A challenge for the "Tax the rich more" crowd.

[hadit]

True for "Capital Gains". If you made money on a stock, that money is new "unearned (investment) income".

A "Wealth Tax" is not what I'm suggesting.
We need to start paying down the $39T Debt.
I'm open to suggestions.

I like these to start:
Financial transaction Tax (2% on all financial transactions, gains ~$150b a year)
Remove Capital Gains Tax loop-hole ( gains ~$100b/yr)
Fix SS & Medicare
Change the top IRS income tax rate from 37% to 40%. (gains $400b a year)

So these revenue "enhancers" would gain about $650b a year to start paying down the $39T debt.

Unless you are saying we should eliminate fraud and waste in SS and Medicare, "fixing" them will cost more, not less.

 

[kyzr]

Finally, a coherent answer.
That is a fair tax system.

So the bottom 50% who have nothing, are supposed to pay the same "total" income tax as the top half who owns $200T in wealth.

You guys are dumber than rocks.

 

[my2¢]

In regard to income taxes, let use example of:

• 4 people spend years playing the lottery together and eventually split a winning ticket worth $60 million
• an investor's puts $12 in stocks and over the years it appreciates by $60 million to $72 million
• the investor dies and his stocks are evenly divided between his 4 children
• each of the 4 lottery players will need to pay income tax on their $15 million winnings
• the income tax liability for each of the stock inheritors is a big fat $0

An equitable income system would treat all those dollars the same and all 8 would be taxed $15,000.
It's no wonder Uncle Sam can't balance its budget.

 

[citygator]

Tell the class again how the top 1% of income earners are not included in the top 10% of income earners, Dumbass.

Explain the meaning of discreet groups dipshit. Nostra needs a dictionary folks. He keeps googling dick shone airy.

 

[kyzr]

In regard to income taxes, let use example of:

• 4 people spend years playing the lottery together and eventually split a winning ticket worth $60 million
• an investor's puts ~$8m (after taxes) in stocks and over the years it appreciates by $60 million to $72 million

He pays income tax on his $15m winnings in year-1, and then pays annually as he cashes any profits in.

• the investor dies and his stocks are evenly divided between his 4 children, $13m to each (Nope)
• each of the 4 lottery players will need to pay income tax on their $15 million winnings (in year-1)
• the income tax liability for each of the stock inheritors is a big fat $0 (many years after year-1)

Because the tax was paid on the ($72m -8m =$64m profit, is $26m tax) by the guy's estate before distribution to the kids. So the 4 kids each get $72m-$26m tax = $46m/4 = $11.5m

An equitable income system would treat all those dollars the same and all 8 would be taxed $15,000.
It's no wonder Uncle Sam can't balance its budget.

What 8? Your example was only about the guy's 4 kids. The kids then pay tax on profits they earn.
The 4 lottery winners pay income tax in year-1.
The 4 kids get their cash with the taxes already paid.

 

[Nostra]

So the bottom 50% who have nothing, are supposed to pay the same "total" income tax as the top half who owns $200T in wealth.

You guys are dumber than rocks.

Nope. The one who makes more pays more, oh math challenged Simp.

 

[Nostra]

Explain the meaning of discreet groups dipshit. Nostra needs a dictionary folks. He keeps googling dick shone airy.

Tell the class again how the top 1% of income earners are not included in the top 10% of income earners, Dumbass.

 

[kyzr]

Nope. The one who makes more pays more, oh math challenged Simp.

That's not what he said:

The top 1% should pay 1% of the total income taxes.
The top 10% should pay 10% of the total income taxes.
The top 50 should pay 50% of the total income taxes.

If the top half of earners pay 50% of the total income taxes, the bottom half pay the other half, duh.

 

[citygator]

Tell the class again how the top 1% of income earners are not included in the top 10% of income earners, Dumbass.

When they are discrete groups. Look it up. You can be in the top 10% but not in the top 1%. Mind blown. I know.

Now tell the class how you have no response to the logical percentages I slapped on those discrete groups destroying your argument. There is a reason you are not in the top 1%. Its your intelligence... (lack of).

 

[Nostra]

That's not what he said:

The top 1% should pay 1% of the total income taxes.
The top 10% should pay 10% of the total income taxes.
The top 50 should pay 50% of the total income taxes.

If the top half of earners pay 50% of the total income taxes, the bottom half pay the other half, duh.

You make more, you pay more.
‘Very simple, and yet way beyond your cognitive abilities.

 

[Nostra]

When they are discrete groups. Look it up. You can be in the top 10% but not in the top 1%. Mind blown. I know.

Now tell the class how you have no response to the logical percentages I slapped on those discrete groups destroying your argument. There is a reason you are not in the top 1%. Its your intelligence... (lack of).

View attachment 1226291

Cool story.
You should start a thread on that topic, Short Bus.
We are talking income taxes here.

