Comment on Here are the massive tax increases coming your way in a second Biden term
wintermute_oregon@lemm.ee 7 months agoYou linked the 11-billion story though?
As it had the 2014-2018 numbers.
The attitude of hiding behind loopholes and technicalities is how
It’s neither. It’s how our tax code is written. Most of their wealth I would assume is stock. It isn’t cash.
Almost all of elons wealth is stock.
I’d be fine saying stock sales are ordinary income including SS and Medicare. That would end some of this.
I’d be fine counting personal loans as income and rebate if needed when paid off.
Since capital gains are taxed lower. Many people have converted their pay to stock.
GrymEdm@lemmy.world 7 months ago
In my defense, that’s precisely why I opened with the idea that we should tax the obscenely rich. As in, change the tax code. I haven’t said that Elon et al are criminally evading taxes (although I’ve heard rumblings of it happening), but rather I say the code needs to be revisited with levelling inequality in mind. I’ve even heard people like Mark Cuban explicitly say they believe their economic peer group should be taxed heavily. "Cuban urges people to get so “obnoxiously rich that when that tax bill comes, your first thought will be to choke on how big a check you have to write. Your 2nd thought will be ‘what a great problem to have,’ and your 3rd should be a recognition that in paying your taxes you are helping to support millions of Americans that are not as fortunate as you.”
A fine example of using technicalities/loopholes/whatever you want to label it as a way to reduce taxes paid.
wintermute_oregon@lemm.ee 7 months ago
It’s neither. It’s using the tax code to their advantage. Just as we do every year. Loophole makes it sound like it wasn’t designed that way.
I am 100% against taxing wealth but I am onboard for forcing people to covert wealth to cash to be taxed. The loans are something I despise. That really is a pet peeve of mine.
I also don’t mind PUBLiC companies having more regulations such as total comp can’t exceed x of the lowest paid employee.
Part of the wealth gap is caused by the stock market. If they want the benefit of the stock market. They should have more regulations.
The problem though is congress is tied to the hip to these people and that is why things done change
GrymEdm@lemmy.world 7 months ago
That’s why I specified you may call it whatever you wish to. The important bit is not the words used, it’s the fact that less taxes are paid. Going back to the Oxfam report I linked: “Worldwide, only four cents in every tax dollar now comes from taxes on wealth.” and “A billionaire gained roughly $1.7 million for every $1 of new global wealth earned by a person in the bottom 90 percent.”
No matter how that is being achieved, or how you wish to fix it, or what you want to call it, that is the situation I would like to have remedied by taxation or other forced redistribution of wealth. I’m not even full communist or anything - I firmly believe we need distinct economic tiers to encourage people to perform. You don’t get enough surgeons if you pay everyone a cashier’s wage regardless of job. But there’s a huge amount of space for correcting wealth inequality that allows the wealthy to enjoy the best life has to offer while still preventing the (IMO) injustice of current economic reality.
wintermute_oregon@lemm.ee 7 months ago
Agreed. Success and risk should be rewarded.
In my opinion the whole tax system needs to be redesigned. It’s a total shitshow and most people have no clue how it works.
I earn in the top 5%. People think trump gave that bracket a huge tax break. He didn’t. It increased my taxes significantly.
The only thing I’m against changing is taxing wealth.