Elizabeth Warren revives campaign idea, proposes wealth tax on 'ultra-millionaires', along with co-sponsor, Seattle Congresswoman Pramila Jayapal

[Mikeoxenormous]

He did, really?

Wow. Just wow.

That's like 1/4 of what he just paid for Twitter. (40-ish billion, right?)

Amazing. No one can say THIS guy doesn't pay his fair share.

11 billion in one year? WTF would you do with 11 billion dollars?

I think I'd be like that guy in NY that used to ride down 2nd Ave throwing hundred dollar bills out of his convertible at Christmas.

A rich man doesnt spend his money recklessly. He invests it to make it grow, and spends on his needs not his wants.

 

[scruffy]

A rich man doesnt spend his money recklessly. He invests it to make it grow, and spends on his needs not his wants.

Meh... "needs" are met at around 100k per year, unless you have a really big family.

With 11 billion dollars you could meet all the needs of (quickie math, 10^10 / 10^5) 100,000 such families, and have them all working for you full time, doing anything you want.

How would that be for an investment?

 

[lantern2814]

When the left screams about rich people paying less, you can pretty much guarantee they forgot that most rich people don’t have a true “salary”. Thus they don’t pay income tax. Many of them live on interest from their money and pay capital gains taxes. A whole different set of rules.

 

[Devils_Advocate]

The poor see the rich as the enemy and believe Big Brother will be the solution but all you do is take the money from the rich and make the politician and their families more powerful…

Study the former Soviet Union and learn you will always have a elite class and no one is ever equal…

 

[Mikeoxenormous]

Meh... "needs" are met at around 100k per year, unless you have a really big family.

With 11 billion dollars you could meet all the needs of (quickie math, 10^10 / 10^5) 100,000 such families, and have them all working for you full time, doing anything you want.

How would that be for an investment?

You dont understand the wealthy. It is a game of life. Who goes on to Billionaire acres and who ends up in the poor farm. Wealth isnt finite, but does move around a lot. Those that had millions back in the 40s and 50s, arent even close to the progressives like Bezos and Buffet now.

 

[Mikeoxenormous]

When the left screams about rich people paying less, you can pretty much guarantee they forgot that most rich people don’t have a true “salary”. Thus they don’t pay income tax. Many of them live on interest from their money and pay capital gains taxes. A whole different set of rules.

I live on qualified dividends that now are coming in around $110,000 every quarter, yet i pay less that 15% in taxes. After the first year of normal income the dividend moves to the qualified states and unless you sell then buy others that dividend stays qualified. A lot of people dont know about this income, but i have been enlightening quite a few young people into the stock market. (Disclaimer - Of course if the US goes full on retard Socialism, all bets are off, but when the Republicans take back the house and Senate then Presidency, the market will rebound).

Dividend Tax Rate for 2023 and 2024 | SmartAsset

Dividends are a great way to earn extra income, but you will pay taxes on them. Here's a breakdown of the applicable tax rates on your 2023 dividends.

smartasset.com

2021 Qualified Dividend Tax Rates
Rate	Single	Married Filing Jointly	Married Filing Separately	Head of Household
0%	$0 – $40,400	$0 – $80,800	$0 – $40,400	$0 – $54,100
15%	$40,401 – $445,850	$80,801 – $501,600	$40,401 – $250,800	$54,101 – $473,750
20%	$445,851+	$501,601+	$250,801+	$473,751+

To use the table above, all you need to know is your filing status and total income for the year. So let’s say you’re single and have $150,000 of annual income, with $10,000 of that being dividends. Your dividends would then be taxed at 15%, while the rest of your income would follow the federal income tax rates.