Elon Musk Vs. Bernie

[AntonToo]

Ya gotta love it. "A little more". Riiiight. The taxers don't want "a little more", they want blood.

I've never heard anyone asking for blood.

Are you drunk?

 

[hadit]

I've never heard anyone asking for blood.

Are you drunk?

It's a figure of speech. Look it up.

 

[AntonToo]

It's a figure of speech. Look it up.

Why don't you go look up actual figures in Bernie's proposal then talk. K?

 

[Rigby5]

Anyone claiming the current tax regulations are fair, has to be lying.
The wealthy only pay a 15% capital gains tax rate instead of the much higher rate the rest of us are forced to pay on salaries.

The way they can do it is to just pay themselves in stock options.
Then when they cash those options in, they only pay 15% capital gains rate, instead of the normal income tax rate they should be paying on billions in profit.

Real estate is another way to transfer wealth at the 15% capital gains rate.

There are way too many intentional loopholes that only the wealthy can take advantage of.

 

[hadit]

Anyone claiming the current tax regulations are fair, has to be lying.
The wealthy only pay a 15% capital gains tax rate instead of the much higher rate the rest of us are forced to pay on salaries.

The way they can do it is to just pay themselves in stock options.
Then when they cash those options in, they only pay 15% capital gains rate, instead of the normal income tax rate they should be paying on billions in profit.

Real estate is another way to transfer wealth at the 15% capital gains rate.

There are way too many intentional loopholes that only the wealthy can take advantage of.

Elderly retirees also benefit from the capital gains tax rates as they sell the stocks they accumulated over a lifetime.

 

[Rigby5]

Elderly retirees also benefit from the capital gains tax rates as they sell the stocks they accumulated over a lifetime.

Yes, I am elderly now and take advantage of the capital gains rate often.
But it is not really fair for the very rich to be taxed lower than the hard working young who need the money more.

 

[hadit]

Yes, I am elderly now and take advantage of the capital gains rate often.
But it is not really fair for the very rich to be taxed lower than the hard working young who need the money more.

In order to do that then you'll need to count all income the same, which of course will dry up a lot of investment capital, but hey, who needs that? Then you'll need to eliminate all the deductions, because we know the wealthy will just use all of them while others won't be able to use as many. Heck, the next thing you know, we'll be filling out our tax forms on the back of a postcard and the IRS will be eliminated.

 

[Rigby5]

In order to do that then you'll need to count all income the same, which of course will dry up a lot of investment capital, but hey, who needs that? Then you'll need to eliminate all the deductions, because we know the wealthy will just use all of them while others won't be able to use as many. Heck, the next thing you know, we'll be filling out our tax forms on the back of a postcard and the IRS will be eliminated.

I wish.
For example, the wealthy can write off the mortgage interest on mansions, while the poor do not even get to write off rent, like its a luxury or something?
A flat tax would take care of a lot of it, but you still need a large, flat, cost of living deduction, per person.
A large, flat, cost of living deduction, per person, is what would make a flat tax progressive.

 

[hadit]

I wish.
For example, the wealthy can write off the mortgage interest on mansions, while the poor do not even get to write off rent, like its a luxury or something?
A flat tax would take care of a lot of it, but you still need a large, flat, cost of living deduction, per person.
A large, flat, cost of living deduction, per person, is what would make a flat tax progressive.

That's what happens when the government uses the tax code to drive social behavior. Someone thought that owning a home was something more people should do instead of renting, so they wrote in the mortgage deduction. And yes, a flat tax with a large personal deduction and no separate classifications for income would move things in that direction.