Current Events > Please stop defending Billionaires who avoid paying their taxes

(+) Yeah! (+)

The argument of capitalists is that rich people sustain the economy (trickle down economics) and thus whatever they need to do is fine.

Which is fucking bullshit but whatever.

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5/ The current highest tax rate in America is 37% for couples with combined income above $628,300, but our analysis shows how the ultrarich effectively sidestep this system.

https://twitter.com/propublica/status/1402222694679068675

37%

37%



But Bezos is so self made he deserves to only pay less than 1% ?

Questionmarktarius posted...

didn't take long

starstruck by bezos

fyi

billionaries can get loans at interest rates of .20 %

yes point 20

like a 5th of a percent

https://www.wsj.com/articles/buy-borrow-die-how-rich-americans-live-off-their-paper-wealth-11625909583

Merrill Lynch recently quoted an interest rate of 3.2% to clients with at least $1 million in assets. Those with $100 million or more can get a rate as low as 0.87%.

measily $100 million gets you a loan of 0.87%

hmm

how much would a guy with multiple billions get?

0.20% might even be too high of an estimate

a loan with interest rate of 0.09 is literally just income

they have income

so lets laugh everytime someone claims "unrealized gains"

Elon and Bezos aren't exactly getting loans from the "payday" place next to the tattoo parlor.

"True tax rate" lol okay so we are using made up numbers now
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Questionmarktarius posted...

Elon and Bezos aren't exactly getting loans from the "payday" place next to the tattoo parlor.

so you understand the bank will just give them money and still gaslight with "unrealized gains"

why?

@Questionmarktarius

Amen

Questionmarktarius posted...

Elon and Bezos aren't exactly getting loans from the "payday" place next to the tattoo parlor.

So? That's why it's an interest rate and not a flat fee. It should be applicable at all levels.

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g980 posted...

"True tax rate" lol okay so we are using made up numbers now

you seem to be a smart guy yet why is it that you choose to remain ignorant on this issue?
no one is coming for your stocks that are worth a few thousand dollars fyi

@g980

I don't really care about billionaires. I only care about Elon Musk. Guy is a genius and is changing the world with what he is doing.

WingsOfGood posted...

so you understand the bank will just give them money and still gaslight with "unrealized gains"

Yes.
A 0.20% return on a million dollar loan that's nigh-guaranteed to be repaid is a lot more money than a 450% return on a $250 loan made to someone who may or may not skip town.

The latter doesn't even happen outside of fearmongering and hyperbole, unless you've really fucked up somewhere and rolled over a two-week loan for a couple years..

Questionmarktarius posted...

Yes.
A 0.20% return on a million dollar loan that's nigh-guaranteed to be repaid is a lot more money than a 450% return on a $250 loan made to someone who may or may not skip town.

likely not even 0.20%
more like 0.09%

literally income with a fee for cashing it

WingsOfGood posted...

you seem to be a smart guy yet why is it that you choose to remain ignorant on this issue?
no one is coming for your stocks that are worth a few thousand dollars fyi

@g980

@WingsOfGood do you only take positions because you think it will benefit you personally?

You even posted an infographic showing the tens & hundreds of millions in taxes paid on income
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them paying their taxes will not benefit me personally @g980

what benefit do you get for defending something objectively unfair?

Crescente posted...

Guy is a genius and is changing the world with what he is doing.

it's a shame the guy is a massive asshole however :( personality wise.
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WingsOfGood posted...

what benefit do you get for defending something objectively unfair?

If anything, this sudden push to tax hypothetical paper wealth just makes it more obvious that property tax is utter bullshit.

Crescente posted...

I don't really care about billionaires. I only care about Elon Musk. Guy is a genius and is changing the world with what he is doing.

so the money is better with Elon than the government?

wait about Bezos and Mark though?

Questionmarktarius posted...

If anything, this sudden push to tax hypothetical paper wealth just makes it more obvious that property tax is utter bullshit.

yea unrealized gains are taxed, on property

yet when it comes to stock everyone loses their minds when only discussing doing it to people with billions which is like idk 10 people?

WingsOfGood posted...

yet when it comes to stock everyone loses their minds when only discussing doing it to people with billions which is like idk 10 people?

Because, a tax for "that guy" eventually (usually quickly) becomes a tax on everyone.

https://www.pbs.org/newshour/economy/making-sense/the-income-tax-in-1913-a-way-to-soak-the-rich

kingdrake2 posted...

it's a shame the guy is a massive asshole however :( personality wise.

Not really. He's said some jerkish things to some people. But I'm pretty sure he's a good guy in general.

Questionmarktarius posted...

