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Started By
Message
re: Morgan Stanley: "The Biden Tax Proposal: Answers to 5 Top Questions"
Posted on 4/27/22 at 8:52 pm to gorillacoco
Posted on 4/27/22 at 8:52 pm to gorillacoco
quote:
If it’s over the 7 figures that you get tax free in the bill, I would highly recommend it if they are 18+.
What's so special about the first whatever the arbitrary cut off is that it shouldn't be taxed as well?
1
Posted on 4/27/22 at 8:56 pm to THRILLHO
quote:
Senior builds up a ~100 employee business, with Junior helping out for the past 15-20 years. -Senior dies. -Junior can't afford the taxes, so he's forced to sell. -~100 employee business is bought out by publicly traded, 15K employee competitor. Redundancies in the small business are eliminated. Those lucky enough to keep their jobs now get
Yea that’s not how that works lol
Posted on 4/27/22 at 8:58 pm to JohnnyKilroy
quote:
Yea that’s not how that works lol
If we start taxing unrealized gains, then that is certainly a possibility.
Now, I'm not sure it's some grand conspiracy, but cash flow is going to be a huge issue were something like this to be implemented.
Posted on 4/27/22 at 9:01 pm to TheFonz
quote:
Explain this to me like I'm Joe Biden.
Chocolate is brownish. Vanilla is yellowish. Strawberry is pinkish.
Posted on 4/27/22 at 9:04 pm to MrLSU
quote:
In short, higher federal capital-gains taxes have not directly translated into negative or positive equity returns.
Ummmm it's a mathematical certainty
Posted on 4/27/22 at 9:11 pm to LNCHBOX
I honestly don’t know but my first guess is that it prevents a lot of problems with people having to sell off ‘modest’ assets like small businesses and homes to pay the tax burden. Cash flow like Mingo mentioned.
I agree that it is not in line with the principle that I argued for but I will say I think I agree with this part (the somewhat arbitrary limit) of it as well. Don’t really have a good defense though. Let me think about it.
This isn’t a good defense either but first thought, one of the big positives of an inheritance tax is that it discourages the development of oligarchical/aristocratic families though so you still get this benefit even with a relatively high tax free limit.
And just to be clear I have no idea what loopholes people can use to escape the inheritance tax or if that’s actually how this bill would have it work at all.
I agree that it is not in line with the principle that I argued for but I will say I think I agree with this part (the somewhat arbitrary limit) of it as well. Don’t really have a good defense though. Let me think about it.
This isn’t a good defense either but first thought, one of the big positives of an inheritance tax is that it discourages the development of oligarchical/aristocratic families though so you still get this benefit even with a relatively high tax free limit.
And just to be clear I have no idea what loopholes people can use to escape the inheritance tax or if that’s actually how this bill would have it work at all.
Posted on 4/27/22 at 9:26 pm to Mingo Was His NameO
quote::WhyNotBoth?:
I can't tell if you are completely ignorant of the tax system or just have possibly the worst takes of all time.
Posted on 4/28/22 at 12:57 am to Double Oh
37% is fricking absurd as it is. We founded this country fighting over a 3-5% tariff.
Posted on 4/28/22 at 3:14 am to The Spleen
quote:
Oh yay! We haven’t had a thread in a while where middle class schmucks defend policies that disproportionately benefit the wealthy!
Yeah we all agree that Biden's tax policies disproportionately benefit the wealthy and that's why we're a little pissed about it.
Posted on 4/28/22 at 4:45 am to Mingo Was His NameO
quote:
making death a taxable event is just so absurd I don't even know where to start. That's the most fundamental taxation without representation example there is. Hey, you died so you can't defend yourself, we'll take a portion of your assets. Cheers thanks.
You do realize you were alive when the tax was enacted, so you were 100% represented.
I think you struggle with basic reading comprehension skills.
Posted on 4/28/22 at 5:40 am to Meauxjeaux
quote:
You do realize you were alive when the tax was enacted, so you were 100% represented.
I think you struggle with basic reading comprehension skills.
Not really the full definition of "represented taxation" but ok. Regardless.....it still shouldn't be a thing.
and while we're on this topic, people under the age of 18 shouldn't be taxed on their income.
