Bobby's big mad! He has just found out. (NYC)

[Toddsterpatriot]

That's because as a percentage of income of total effective tax burden, the wealthy typically do a pay a lower rate when all taxes (previously listed) are factored in.

WW

You have any real-world examples, or is this just a feeling?

 

[g5000]

How about a national sales tax rather than an income tax with no tax on food and healthcare/medicine?
If a rich person buys a mansion for 6 million, they pay 900,000 (15%).

I have been a supporter of the Fair Tax for a long time.

Every economist will tell you a tax on consumption (sales tax) is superior to a tax on production (income tax).

However, a sales tax is regressive.

Your idea of sales tax exemptions is a bad one, too, because that becomes the leading edge of an exemption wedge which will only get larger and larger, just like the $1.6 TRILLION of tax exemptions, credits, and deductions in the federal income tax today.

Once you allow exemptions, you have opened the door once again to the wide-scale bribery which adds more exemptions, credits, and deductions on a literally one-new-one a day basis for the past two decades.

Before you know it, that $6 million mansion will be exempted from sales tax "because jobs".

The solution to the regressive nature of a sales tax is a prebate. The prebate covers the taxes on your necessities. Food, gas, utilities, etc. And the prebate is the same amount for everyone, regardless if you are a robber baron or a burger flipper.

NO EXEMPTIONS from the Fair Tax.



.

 

[gmeyers1944]

And there's where we are in agreement. Taxes should be raised on the super-rich. Warren Buffett says so, and that's enough for me.

I would like to see Warren Buffet's taxes. He probably takes advantage of tax laws that isolate him from having to pay the high rate he favors others paying.

Flat taxes are regressive.

By definition, flat taxes are not regressive/

 

[MarathonMike]

Robert DeNiro thinks that taxes are to be paid by the other guy.
Bobby thinks he should get some sort of an exemption because of who he is. Sorry, it doesn't work that way. You voted for it. Or if you voted for Cuomo, your party still allowed a system that nominated an Islamic Marxist. FAFO.

BAHAHAHA!! Maybe little "Raging Bull" Bobbie wants to punch Mamdani in the mouth now!!

 

[g5000]

You have any real-world examples, or is this just a feeling?

A wealthy person puts their money to work in the stock market and other investments.

As their wealth increases due to gains in their stocks and the rest of the portfolion, they don't pay a penny in taxes on those gains until they cash in.

The capital gains tax is less than the income tax.

Nevertheless, there is no reason to ever cash in those capital gains.

Instead, what wealthy people do is borrow money, using their portfolio as collateral.

They never have to touch their gains.

Here's the really sick part. The interest rates the uber wealthy are charges is a LOT lower than the rate you are charged. A paper billionaire is charged one percent or less for a loan.

They can buy a mansion with the loan, and deduct the interest on that loan on their taxes. Or they can buy a piece of art. Or your company. Or whatever they wish.

Whatever they do, they will make more money than they owe in interest.

This is what rich people do. Over and over until they die. Never touching that original portfolio as it explodes in value.

And there are all kinds of tax loopholes which enables them to pass on their wealth to their kids.

And guess what? Since the kids inherit the money, their capital gains starts at ZERO!

And now the kids get to play the game from scratch.

 

[g5000]

BAHAHAHA!! Maybe little "Raging Bull" Bobbie wants to punch Mamdani in the mouth now!!

See posts 76 and 79.

Why don't you rubes ever read the links provided in an OP?

Why do you keep falling for these obvious hoaxes?
.

 

[Toddsterpatriot]

A wealthy person puts their money to work in the stock market and other investments.

As their wealth increases due to gains in their stocks and the rest of the portfolion, they don't pay a penny in taxes on those gains until they cash in.

The capital gains tax is less than the income tax.

Nevertheless, there is no reason to ever cash in those capital gains.

Instead, what wealthy people do is borrow money, using their portfolio as collateral.

