What Happens When You Tax Billionaires At 90%

[Thinker101]

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.

Germany is a capitalistic country, Spain is a parliamentary monarchy.

 

[TruthNotBS]

Can you back that up?

Bezos and Musk:

Jeff Bezos paid 'true tax rate' under 1%

Tech billionaires are paying lower effective tax rates than most middle class Americans.

www.protocol.com

BASED ON THEIR WEALTH GROWTH, 26 TOP BILLIONAIRES PAID AN AVERAGE INCOME TAX RATE OF JUST 4.8% OVER 6 RECENT YEARS - Americans For Tax Fairness

IRS Data from ProPublica Reveals Some of America’s Richest Paid Next to Nothing On Their ‘True Income’ in 2013-18 Twenty-six of the richest people in America paid an average federal income tax rate of just 4.8% over six years (2013-18) when the growth in their wealth is counted as income...

americansfortaxfairness.org

 

[TruthNotBS]

Germany is a capitalistic country, Spain is a parliamentary monarchy.

Germany and Spain have governments led by socialist parties. The German and Spanish economies are capitalist when a defender of capitalism is debating a Christian socialist on an online debate forum. However, when one considers the fact that the same defenders of capitalism, who conveniently claim Germany, Spain, and Portugal are capitalist nations, says that the American democratic party is COMMUNIST because a few democrats want Medicare for all and to cancel the student debt. There's clearly an inconsistency there, with that line of reasoning.

AOC and the Dems are COMMUNISTS, for wanting universal healthcare, tuition-free education, and other public services that are taken for granted and are 100% normal in Germany, Spain, and other Western European countries. Here on the forum, the fact that Western European governments are full of Socialist Parties and they have a robust social safety net and plenty of government services, escapes you. That's not factored in, hence these countries are "capitalist". There's a contradiction there. Hopefully, you see it.

 

[Toddsterpatriot]

Bezos and Musk:

Jeff Bezos paid 'true tax rate' under 1%

Tech billionaires are paying lower effective tax rates than most middle class Americans.

www.protocol.com

BASED ON THEIR WEALTH GROWTH, 26 TOP BILLIONAIRES PAID AN AVERAGE INCOME TAX RATE OF JUST 4.8% OVER 6 RECENT YEARS - Americans For Tax Fairness

IRS Data from ProPublica Reveals Some of America’s Richest Paid Next to Nothing On Their ‘True Income’ in 2013-18 Twenty-six of the richest people in America paid an average federal income tax rate of just 4.8% over six years (2013-18) when the growth in their wealth is counted as income...

americansfortaxfairness.org

Thanks for the links....

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

• Elon Musk paid a true tax rate of 3.27% between 2014 and 2018. His wealth grew $13.9 billion in that period and he reported $1.52 billion in income. Musk ended up paying $455 million in total taxes during that period. For several years, including 2015 and 2017, Musk paid less than $70,000 in annual federal income tax.

$455 million/$1.52 billion = 29.93%

 

[TruthNotBS]

Thanks for the links....

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

• Elon Musk paid a true tax rate of 3.27% between 2014 and 2018. His wealth grew $13.9 billion in that period and he reported $1.52 billion in income. Musk ended up paying $455 million in total taxes during that period. For several years, including 2015 and 2017, Musk paid less than $70,000 in annual federal income tax.

$455 million/$1.52 billion = 29.93%

Jeff Bezos
Wealth growth, 2013-2018: $105.8 billion, or 420%
Total income reported for tax purposes: $5 billion (4.7% of wealth growth)
Total federal income taxes paid: $1.16 billion
True tax rate: 1.1%

Mark Zuckerberg
Wealth growth, 2013-2018: $49 billion, or 368%
Total income reported for tax purposes: $3.9 billion (8.0% of wealth growth)
Total federal income taxes paid: $536 million
True tax rate: 1.1%

Koch Brothers (Charles & David)
Wealth growth, 2013-2018: $33 billion, or 48%
Total income reported for tax purposes: $2.7 billion (8.1% of wealth growth)
Total federal income taxes paid: $450 million
True tax rate: 1.4%

Walton Family (Jim, Alice, & Rob)
Wealth growth, 2013-2018: $54.2 billion, or 68%
Total income reported for tax purposes: $10.7 billion (19.7% of wealth growth)
Total federal income taxes paid: $2.1 billion
True tax rate: 3.8%

Musk’s recovery of the top spot from the French luxury goods magnate Bernard Arnault follows a precipitous drop in his wealth in late 2022, when he became the first person ever to amass and then lose $200bn. His wealth peaked at about $340bn in November 2021 and fell to about $128bn at the start of 2023.

