1 vote) 1 Yes, cutting taxes on the rich will lead to higher tax revenues. 13.64% (6 votes) 6 No, raise taxes on everyone. 6.82% (3 votes) 3 No, keep things the same. 6.82% (3 votes) 3 No, other. 50% (22 votes) 22 Show Voting Form Vote away! </quote> ... Copied to Clipboard!
BlAcK TuRtLe 09/27/21 9:56:43 AM #2:	While I agree that tax rules for rich for the wealthy are broken and something needs to be done, the fact that most of the people asking for this are also the same people that think "Jeff Bezos has eleventy bazillion dollars" doesn't help things. The MSM and Reddit crowd push this narrative that "Jeff Bezos/Elon Musk have more money than you could make if you worked 1000 years at $5,000 an hour", while gleefully ignoring that the vast vast majority of their wealth is tied up in stocks at the current market rate, that they could never realistically sell in large quantities without tanking the stock price. Are they extremely wealthy? Yes, absolutely, but not at all to the ridiculous degree that armchair economists on Reddit/Twitter would have you believe --- Props to azuarc, the current Guru of the Decade. Wear this title with pride! <cite>BlAcK TuRtLe posted [p:958460564] in Should Con... [t:79681658]...</cite> <quote>While I agree that tax rules for rich for the wealthy are broken and something needs to be done, the fact that most of the people asking for this are also the same people that think "Jeff Bezos has eleventy bazillion dollars" doesn't help things. The MSM and Reddit crowd push this narrative that "Jeff Bezos/Elon Musk have more money than you could make if you worked 1000 years at $5,000 an hour", while gleefully ignoring that the vast vast majority of their wealth is tied up in stocks at the current market rate, that they could never realistically sell in large quantities without tanking the stock price. Are they extremely wealthy? Yes, absolutely, but not at all to the ridiculous degree that armchair economists on Reddit/Twitter would have you believe </quote> ... Copied to Clipboard!
Maniac64 09/27/21 1:23:33 PM #3:	No, raise taxes on the rich. --- "Hope is allowed to be stupid, unwise, and naive." ~Sir Chris <cite>Maniac64 posted [p:958465986] in Should Con... [t:79681658]...</cite> <quote>No, raise taxes on the rich. </quote> ... Copied to Clipboard!
MechanicalWall 09/27/21 1:29:45 PM #4:	Even the majority of rank-and-file Republicans support raising taxes on the rich lol <cite>MechanicalWall posted [p:958466155] in Should Con... [t:79681658]...</cite> <quote>Even the majority of rank-and-file Republicans support raising taxes on the rich lol </quote> ... Copied to Clipboard!
Team Rocket Elite 09/27/21 1:42:14 PM #5:	BlAcK TuRtLe posted... "Jeff Bezos/Elon Musk have more money than you could make if you worked 1000 years at $5,000 an hour" That could be accurate. That's roughly 10 billion USD which is about 5% of Elon Musk or Bezos's net worth. --- My bracket looked like random picks compared to his. Congrats to azuarc for winning the GotD 2020 Guru Contest! <cite>Team Rocket Elite posted [p:958466484] in Should Con... [t:79681658]...</cite> <quote>BlAcK TuRtLe posted...</cite> <quote>"Jeff Bezos/Elon Musk have more money than you could make if you worked 1000 years at $5,000 an hour"</quote> That could be accurate. That's roughly 10 billion USD which is about 5% of Elon Musk or Bezos's net worth.</quote> ... Copied to Clipboard!
foolm0r0n 09/27/21 3:27:57 PM #6:	Yeah both of those have divested 10 bil multiple times without tanking their stock. I think bezos did like 30 bil. What those numbers are missing is that if you work for $5000/hr AND invest in something 7%, it will take much less than 1000 years. Of course, Bezos can invest too, and will crush you in that regard --- _foolmo_ he says listen to my story this maybe are last chance <cite>foolm0r0n posted [p:958469468] in Should Con... [t:79681658]...</cite> <quote>Yeah both of those have divested 10 bil multiple times without tanking their stock. I think bezos did like 30 bil. What those numbers are missing is that if you work for $5000/hr AND invest in something 7%, it will take much less than 1000 years. Of course, Bezos can invest too, and will crush you in that regard </quote> ... Copied to Clipboard!
