Biden Calls for Record-High Tax Rate, Just a Few Points Shy of 50%

[banddag]

Pure libshit.

In a 2021 study the  400 top billionaires n the US paid on average just slightly over 8% in taxes. Musk Bezos and Buffett paid around 3.4%

I find this criminal and you call me a liberal   So be it

Again let's see what the actual legislation details are.  I do not think the middle class will be hit with this 44% and as I said above it will only be for transactions over a million dollars or higher . The govt is desperately trying to to get middle class people to save more

[cato potatoe]

What is the precise definition of "income"?

I mostly agree with the federal government's definition as of today.  A salary or contract payment is final, barring lawsuits.  Until capital assets are sold, you can leverage them for spending money, but their value could disappear at any time.  And if unrealized gains are taxed, what would the government do in the middle of market crash?  The only reasonable method is a carryback loss, but then the treasury is short on revenues and cutting checks to billionaires at the same time.

[Bigun]

I mostly agree with the federal government's definition as of today.  A salary or contract payment is final, barring lawsuits.  Until capital assets are sold, you can leverage them for spending money, but their value could disappear at any time.  And if unrealized gains are taxed, what would the government do in the middle of market crash?  The only reasonable method is a carryback loss, but then the treasury is short on revenues and cutting checks to billionaires at the same time.

When you become wealthy enough you can structure your finances in such a way that you have very little to no "Income". A poster here advises such people for his living. His clients live like kings while paying almost nothing for all the services the government provides them.

[roamer_1]

When you become wealthy enough you can structure your finances in such a way that you have very little to no "Income".

Hell, even when you ain't wealthy enough... Money in the bank is money not working. The more you invest the more plates you can get up and spinning. One plate may go wobbly and come crashing down, shattered. That ain't income, that's write-off. Unless it's the only plate you have... Then it's tragedy, and hard times...

But who knows how many of the plates keep spinning long enough to win the prize? Maybe will, maybe won't... But I can tell you what - Uncle Sam never sweeps up all the shattered plates. Uncle Sam just takes his nick, whether you win or not.

[libertybele]

In a 2021 study the  400 top billionaires n the US paid on average just slightly over 8% in taxes. Musk Bezos and Buffett paid around 3.4%

I find this criminal and you call me a liberal   So be it

Again let's see what the actual legislation details are.  I do not think the middle class will be hit with this 44% and as I said above it will only be for transactions over a million dollars or higher . The govt is desperately trying to to get middle class people to save more

Yeppers like the govt gives a darn about the middle class. 

[Bigun]

Yeppers like the govt gives a darn about the middle class. 

They definitely give a darn about the middle class as they are the ones paying the freight.

[Kamaji]

In a 2021 study the  400 top billionaires n the US paid on average just slightly over 8% in taxes. Musk Bezos and Buffett paid around 3.4%

I find this criminal and you call me a liberal   So be it

Again let's see what the actual legislation details are.  I do not think the middle class will be hit with this 44% and as I said above it will only be for transactions over a million dollars or higher . The govt is desperately trying to to get middle class people to save more

Bullshit.  Those studies typically fail to take into account the fact that much of that income is from foreign sources and is subject to foreign tax - generally at rates higher than U.S. rates - and therefore present false - criminally false - conclusions.

Jeff Bezos does not pay an effective rate of income tax of 8%.  His effective rate of income tax is almost certainly around 40%.  He pays a U.S. rate of approximately 8% on his worldwide income because (a) he has paid a substantial amount of foreign income tax on most of that income already, and (b) the U.S. foreign tax credit system is imperfect and generally fails to fully prevent double taxation.  Furthermore, aspects of the U.S. tax system are intentionally designed to impose double taxation.  For example, the so-called "NIIT" - net investment income tax - of 3.8% cannot be offset with credits for foreign taxes paid on the same income.  As a result, even if the foreign tax rate imposed on that income is higher than the U.S. rate - for example, the German rate of tax on capital gains is generally 25%, which is five percentage points higher than the U.S. long-term rate of 20% - the income-earner still ends up paying a 3.8% U.S. income tax.  Thus, on long-term capital gains that are subject to both U.S. and foreign tax - such as German income tax - the effective rate of tax is equal to the higher rate of normal tax, plus the U.S. 3.8% NIIT.