This post was edited on 4/28/22 at 5:41 am
Posted on 4/28/22 at 5:47 am to pankReb
quote:
Regardless.....it still shouldn't be a thing.
100% agree.
Posted on 4/28/22 at 7:25 am to gorillacoco
quote:
But if there’s any part of this I wouldn’t complain about it’s the inheritance provision. It impedes the development of an aristocracy via inheritance, and only applies to people inheriting literally millions of dollars that they didn’t actually work for. I’ll save my tears for someone besides the trust fund babies.
Could you possibly have an even more jealous and irrational stance? Wow
If a person earns money for their family, bully for them. They earned money by providing value to someone or society. Why should you be jealous of their success and wishes? It should have nothing to do with you unless you want to see them as an example and strive for that same level of financial independence.
Posted on 4/28/22 at 7:31 am to gorillacoco
quote:
Meh. I totally agree the corporate tax rate hikes in the bill will directly impact consumers and are bad. But if there’s any part of this I wouldn’t complain about it’s the inheritance provision. It impedes the development of an aristocracy via inheritance, and only applies to people inheriting literally millions of dollars that they didn’t actually work for. I’ll save my tears for someone besides the trust fund babies.
Quit being a loser and make your own money that you can pass down you frickwad.
This would be a shitshow and I guarantee that Democrats would be fighting to get back into office for the next 100 years. There are things like farm land and such that people put into trust 50 years ago, passed away and thought their assets were safe from the government
People like you just don't get that people work hard for things so they can leave them to their children, grandchildren and great grandchildren. That's why they do it in the first place. It's more their money than yours or the government's. frick you.
This post was edited on 4/28/22 at 7:42 am
Posted on 4/28/22 at 7:31 am to gorillacoco
quote:
quote:
No one’s income should be taxed
I mean I consider myself pretty libertarian but I don’t think anyone thinks that’s a workable solution.
Sales tax is a workable solution.
For all of the libs on here, "it taxes the wealthy who do not earn wages". It cuts out every IRS loophole.
Posted on 4/28/22 at 7:34 am to meansonny
quote:
Sales tax is a workable solution.
Way to regressive. It would make lifting yourself out of poverty nearly impossible.
And you want to talk about picking winners and losers.
Posted on 4/28/22 at 7:41 am to RTRinTampa
quote:
More than half our voters don't have an IRA or 401k nor will they ever inherit one. They don't own a home or business. They pay an effectice 0% tax rate and some even get $ back they never contributed. And, they've been told their whole lives those that do have those things are evil. We need voting reform so those sucking the governmemt tit cannot keep voting themselves a raise through increased taxation.
This is the type of comment that would get you publicly lynched but it’s all true. Our current system is unsustainable. We keep taking away from the middle because it’s not fair to the poor, but somehow fail to realize that we are simply making it more tolerable to stay poor, perpetuating poverty not helping anyone get out.
Now we are at a point that these people don’t even have to identify themselves to cast their vote. The poor in this country have absolutely zero skin in the game
And we have idiots that still don’t realize that corporate taxation hits consumers and investors. They somehow think that corporations are rich people. The ones that make the most money are literally called public companies, and in the business of increasing profits. A bit of a zero sum game.
Posted on 4/28/22 at 7:46 am to Mingo Was His NameO
quote:
quote:
Sales tax is a workable solution.
Way to regressive. It would make lifting yourself out of poverty nearly impossible.
And you want to talk about picking winners and losers.
I disagree.
No taxes on food.
No corporate income tax
Value added tax.
It lowers consumer costs on food and housing and used items. There isnt much regressive about that.
Posted on 4/28/22 at 7:47 am to OceanMan
quote:
And we have idiots that still don’t realize that corporate taxation hits consumers and investors. They somehow think that corporations are rich people. The ones that make the most money are literally called public companies, and in the business of increasing profits. A bit of a zero sum game.
The people with easiest lives that I know all work for the city I live in - and I pay the taxes for their easy lives.
I guess you could argue that I should just go work for the city - but I don't want to work around a bunch of losers
This post was edited on 4/28/22 at 7:59 am
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