Strikes

[Deleted User 863]

Also in no way saying those types shouldn't necessarily pay more.

so much for not letting the gummint confiscate their wealth

Maybe most of us need to pay more to do many of the things we need/want to do? I don't know the answer to that. But especially when it comes to the environment our generation has some big and costly changes to make.

Complicated. If i had faith our elected officials would use increased taxes for important things intelligently efficiently effectively and fairly then that would make a big difference.

[PhDhawk]

I keep reading that the uber-rich in many years pay 0 income taxes because of financial losses.

So, my question is, why is this allowed. If you have enough wealth that you can play with it and afford to loose it, why does this offset your tax burden?

When Trump's tax stuff came out it showed that:

Trump paid only $750 in federal income taxes in 2016 and 2017, and none in 10 of the previous 15 years, The New York Times reported this week.
The president used $916 million in losses to reduce his tax payments from 1995 to 2005, claimed and received a $73 million tax refund that remains under IRS audit, and deducted costs such as hairstyling as business expenses, the report said.

if you have .9 billion to invest, and you loose, why does that mean you don't have to pay income tax for 15 years?

[ousdahl]

The whole “wealth vs income” distinction just comes across as a technicality put in place by the wealthy as some attempted justification for/distraction from them not paying a fair share.

“Oh I’m not that rich, I only make x dollars a year in income, just like you! Anywho gotta go, I’m spending the weekend at one of my vacation homes! Whaddya mean you too don’t have several to choose from, just like me?”

[Deleted User 863]

Yeah, I’m advocating for some more egalitarian system in which the folks with more wealth pay more taxes, not less, in a way that is proportional to their wealth

Wealth vs income. It gets tricky there.

If it's as a % of income, you may be surprised that in many instances iirc they already pay a higher % than those of us in poorer tax brackets.

But that's not what the propublica article, that started this, was saying.

JFC i was supposed to read the entire article?

[PhDhawk]

Wealth vs income. It gets tricky there.

If it's as a % of income, you may be surprised that in many instances iirc they already pay a higher % than those of us in poorer tax brackets.

But that's not what the propublica article, that started this, was saying.

JFC i was supposed to read the entire article?

Only if you want to continue to post like you're informed on the topic, which is what you've been doing.
I'm pretty sure your responses to it have more words than the original article.

[ousdahl]

if you have .9 billion to invest, and you loose, why does that mean you don't have to pay income tax for 15 years?

For that matter, if you’re some vulture hedge fund, and you get punked by a bunch of Redditors with names like u/potato_in_my_ass, why does that mean you can just call up your pals at the SEC to tell them they can’t?

[Deleted User 89]

But that's not what the propublica article, that started this, was saying.

JFC i was supposed to read the entire article?

Only if you want to continue to post like you're informed on the topic, which is what you've been doing.
I'm pretty sure your responses to it have more words than the original article.

classic

[PhDhawk]

The whole “wealth vs income” distinction just comes across as a technicality put in place by the wealthy as some attempted justification for/distraction from them not paying a fair share.

“Oh I’m not that rich, I only make x dollars a year in income, just like you! Anywho gotta go, I’m spending the weekend at one of my vacation homes! Whaddya mean you too don’t have several to choose from, just like me?”

I think the problem is that you believed that income taxes were meant to be something that made everyone pay a fair share.

[ousdahl]

I could put this in the radicalization thread, but might go better here:

I can’t help but wonder if Merica is so afraid of socialism and so enamored with capitalism that we don’t end up back to some system that is actually closer to feudalism?

As in, possession of wealth and ownership of property is concentrated among an elite few, and everyone else is indebted.

Let rent be paid, let production be exploited, and sit back with your fellow serfs and breath sigh of relief that it least it’s not SoCiaLiSm!!!

[ousdahl]

The whole “wealth vs income” distinction just comes across as a technicality put in place by the wealthy as some attempted justification for/distraction from them not paying a fair share.

“Oh I’m not that rich, I only make x dollars a year in income, just like you! Anywho gotta go, I’m spending the weekend at one of my vacation homes! Whaddya mean you too don’t have several to choose from, just like me?”

I think the problem is that you believed that income taxes were meant to be something that made everyone pay a fair share.

Yeah, I’ll admit I can kinda blur the line between wealth and income.

There’s a lot of ways to get wealthy besides income. In fact, income is prob among the less frequent ways to really get that wealthy.

[PhDhawk]

if you have .9 billion to invest, and you loose, why does that mean you don't have to pay income tax for 15 years?

For that matter, if you’re some vulture hedge fund, and you get punked by a bunch of Redditors with names like u/potato_in_my_ass, why does that mean you can just call up your pals at the SEC to tell them they can’t?

Well, it's probably similar to how the IRS no longer even tries to investigate the wealthy for tax violations because they don't have the resources to do so. So, instead they just go after the regular joes who underpaid their taxes by a couple hundred bucks.

[Deleted User 863]

The whole “wealth vs income” distinction just comes across as a technicality put in place by the wealthy as some attempted justification for/distraction from them not paying a fair share.

“Oh I’m not that rich, I only make x dollars a year in income, just like you! Anywho gotta go, I’m spending the weekend at one of my vacation homes! Whaddya mean you too don’t have several to choose from, just like me?”

That's (part of) what property taxes are for....and if/when they sell their vacation property they pay cap gains if they sold it for more than they bought it.

[ousdahl]

What about when they buy a vacation property in cash then write it off?

[Deleted User 863]

I could put this in the radicalization thread, but might go better here:

I can’t help but wonder if Merica is so afraid of socialism and so enamored with capitalism that we don’t end up back to some system that is actually closer to feudalism?

As in, possession of wealth and ownership of property is concentrated among an elite few, and everyone else is indebted.

Let rent be paid, let production be exploited, and sit back with your fellow serfs and breath sigh of relief that it least it’s not SoCiaLiSm!!!

Definitely should abandon what has made us 1 of the greatest countries in this history of mankind to try out something that has NOT worked anywhere ever.

[Deleted User 863]

What about when they buy a vacation property in cash then write it off?

Huh?

[ousdahl]

just another one of those mechanisms that rich folks utilize to not pay taxes.

[Deleted User 863]

What you just said makes absolutely no sense.

Paying for a house in cash does nothing to reduce tax liability.

[ousdahl]

I just mentioned they paid in cash cuz how many folks are able to pay for a vacation home with cash?

If they’re that well off, maybe they should bear a greater tax burden, not lesser.

[TDub]

You can do a 1031 exchange on vacation homes by following explicit rules. And, all that does is defer your capital gains taxes not eliminate them.

[TDub]