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

[banddag]

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

I am an independent conservative. Sorry if I don't panic over all the rw doom and gloom and misinformation spread on every internet site.

I remember listening to Rush early 90's and all the doom and gloom about Clinton-going to turn the country communist, create another depression on an on. The 90's was incredible for both individuals and companies and some of the best economic times in out nations history.

Trump not once but twice warned under biden the stock market would collapse. It was at record levels not once but twice and is hovering around the top right now.
Trump said  biden would destroy the economy. In 2023 a record amount of  new business were started. the greatest amount in our nations history.  5.5 million. A record amount of countries are investing in the US right now. Yes we have some challenges, inflation, housing shortages etc  but they will not last forever,

Record oil and gas production but wait I thought biden was going to kill the oil and gas sector. Oil co's making record profits.  I wish biden would put his boot on my companies neck.

Forbes came out today and said the bidens 44% tax has all kinds of asterisks, caveats and loopholes to enable people to get out of paying it. Very few people will pay it probably less than 1%. It starts at 1 million dollars or more of IRS take home pay but also investment account limits.


Buffet, Gates, Musk and many others have said the billionaire class needs to pay more taxes. These people are smart. They know if the class inequality continues to get worse they might end up on a lampost.

[libertybele]

I am an independent conservative. Sorry if I don't panic over all the rw doom and gloom and misinformation spread on every internet site.

I remember listening to Rush early 90's and all the doom and gloom about Clinton-going to turn the country communist, create another depression on an on. The 90's was incredible for both individuals and companies and some of the best economic times in out nations history.

Trump not once but twice warned under biden the stock market would collapse. It was at record levels not once but twice and is hovering around the top right now.
Trump said  biden would destroy the economy. In 2023 a record amount of  new business were started. the greatest amount in our nations history.  5.5 million. A record amount of countries are investing in the US right now. Yes we have some challenges, inflation, housing shortages etc  but they will not last forever,

Record oil and gas production but wait I thought biden was going to kill the oil and gas sector. Oil co's making record profits.  I wish biden would put his boot on my companies neck.

Forbes came out today and said the bidens 44% tax has all kinds of asterisks, caveats and loopholes to enable people to get out of paying it. Very few people will pay it probably less than 1%. It starts at 1 million dollars or more of IRS take home pay but also investment account limits.


Buffet, Gates, Musk and many others have said the billionaire class needs to pay more taxes. These people are smart. They know if the class inequality continues to get worse they might end up on a lampost.

You are IMHO foolish to believe anything coming from the Brandon administration.  He hasn't left office yet and there's no way that under his regime things are going to get any better.

Bidenomics and liberalism aren't working now and sure as heck aren't going to work in the future.

Wake up.  Take a deep breath, open your eyes and really take a look around you and see what is happening.  Inflation and spending are absolutely out of control!

You say that housing shortages, inflation won't last forever. As long as the DEMS/liberals/marxists have a stranglehold on this country they will and things will get even worse.

Connect the dots .... Brandon is going to attend a U.N. summit where basically the UN is asking for emergency powers.  What do you think he's going to do other than sell this country down the river.

FJB!!!!!

[DB]

I am an independent conservative. Sorry if I don't panic over all the rw doom and gloom and misinformation spread on every internet site.

I remember listening to Rush early 90's and all the doom and gloom about Clinton-going to turn the country communist, create another depression on an on. The 90's was incredible for both individuals and companies and some of the best economic times in out nations history.

Trump not once but twice warned under biden the stock market would collapse. It was at record levels not once but twice and is hovering around the top right now.
Trump said  biden would destroy the economy. In 2023 a record amount of  new business were started. the greatest amount in our nations history.  5.5 million. A record amount of countries are investing in the US right now. Yes we have some challenges, inflation, housing shortages etc  but they will not last forever,

Record oil and gas production but wait I thought biden was going to kill the oil and gas sector. Oil co's making record profits.  I wish biden would put his boot on my companies neck.

Forbes came out today and said the bidens 44% tax has all kinds of asterisks, caveats and loopholes to enable people to get out of paying it. Very few people will pay it probably less than 1%. It starts at 1 million dollars or more of IRS take home pay but also investment account limits.


