What Happens When You Tax Billionaires At 90%

[Nostra]

What's your source? I'm sure you're misinterpreting the data, assuming you even have it. Provide a link to your source.

Always happy to educate the perpetually ignorant board Dimwingers, Simp.

Elon Musk faces a $15 billion tax bill, which is likely the real reason he's selling stock

Elon Musk faces a tax bill of over $15 billion in the coming months on stock options, making a sale of Tesla stock this year likely regardless of the Twitter vote.

www.cnbc.com

 

[TruthNotBS]

How?

If this person you're describing is so worthless, then why does the wealthy capitalist need him to produce for him? Society should provide the means for people to get an education and that includes vocational job training. The capitalist wants to make money off of other people's labor. If a person is working full-time, they should get paid enough to eat, pay their rent and have clothing on their back. There are also other necessary expenses. The minimum wage should cover all of that.

 

[Markle]

You can flippantly dismiss the Word of God, but it's clear, that the rich aren't going to do too well on the day of judgment unless they dedicated most of their money to helping others.

I dismissed nothing, as you know. I pointed out your lie, by omission.

New Testament / Thessalonians / 3
[...]
3:10 For even when we were with you, this we commanded you, that if any would not work, neither should he eat.

3:11 For we hear that there are some which walk among you disorderly, working not at all, but are busybodies.

3:12 Now them that are such we command and exhort by our Lord Jesus Christ, that with quietness they work, and eat their own bread.

3:13 But ye, brethren, be not weary in well doing.

3:14 And if any man obey not our word by this epistle, note that man, and have no company with him, that he may be ashamed.

3:15 Yet count him not as an enemy, but admonish him as a brother.

 

[Thinker101]

If this person you're describing is so worthless, then why does the wealthy capitalist need him to produce for him? Society should provide the means for people to get an education and that includes vocational job training. The capitalist wants to make money off of other people's labor. If a person is working full-time, they should get paid enough to eat, pay their rent and have clothing on their back. There are also other necessary expenses. The minimum wage should cover all of that.

They do. You just don't like the food they have to eat, the place they have to rent and the clothes they have to wear.

 

[ThunderKiss1965]

medicare has lower overhead than private insurance, just as an example off the top of my head.

And it's unfunded liability for the next 75 years is more than 30 Trillion. Not a good example.

 

[TruthNotBS]

Always happy to educate the perpetually ignorant board Dimwingers, Simp.

Elon Musk faces a $15 billion tax bill, which is likely the real reason he's selling stock

Elon Musk faces a tax bill of over $15 billion in the coming months on stock options, making a sale of Tesla stock this year likely regardless of the Twitter vote.

www.cnbc.com

I wasn't referring to elon musk, but bezos. The article doesn't say he paid that amount but that due to stock options, he would have to pay that much based upon the federal and state tax rates.

Combined, the state and federal tax rate will be 54.1%. So the total tax bill on his options, at the current price, would be $15 billion.

Musk hasn’t confirmed the size of the tax bill. But he tweeted: “Note, I do not take a cash salary or bonus from anywhere. I only have stock, thus the only way for me to pay taxes personally is to sell stock.”

A ProPublica investigation earlier this year found that Musk paid a “true tax rate” of 3.27% between 2014 and 2018, and no federal taxes at all in 2018. He's going to try to pay less than the 15 billion dollars cited (which was unconfirmed at the time of the writing of that article). That would be great if he actually started paying his fair share of taxes. Because for several years he wasn't.

Originally I was referring to Bezos, not Musk. Bezos, like Musk in the past, wasn't paying his fair share of taxes.

 

[TruthNotBS]

They do. You just don't like the food they have to eat, the place they have to rent and the clothes they have to wear.

The rich have to pay their taxes, like everyone else.

 

[Toddsterpatriot]

It was all part of the success of our economy. There was less inequality and the middle class was much better off than it is today. It was larger and only one income could support a family. Taxing the rich doesn't hurt the economy, it actually stimulates investment. Trickle-down economics doesn't work.

As far as Cuba, that is irrelevant to the fact that the US government is responsible for a lot more innovation it gets credit for from right-wing conservatives. You also forgot to mention that Cuba is economically sabotaged by the united states through an economic embargo. It's sanctioned by the most powerful empire in world history.

It was all part of the success of our economy.

Why does a 90% top rate help our economy?

There was less inequality and the middle class was much better off than it is today. It was larger and only one income could support a family.

The middle class is smaller because more people moved up, not because they moved down.
One income can support a family today, if you live like they did in the 50s.

Taxing the rich doesn't hurt the economy, it actually stimulates investment.

I'm more likely to invest if I get to keep 80% of the profits than if I get to keep 20%.

Trickle-down economics doesn't work.

Cutting taxes and reducing regulations works every single time.

As far as Cuba, that is irrelevant

No profit motive and 100% government funded R&D. What could be more relevant?

the US government is responsible for a lot more innovation it gets credit for from right-wing conservatives.

List some specifics.

You also forgot to mention that Cuba is economically sabotaged by the united states through an economic embargo.

They can trade with every country but one. Is communism really that fragile?

 

[Toddsterpatriot]

I wasn't referring to elon musk, but bezos. The article doesn't say he paid that amount but that due to stock options, he would have to pay that much based upon the federal and state tax rates.

Combined, the state and federal tax rate will be 54.1%. So the total tax bill on his options, at the current price, would be $15 billion.

