The godawful truth and irony about the deficit.

[Toddsterpatriot]

We can dive deeper into that as well. The money billionaires "made" last year might not even be taxable if it was just appreciation of assets. I have money earning interest in MYGAs (annuities) that weren't taxed last year.

Appreciation of assets isn't taxable.

 

[Woodznutz]

?? Why do you think your income affects the level of Federal spending?

It's just part of the reset back to 2019.

 

[Woodznutz]

Appreciation of assets isn't taxable.

That's my point.

 

[Rawley]

It's just part of the reset back to 2019.

OK. I'll ask again, unless you are a Federal employee, why would setting Federal spending at the 2019 level affect your income?

 

[Toddsterpatriot]

That's my point.

Why would we tax something that isn't income?

 

[Crepitus]

^^^ paid less than .0001% of what Musk paid in taxes. Moocher who doesn't pay his fair share.

Not about the total amount, Son.

 

[Crepitus]

Appreciation of assets isn't taxable.

It is as soon as it's realized.

 

[80zephyr]

Well that's a lie.

Then prove it.

 

[Crepitus]

Then prove it.

He gets tax breaks for "green energy product", for one. I'd think you kids would be against that.

 

[80zephyr]

He gets tax breaks for "green energy product", for one. I'd think you kids would be against that.

Just Musk gets this? Or does everyone who enters the program get it?

 

[Toddsterpatriot]

It is as soon as it's realized.

Exactly.

 

[meaner gene]

Appreciation of assets isn't taxable.

It is as soon as it's realized.

Exactly.

There are more ways than selling to realize capital gains.
Say you bought bitcoin at $1,000 and it's now $96,000
You can use it as collateral on a $50,000 personal loan, where the loan isn't taxable

 

[Crepitus]

There are more ways than selling to realize capital gains.
Say you bought bitcoin at $1,000 and it's now $96,000
You can use it as collateral on a $50,000 personal loan, where the loan isn't taxable

Another tax dodge.

Thank you for pointing that out.

 

[meaner gene]

Another tax dodge.

Thank you for pointing that out.

Elon Musk can do that on a grand scale. Using the appreciation in his Tesla stock to buy other companies. Like when he bought Twitter.

Elon Musk used a combination of bank loans, equity, and Tesla stock as collateral to buy Twitter.

 

[Toddsterpatriot]

There are more ways than selling to realize capital gains.
Say you bought bitcoin at $1,000 and it's now $96,000
You can use it as collateral on a $50,000 personal loan, where the loan isn't taxable

Loans aren't taxable. So what?

 

[BluesLegend]

Not about the total amount, Son.

It's absolutely about the total amount moocher. Get a real job, pay your fair share stop mooching off others expecting them to pay YOUR share of the cost of government. Stop running your big mooching mouth about people who pay 10,000 times what you pay in taxes.

 

[Crepitus]

It's absolutely about the total amount moocher.

Nope.

 

[HeyNorm]

.

Hey ... What if we created a Department of Government Efficiency ...
And had some folks figure out where a bunch of waste and fraud is ... And in comparison to our tax dollars?

Then ... What if we took the money we saved doing that ... And started paying it against the debt ...
Instead of cutting checks back to the taxpayers ... Or figuring out another way to spend the savings ...
Thus ... Making it so we don't have to start raising taxes just yet?

Wow ... That would almost make sense ... Until you add a bunch of Assclowns in charge of everything ...
Thrown in with a bunch People who are more greedy than anything else ...
Hand it all to a bunch of snake oil hawkers in the media ...
And when they're all more worried about the politics than anything reasonable.

Yeah ... They'll probably just raise your taxes ... And try to convince you that it is for your own good ...
Not just more of their uncontrolled spending ...

.​

The combined wealth of the top 100 richest Americans is a bit over 4 trillion dollars. Tax them at 100% and you’ve covered the interest (only) on the debt for something to the effect of 18 months.

Let that sink in.

 

[BlackSand]

The combined wealth of the top 100 richest Americans is a bit over 4 trillion dollars. Tax them at 100% and you’ve covered the interest (only) on the debt for something to the effect of 18 months.

Let that sink in.

.

How about you let this sink in.

You could confiscate a tenth of the entire world's wealth ... And not pay off our current debt.
Half of the entire world's wealth ... Wouldn't even cover our Unfunded Liabilities.
So ... How about you stop fooling yourself ... Into thinking we can possibly tax our way out of the hole we are in ...
Unless we decide to conquer a few other wealthy Nations to get there.


Eighteen months of servicing the interest ...

.​

 

[LeftofLeft]

I pay 24% on my meager income.

Elmo pays 0.4% on his multiple billions.

Who needs to be taxed?

Tesla Reported Zero Federal Income Tax on $2 Billion of U.S. Income in 2024

Tesla reported $2.3 billion of U.S. income in 2024 but paid zero federal income tax. Over the past three years, the Elon Musk-led company reports $10.8 billion of U.S. income on which its current federal tax was just $48 million.

itep.org

Looks like the tax code needs to be revised. This is why I advocate for a consumption tax. The more you consume, the more you pay in taxes.

As Trump aptly points out, many of his most hated critics who are wealthy are taking advantage of the same tax code.