Buffet, Gates, Musk and many others have said the billionaire class needs to pay more taxes. These people are smart. They know if the class inequality continues to get worse they might end up on a lampost.

Yep, a troll. A foolish one at that.

[banddag]

Connect the dots .... Brandon is going to attend a U.N. summit where basically the UN is asking for emergency powers.  What do you think he's going to do other than sell this country down the river.

FJB!!!!!

Total garbage. Will never happen. How do you folks believe this crap?

[cato potatoe]

Buffet, Gates, Musk and many others have said the billionaire class needs to pay more taxes.

Then they should give their money away instead of making unwanted financial decisions for others.  When normal people do that, we call it theft.

[catfish1957]

I am an independent conservative. Sorry if I don't panic over all the rw doom and gloom and misinformation spread on every internet site.

No self proclaimed conservative would buy into the climate change scam, the way you have.

Try another angle or prove me wrong.  I've gone 30 years on the subject without anyone doing it.

[Bigun]

Yep, a troll. A foolish one at that.

  

[libertybele]

..........In September 2024, less than two months before the next U.S. presidential election, the United Nations will host a landmark “Summit of the Future,” where member nations will adopt a Pact for the Future. The agreement will solidify numerous policy reforms offered by the U.N. over the past two years as part of its sweeping Our Common Agenda platform.

Although there are numerous radical proposals included in the agenda, perhaps none are more important than the U.N. plan for a new “emergency platform,” a stunning proposal to give the U.N. significant powers in the event of future “global shocks,” such as another worldwide pandemic.

Many of the details of the U.N. emergency platform were laid out in a March 2023 policy paper titled “Strengthening the International Response to Complex Global Shocks — An Emergency Platform.” In the paper, the U.N. secretary-general writes, “I propose that the General Assembly provide the Secretary-General and the United Nations system with a standing authority to convene and operationalize automatically an Emergency Platform in the event of a future complex global shock of sufficient scale, severity and reach.”

Once triggered, the emergency platform would give the U.N. the ability to “actively promote and drive an international response that places the principles of equity and solidarity at the centre of its work.” The U.N. would bring together the “stakeholders” of the world, including academics, governments, private sector actors, and “international financial institutions” to ensure there is a unified, global response to the crisis.

The emergency platform would also give the United Nations the power to “Ensure that all participating actors make commitments that can contribute meaningfully to the response and that they are held to account for delivery on those commitments.”.........

............Biden Admin Supports the Proposal

The emergency platform proposal might be the biggest attempted power grab in the history of the United Nations, but as shocking as it is, it pales in comparison to the Biden administration’s treatment of this extremist proposal.

Rather than assert America’s independence and sovereignty, the White House has expressed its support for the emergency platform. U.S. Ambassador Chris Lu noted in at least two March 2022 speeches that the Biden administration backs the emergency platform, along with numerous other proposals included in “Our Common Agenda.”

The emergency platform would centralize an immense amount of power and influence, giving the United Nations greater control over the lives of Americans than it has ever had before. And rather than stand up for Americans’ rights, President Biden has already agreed to sell us out.

If the emergency platform is approved, the United States as we know it could cease to exist. That sounds dire, but it’s true. We either stand for freedom now or risk everything come September 2024.

https://thefederalist.com/2023/07/04/the-u-n-is-planning-to-seize-global-emergency-powers-with-bidens-support/

[Hoodat]

It is not based upon gross receipts but IRA taxable income/take home pay of $1 million or more.

Ah, so the goal posts have now been shifted.  Before this, you were talking of unrealized (i.e. imaginary) capital gains.  But now you switched to take home pay?  In that regard, I can guaran-damn-tee you that Bezos paid more than 40%.

[DB]

 

[banddag]

Ah, so the goal posts have now been shifted.  Before this, you were talking of unrealized (i.e. imaginary) capital gains.  But now you switched to take home pay?  In that regard, I can guaran-damn-tee you that Bezos paid more than 40%.

No, I said the 44% only pertains to capital gains of people making 1 million dollars or more of taxable income. Someone else said many small business bring in this amount and I reclarified it was not gross receipts of a small business but based upon actual take home taxable pay for an individual.

