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Thread: Billionaires Blast off

  1. Top | #191
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    Quote Originally Posted by TSwizzle View Post
    Quote Originally Posted by SLD View Post

    But we are taxed such because they are not!!!!
    Yes we are being screwed by unnecessary taxes. But if the billionaires were taxed at the same rates we were, we would find that we would accomplish far more with our tax money.

    And I get that there’s a lot of government waste out their. Just run for Congress and try to cut defense spending. See what happens.
    Something is very wrong here. During this pandemic where many, many businesses were forced to close for an extended period of time to "flatten the curve" it now seems California has billions of dollars of surplus tax money. Even after billions of dollars paid out in covid relief and fraudulent unemployment claims, California is swimming in money. Newsom is absolutely giddy as he throws this surplus money around like a drunken sailor.
    I'm not from California. So I don't know. But I find this claim lacking in credibility.

    Could someone back up the claim that California is swimming in money?
    Tom

  2. Top | #192
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    Quote Originally Posted by TSwizzle View Post
    Quote Originally Posted by SLD View Post

    But we are taxed such because they are not!!!!
    Yes we are being screwed by unnecessary taxes. But if the billionaires were taxed at the same rates we were, we would find that we would accomplish far more with our tax money.

    And I get that there’s a lot of government waste out their. Just run for Congress and try to cut defense spending. See what happens.
    Something is very wrong here. During this pandemic where many, many businesses were forced to close for an extended period of time to "flatten the curve" it now seems California has billions of dollars of surplus tax money. Even after billions of dollars paid out in covid relief and fraudulent unemployment claims, California is swimming in money. Newsom is absolutely giddy as he throws this surplus money around like a drunken sailor.
    The evidence that states that locked down fared far better economically compared to states that didn't has been posted here before.
    When conservatives realize they cannot win democratically, they will not abandon conservatism. They will abandon democracy.

    Poverty exists not because we cannot feed the poor but because we can't satisfy the rich.

  3. Top | #193
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    Quote Originally Posted by TomC View Post
    Quote Originally Posted by TSwizzle View Post
    Quote Originally Posted by SLD View Post

    But we are taxed such because they are not!!!!
    Yes we are being screwed by unnecessary taxes. But if the billionaires were taxed at the same rates we were, we would find that we would accomplish far more with our tax money.

    And I get that there’s a lot of government waste out their. Just run for Congress and try to cut defense spending. See what happens.
    Something is very wrong here. During this pandemic where many, many businesses were forced to close for an extended period of time to "flatten the curve" it now seems California has billions of dollars of surplus tax money. Even after billions of dollars paid out in covid relief and fraudulent unemployment claims, California is swimming in money. Newsom is absolutely giddy as he throws this surplus money around like a drunken sailor.
    I'm not from California. So I don't know. But I find this claim lacking in credibility.

    Could someone back up the claim that California is swimming in money?
    Tom
    https://www.google.com/amp/s/amp.sac...251482308.html

  4. Top | #194
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    Quote Originally Posted by Bomb#20 View Post
    Quote Originally Posted by Shadowy Man View Post
    Quote Originally Posted by Bomb#20 View Post
    When people say Bezos's tax rate is 1% or whatever the popular accusation is, what they are complaining about is the fact that he doesn't have to pre-pay tax in 2021 on his, say, 2031 income. Oh the horror! You don't have to pre-pay tax in 2021 on your 2031 income either.
    So this would argue that long term capital gains should be taxed at the same rate as personal income, yes?
    I'm not seeing how it argues that -- the two issues seem unconnected to me. Feel free to walk me through it if you care.

    But all the same, yes, long term capital gains should be taxed at the same rate as personal income, I think. On the other hand, long term capital gains should be calculated with the basis adjusted for inflation. The way they do it now, the government inflates the currency and then measures purchase price in bigger units than it measures sales price in, which means part of the calculated capital gain is fictional income, but you're really taxed on it. The lower capital gains rate (very roughly) compensates for the higher alleged gain.
    It's not "very roughly"--the two numbers are very close.

  5. Top | #195
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    Quote Originally Posted by Shadowy Man View Post
    Quote Originally Posted by TomC View Post

    I'm not from California. So I don't know. But I find this claim lacking in credibility.

    Could someone back up the claim that California is swimming in money?
    Tom
    https://www.google.com/amp/s/amp.sac...251482308.html
    It seems to be saying they cut back more than they needed to in response to the pandemic.

  6. Top | #196
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    Quote Originally Posted by Loren Pechtel View Post
    Quote Originally Posted by Bomb#20 View Post
    I'm not seeing how it argues that -- the two issues seem unconnected to me. Feel free to walk me through it if you care.

    But all the same, yes, long term capital gains should be taxed at the same rate as personal income, I think. On the other hand, long term capital gains should be calculated with the basis adjusted for inflation. The way they do it now, the government inflates the currency and then measures purchase price in bigger units than it measures sales price in, which means part of the calculated capital gain is fictional income, but you're really taxed on it. The lower capital gains rate (very roughly) compensates for the higher alleged gain.
    It's not "very roughly"--the two numbers are very close.
    How roughly the lower rate compensates for the effects of inflation depends on the rate of inflation and for how long the asset is held. There is no way the tax rate (a fixed number) can adequately compensate for nominal gains for all realized assets.

    A better way which is more accurate is to adjust the capital gains for inflation and then treat the adjusted income as income for tax purposes.

  7. Top | #197
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    How are capital gains different from normal (ordinary) income in reference to inflation. They are both acquired over the course of a year in which the inflation took place.

  8. Top | #198
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    Quote Originally Posted by fromderinside View Post
    How are capital gains different from normal (ordinary) income in reference to inflation. They are both acquired over the course of a year in which the inflation took place.
    Capital gains could be not realized for many years, decades even.

  9. Top | #199
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    Quote Originally Posted by SLD View Post
    Quote Originally Posted by fromderinside View Post
    How are capital gains different from normal (ordinary) income in reference to inflation. They are both acquired over the course of a year in which the inflation took place.
    Capital gains could be not realized for many years, decades even.
    And over that entire time income, recent records indicate, remained static for many years even as inflation inched up at 2 percent a year for those many years. Why should capital gains benefit from inflation if income isn't adjusted with raises IAC inflation?

  10. Top | #200
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    The consequences of wealth concentration;


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