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Bill Gates: Taxing the rich is fine, but some politicians miss the point
Posted on 2/13/19 at 3:14 pm
Posted on 2/13/19 at 3:14 pm
quote:
Bill Gates supports a "more progressive" tax policy on the rich, but he thinks proposals targeting high income brackets, like the policy proposed by freshman liberal Rep. Alexandria Ocasio-Cortez, D-N.Y., are missing the point.
quote:
"In terms of revenue collection, you wouldn't want to just focus on the ordinary income rate, because people who are wealthy have a rounding error of ordinary income," Gates, one of the richest people in the world, told The Verge in a new interview. "They have income that just is the value of their stock, which if they don't sell it, it doesn't show up as income at all, or if it shows up, it shows over in the capital gains side.
quote:
Instead, he said lawmakers should focus on things like the estate tax, taxes on capital and Social Security. His view may be more closely aligned with Sen. Elizabeth Warren's proposed tax policy that focuses on taxing net worth on households worth more than $50 million.
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Posted on 2/13/19 at 3:15 pm to boogiewoogie1978
quote:
Bill Gates supports a "more progressive" tax policy on the rich
We have the most progressive tax policy of all western democracies, but apparently we need to make it progressiver.
Posted on 2/13/19 at 3:16 pm to boogiewoogie1978
Estate tax is the biggest scam we have going
This post was edited on 2/13/19 at 3:16 pm
Posted on 2/13/19 at 3:16 pm to boogiewoogie1978
Proof that smart people can have dumb ideas.
Posted on 2/13/19 at 3:17 pm to boogiewoogie1978
I actually think we should broaden the tax base rather than further consolidating it.
Posted on 2/13/19 at 3:18 pm to boogiewoogie1978
With all due respect, my net worth is none of Fauxcahontas' f*cking business.
Posted on 2/13/19 at 3:18 pm to boogiewoogie1978
Is any taxation policy in the US designed with the Laffer Curve in mind? Honestly asking.
Posted on 2/13/19 at 3:18 pm to td01241
Estate tax makes me want to start a revolution.
Going through the shittiest times of your life as your splitting your recently dead parents things and then the govt comes along and says “oh you can’t have those things”
Going through the shittiest times of your life as your splitting your recently dead parents things and then the govt comes along and says “oh you can’t have those things”
Posted on 2/13/19 at 3:20 pm to boogiewoogie1978
quote:Which conservatives have tried to explain to liberal morons for damned ever.
"In terms of revenue collection, you wouldn't want to just focus on the ordinary income rate, because people who are wealthy have a rounding error of ordinary income
quote:How about, if it must be done, we ONLY target your arse and people like you Bill. Maybe a wealth tax for people over $1B in wealth.
Instead, he said lawmakers should focus on things like the estate tax, taxes on capital and Social Security.
No. I'm not actually a fan of that but he's just moving the same fricking shells. There's a reason most of the ultra wealthy are liberal. Because all the Democrat ideas for "soaking the rich" don't actually hurt them but hurt the people in the rich rungs BELOW them more.
It's tiresome
Posted on 2/13/19 at 3:20 pm to GoCrazyAuburn
quote:It has more to do with the Uber wealthy having zero to worry about in regards to their own wealth or that of their offspring.
Proof that smart people can have dumb ideas.
Even if an estate tax was implemented that would be sufficient in Gates’ mind, his children will still be absolutely without want.
These individuals tout policies that will never truly impact them or their children.
The rest of us are the ones who are truly impacted by these policies.
The same mentality is applied in regards to the Uber wealthy’s support of socialistic policies.
Posted on 2/13/19 at 3:21 pm to boogiewoogie1978
For the last time:
YOU CANNOT RAISE ENOUGH REVENUE FROM “THE RICH” TO FUND PROGRESSIVE POLICIES
YOU CANNOT RAISE ENOUGH REVENUE FROM “THE RICH” TO FUND PROGRESSIVE POLICIES
Posted on 2/13/19 at 3:21 pm to td01241
quote:
Estate tax is the biggest scam we have going
Absolutely.
Someone who has already paid tax on everything they ever had and made, they die and now their beneficiary has to carve up and sell off assets because they have to pay a tax on the estate.
Posted on 2/13/19 at 3:22 pm to boogiewoogie1978
Well, he is absolutely correct. People don't realize that the truly rich do not pay much in traditional income taxes (because their money is diverted and taxed elsewhere).
Which points out the hypocrisy of Warren Buffett using the talking point of "paying less in income taxes than his secretary" when he purposely pays himself a nominal salary of $100,000.
Buffett could raise his salary at any time. Or, he could pay himself a dollar in salary.
The people like BamaAtl eat up these lies and misconceptions.
Which points out the hypocrisy of Warren Buffett using the talking point of "paying less in income taxes than his secretary" when he purposely pays himself a nominal salary of $100,000.
Buffett could raise his salary at any time. Or, he could pay himself a dollar in salary.
The people like BamaAtl eat up these lies and misconceptions.
Posted on 2/13/19 at 3:23 pm to Smart Post
quote:Actually, because most of it isn't income.
Well, he is absolutely correct. People don't realize that the truly rich do not pay much in traditional income taxes (because their money is diverted and taxed elsewhere).
But, conservatives have been yelling this forever
Posted on 2/13/19 at 3:24 pm to GoCrazyAuburn
I’m so sick of these Lib millionaires billionaires who say “it’s not fair to have as much money as I’ve got or” I should be taxed more”!
The major reason People like Gates & Buffet do this BS is to keep the nutjob Progressives off their back & have credibility w/ the MSM.
The major reason People like Gates & Buffet do this BS is to keep the nutjob Progressives off their back & have credibility w/ the MSM.
Posted on 2/13/19 at 3:25 pm to boogiewoogie1978
quote:
estate tax
There is absolutely nothing stopping him from bequeathing his entire net worth to whomever he pleases - including the federal government.
But, he and his ilk want to use the force of the government to TAKE from other people. frick them all.
Posted on 2/13/19 at 3:26 pm to SlapahoeTribe
quote:
There is absolutely nothing stopping him from bequeathing his entire net worth to whomever he pleases - including the federal government.
Other than estate tax of course.
Posted on 2/13/19 at 3:30 pm to NoBoBullDog
quote:
I’m so sick of these Lib millionaires billionaires who say “it’s not fair to have as much money as I’ve got or” I should be taxed more”!
The major reason People like Gates & Buffet do this BS is to keep the nutjob Progressives off their back & have credibility w/ the MSM.
Say what you will, but Gates basically gives his money away either way. His foundation has granted something like $50 billion already. And he's pledging to give a lot more away.
This post was edited on 2/13/19 at 3:31 pm
Posted on 2/13/19 at 3:33 pm to boogiewoogie1978
sounds like it has been too many years since someone gave Bill a Melvin.
Posted on 2/13/19 at 3:35 pm to boogiewoogie1978
Proof that you can know everything about one field and still be clueless about basic economics.
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