They never have to touch their gains.

Here's the really sick part. The interest rates the uber wealthy are charges is a LOT lower than the rate you are charged. A paper billionaire is charged one percent or less for a loan.

They can buy a mansion with the loan, and deduct the interest on that loan on their taxes. Or they can buy a piece of art. Or your company. Or whatever they wish.

Whatever they do, they will make more money than they owe in interest.

This is what rich people do. Over and over until they die. Never touching that original portfolio as it explodes in value.

And there are all kinds of tax loopholes which enables them to pass on their wealth to their kids.

And guess what? Since the kids inherit the money, their capital gains starts at ZERO!

And now the kids get to play the game from scratch.

As their wealth increases due to gains in their stocks and the rest of the portfolion, they don't pay a penny in taxes on those gains until they cash in.

It's true, we don't pay income tax on things that aren't income.

The capital gains tax is less than the income tax.

Right. So what?

Nevertheless, there is no reason to ever cash in those capital gains.

Instead, what wealthy people do is borrow money, using their portfolio as collateral.

So what?

Here's the really sick part. The interest rates the uber wealthy are charges is a LOT lower than the rate you are charged. A paper billionaire is charged one percent or less for a loan.

Link?

They can buy a mansion with the loan, and deduct the interest on that loan on their taxes.

Deduct the interest against what?

 

[g5000]

The capital gains tax is less than the income tax.

Right. So what?

You asked for examples of how the wealthy pay a lower rate of tax.

Asked and answered. You're welcome.

Nevertheless, there is no reason to ever cash in those capital gains.

Instead, what wealthy people do is borrow money, using their portfolio as collateral.

So what?

Another example of how the wealthy accumulate more wealth without paying taxes.

You asked, I answered.

You're welcome.

Here's the really sick part. The interest rates the uber wealthy are charges is a LOT lower than the rate you are charged. A paper billionaire is charged one percent or less for a loan.

Link?

How Does High Net Worth Lending Work?

High net-worth lending involves consumer loans that are taken out against stock portfolios, residential real estate and art work.

smartasset.com

They can buy a mansion with the loan, and deduct the interest on that loan on their taxes.

Deduct the interest against what?

The interest on their loan! It's tax deductible.

Winning!

 

[g5000]

Toddsterpatriot

You've probably heard something along the lines that the top such-and-suc percent pay most of the taxes.

That is a huge lie of omission.

Here are an article and a video which should enlighten you:

Adopting a Billionaire Mindset with Borrowing

Billionaires multiply their wealth by borrowing against their assets to pay for new investments. Read to learn how homeowners can do the same to cover tax labilities.

www.bny.com

 

[g5000]

The legislation which used to keep the playing field level have been rolled back little by little. And now the playing field is tilted such that wealth is being redistributed up the food chain to a select few.

The thing is, the more wealth the elites accumulate, the more influence and money they have to own our politicians. It's a snowball effect.

 

[Toddsterpatriot]

You asked for examples of how the wealthy pay a lower rate of tax.

Asked and answered. You're welcome.



Another example of how the wealthy accumulate more wealth without paying taxes.

You asked, I answered.

You're welcome.

How Does High Net Worth Lending Work?

High net-worth lending involves consumer loans that are taken out against stock portfolios, residential real estate and art work.

smartasset.com

The interest on their loan! It's tax deductible.

Winning!

You asked for examples of how the wealthy pay a lower rate of tax.

Wealthy people pay a capital gains rate of 15%-20%.

Regular people pay 0%-15%.

Another example of how the wealthy accumulate more wealth without paying taxes.

Right. They don't pay income tax on things that aren't income.

How Does High-Net-Worth Lending Work?​

Thanks for the link. It didn't support your claim of 1%. Try again? LOL!

The interest on their loan! It's tax deductible.

Deductible against what? If I take out a personal loan, I can't deduct the interest. Neither can the rich guy.