Because, a tax for "that guy" eventually (usually quickly) becomes a tax on everyone.

https://www.pbs.org/newshour/economy/making-sense/the-income-tax-in-1913-a-way-to-soak-the-rich

no.

only those guys can get 0.09% loans

so just as expected, the whole thing is you afraid dems will come for your few thousands in stock

so it is ok that they can claim no income while the bank hands them income.....

Questionmarktarius posted...

rest assured, this administration plans to target unrealized gains

and when billionaires find a way around it like they always do, they'll come right for our assets to pay the bills

or to pay the interest on the cumulative debt from all those bills rather

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TheMikh posted...

and when billionaires find a way around it like they always do, they'll come right for our assets to pay the bills

They're coming for your old pokemon cards in the back of the closet.
Just wait.

The logic boils down to "I'm gonna be like them one day because I work hard!".

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Questionmarktarius posted...

They're coming for your old pokemon cards in the back of the closet.
Just wait.

and junk coins!

we must all rally behind our billionaire heros!

CRON posted...

The logic boils down to "I'm gonna be like them one day because I work hard!".

No, the logic is "look at what happened to the Alternative Minimum Tax, and estate taxes."

TheMikh posted...

rest assured, this administration plans to target unrealized gains

Lmfao good one

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WingsOfGood posted...

no.

only those guys can get 0.09% loans

so just as expected, the whole thing is you afraid dems will come for your few thousands in stock

so it is ok that they can claim no income while the bank hands them income.....

Is a loan an income now? Should you pay an income tax everytime you use a credit card?

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Squall28 posted...

Is a loan an income now? Should you pay an income tax everytime you use a credit card?

Should I pay income for credit card? THAT is your argument?

@Squall28

WingsOfGood posted...

https://www.wsj.com/articles/buy-borrow-die-how-rich-americans-live-off-their-paper-wealth-11625909583

measily $100 million gets you a loan of 0.87%

hmm

how much would a guy with multiple billions get?

0.20% might even be too high of an estimate

a loan with interest rate of 0.09 is literally just income

they have income

so lets laugh everytime someone claims "unrealized gains"

if you owe the bank 1m, the bank owns you; if you owe the bank 100m, you own the bank

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Poor conservatives love rich ceos for some reason.

Youd think a tax dodging millionaire from NY who never worked a hard day in his life wouldnt be their chosen one but it happened lol

Ill never understand it.

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Questionmarktarius posted...

They're coming for your old pokemon cards in the back of the closet.
Just wait.

they've gone too far

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They should pay so much that the lower tax brackets are tax exempt.

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Payzmaykr posted...

They should pay so much that the lower tax brackets are tax exempt.

That was how it worked in 1913, then the taxes just sorta expanded down the line.
https://www.pbs.org/newshour/economy/making-sense/the-income-tax-in-1913-a-way-to-soak-the-rich (again)

Mr Hangman posted...

If they were evading taxes, the IRS would seize it. What they do is legal. All the blame should be aimed squarely at Congress.

this , the only fix is for congress to change the tax code

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SSJPurple posted...

Poor conservatives love rich ceos for some reason.

Youd think a tax dodging millionaire from NY who never worked a hard day in his life wouldnt be their chosen one but it happened lol

Ill never understand it.

republicans: less taxes for the rich
democrats: less competition against the rich

two wings, one bird

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skermac posted...

this , the only fix is for congress to change the tax code

simplifying the tax code would go a very long way, but every item on that tax code has rich interests that will fight tooth and nail to preserve it

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WingsOfGood posted...

Should I pay income for credit card? THAT is your argument?

@Squall28

You are suggesting people should pay income tax on bank loans. That's your argument not mine. I'm just letting you know how silly that line of logic is with the credit card example.

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Mr Hangman posted...

This is partly true, but it leads to exactly the same conclusion: the tax code needs to be greatly simplified. That limits options for legal evasion and makes for much easier prosecution against illegal evasion.

True. I agree.

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Mr Hangman posted...

This is partly true, but it leads to exactly the same conclusion: the tax code needs to be greatly simplified. That limits options for legal evasion and makes for much easier prosecution against illegal evasion.

Yes, please.

Squall28 posted...

You are suggesting people should pay income tax on bank loans. That's your argument not mine. I'm just letting you know how silly that line of logic is with the credit card example.

Incorrect. I am saying you should pay tax on your income.

If you use a bank loan as income then it is to be taxed.

WingsOfGood posted...

If you use a bank loan as income then it is to be taxed.

So, you want to fuck over every college student ever, again?

One day they'll see how I defended them and I'll be sipping margaritas with Elon

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Questionmarktarius posted...

So, you want to fuck over every college student ever, again?

Ah you are back with more disingenous arguments.
Remind me again why billionaires need your help?