The only thing criminal here is your willful ignorance, refusal to understand the basics of the income tax system, and egregiously false claims that the "rich" of whom you are so patently envious pay less tax than you do.

Go f**k yourself, you lousy little fascist parasite.

[DB]

A little reality check.

The top 5% of income earners pay nearly 66% of all federal taxes collected. That goes up to nearly 76% for the top 10%. The other 90% pays about 24%...

[Hoodat]

In a 2021 study the  400 top billionaires n the US paid on average just slightly over 8% in taxes. Musk Bezos and Buffett paid around 3.4%

Again, 3.4% of what?  Income?  Wealth?  What did Bezos and Buffett pay 3.4% of?  @banddag

[Hoodat]

Never mind.  I found it.


Richest Americans—Including Bezos, Musk And Buffett—Paid Federal Income Taxes Equaling Just 3.4% Of $401 Billion In New Wealth, Bombshell Report Shows

• ProPublica found that while the median American household earning roughly $70,000 per year paid 14% in federal taxes each year, the 25 richest Americans (by Forbes’ tally) paid a “true tax rate” of just 3.4% on wealth growth of $401 billion between 2014 and 2018.
  
  
• ProPublica’s “true tax rate” is a novel and sure-to-be-controversial measure of how much taxes an individual paid each year compared to Forbes’ calculation of how much their wealth grew during the same time, meaning that ProPublica is counting unrealized capital gains, which are not taxed under the current U.S. Tax Code.

https://www.forbes.com/sites/sarahhansen/2021/06/08/richest-americans-including-bezos-musk-and-buffett-paid-federal-income-taxes-equaling-just-34-of-401-billion-in-new-wealth-bombshell-report-shows/


So this is based on an imaginary tax assessment that is not in effect.  Basically, ProPublica believes that if someone's stock portfolio gains value in any tax year, that person should be forced to pay taxes on unrealized gains.  On the flip side, let's say the market tanks and Buffet and Bezos lose a billion dollars in stock value.  Does that mean they are due a massive refund on unrealized losses?  I think not.

The bottom line here is that any claims that Bezos and Buffet paid only 3.4% in taxes on realized income is pure unadulterated bullshit.  Lies make Jesus cry.

[banddag]

I was right. Wait for the details. This 44% is only for people  making $1 million or more in taxable income.  Less than 1% of taxpayers will be affected

All of you jumping around panicking . As Bongino
always says wait 5 days for the correct details before making a fool of yourself

[banddag]

Bullshit.  Those studies typically fail to take into account the fact that much of that income is from foreign sources and is subject to foreign tax - generally at rates higher than U.S. rates - and therefore present false - criminally false - conclusions.

Jeff Bezos does not pay an effective rate of income tax of 8%.  His effective rate of income tax is almost certainly around 40%.  He pays a U.S. rate of approximately 8% on his worldwide income because (a) he has paid a substantial amount of foreign income tax on most of that income already, and (b) the U.S. foreign tax credit system is imperfect and generally fails to fully prevent double taxation.  Furthermore, aspects of the U.S. tax system are intentionally designed to impose double taxation.  For example, the so-called "NIIT" - net investment income tax - of 3.8% cannot be offset with credits for foreign taxes paid on the same income.  As a result, even if the foreign tax rate imposed on that income is higher than the U.S. rate - for example, the German rate of tax on capital gains is generally 25%, which is five percentage points higher than the U.S. long-term rate of 20% - the income-earner still ends up paying a 3.8% U.S. income tax.  Thus, on long-term capital gains that are subject to both U.S. and foreign tax - such as German income tax - the effective rate of tax is equal to the higher rate of normal tax, plus the U.S. 3.8% NIIT.

The only thing criminal here is your willful ignorance, refusal to understand the basics of the income tax system, and egregiously false claims that the "rich" of whom you are so patently envious pay less tax than you do.

Go f**k yourself, you lousy little fascist parasite.

You are delusional if you think Bezos is paying 40% in taxes .  Btw I am not envious of the super rich. I am very wealthy myself. Not a billionaire but near the top.
Nice language btw. I can tell I am winning the argument

[DB]

You are delusional if you think Bezos is paying 40% in taxes .  Btw I am not envious of the super rich. I am very wealthy myself. Not a billionaire but near the top.
Nice language btw. I can tell I am winning the argument

You are counting unrealized capital gains in that equation. And he paid around a billion dollars in personal federal income taxes. You say you are wealthy, you should know better.

