The BIT Act (Billionaire Income Tax)

[kyzr]

I simply asked you that question. Wtf?

Sorry, I didn't see it as a question because of the word "somehow".

The issue is a Billionaire "Income" Tax proposal and , agreed, billionaires obviously have concentration of wealth issues, like gluttony. Gotta go suddenly. Back later..

<poof>

 

[pknopp]

It's our job to hold them to it when the pendulum swings back.

And yet it's never done.

 

[Crepitus]

And yet it's never done.

Not for lack of trying on my part.

 

[pknopp]

Not for lack of trying on my part.

Thats good. Unfortunately it's nowhere near enough.

 

[initforme]

Incomes aren't the issue. Concentration of wealth is the issue.

You're a liar for saying: "Somehow billionaires manage without income?" Billionaires obviously have income, it may not be "earned" income, but they obviously have income.

Under Biden US families lost $11,400 in buying power

Americans need an extra $11,400 today just to afford the basics, Republican analysis finds

Compared with 2021, the typical household must spend an additional $11,434 annually just to maintain their standard of living, analysis shows.

www.cbsnews.com

Americans need an extra $11,400 today just to afford the basics​

Social Security will cut benefits in 2033 by 25% unless it is "fixed"
Medicare will also go bankrupt in 2033 unless it is "fixed".

Medicare go-broke date pushed up three years in latest trustees report

The clock is ticking to stabilize Medicare, as a key trust fund underpinning the insurance program’s hospital benefit is now set to be depleted in 2033 instead of 2036.

www.healthcaredive.com

So our "social safety net" is hanging by a thread.

Agreed Billionaires do not need "jobs", but by definition they have income.

Trump was okay raising the top tax rate to 40% from 37%
I'm not sure what the BIT would be, but we do need stop the "reverse Robin Hood" tax system.
Every government subsidy with borrowed money raises stock prices and the rich get richer.

Imagine the chaos caused by medicate and SS being stopped. No recovering from that.

 

[JWBooth]

This notion sponsored by the banking interests in Doha and Grand Cayman.
Government theft is the same whether they pick your pocket or some billionaires.
It's is a common and very stupid notion that the very rich are swimming in pools of money a la Scrooge McDuck. They've tried this in other places to some degree or other and all that resulted was in transferring wealth out of the government's reach.

 

[teddyearp]

To target individuals with more than $100 million in annual income for three consecutive years, or those with over $1 billion in assets for three consecutive years. International discussions are also underway regarding a coordinated tax on billionaires.


Direct link. How much is enough? Too little? Too much? Who should decide? Billionaires or the rest of us?

These 'wealth tax' people have never prepared and income tax return in their life. They have no clue. So they spread their ignorance far and wide through these feel good statements, like billionaires have such low tax rates. The wealthy still contribute more than the rest to the federal .gov coffers.

But this is bad. WA state just passed a similar law where people get taxed for any gains on their investments. This is NOT gains realized as in when the investment is sold, i.e. capital gains which is definitely a thing. Now think a minute. The 'extra' money one has/had to invest in these stocks, etc. has ALREADY been taxed once when the income was earned. Dividends realized are always taxed. But this proposes to tax unrealized gains. So, if my IRA goes up in value one year by $x dollars, even though I do not sell and realize the profit, they still want to tax me for profit I have not put into my pocket. Does it provide for a refund if my portfolio goes down the next year?

I realize that not many are proficient in math, so all this probably goes way over one's head, but this is the truth. I used to prepare income taxes, individual, partnerships, and corporations.

 

[kyzr]

Imagine the chaos caused by medicate and SS being stopped. No recovering from that.

Technically SS won't stop, but the money out equals the money in.
The boomers SS nest egg was squandered by the "Unified Budget" theft.

 

[Crepitus]

Thats good. Unfortunately it's nowhere near enough.

True, dat.

However that's really all we can do.

 

[Grumblenuts]

Back to finish this up..

Billionaires obviously have income, it may not be "earned" income, but they obviously have income.

Yep.

Under Biden US families lost $11,400 in buying power

Not topical and that old, poorly edited CBS News link indicates those Republican generated numbers are suspect. CBS sure is looking sad these days.

So our "social safety net" is hanging by a thread.

Agreed Billionaires do not need "jobs", but by definition they have income.

Trump was okay raising the top tax rate to 40% from 37%
I'm not sure what the BIT would be, but we do need stop the "reverse Robin Hood" tax system.
Every government subsidy with borrowed money raises stock prices and the rich get richer.

Noted. Mostly agree. Oop, otta go again..

 

[Grumblenuts]

WA state just passed a similar law where people get taxed for any gains on their investments.

Thanks for sharing your thoughts. From what I've read, the Dems wanted something sort of comparable, but ended up passing.. rushing through a rather unpopular, dissimilar bill to deal with imminent budget shortfalls.

