Wealth Tax - Discuss

[leh-nerd skin-erd]

1 hour ago, oldmanfan said:

The discussion needs to start with what is the role of government, on federal, state, and local levels.  The people of this country have behaved like spoiled children for decades now; they want all sorts of government spending while at the same time cry about wanting low tax rates.  That is inherently absurd and we now are tens of trillions of dollars in debt as a result.

 

I believe we should have be a flat federal personal income tax, with those under a given income, probably around 30k a year not paying.  I’d set it at around 10-15%.  No deductions for mortgages and such.  For corporate I’d set it at about the same flat rate, again with no deductions or playing around.  Verizon would pay 10% instead of 0%.  There’s been talk of family farms; treat them as corporations.  
 

if I were President I would make attacking spending my #1 priority.  Outside of emergencies like the pandemic, I would dramatically shrink the federal government’s spending as I believe much of what is done in the name of federal spending is more a state or local issue.  I would calculate the amount of debt for each state and each Congressional district and give each senator and Congressman a month to figure out what federal spending would be cut in their area.  I would cut Executive branch spending dramatically.  Get rid of the Departments of Education and Housing/Urban Development for starters; they are local and state issues.  I would work out if the Oval Office; no golf trips and such.  
 

Spending is the issue along with a tax structure that allows those with more money to avoid paying anything.  My plan addresses both.

 

1 hour ago, SoCal Deek said:

This post should hang in the walls of the Capitol! You and I are going to make a great administration. While we may come at issues from different places, we generally seem to land in the same spot. Very well said! 

Alas my friends, with this sort of common sense approach to the defleecing of this country, I'm thinking some major skeletons will be created/positioned  in your respective closets, and/or a series of unfortunate and cataclysmic events shall befall you.  You'll be missed. 

 

 

 

 

[T master]

Warren is something else ! I would think that if we say (for the sake of conversation) pay 10% sales tax and we buy a car that's $30k & a billionaire buys 2 Bugatti's at $300k a piece & buys a $4 million Yacht he is paying more in taxes for those than a lot of people .

 

Then their house is $14 million price tag or more their property tax is a lot higher than on my $100k house . Then at the end of the year when they file taxes unless they just find a ***** ton of loop holes and their over all income for the year say like Roger Goodell's is $44 million he will pay a lot more taxes than we will at $50k a

yr .

 

So am i thinking wrong if i think that they are paying more in taxes in the long run than i do ? Or is it this bimbo just has way to much time on her hands to dream up BS plans like these ? 

[Chef Jim]

25 minutes ago, T master said:

Warren is something else ! I would think that if we say (for the sake of conversation) pay 10% sales tax and we buy a car that's $30k & a billionaire buys 2 Bugatti's at $300k a piece & buys a $4 million Yacht he is paying more in taxes for those than a lot of people .

 

Then their house is $14 million price tag or more their property tax is a lot higher than on my $100k house . Then at the end of the year when they file taxes unless they just find a ***** ton of loop holes and their over all income for the year say like Roger Goodell's is $44 million he will pay a lot more taxes than we will at $50k a

yr .

 

So am i thinking wrong if i think that they are paying more in taxes in the long run than i do ? Or is it this bimbo just has way to much time on her hands to dream up BS plans like these ? 

You’re not wrong.  That’s why the saying “pay their fair share!” is a load of crapola.  And they never explain what that means. This all involves math which typically has specific answers (% or $) but they always just say “more!”  

[Chef Jim]

Thanks President Biden. Giving people like me more ways to earn our fees.  

 

https://www.investmentnews.com/biden-tax-hikes-dominate-adviser-client-discussions-204709

[Chef Jim]

It's good to see that those who shape our tax laws don't understand the laws they are looking to shape.  

 

https://www.bloomberg.com/news/articles/2021-05-06/biden-tax-hike-exemption-for-farms-pushed-by-rural-democrats

 

Quote

“Farms, ranches and some family businesses require strong protections from this tax change to ensure they are not forced to be liquidated or sold off for parts, and that need is even stronger for those farms that have been held for generations,” the lawmakers wrote in the letter. “Many of our constituents started working on their family’s farm when they were children, or built their farm with the intention of passing it on to their relatives.”

 

Removing the step up in basis (which I'm ok with) will NOT force families (i.e. farms) to liquidate or sell for parts the family farm or business.  All that does is if and when the heirs sell the business/farm they will be required to pay a capital gains tax.  There are no gains taxes due of course until they sell.  They are conflating the removal of the step up in basis with the reduction of the estate tax exemption.  Now if the administration eliminates the step up AND greatly reduces the estate tax exemption they will have a war on their hands.  Folks will likely be forced to sell the family business/farm to pay the estate (inheritance) tax at 40% AND pay a potential 40% capital gains tax.  Do the math and you'll see their will be very little left of the inheritance.  I do have a way around the cap gains tax (thank you George Bush!) but you'll have to cough up some $$ to get my plan for that.  

 

Up Next:  How the IRS totally ***** up the new 10 year rule on non-spousal inherited IRA rule.  

Edited June 16, 2021 by Chef Jim