He's paying little when compared to how his fortune grew:

Elon Musk reclaims title of worldâs richest man after Tesla shares rise

Twitter owner’s net worth reportedly grows to $187bn after precipitous drop in late 2022

www.theguardian.com

 

[Toddsterpatriot]

Jeff Bezos
Wealth growth, 2013-2018: $105.8 billion, or 420%
Total income reported for tax purposes: $5 billion (4.7% of wealth growth)
Total federal income taxes paid: $1.16 billion
True tax rate: 1.1%

Mark Zuckerberg
Wealth growth, 2013-2018: $49 billion, or 368%
Total income reported for tax purposes: $3.9 billion (8.0% of wealth growth)
Total federal income taxes paid: $536 million
True tax rate: 1.1%

Koch Brothers (Charles & David)
Wealth growth, 2013-2018: $33 billion, or 48%
Total income reported for tax purposes: $2.7 billion (8.1% of wealth growth)
Total federal income taxes paid: $450 million
True tax rate: 1.4%

Walton Family (Jim, Alice, & Rob)
Wealth growth, 2013-2018: $54.2 billion, or 68%
Total income reported for tax purposes: $10.7 billion (19.7% of wealth growth)
Total federal income taxes paid: $2.1 billion
True tax rate: 3.8%

Musk’s recovery of the top spot from the French luxury goods magnate Bernard Arnault follows a precipitous drop in his wealth in late 2022, when he became the first person ever to amass and then lose $200bn. His wealth peaked at about $340bn in November 2021 and fell to about $128bn at the start of 2023.

He's paying little when compared to how his fortune grew:

Elon Musk reclaims title of worldâs richest man after Tesla shares rise

Twitter owner’s net worth reportedly grows to $187bn after precipitous drop in late 2022

www.theguardian.com

Total income reported for tax purposes: $5 billion (4.7% of wealth growth)
Total federal income taxes paid: $1.16 billion

1.16/5 = 23.2%

He's paying little when compared to how his fortune grew:

Probably because we have an income tax and not a "fortune grew" tax.

 

[TruthNotBS]

Total income reported for tax purposes: $5 billion (4.7% of wealth growth)
Total federal income taxes paid: $1.16 billion

1.16/5 = 23.2%

He's paying little when compared to how his fortune grew:

Probably because we have an income tax and not a "fortune grew" tax.

Semantics. There are loopholes in the law that allow a billionaire that grew their fortune and assets over 100 billion dollars, to only pay a tiny fraction of that. Society doesn't have to allow people to amass so many resources when there are so many people who are hungry and homeless.

 

[Toddsterpatriot]

Semantics. There are loopholes in the law that allow a billionaire that grew their fortune and assets over 100 billion dollars, to only pay a tiny fraction of that. Society doesn't have to allow people to amass so many resources when there are so many people who are hungry and homeless.

Semantics.

LOL!

There are loopholes in the law that allow a billionaire that grew their fortune and assets over 100 billion dollars, to only pay a tiny fraction of that.

Not paying income tax on something that's not income isn't a loophole.

Society doesn't have to allow people to amass so many resources when there are so many people who are hungry and homeless.

If Tesla stock goes up $100 a share tomorrow, how many resources does that take away from the hungry and homeless?

 

[Markle]

Bezos and Musk:

Jeff Bezos paid 'true tax rate' under 1%

Tech billionaires are paying lower effective tax rates than most middle class Americans.

www.protocol.com

BASED ON THEIR WEALTH GROWTH, 26 TOP BILLIONAIRES PAID AN AVERAGE INCOME TAX RATE OF JUST 4.8% OVER 6 RECENT YEARS - Americans For Tax Fairness

IRS Data from ProPublica Reveals Some of America’s Richest Paid Next to Nothing On Their ‘True Income’ in 2013-18 Twenty-six of the richest people in America paid an average federal income tax rate of just 4.8% over six years (2013-18) when the growth in their wealth is counted as income...

americansfortaxfairness.org

Garbage.

I am quickly growing weary of your lies and half-truths.

Your own source states and I quote: "ProPublica emphasizes that this is all above board — the U.S. tax system taxes income and capital gains, not increases in wealth."

Please stop your nonsense. You look silly, especially with all your Hollier-than-thou malarkey that I blew up with your first posts.

 

[TruthNotBS]

Garbage.

I am quickly growing weary of your lies and half-truths.

Your own source states and I quote: "ProPublica emphasizes that this is all above board — the U.S. tax system taxes income and capital gains, not increases in wealth."

Please stop your nonsense. You look silly, especially with all your Hollier-than-thou malarkey that I blew up with your first posts.

It should tax a billionaire's increase in wealth, assuming individuals are allowed to have tens of billions of dollars.

You're saying that Jesus admitting that nothing is impossible with God, nullifies his previous statement that it's easier for a camel to go through the eye of a needle than it is for a rich person to enter the Kingdom of God, but there's no reason to believe that. One statement doesn't necessarily cancel the other.