​

 

[g5000]

At a recent gathering of the elites at the White House to stroke Donald Trump's fragile ego, there was a round-the-table bullshit session where each of the wealthiest people on Earth committed to how much money there were going to invest in America.

Mark Zuckerberg did not see this coming. So when it came to his turn to commit, he just pulled a number out of his ass to please the grinning ape.

This stroke session was all caught on tape.

What Zuckerberg did not know was the mic was still hot when he buttonholed Trump afterward to apologize for being caught unaware, and he told Trump he hoped his made up number was satisfactory.

 

[Toddsterpatriot]

Toddsterpatriot

You've probably heard something along the lines that the top such-and-suc percent pay most of the taxes.

That is a huge lie of omission.

Here are an article and a video which should enlighten you:

Adopting a Billionaire Mindset with Borrowing

Billionaires multiply their wealth by borrowing against their assets to pay for new investments. Read to learn how homeowners can do the same to cover tax labilities.

www.bny.com

You've probably heard something along the lines that the top such-and-suc percent pay most of the taxes.

That is a huge lie of omission.

And yet, still true.

 

[g5000]

You asked for examples of how the wealthy pay a lower rate of tax.

Wealthy people pay a capital gains rate of 15%-20%.

Regular people pay 0%-15%.

Only poor people pay that low rate. Very poor people.

If you are paying that rate, then you are poor.

I pay the top rate, as do most people who are well-off but not uber wealthy.

The uber wealthy pay a lower capital gains rate than my income tax rate.

But as I said, they don't even pay that rate.

Another example of how the wealthy accumulate more wealth without paying taxes.

Right. They don't pay income tax on things that aren't income.

How Does High-Net-Worth Lending Work?​

Thanks for the link. It didn't support your claim of 1%. Try again? LOL!

We both know you didn't read it. LOL!

The interest on their loan! It's tax deductible.

Deductible against what? If I take out a personal loan, I can't deduct the interest. Neither can the rich guy.

This is getting old. I said they can borrow money to buy a house. Then deduct the interest on that loan.

Are you catchin up yet?

 

[DonGlock26]

NO EXEMPTIONS from the Fair Tax.



.

Fine by me. Sell that to the limp wristed progressives.

 

[RhodyPatriot]

Look at you... thinking you matter

Crapitus is INVINCIBLE.

At least in terms of his reputation as the ultimate Left Wing Cuck.

There is none greater.

 

[g5000]

Fine by me. Sell that to the limp wristed progressives.

It's not the progressives who like exemptions.

It's the wealthy who have bribed our politicians to put them in the tax code. The vast majority of politicians who have put tax expenditures into the tax code are Republicans.

Nice try.

 

[Toddsterpatriot]

Only poor people pay that low rate. Very poor people.

If you are paying that rate, then you are poor.

I pay the top rate, as do most people who are well-off but not uber wealthy.

The uber wealthy pay a lower capital gains rate than my income tax rate.

But as I said, they don't even pay that rate.



We both know you didn't read it. LOL!



This is getting old. I said they can borrow money to buy a house. Then deduct the interest on that loan.

Are you catchin up yet?

Only poor people pay that low rate. Very poor people.

Married filing jointly, in 2024, with taxable income up to $94,050 pay 0%.
Married filing jointly, in 2024, with taxable income up to$583,750 pay 15%

I pay the top rate, as do most people who are well-off but not uber wealthy.

You pay 20%?

We both know you didn't read it. LOL!

Feel free to post a screen shot of your link saying they borrow at 1%. DURR!

This is getting old. I said they can borrow money to buy a house. Then deduct the interest on that loan.

So can anybody who buys a home. DURR.

 

[g5000]

House Republican Tax Bill Extends — and Expands — Costly Tax Breaks for the Wealthy​

​

 

[Toddsterpatriot]

The vast majority of politicians who have put tax expenditures into the tax code are Republicans.

Which is why they didn't exist until 1995.
DURR