think about what you just said....we have a tax code....everyone pays according to that code....If a person earns $1billion in what the code calls taxable income, those monies are taxed based on that code the same as you and I. It's the same tax system.
I'm calling for a change in code to make billionaires pay more.
you do know that with your 401k, which is growing through capital gains dividends and interest, will be taxed at ordinary income rates when you take it out as RMD....so the government will get their money, just not today.
Trump has already cut a huge number of programs and yet our deficits are exploding. There's only one serious way to solve this. Tax rich people more, cut military spending, and convert to single payer healthcare.
I'm not sure that for the vast majority of us that would make a significant difference. The average effective tax rate is about 14-15%. If we taxed capital gains as ordinary income, we might lose money. Yea I know, I said "average" the median is even worse only about 0-5%. Plus taxing low earners would put their capital gains rates significantly higher than their effective rate.
You may have intended that emphasis when you wrote it but I didn't "hear" it when I read it. I just wanted to know where you stood on progressive taxes since what I "heard" sounded like you might be more of a flat tax guy.
well, write you representative and senators and make your wishes known. That's the only way it happens
Or stop voting Republican. That's a huge help. Everytime they get in office their main focus is tax cuts for the rich. Trump certainly proved that both terms. Bush pulled the same thing.
As a lefty, I should probably be open to that argument, but I'm not. Mainly because SS is not a welfare program. It's something we paid into and are entitled to receive - in the non-pejorative meaning of entitled - aka, we earned it.
Before you go totally down the rabbit hole of medicare for all, look at what has happened to hospitals catering to a large clientell of Medicare and Medicaid patients. The reimbursement rates for those programs are so low that hospitals can't cover their fixed costs.
Every other developed nation uses the universal care model. And they all spend less that us while covering everyone. The only proven system that doesn't work and yet is insanely expensive is ours.
Because they own the officials we elect. Both sides.
The key word here is “realized”. Buy borrow die and pay next to nothing in taxes.
Oh Ned. You and your simple little mind. Ever heard of a super pac?
Go back and read my posts and find where I have said this is exclusively a pedo protector problem? It’s been going on for decades and isn’t a dem or republican thing.
Dump Derangement Syndrome is rampant here. They and he are always the victim.
Easy answer. The reason you can't fix it is because most of their wealth is in unrealized capital gains. If you are talking about forcing people to sell their unrealized capital gains, ultimately you are talking about breaking up companies. It simply makes no sense and is totally impractical.
But somehow most of the money raised by really wealthy people (particularly the silicon valley wealthy) goes to the Democrats. In Virginia the spending by the Democrats on the redistricting measure was four times the amount the Republicans could raise.
I think it's fair to cap SS taxes at ~ $200k because benefits are also capped. Unfortunately the program was set up as a Ponzi scheme and now we're in a bind and don't have much of a choice to continue being "fair". That's why I propose continuing the tax after $200k but only at a 50% rate (3.1% employee, 3.1% employer).
There's no magical answer. People who think universal healthcare is free are dead wrong.
Have I said anywhere this is strictly a Republican issue?
How are they buying mansions and yachts then? How are they paying for massive vacations, cars, private jets, and clothes? This money isn't locked up.
I think someone else suggested taxing unrealized gains if they are used as collateral for loans or other investments. The idea being that's a way folks like Musk, et al., "realize" those gains and "spend" them as real money.
That's not a fair analysis.
And pay a boatload of interest (20 years @ 5% would be 100% of an individual's worth)
Health insurance companies are insanely wealthy. That wealth has to come from somewhere. And that somewhere is record profits. Costs would absolutely come down without this massive need for profit.
They literally spend more on political campaigns than they do taxes and yet you have dumbasses on this board saying everything is fine. Nothing to see here.
Musk's contributions should be illegal but Soros contributions are OK?
Oh the horror of paying 5% in interest in order to avoid the top marginal tax rate.
You struggled in school, didn’t you? Show me where I have ever said this is just a Republican problem.
Please lose the Ponzi scheme slur.
Then he wouldn't have the cash.
But you only criticize one side and offer very little in the way of a solution. "Close loopholes" is a non answer.
Nobody thinks universal health care is free.
You can ruin most good things by under-funding them.
Easy. If you have 150 billion dollars in unrealized capital gains like Elon musk. You have 50 million or 100 million dollars to buy whatever you want. The focus on the wealth of the very wealthy is basically a distraction because the vast majority of it is in unrealized taxable gains which are extremely difficult to tax and which theoretically in some instances could go down to zero. If it hasn't been sold, it isn't a profit.
