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

[alang1216]

He paid very high rate on his inheritance.
I can't deny that it's good to be rich but money doesn't buy everything.

If he won the lottery (which he did), he'd pay taxes on that money.

 

[JonKoch]

I paid property taxes every year. With income I paid taxes on.

Yet on increased equity never paid income taxes on that created wealth!

 

[JonKoch]

Carter did such an awesome job on the economy, Reagan only won 44 states in 1980.

Yep, the dumbing down of America started about a decade earlier, "think tanks" and public policy groups pushed right wing talking points (see Powell Memo). They spend billions each year today, and own most of the media today.


But we need to bow to the billionaires, they are so smart, not that they've bought gov't

 

[JonKoch]

Clinton is the genius who decided to punish cash compensation over $1 million.

Brilliant!

DURR

Once again, only allowed BECAUSE Ronnie changed the law in 1982

 

[JonKoch]

Fannie and Freddie have always had the tightest underwriting on earth & They were opposite of subprime.";

Until HUD forced them to buy trillions in subprime mortgages.

Nah, Dubya only forced GSE's to buy $440 billion and upped their goals from 50% to 56% and got rid of Clinton's 2000 rule that didn't allow F/F to count subprimes in those same goals

BUT


"The idea that they were leading this charge is just absurd, said Guy Cecala, publisher of Inside Mortgage Finance, an authoritative trade publication. Fannie and Freddie have always had the tightest underwriting on earth & They were opposite of subprime.";




OVER 50% OF LOANS IN 2004 COULDN'T QUALIFY FOR F/F BACKING, THEY WERE NOT DOCUMENTED INCOMES.

 

[JonKoch]

Fannie and Freddie have always had the tightest underwriting on earth & They were opposite of subprime.";

Until HUD forced them to buy trillions in subprime mortgages.

"Another form of easing facilitated the rapid rise of mortgages that didn't require borrowers to fully document their incomes. In 2006, these low- or no-doc loans comprised 81 percent of near-prime, 55 percent of jumbo, 50 percent of subprime and 36 percent of prime securitized mortgages."

Q HOLY JESUS! DID YOU JUST PROVE THAT OVER 50 % OF ALL MORTGAGES IN 2006 DIDN;T REQUIRE BORROWERS TO DOCUMENT THEIR INCOME?!?!?!?

A Yes.

The rise and fall of subprime mortgages

After booming the first half of this decade, US housing activity has retrenched sharply. Single-family building permits have plunged 52 percent and existing-home sales have declined 30 percent since their September 2005 peaks. ; A rise in mortgage

www.academia.edu

Q WHO THE HELL LOANS HUNDREDS OF THOUSANDS OF DOLLARS TO PEOPLE WITHOUT CHECKING THEIR INCOMES?!?!?

A Banks.

Q WHY??!?!!!?!

A Two reasons, greed and Bush's regulators let them. And then they sold the loan and risk to investors and GSEs clamoring for the loans. Actually banks, pension funds, investment banks and other investors clamored for them. Bush forced Freddie and Fannie to buy an additional $440 billion in mortgages in the secondary market.



MY OLD THREAD HERE

Thread 'FACTS on Dubya's great recession'

Jul 2, 2014

Q When did the Bush Mortgage Bubble start?

A The general timeframe is it started late 2004.

From Bush’s President’s Working Group on Financial Markets October 2008

“The Presidents Working Group’s March policy statement acknowledged that turmoil in financial markets clearly was triggered by a dramatic weakening of underwriting standards for U.S. subprime mortgages, beginning in late 2004 and extending into 2007.”



Q Did the Community Reinvestment Act under Carter/Clinton caused it?


A "Since 1995 there has been essentially no change in the basic CRA rules or...

• Dad2three
• Replies: 481
• Forum: Economy

• 

 

[leftwinger]

Why do children get to inherit ANY money? They grew up with every advantage so shouldn't they have to make their own way in the world as an adult like everyone else? Do we really want a noble class with families passing wealth and power to people who don't deserve it?

Why work hard, stay out of trouble, no jail to build a successful business (the American dream) paying Taxes, salaries, medical for thousands for 50 years.

The you come along and think the GOVT gets to seize it, sell it, destroy it? BECAUSE?

 

[JonKoch]

View attachment 1241940

1945-1980 THE TOP 1% RECIEVED 8%-10% OF OF ALL INCOME IN THE US BY 2024 THE TOP 1% took 26%



WHILE THEIR EFFECTIVE TAX RATE PLUMMETED



ANTI Tax Foundation

Summary of the Latest Federal Income Tax Data, 2024 Update

The Tax Cuts and Jobs Act (TCJA) made many significant, but temporary, changes to the individual income tax code to lower tax rates, widen brackets, increase the standard deduction and child tax credit, and more.

taxfoundation.org

 

[JonKoch]

Why work hard, stay out of trouble, no jail to build a successful business (the American dream) paying Taxes, salaries, medical for thousands for 50 years.

The you come along and think the GOVT gets to seize it, sell it, destroy it? BECAUSE?