BlAcK TuRtLe 09/27/21 3:31:30 PM #7:	Team Rocket Elite posted... That could be accurate. That's roughly 10 billion USD which is about 5% of Elon Musk or Bezos's net worth. The point I'm making is that their "net worth" is a completely meaningless number, since it is based on the current market value of all of their holdings and is not a real number until they liquidate, which is also when capital gains taxes come into effect. If something happened and Teslas just started randomly exploding and killing people, Elon Musk's "net worth" would instantly change to a fraction of it's current value overnight --- Props to azuarc, the current Guru of the Decade. Wear this title with pride! <cite>BlAcK TuRtLe posted [p:958469575] in Should Con... [t:79681658]...</cite> <quote>Team Rocket Elite posted... </cite> <quote>That could be accurate. That's roughly 10 billion USD which is about 5% of Elon Musk or Bezos's net worth.</quote>The point I'm making is that their "net worth" is a completely meaningless number, since it is based on the current market value of all of their holdings and is not a real number until they liquidate, which is also when capital gains taxes come into effect. If something happened and Teslas just started randomly exploding and killing people, Elon Musk's "net worth" would instantly change to a fraction of it's current value overnight </quote> ... Copied to Clipboard!
foolm0r0n 09/27/21 3:34:14 PM #8:	The absolute dumbest thing about taxing the rich though is that the money goes straight to the current discretionary budget. Wanting to tax Bezos 10 bil is exactly wanting to pump 6 bil into the military/medical/tuition industrial complexes. No one gives a shit about this. --- _foolmo_ he says listen to my story this maybe are last chance <cite>foolm0r0n posted [p:958469662] in Should Con... [t:79681658]...</cite> <quote>The absolute dumbest thing about taxing the rich though is that the money goes straight to the current discretionary budget. Wanting to tax Bezos 10 bil is exactly wanting to pump 6 bil into the military/medical/tuition industrial complexes. No one gives a shit about this. </quote> ... Copied to Clipboard!
hockeydude15 09/27/21 4:39:26 PM #9:	BlAcK TuRtLe posted... The MSM and Reddit crowd push this narrative that "Jeff Bezos/Elon Musk have more money than you could make if you worked 1000 years at $5,000 an hour", while gleefully ignoring that the vast vast majority of their wealth is tied up in stocks at the current market rate, that they could never realistically sell in large quantities without tanking the stock price. While Musk generally hangs on to stock (for now at least) Bezos literally has sold almost $20 billion of his stock over the last 2 years and yet it hasn't stopped Amazon's stock from just going up. And if $20 billion over 2 years isn't a large quantity then lolo --- Yawn <cite>hockeydude15 posted [p:958471638] in Should Con... [t:79681658]...</cite> <quote>BlAcK TuRtLe posted... </cite> <quote>The MSM and Reddit crowd push this narrative that "Jeff Bezos/Elon Musk have more money than you could make if you worked 1000 years at $5,000 an hour", while gleefully ignoring that the vast vast majority of their wealth is tied up in stocks at the current market rate, that they could never realistically sell in large quantities without tanking the stock price.</quote>While Musk generally hangs on to stock (for now at least) Bezos literally has sold almost $20 billion of his stock over the last 2 years and yet it hasn't stopped Amazon's stock from just going up. And if $20 billion over 2 years isn't a large quantity then lolo </quote> ... Copied to Clipboard!
BlAcK TuRtLe 09/27/21 4:49:23 PM #10:	hockeydude15 posted... While Musk generally hangs on to stock (for now at least) Bezos literally has sold almost $20 billion of his stock over the last 2 years and yet it hasn't stopped Amazon's stock from just going up. And if $20 billion over 2 years isn't a large quantity then lolo And he paid capital gains taxes on that $20 billion, which noone seems to care about because he "hasn't paid taxes" on his other $180 billion in non-liquid assets. Nowhere did I say $20 billion is "not a large quantity", it obviously is more money than any of us will ever see, but people are pretending that owning stocks is some sort of "scam" or "loop hole" because you don't pay taxes until you sell, which is an absolutely ludicrous position to take. --- Props to azuarc, the current Guru of the Decade. Wear this title with pride! <cite>BlAcK TuRtLe posted [p:958471945] in Should Con... [t:79681658]...</cite> <quote>hockeydude15 posted... </cite> <quote>While Musk generally hangs on to stock (for now at least) Bezos literally has sold almost $20 billion of his stock over the last 2 years and yet it hasn't stopped Amazon's stock from just going up. And if $20 billion over 2 years isn't a large quantity then lolo</quote>And he paid capital gains taxes on that $20 billion, which noone seems to care about because he "hasn't paid taxes" on his other $180 billion in non-liquid assets. Nowhere did I say $20 billion is "not a large quantity", it obviously is more money than any of us will ever see, but people are pretending that owning stocks is some sort of "scam" or "loop hole" because you don't pay taxes until you sell, which is an absolutely ludicrous position to take. </quote> ... Copied to Clipboard!
foolm0r0n 09/27/21 10:25:00 PM #11:	BlAcK TuRtLe posted... And he paid capital gains taxes on that $20 billion No cuz it was written off as business input --- _foolmo_ he says listen to my story this maybe are last chance <cite>foolm0r0n posted [p:958481596] in Should Con... [t:79681658]...</cite> <quote>BlAcK TuRtLe posted... </cite> <quote>And he paid capital gains taxes on that $20 billion</quote>No cuz it was written off as business input </quote> ... Copied to Clipboard!
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Board 8 > Should Congress cut taxes for the rich? (+) Yeah! (+)

Board 8 > Should Congress cut taxes for the rich?