It would be comparable if it targeted only "individuals with more than $100 million in annual income for three consecutive years, or those with over $1 billion in assets for three consecutive years."

I can fully appreciate the urge to make it a slippery slope, partisan thing. It's not, but that's exactly what the billionaires desperately want us all to fear and believe. Keep in mind there have always been far more of us than them.

 

[GMCGeneral]

So you're afraid of "billionaires," some vague "they," and equally nonspecific "those people."

I have no 401K, son. My wife and I saw this shit coming forty years ago and prepared. We're now long retired and plenty comfy. No loans to pay off. My Teamsters pension and SS actually supply enough. We could manage fine, but our savings income allows for extras.

But do enjoy your messy, fear driven world while we grownups clean up after you idiots. I'm here to support real working class Americans. Don't like it? As always, GFY.

So you would rather businesses either break even and never make profits?

 

[LAUGHatLEFTISTS]

To target individuals with more than $100 million in annual income for three consecutive years, or those with over $1 billion in assets for three consecutive years. International discussions are also underway regarding a coordinated tax on billionaires.


Direct link. How much is enough? Too little? Too much? Who should decide? Billionaires or the rest of us?

Yes! We must give politicians more money!
They’ve proven over and over again they’ll spend it wisely!

 

[Dorian Mode]

I think the right has to have this discussion without any democraps in the room. Many on the right also think that the wealth inequality has gotten out of hand and all wealth is being funneled to the top without regard to those on the bottom. I am all for people who are below the average national income to not pay one cent in income taxes, and then the tax code gets progressively higher from that average point, all the way up to 50%. But the rich make their money on capital gains, so the Capital Gains Tax should also start at 0% from the average national income and get progressively higher up until 50%. But this is only one side of the equation, we also have to make sure the government doesn't waste tax dollars on stupid shit like trans bathrooms everywhere and instead invests it into areas of poverty where most people live on less than the average national income. But, one thing is guaranteed, if democraps are involves they will destroy any possibility of progress on this issue.

 

[beagle9]

If I had a billion dollars in the bank they wouldn't need to tax me because I would be handing out millions to important charities. The homeless, the hungry, military organizations that need to help those with lost limbs or widows, protection of children etc.

If you have a billion in the bank and aren't helping those in need, I cannot see an afterlife in which G-d says "come on in".

Nothing wrong with this post, but it's basically an opinion based on religious views and/or values. Sadly not all billionaires or rich folk think in religious terms when they are amassing wealth and future investment money, otherwise money that would attempt to secure that wealth for their heritage to be passed on for their future family in generation's to come.

Incentivizing the wealthy to then participate in society through investments and expectations of returns is the best way forward. This is done by making society a non-hostile entity who wrongfully sees rich folks wealth as somehow being owed to them. Incentives is always the best way to balance and keep the economies rolling for all Americans.

Attempting to steal wealth and then give it to certain group's or a people that didn't give a dam about making the right choices in their lives (causing them to become highly dependent in life), isn't productive or beneficial to the long game that should be played in every business deal or transaction made in America.

 

[kyzr]

Yep.

So back to the topic, the billionaires tax, my solution is eliminate "capital gains", income is income, and raise the top tax rate from 37% to 40%. That should help end borrowing.

 

[Grumblenuts]

Attempting to steal wealth and then give it to certain group's or a people that didn't give a dam about making the right choices in their lives (causing them to become highly dependent in life), isn't productive or beneficial to the long game that should be played in every business deal or transaction made in America.

The extended Walton family, for example. WalMart stealing wealth by paying most employees so little they require public assistance.

AI Overview


Yes, Walmart employees are more likely to require public assistance compared to the average worker due to the company's low wages
, a fact highlighted in studies by groups like the Government Accountability Office (GAO) and others. These studies have found that Walmart is a top employer of workers who receive benefits like SNAP (food stamps), Medicaid, and housing assistance, which cost taxpayers billions of dollars annually.

 

[Captain Caveman]

If I'm a billionaire and, say I suddenly get a yearly wealth tax bill of £10/£20/£30 million, I pass this cost on the products, services, and subscriptions I sell. So who's paying this £10/£20/£30 million tax

 

[pknopp]

If I'm a billionaire and, say I suddenly get a yearly wealth tax bill of £30 million, I pass this cost on the products, services, and subscriptions I sell. So who's paying this £30 million tax

You are assuming that people will still buy your products or that someone without needing to cover those taxes won't step in and sell for less.

 

[Captain Caveman]

You are assuming that people will still buy your products or that someone without needing to cover those taxes won't step in and sell for less.

Are people still buying Xbox Game Passes?

Are folk still buying the latest iPhone?