I never mentioned capital gains. I said all along this 44% will turn out to be a nothing burger-and wait until all the details come out...and I was right.  Forbes article today said there  are so many asterisks and caveats/exemptions on the proposal very few will be subject to it.

More doom and gloom by rw bloggers and such making money off of gullible people...Michelle Malkin warned of these false people. Many not even conservative but they know maga will fork over their dollars .


Show me a link where Bezos is paying 40%  because there are plenty showing these top billionaires are not paying anything close.

[Hoodat]

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.

Here is your post again:

Jeff Bezos does not pay an effective rate of income tax of 8%.  His effective rate of income tax is almost certainly around 40%.

You are delusional if you think Bezos is paying 40% in taxes .

Federal Income Tax - 37%
Medicare Tax - 3.8%

Total - 40.8%

[DB]

Here is your post again:

You are delusional if you think Bezos is paying 40% in taxes .


Federal Income Tax - 37%
Medicare Tax - 3.8%

Total - 40.8%

He's counting unrealized capital gains because the value of his stock went up. Not actual income.

He's a big government conservative - which is an oxymoron...

I'm not going to waste any more time on him.

[Hoodat]

He's counting unrealized capital gains because the value of his stock went up. Not actual income.

Well that's rather dishonest.

I'll ask the question again:  If stocks go down in a given year, and Jeff Bezos balance sheet falls by $1 billion, would the federal government then owe him 44% on that?  Imagine the government sending Jeff Bezos a refund check of $440 million because he had unrealized losses.  Guess those dumb-ass liberals didn't think that one through.  Idiots.

[DB]

Well that's rather dishonest.

I'll ask the question again:  If stocks go down in a given year, and Jeff Bezos balance sheet falls by $1 billion, would the federal government then owe him 44% on that?  Imagine the government sending Jeff Bezos a refund check of $440 million because he had unrealized losses.  Guess those dumb-ass liberals didn't think that one through.  Idiots.

He makes assertions and then dances around the questions in response to those assertions without addressing them. He's burnt his good will with me.

[Hoodat]

He makes assertions and then dances around the questions in response to those assertions without addressing them.

Gee, that is EXACTLY what liberals do.

[banddag]

Federal Income Tax - 37%
Medicare Tax - 3.8%

Total - 40.8%

Show me a link where Bezos is paying 40%.  Billionaires have so many tricks and loopholes to hide money. Bill Gates admitted his average annual tax rate is 10.7%  sometimes higher, sometimes lower.

Here is what Musk is doing.:
However, ProPublica pointed out that his “true tax rate” for the five-year period between 2014 and 2018 is much lower than the national average household at 3.27 percent. How does Musk avoid paying taxes? The answer is that he borrows money from Tesla without taking a salary from his own company.Jun 13, 2021

Elon Musk explains his extremely low tax rate - The Hill


Story at a glance:

Elon Musk paid less than $70,000 in federal income taxes between 2015 and 2017, and he did not pay anything in 2018, according to recent reports.
He did pay his taxes in 2016 by exercising more than $1 billion in stock options.
He lives off loans made from his stock options, meaning he doesn’t take a salary from his company.

[Hoodat]

Show me a link where Bezos is paying 40%.

Show me a link where he's not.  Because the tax code is quite clear.  37% on adjusted gross income over $578k.  2.9% Medicare tax on all adj. gross income.  And 0.9% Medicare tax on all adj. gross income over $200k.  That's the law.

[banddag]

Show me a link where he's not.  Because the tax code is quite clear.  37% on adjusted gross income over $578k.  2.9% Medicare tax on all adj. gross income.  And 0.9% Medicare tax on all adj. gross income over $200k.  That's the law.

I posted multiple links what he is paying. The top 400 richest families in the US pay on average just over 8%.   

Business Insider on Bezos

If you account for the $127 billion increase to his net worth that came from stocks appreciating in value over time, that $1.4 billion Bezos paid in federal income taxes accounts for just over 1%.

Moreover, Bezos and other stock-holding billionaires are able to turn those stocks into usable cash without having to sell: By borrowing money against their stock holdings, they're able to lock in a lower loan interest rate than what they would pay through capital gains taxes that are applied after a stock is sold.



