re: Warren’s Wealth Tax

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That to me just isn't fair. That is where the system needs to be fixed. And that is much more logical than a wealth tax.

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We just need a tax based on how much you buy much like the often maligned Fair Tax.

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Nice leap. Hard to have a serious conversation with you here

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How so? Because I’ve argued dozens of cases in tax court? You think I can’t keep up with your vast knowledge of the Code? You made the claim. I pointed out it’s absurdity.

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I should have said plenty of other people making millions upon millions that pay over 30%. Is that more clear for ya?

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The code is the same code for every citizen in the country. Which, specific, sections of the code do you dislike. A simple code section will do. TIA

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You shouldn’t be able to hide money in offshore accounts with the purpose of tax evasion. But it’s not income!?!? Dude they are earning dividends/accumulating equity on those assets which aren’t being properly accounted for.

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How do you equate a very basic and common diversification strategy to evasion? Do you think anyone that uses an accountant, sets up a QTIP or QDOT or marital trust is guilty of evasion? Because all of those are meant to avoid taxes too. Avoiding taxes is the sole job of millions of CPAs and accountants. Why do the sections of the code specific to foreign investments bother you so much? Because you are ignorant and you don’t understand what the hell you are talking about?

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Small business owners are trading their equity regularly?

I am fine with reducing everyone else income tax too. I am just stating no way should Mittens and Buffett be paying 14% and someone with a salaried job be paying more.

Heck you can focus all your attention on climbing the corporate later and a co-worker can can just do his thing and search for rental investments and make the same money as you and pay less in taxes. Way less.

That to me just isn't fair. That is where the system needs to be fixed. And that is much more logical than a wealth ta

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Small business owners can, quite literally, buy or sell their equity whenever they choose. No different than an investment manager.

Here’s a hint: there are very few people paying more than 15 - 25% in effective rate and for some reason you’re singling out Romney on a single year in which he didn’t work at Bain and gave a large amount to charity. Great. One off examples are stupid and tell us nothing.

I think it’s completely fair that different economic transactions are taxed differently. We, as a society, choose to subsidize real estate and home ownership, equity ownership in companies, and, in another example of many, education by either lowering the tax rates or outright subsidizing it because we value them as social goods and understand that the more we have of each, the better. Why don’t we tax universities at 37%? That would be fair, right?

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And you are either way too emotionally attached to this or a dumbass that doesn't know what they are talking about because you are going with personal attacks.

Legit if you are in the investment world I hope you don't have management control. You are completely unhinged and cannot even have a basic discussion. I bet your arse would lose your mind managing money.

Calm down and let's just have a discussion.

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Not at all. I just think you don’t really have the first clue as to the economics underlying what you’re talking about.

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would love a fair tax.

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Will never happen. The 40 percent that pay zero taxes now would revolt.

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have given plenty of examples in this thread. Warren Buffett and Mittens being investors for a job and paying low taxes. It is their job. It should be ordinary income like everyone else.

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Those aren’t examples. I asked for sections of the code. Or even just the terms of the strategies you are talking about. The code is applied evenly to every citizen in the country. So I’m not sure exactly what your upset about. I’m not saying the code doesn’t have issues. I disagree with lots in the Code. But I honestly have no clue what you’re talking about. And I spend 8 hours a day in that friecking code.

Anyone who thinks this is a good idea should take a look at the rates when the income tax started.

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Didn't Huey Long want to try something like this if he ever became president?

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Can you imagine what Tiger Stadium would look like if he had?

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Yes when they are purposefully hiding from income and other taxes.

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How much extra tax did you pay this year?