Remember why the US was founded? You know getting rid of inherited wealth (kings)?

• Founders like Thomas Jefferson aimed to dismantle aristocratic systems, supporting the end of primogeniture (property passing only to the first son) and promoting a meritocracy
• 
  
• 
  
• .
• Early Federal Action: The Stamp Act of 1797 included a tax on stamped vellum, parchment, and paper for probate of wills, essentially a federal stamp tax on inherited property.

 

[JonKoch]

Why work hard, stay out of trouble, no jail to build a successful business (the American dream) paying Taxes, salaries, medical for thousands for 50 years.

The you come along and think the GOVT gets to seize it, sell it, destroy it? BECAUSE?

Today you can pass $15 million in YOUR lifetime to anyone, or after you die, tax free. Your spouse also can.


THIRTY MILLION $$$$ ISN'T ENOUGH TO HAND DOWN TAX FREE?

 

[JonKoch]

Why work hard, stay out of trouble, no jail to build a successful business (the American dream) paying Taxes, salaries, medical for thousands for 50 years.

The you come along and think the GOVT gets to seize it, sell it, destroy it? BECAUSE?

US founders largely prioritized meritocracy over inherited wealth to prevent the creation of a permanent, unproductive aristocracy that could corrupt the new republic. While believing in property rights, leaders like Jefferson feared great wealth inequality would destroy the nation, viewing hereditary wealth as a threat to equality and a distortion of a merit-based society

https://www.monticello.org/the-art-of-citizenship/wealth-disparities#:~:text=The%20Legacy,American%20experiment%20in%20self%2Dgovernment.

 

[Hafar1014]

US founders largely prioritized meritocracy over inherited wealth to prevent the creation of a permanent, unproductive aristocracy that could corrupt the new republic. While believing in property rights, leaders like Jefferson feared great wealth inequality would destroy the nation, viewing hereditary wealth as a threat to equality and a distortion of a merit-based society

https://www.monticello.org/the-art-of-citizenship/wealth-disparities#:~:text=The%20Legacy,American%20experiment%20in%20self%2Dgovernment.

Inherited wealth is one of the most important sources that fund businesses. Why give it to the government so it can be stolen like it is in Minn and CA.

 

[JonKoch]

Why work hard, stay out of trouble, no jail to build a successful business (the American dream) paying Taxes, salaries, medical for thousands for 50 years.

The you come along and think the GOVT gets to seize it, sell it, destroy it? BECAUSE?

• Madison’s Warning: James Madison cautioned that vast inequalities in property could lead to an oligarchy, where the wealthy corruptly dominate political decisions.

• Land and Opportunity: Many founders encouraged broad-based ownership (such as land distribution) so citizens could earn their own living rather than inheriting it, encouraging a meritocratic society.

• Legacy Concerns: Research into historical trends suggests that inheritance concentrates, rather than distributes, wealth, removing it from productive circulation in the economy.

The Founders Knew Great Wealth Inequality Could Destroy Us​

The Founders Knew Great Wealth Inequality Could Destroy Us

At the founding of America, leaders predicted that a concentration of wealth would weaken the republic.

time.com

 

[JonKoch]

Inherited wealth is one of the most important sources that fund businesses. Why give it to the government so it can be stolen like it is in Minn and C.

Today you can pass $15 million in YOUR lifetime to anyone, or after you die, tax free. Your spouse also can.


THIRTY MILLION $$$$ ISN'T ENOUGH TO HAND DOWN TAX FREE?

 

[there4eyeM]

Intelligence is lacking in so many important areas that we can easily imagine that the artificial kind will be an improvement.

 

[Toddsterpatriot]

Why do children get to inherit ANY money? They grew up with every advantage so shouldn't they have to make their own way in the world as an adult like everyone else? Do we really want a noble class with families passing wealth and power to people who don't deserve it?

Property is theft, eh comrade?

 

[Woodznutz]

And increased 200%-500% or more in value. BUT we aren't talking about that ($15 million EXEMPTION per person in the US), IT'S THE WEALTHY WE ARE TALKING ABOT. Keep up


Starting January 1, 2026, the federal estate and gift tax exemption rises to $15 million per individual ($30 million for married couples), as mandated by the One Big Beautiful Bill Act (OBBBA). This record-high, inflation-adjusted limit allows taxpayers to transfer up to this amount tax-free during life or at death. The exemption applies to both federal estate and generation-skipping transfer (GST) taxes.

What's the problem? At the state level inheritance taxes are going the way of the dodo. The government spends our money like a drunken sailor. They need to sober up.

It would be interesting to know how the cost basis of these estates is figured.

 

[Toddsterpatriot]

Yet on increased equity never paid income taxes on that created wealth!

Why would I pay income tax on something that wasn't income?
Just because you're a moron?

 

[Toddsterpatriot]

Once again, only allowed BECAUSE Ronnie changed the law in 1982

You don't need stock buybacks to give stock options, twit.

 

[M14 Shooter]

Why would I pay income tax on something that wasn't income?

Because liberals can't stand the thought of people getting to keep money that rightly belongs to the government.