[Hoodat]

Less than 1% of taxpayers will be affected

Uh, no.  Job creators will change their behavior over changes in the tax code.  There is a basic rule of life that liberals are completely oblivious of.  It's called "human nature".  When a person enters in to a 44% tax bracket, they are less inclined to take risks, to work more hours, to engage in new ventures.  And that affects those who would have benefitted from those ventures.  People who would have been hired, but now go wanting because some idiot leftist with no concept of human nature figured they would just work even harder putting in more hours so that they could make the same amount as before.

But hey, why stop at 44%?  Why not make it 100%?  That's what you really want.  What better way to satisfy your personal envy than to take it all.  The only problem with that is that with a 100% tax rate, your tax revenues would fall to zero.  But again, liberals are too stupid to figure that one out until after the fact.

[roamer_1]

I was right. Wait for the details. This 44% is only for people  making $1 million or more in taxable income.  Less than 1% of taxpayers will be affected

All of you jumping around panicking . As Bongino
always says wait 5 days for the correct details before making a fool of yourself

That's 90 % of small business corporations too, I bet.

[DB]

I was right. Wait for the details. This 44% is only for people  making $1 million or more in taxable income.  Less than 1% of taxpayers will be affected

All of you jumping around panicking . As Bongino
always says wait 5 days for the correct details before making a fool of yourself

So how do you know that no one here falls in that 1%? Why is the federal government entitled to 44% of it? And yes, the people who tend to fall in that category employ other people because they tend to operate businesses where that "profit" is tied up in capital to operate the business. You said you are pretty wealthy, did you actually work for it or did you inherit it? Because if you worked for it you should already know all this.

[Bigun]

So how do you know that no one here falls in that 1%? Why is the federal government entitled to 44% of it? And yes, the people who tend to fall in that category employ other people because they tend to operate businesses where that "profit" is tied up in capital to operate the business. You said you are pretty wealthy, did you actually work for it or did you inherit it? Because if you worked for it you should already know all this.

LOL! Are you kidding me @DB this guy is either a teen with a computer and/or a big time TROLL.

[DB]

LOL! Are you kidding me @DB this guy is either a teen with a computer and/or a big time TROLL.

Ya, that's becoming apparent...

[240B]

Why would O'Biden do this only a few months before the election.
Democrats are Socialist Communists so I understand the why part.
But the why now? part I cannot figure out?

[DB]

Why would O'Biden do this only a few months before the election.
Democrats are Socialist Communists so I understand the why part.
But the why now? part I cannot figure out?

There's someone on this very thread that says its a-okay. That the "rich" aren't taxed enough. And that it doesn't affect him so what's the big deal...

[240B]

There's someone on this very thread that says its a-okay. That the "rich" aren't taxed enough. And that it doesn't affect him so what's the big deal...

If this is a "TAX THE RICH!" play (like AOC's $50,000 dollar dress said) by Biden's controllers, I think it is a mistake. I saw all the tax law wrestling on this thread, but I don't think that is going to play out nationally. Most of the American people do not understand tax brackets, capital gains, or anything at all about American taxation.

However, the headline "Biden calls for massive tax hike" will hit them between the eyes. That, they understand.

[Hoodat]

The question is if he is a teachable troll.

[libertybele]

Why would O'Biden do this only a few months before the election.
Democrats are Socialist Communists so I understand the why part.
But the why now? part I cannot figure out?

Because the liberal mental midgets see it as taxing the 'evil rich white man'; propaganda that has been instilled in them.  They don't have a clue.

[Kamaji]

You are delusional if you think Bezos is paying 40% in taxes .  Btw I am not envious of the super rich. I am very wealthy myself. Not a billionaire but near the top.
Nice language btw. I can tell I am winning the argument

No, actually, you’re not.  You’re simply delusional and, as Lenin himself put it, a “useful idiot”.

[banddag]

That's 90 % of small business corporations too, I bet.

It is not based upon gross receipts but IRA taxable income/take home pay of $1 million or more. Forbes came out with an article today and there are so many asterisks and caveats-get out of jail conditions. in the bill it will only affect a small amount of people.