Zone1 Tax the Rich! Make them Pay their Fair Share!

[davebb]

Thanks so much for this explanation. Appreciate the time you took to type it out.

I will of course rely on a tax professional, but this was helpful.

 

[WorldWatcher]

I don’t get the funny. People don’t always have to argue, sometimes we can be pleasant.

WW

 

[Lisa558]

I don’t get the funny. People don’t always have to argue, sometimes we can be pleasant.

WW

DaveBB is an antisemite who has about 30 socks. He would laugh at anything I said because I’m Jewish.

 

[WorldWatcher]

DaveBB is an antisemite who has about 30 socks. He would laugh at anything I said because I’m Jewish.

You’re Jewish…

Well that changes everything.

[Just kidding]

WW

 

[leftwinger]

Let’s say one is required to take $40,000 from his IRA, and sells $40,000 of stock because he needs $80,000 for the year. The amount of gain from the stock sale is $20,000.

Is the $20,000 capital gain entirely tax-free since the regular income (from the IRA) is less than $48,000? Or is the $20,000 added to the $40,000 from the IRA taxable because total income exceeds $48,000?

An IRA contains pre-tax money (like a 401K) correct? It is taxed as income when one pulls from it.

 

[leftwinger]

I don’t get the funny. People don’t always have to argue, sometimes we can be pleasant.

WW

Not with Board Stain.

 

[Lisa558]

An IRA contains pre-tax money (like a 401K) correct? It is taxed as income when one pulls from it.

It can be either, but in most cases the money is taxed upon withdrawal as regular income.

 

[Lisa558]

Not with Board Stain.

Which one is Board Stain? We have a lot that qualify for the title.

 

[Hafar1014]

An IRA contains pre-tax money (like a 401K) correct? It is taxed as income when one pulls from it.

add a 10% penalty

 

[leftwinger]

add a 10% penalty

For under age 59.5? Yes.

 

[Hafar1014]

For under age 59.5? Yes.

It can also increase your tax bracket

 

[JGalt]

A couple of years ago, at a family function (graduation party), the subject of taxation came up. It wasn't me that brought it up, but I did make the mistake of kicking the hornets' nest.

The subject was mostly about the economy and Trump (again, it wasn't me), and one of my in-laws said something about "tax cuts for the rich," or "the rich not paying their fair share."

I wanted a clear answer and explanation for how to know or calculate what "their fair share" should be. That's all.

You would have thought I threatened them with a gun or something.

Needless to say, I never got an answer.

In my view, each and every citizens "tax burden" should initially be the same dollar amount. Thereafter, there should be taxes based on usage. For example, if you have a trucking company with 200 trucks running up and down the road every day.

My reasoning goes like this.

If Trump, Musk, or any other Billionaire were standing in line to buy a gallon of milk at the grocery store, should their cost for their gallon of milk be exponentially higher than what I pay, just because they have and make more money than I do?

In my view, fairness means we all pay the same.

Change My Mind.

Whenever someone says "their fair share", all I hear is "It's not fair I can't have a bigger share of someone else's money."

 

[leftwinger]

It can also increase your tax bracket

Yeah, you get to retirement and then you have to say... can I withdraw X now? Oh no, that will put some of the money into 24% bracket. If I withdraw $20K less it stays in 22%. Sounds like work. With the STD deduction and old age deduction moving around.

At least many states don't tax it.

 

[Chuz Life]

Whenever someone says "their fair share", all I hear is "It's not fair I can't have a bigger share of someone else's money."

Exactly, and what is the proper channel to go through when someone thinks they have a right to someone else's money?

Take them to court!

So, far. . . none of these taxtards have made the case for how they have a right to MORE of a rich person's money.

I wish one of them would step up.

 

[Lisa558]

add a 10% penalty

Only if younger than 59.

 

[Grumblenuts]

So, far. . . none of these taxtards have made the case for how they have a right to MORE of a rich person's money.

And so, far. . . none have made the case for how those with far more than enough already deserve even MORE of our money.

 

[Chuz Life]

And so, far. . . none have made the case for how those with far more than enough already deserve even MORE of our money.

Don't buy their shit and don't use their services then.

Vote with YOUR dollars.

 

[Grumblenuts]

Don't buy their shit and don't use their services then.

Vote with YOUR dollars.

Hey, you too then. Choose no X(Twitter), Grok, Tesla.. You've got the power!

 

[Chuz Life]

Hey, you too then. Choose no X(Twitter), Grok, Tesla.. You've got the power!

All those pay taxes.

Don't they?

 

[Grumblenuts]

All those pay taxes.

Don't they?

You just keep typing shit and hoping it's cogent.

Don't you.