Taxes? Nah they're for the little people

Everybody's favorite qanon Trump devotee Marjorie Taylor Greene is apparently double dipping on the homestead tax break. Color me surprised.

eat this taxpayers

Yeah, a team of accountants and lawyers will cut a check for a third of the exemption after a tense meeting with the state officials and she will be free and clear... Actually, I'm surprised GA would not allow that since it is explicitly to the benefit of rich folks. (Maybe it's the recent "blue" influence.)

Abstract: We estimate the average Federal individual income tax rate paid by America’s 400 wealthiest families, using a relatively comprehensive measure of their income that includes income from unsold stock. We do so using publicly available statistics from the IRS Statistics of Income Division, the Survey of Consumer Finances, and Forbes magazine. In our primary analysis, we estimate an average Federal individual income tax rate of 8.2 percent for the period 2010-2018. We also present sensitivity analyses that yield estimates in the 6-12 percent range.

https://www.whitehouse.gov/cea/blog/2021/09/23/what-is-the-average-federal-individual-income-tax-rate-on-the-wealthiest-americans/

Darn - my federal tax rate according to turbotax, has been in the 13% to 15% range, I need to up my game.

Tax the Wealthy! Come on Democratics, step up and pass both Infrastructure Bills.

The Delta variant is keeping more companies cautious about how to invest the mountains of cash they have at their disposal. That hesitancy has led, in part, to corporate spending on stock buybacks outpacing capital expenditures this year.

https://www.axios.com/stock-buybacks-boom-corporate-investments-b9df325d-012d-45b4-be77-aaf9fdf52bb6.html

Wow.

TrapperGus wrote:Abstract: We estimate the average Federal individual income tax rate paid by America’s 400 wealthiest families, using a relatively comprehensive measure of their income that includes income from unsold stock.

You guys think I should pay taxes on my unsold stock? What in the hell is "income from unsold stock?" The old "wealth tax". It's up at the SCOTUS and will likely be shot down, as it should be.

Zurn wrote:

TrapperGus wrote:Abstract: We estimate the average Federal individual income tax rate paid by America’s 400 wealthiest families, using a relatively comprehensive measure of their income that includes income from unsold stock.

You guys think I should pay taxes on my unsold stock?   What in the hell is "income from unsold stock?"   The old "wealth tax".   It's up at the SCOTUS and will likely be shot down, as it should be.

It’s the ability to leverage that stock as collateral for loans and using those loans to make purchases without triggering a taxable event.

Motown Spartan wrote:

Zurn wrote:

You guys think I should pay taxes on my unsold stock?   What in the hell is "income from unsold stock?"   The old "wealth tax".   It's up at the SCOTUS and will likely be shot down, as it should be.

It’s the ability to leverage that stock as collateral for loans and using those loans to make purchases without triggering a taxable event.

Kind of like a property tax on my house?

DWags wrote:

Motown Spartan wrote:

It’s the ability to leverage that stock as collateral for loans and using those loans to make purchases without triggering a taxable event.

Kind of like a property tax on my house?

It’s a little more complicated than that. Ultimately what happens is that they itemize down to the point where their passive income is offset by deductions that are paid for by money that they borrow against their billion dollar stock portfolio.

Instead of paying 37% on the last dollar earned, they pay zero taxes but pay low single digit interest on their loans.

There's a big difference between a paycheck and a loan covered by collateral.

I don't have to pay back my paycheck. Well you guys want me to ....

Zurn wrote:There's a big difference between a paycheck and a loan covered by collateral.

I don't have to pay back my paycheck. Well you guys want me to .....

Why are you so concerned about protecting someone else’s wealth.

Yes, they have to pay back the loan, with income produced by their investments, etc. And qualified dividends are taxed at 15%-20%. They have the wealth and the resources to reduce their taxes as much as possible. Something that you don’t have the ability to do and it should make you sick.

Zurn wrote:

TrapperGus wrote:Abstract: We estimate the average Federal individual income tax rate paid by America’s 400 wealthiest families, using a relatively comprehensive measure of their income that includes income from unsold stock.

You guys think I should pay taxes on my unsold stock? What in the hell is "income from unsold stock?" The old "wealth tax". It's up at the SCOTUS and will likely be shot down, as it should be.

hey, toilet guy, looks like you gave another bad opinion

Motown Spartan wrote:

Zurn wrote:

You guys think I should pay taxes on my unsold stock?   What in the hell is "income from unsold stock?"   The old "wealth tax".   It's up at the SCOTUS and will likely be shot down, as it should be.

It’s the ability to leverage that stock as collateral for loans and using those loans to make purchases without triggering a taxable event.

toilet guy Zurn loses again

Motown Spartan wrote:

DWags wrote:

Kind of like a property tax on my house?

It’s a little more complicated than that. Ultimately what happens is that they itemize down to the point where their passive income is offset by deductions that are paid for by money that they borrow against their billion dollar stock portfolio.

Instead of paying 37% on the last dollar earned, they pay zero taxes but pay low single digit interest on their loans.

Curious, what happens if the debtors come calling and take control of the stock due to the rich guy not paying them back? Do they pay taxes on them at the change of hands? I would think...

Seems like this is a major loop hole overall. Rich guy borrows money based on his stock, uses that money to make a lot more money, and doesn't pay any taxes. geez

Zurn wrote:There's a big difference between a paycheck and a loan covered by collateral.

I don't have to pay back my paycheck. Well you guys want me to .....

And musk, etc. lives on loans against his wealth which are reducing his business taxes and paying nothing in personal taxes.
I would let my employer keep my checks if I could borrow against it and not pay taxes. Use it as an expense if I ever do have taxable income.

sεяεηιτλ wrote:

Motown Spartan wrote:

It’s a little more complicated than that. Ultimately what happens is that they itemize down to the point where their passive income is offset by deductions that are paid for by money that they borrow against their billion dollar stock portfolio.

Instead of paying 37% on the last dollar earned, they pay zero taxes but pay low single digit interest on their loans.

Curious, what happens if the debtors come calling and take control of the stock due to the rich guy not paying them back? Do they pay taxes on them at the change of hands? I would think...

Seems like this is a major loop hole overall. Rich guy borrows money based on his stock, uses that money to make a lot more money, and doesn't pay any taxes. geez

It’s kind of a shell game. They keep borrowing and moving and borrowing and moving, etc etc etc.

The banks get huge deposits from these people and make money on the spread loaning those deposits to other customers that don’t have the resources to play the game and actually make full payments on time. The spread is the difference between the rate a bank borrows money (the rate you get on a deposit) and the rate they loan that money at (the rate you pay for a loan).

AvgMSUJoe wrote:
And musk, etc. lives on loans against his wealth which are reducing his business taxes and paying nothing in personal taxes.

This is the leftist mindset.  You make up a narrative to support your socialist viewpoint without bothering to find out if it is actually true or not.   In fact I've come to believe that, along with truth, reality is not a left wing value.    Musk literally has paid the largest individual tax bill in the history of the US at about $11 billion dollars and yet here we have average joe leftist swill poster stating he pays nothing.  

https://www.cnbc.com/video/2021/12/15/elon-musk-to-pay-record-high-12-billion-tax-bill.html#:~:text=CNBC%27s%20Robert%20Frank%20reports%20on,of%20%2412%20billion%20for%202021.