There are several clear statements in God's word that command us to lay everything down before His son's feet, including our possessions. That's what the first Christians did, and they were blessed and empowered for it. A true disciple of Jesus Christ obeys His Lord and walks in this world as Jesus did.

 

[TruthNotBS]

Semantics.

LOL!

There are loopholes in the law that allow a billionaire that grew their fortune and assets over 100 billion dollars, to only pay a tiny fraction of that.

Not paying income tax on something that's not income isn't a loophole.

Society doesn't have to allow people to amass so many resources when there are so many people who are hungry and homeless.

If Tesla stock goes up $100 a share tomorrow, how many resources does that take away from the hungry and homeless?

If people in society are allowed to have billions of dollars, they should use most of that money to help the poor. That's the way to have treasure in heaven.

 

[Markle]

It should tax a person's increase in wealth, assuming individuals are allowed to have tens of billions of dollars.

You're saying that Jesus admitting that nothing is impossible with God, nullifies his previous statement that it's easier for a camel to go through the eye of a needle than it is for a rich person to enter the Kingdom of God, but there's no reason to believe that. One statement doesn't necessarily cancel the other.

There are several clear statements in God's word that command us to lay everything down before His son's feet, including our possessions. That's what the first Christians did, and they were blessed and empowered for it. A true disciple of Jesus Christ obeys His Lord and walks in this world as Jesus did.

 

[TruthNotBS]

Why are you smelling your finger?

 

[CowboyTed]

Why is it always between billionaires pay far less tax than the middle class or taxing them all they own?

Why not have billionaires pay the same rate that the middle class pays? I have paid between 25% and 33% for most of my adult life. Why not have them pay that?

It is all about the effective rate...

If wealthy had a tax rate of 90% they might actually pay about 33% effective rate.

Look at Trump for example (not picking him for political reasons)... He lives a life of extreme luxury, dines out every night, private jets..... But he paid no tax for years? From a basic point of view, how could he live that lifestyle if he was not taking money out of his company to live?

 

[TruthNotBS]

It is all about the effective rate...

If wealthy had a tax rate of 90% they might actually pay about 33% effective rate.

Look at Trump for example (not picking him for political reasons)... He lives a life of extreme luxury, dines out every night, private jets..... But he paid no tax for years? From a basic point of view, how could he live that lifestyle if he was not taking money out of his company to live?

They just don't get it. Or perhaps they just don't want to admit it?

 

[gipper]

Do you know what year it is, Halfwit?

Hint: It‘s not 2018.

I posted similar stuff some years ago and the cons here went nuts. They feel they must protect the billionaires from paying income taxes, maybe because they stupidly think they’ll be one some day. Lol.

 

[TruthNotBS]

I posted similar stuff some years ago and the cons here went nuts. They feel they must protect the billionaires from paying income taxes, maybe because they stupidly think they’ll be one some day. Lol.

They drank the billionaire Kool-Aid.

 

[Nostra]

Jeff Bezos
Wealth growth, 2013-2018: $105.8 billion, or 420%
Total income reported for tax purposes: $5 billion (4.7% of wealth growth)
Total federal income taxes paid: $1.16 billion
True tax rate: 1.1%

Mark Zuckerberg
Wealth growth, 2013-2018: $49 billion, or 368%
Total income reported for tax purposes: $3.9 billion (8.0% of wealth growth)
Total federal income taxes paid: $536 million
True tax rate: 1.1%

Koch Brothers (Charles & David)
Wealth growth, 2013-2018: $33 billion, or 48%
Total income reported for tax purposes: $2.7 billion (8.1% of wealth growth)
Total federal income taxes paid: $450 million
True tax rate: 1.4%

Walton Family (Jim, Alice, & Rob)
Wealth growth, 2013-2018: $54.2 billion, or 68%
Total income reported for tax purposes: $10.7 billion (19.7% of wealth growth)
Total federal income taxes paid: $2.1 billion
True tax rate: 3.8%

Musk’s recovery of the top spot from the French luxury goods magnate Bernard Arnault follows a precipitous drop in his wealth in late 2022, when he became the first person ever to amass and then lose $200bn. His wealth peaked at about $340bn in November 2021 and fell to about $128bn at the start of 2023.

He's paying little when compared to how his fortune grew:

Elon Musk reclaims title of worldâs richest man after Tesla shares rise

Twitter owner’s net worth reportedly grows to $187bn after precipitous drop in late 2022

www.theguardian.com

We don't have a wealth tax in the US, Simp.

 

[TruthNotBS]

We don't have a wealth tax in the US, Simp.

We should.

 

[gipper]

We don't have a wealth tax in the US, Simp.

Absolutely we should. These billionaires are buying politicians and government. You’d think you’d be against this.