 

[citygator]

Cool story.
You should start a thread on that topic, Short Bus.
We are talking income taxes here.

No youre not. Youre babbling stupidity.

 

[Admiral Rockwell Tory]

Eliminate the "Capital Gains" tax loophole and add a new financial transaction tax of 2%? That's one way to kill market investments.

Guessing you want to include home ownership. Every year the value goes up, its ripe for capital gains.

He doesn't care. He is a progressive at heart.

 

[Admiral Rockwell Tory]

Bullshit. What else would they do with their money, stuff it in their mattress?

You only get one tax free home sale, same as now. My capital gains elimination was for just for long held financial investments.

They just might! Never considered that did you? Killing investments also kills your 401K. Didn't think of that did you?

Capital gains only works when you sell the investment, but you ignored that didn't you?

 

[M14 Shooter]

The top 1% should pay _____% of the total income taxes.

The top 10% should pay _____% of the total income taxes.

The top 50 should pay _____% of the total income taxes.

0%
0%
0%

 

[kyzr]

He doesn't care. He is a progressive at heart.

Sure I care. I care about the $39T National Debt that the Joint Chiefs said was the biggest threat the US faced way back in 2011 when the Debt was "only" $15T. When bond vigilantes decide to push the issue, the dollar gets hurt. We are whistling past the graveyard ignoring the $39T debt.

As for a 2% transaction tax and eliminating the capital gains tax loophole, they will not kill investments, people like to make money too much. So how do we start paying down that $39T before its too late?

Jim Kramer has a saying: "Bears make money, Bulls make money, Pigs get slaughtered".

 

[Admiral Rockwell Tory]

I'm not a leftist, but I think we should abolish the federal income tax and many other taxes and start taxing things that don't benefit society or are extreme luxury items instead. Parking in handicapped spaces is not wanted, so anyone doing it gets a 1K fine. Make people pay for antisocial behavior. Don't tax little fishing boats, but tax billionaire yachts. Tax foods that make Americans so damn fat. Don't have property tax for people living in apartments but tax the hell out of these enormous mansions that house 2 people for half the year. Most importantly, if that can't generate the tax income needed to run the government then the government has to give up funding Learing Centers. No more borrowing to cover deficits.

How old are you? Did you ever take an economics class in high school or college? If you did, you should sue to get your money back!

Who builds those billionaire's yachts? Who builds their mansions? Are you going to pay their unemployment because you killed their job?

Do you not know that sales tax and property tax are not federal taxes? If you want your state to kill their economy, go right ahead.

Are you a closet Democrat? Because everything you have said has been tried by the Dems in the past to their own ruin.

 

[my2¢]

What 8? Your example was only about the guy's 4 kids. The kids then pay tax on profits they earn.
The 4 lottery winners pay income tax in year-1.
The 4 kids get their cash with the taxes already paid.

Exactly, their inheritance isn't taxed because of the matter is dealt through estate tax, not through the income tax. Which is exactly the reason I see the insistence of the thread's author of limiting this discussion to income taxes is crazy.
(Using the 2026 estate tax exemption of $15m, I came up an after-tax total amount of $49.2m to be split amongst the heirs.)

I also read that some folks here believe everybody should pay the same dollar amount. By my calculation that amounts to roughly $26,500 per person 18 and older based on our 2025 federal spending. I'd be comfortable with that, but $53,000 for my wife and I, no thanks!

 

[Admiral Rockwell Tory]

Sure I care. I care about the $39T National Debt that the Joint Chiefs said was the biggest threat the US faced way back in 2011 when the Debt was "only" $15T. When bond vigilantes decide to push the issue, the dollar gets hurt. We are whistling past the graveyard ignoring the $39T debt.

As for a 2% transaction tax and eliminating the capital gains tax loophole, they will not kill investments, people like to make money too much. So how do we start paying down that $39T before its too late?

Jim Kramer has a saying: "Bears make money, Bulls make money, Pigs get slaughtered".

So are you going to further tax my retirement when I draw my funds out that I saved for 20 years? Because Biden killed the stock market, I lost a good percentage of my retirement funds and now you want to take more of it in taxes? Talk about cutting off your nose to spite your face!

 

[citygator]

Since the left is not responding, these are my numbers:

top tax rate 40%, up from 37%, all others stay the same

Plus, eliminate the "Capital Gains" tax loophole, income is income

Plus, add a new financial transaction tax of 2% whenever they are bought or sold

Plus, fix SS by removing the cap

Plus, stop "Corporate Welfare", aka "subsidies", i.e. giving $billions of taxpayer cash to corporations, buy stock instead and keep it in a Sovereign Fund until needed.

View attachment 1225290

Why should the wealthy pay more? Because they have all the wealth:

View attachment 1225291