Musk hasn’t confirmed the size of the tax bill. But he tweeted: “Note, I do not take a cash salary or bonus from anywhere. I only have stock, thus the only way for me to pay taxes personally is to sell stock.”

A ProPublica investigation earlier this year found that Musk paid a “true tax rate” of 3.27% between 2014 and 2018, and no federal taxes at all in 2018. He's going to try to pay less than the 15 billion dollars cited (which was unconfirmed at the time of the writing of that article). That would be great if he actually started paying his fair share of taxes. Because for several years he wasn't.

Originally I was referring to Bezos, not Musk. Bezos, like Musk in the past, wasn't paying his fair share of taxes.

A ProPublica investigation earlier this year found that Musk paid a “true tax rate” of 3.27% between 2014 and 2018,

There is no such thing as a "true tax rate".

He's going to try to pay less than the 15 billion dollars cited (which was unconfirmed at the time of the writing of that article). That would be great if he actually started paying his fair share of taxes. Because for several years he wasn't.

What's his "fair share"? Why do you feel he didn't pay it from 2014 and 2018?

 

[TruthNotBS]

I dismissed nothing, as you know. I pointed out your lie, by omission.

New Testament / Thessalonians / 3
[...]
3:10 For even when we were with you, this we commanded you, that if any would not work, neither should he eat.

3:11 For we hear that there are some which walk among you disorderly, working not at all, but are busybodies.

3:12 Now them that are such we command and exhort by our Lord Jesus Christ, that with quietness they work, and eat their own bread.

3:13 But ye, brethren, be not weary in well doing.

3:14 And if any man obey not our word by this epistle, note that man, and have no company with him, that he may be ashamed.

3:15 Yet count him not as an enemy, but admonish him as a brother.

What does the above verse have to do with what I said? The issue was the state of the rich before God and their salvation, not whether people have the right to be lazy and not work. If anyone isn't working, it's not the working class, it's the rich that you admire and aspire to become. It's the wealthy capitalists that rely upon the labor of others. They enrich themselves on the backs of their workers.

 

[TruthNotBS]

A ProPublica investigation earlier this year found that Musk paid a “true tax rate” of 3.27% between 2014 and 2018,

There is no such thing as a "true tax rate".

He's going to try to pay less than the 15 billion dollars cited (which was unconfirmed at the time of the writing of that article). That would be great if he actually started paying his fair share of taxes. Because for several years he wasn't.

What's his "fair share"? Why do you feel he didn't pay it from 2014 and 2018?

He paid less than 4% of his declared income for the year.

 

[Markle]

The rich have to pay their taxes, like everyone else.

As you know, unlike years past, "everyone" does not pay Federal Income Tax. Forty-seven percent ride on the coattails of others.

As a recent addition, welcome to the community of far-left trolls here at USMB. I don't respond to much of the chum they throw out, most are just for stirring the pot. Right?

 

[Thinker101]

The rich have to pay their taxes, like everyone else.

The rich do pay their taxes, and in case you haven't heard, close to 50% don't pay any federal taxes.

 

[Markle]

He paid less than 4% of his declared income for the year.

 

[TruthNotBS]

As you know, unlike years past, "everyone" does not pay Federal Income Tax. Forty-seven percent ride on the coattails of others.

As a recent addition, welcome to the community of far-left trolls here at USMB. I don't respond to much of the chum they throw out, most are just for stirring the pot. Right?

God is using socialism because those who are supposedly His people have become worldly mammon worshipers. God will use socialists if Christians don't fulfill their commission.

 

[TruthNotBS]

The rich do pay their taxes, and in case you haven't heard, close to 50% don't pay any federal taxes.

Everyone should pay their taxes. Christians wouldn't have to pay taxes in the US if they followed God's Word, and lived the way that Jesus and His apostles lived. God has graced true Christians with tax-exempt status.

 

[Thinker101]

God is using socialism because those who are supposedly His people have become worldly mammon worshipers. God will use socialists if Christians don't fulfill their commission.

God is using socialism? Dang, unless you can cite a successful socialist country, God seems to be failing.

 

[Thinker101]

Everyone should pay their taxes. Christians wouldn't have to pay taxes in the US if they followed God's Word, and lived the way that Jesus and His apostles lived. God has graced true Christians with tax-exempt status.

Well, I guess if Jesus and his apostles lived in tents and rummaged for scraps there seems to be plenty of people living that way....and they probably don't pay taxes.

 

[TruthNotBS]

God is using socialism? Dang, unless you can cite a successful socialist country, God seems to be failing.

Germany is led by the German Socialist Party. Spain is led by its Socialist Party. Portugal is led by a coalition of Socialists, Communists, and Greens. Ireland is moving towards a socialist economy, led by socialists. Many Latin American countries are moving towards the left economically.

Cuba is in the shadow of a capitalist-run empire and it's being embargoed. You don't have the ideological luxury of saying socialism doesn't work in Cuba when the US is sanctioning it. Sabotaging it economically.

Ironically the people who pretend to be disciples of Jesus Christ are defenders of capitalism and worship mammon. Jesus, His twelve apostles, and the first Christians were socialists. Socialism is biblical. Only born again, spirit-filled disciples of Jesus who follow His instructions, will become part of his royal family, reigning with Him over the nations.

 

[Toddsterpatriot]

He paid less than 4% of his declared income for the year.

Can you back that up?