How billionaires like Jeff Bezos and Elon Musk avoid paying federal income tax while increasing their net worth by billions

https://www.businessinsider.com/how-billionaires-avoid-paying-federal-income-tax-2021-6#:~:text=Bezos%20can%20skip%20paying%20taxes,value%20tremendously%2C%20like%20those%20of

[Hoodat]

Here is what Musk is doing.:[/b]
However, ProPublica pointed out that his “true tax rate” for the five-year period .  .  .

Yeah, we covered this already.  Did you not read my posts?  ProPublica has invented its own tax rate on imaginary income that is not founded in reality.  This was pointed out to you by several posters here.  Are you capable of thinking for yourself?

Let's review again.  ProPublica is saying that people should pay tax on any rise in the value of capital investment from year to year.  For example, let's say you pay $100k for a house.  Next year, the government appraises the value of your house at $110k.  So according to ProPublica, you should have to pay taxes on that $10k increase even though you did not see a dime of it.  The same goes for stock (except of course stocks owned by big liberal universities with massive endowments).  So if you have $100k tucked away in your 401(k) and the value of that stock goes up 10% in a given year, then you would be expected to stroke a check to the federal government for that increase that you never saw.  Think about that.  Isn't that the dumbest idea you've ever heard?

And of course what happens if that value goes down instead?  Wouldn't the government then be on the hook for paying out tax refunds on those losses?  Are you down with that, too?

[Hoodat]

I posted multiple links what he is paying. The top 400 richest families in the US pay on average just over 8%.   

Business Insider on Bezos

If you account for the $127 billion increase to his net worth that came from stocks appreciating in value over time, that $1.4 billion Bezos paid in federal income taxes accounts for just over 1%.

Again, unrealized gains are not taxable.  Why do you continue pretending they are?  Do you really not understand how taxes work?  Because each time you cling to this false premise, you end up looking like an even bigger fool.  Let's limit this discussion to reality, ok?

[banddag]

  Are you capable of thinking for yourself?

  For example, let's say you pay $100k for a house.  Next year, the government appraises the value of your house at $110k.  So according to ProPublica, you should have to pay taxes on that $10k increase even though you did not see a dime of it. 

Show me in the tax code where you have to pay capital gains on a house that goes up in value that you are living  in and  not selling.  I own apartments and office buildings.   Never had to pay capital gains of course never sold them either..yet. .

Yeah, I have  a great tax accountant  and might not know everything but I know Billionaires are not paying 40%. I showed how Musk and Bezos are doing it through borrowing from stock as one example.


You only pay the capital gains tax after you sell an asset. Let's say you bought your home 2 years ago and it's increased in value by $10,000. You don't need to pay the tax until you sell the home.

Capital Gains Tax On Real Estate And Home Sales: A Guide



Yes, I think for  myself. I figured out .long ago listening  from  the doom and gloom from the rw fear porn mongers most of it is 99% utter bullshit. Forbes today said the 44% biden tax proposal is a nothing burger.

BTW met with my CFP today.  Our investments are at record levels. But wait I thought the RW fear porn dipshits said Biden was going to cause a depression and the stock market would be another 1929. Guess not

[Hoodat]

Show me in the tax code where you have to pay capital gains on a house that goes up in value that you are living  in and  not selling.  I own apartments and office buildings.   Never had to pay capital gains of course never sold them either..yet. .

Exactly.  So why are you pretending otherwise by buying into that ProPublica bullshit?

[banddag]

Exactly.  So why are you pretending otherwise by buying into that ProPublica bullshit?

Link please to what Pro Publica said regarding this-capital gains on a house that increases 10% in value.

[Hoodat]

@banddag

Here is what YOU posted:

To capture the financial reality of the richest Americans, ProPublica undertook an analysis that has never been done before. We compared how much in taxes the 25 richest Americans paid each year to how much Forbes estimated their wealth grew in that same time period.

We’re going to call this their true tax rate.

https://www.propublica.org/article/the-secret-irs-files-trove-of-never-before-seen-records-reveal-how-the-wealthiest-avoid-income-tax

An analysis that has never been done before?  Their true [sic] tax rate?  Again, let's stick with reality, shall we?