The loans have to be paid back. You left that out. Most placesa also have inheirtance/estate taxes. Yo left that out too. Oh, yes, and their income was taxed in the first place.
@Waveney You are backing and filling, Bozo. I do not dispute that it is better to be rich than poor. But that does not make your "analysis" in any way correct.
@Ynotisay Actually, I do know, although "how the game is played" is a loaded way to express it, placing you in the same know-nothing camp as OP. By the way, Elon has done more for society and the general welfare than you have. .
Accurate. There's a multitude of ways they hide their wealth. The game changed with Reagan and the writing was on the wall then. And that it coincided with the Christian Conservative movement, and co-opting "patriotism," wasn't an accident. They manufactured culture wars to divide because they knew that a unified populous would put an end to the strategy.
If there was ONE issue in this country that should bring Americans together, irrespective of party, it's wealth disparity. But nope. The hooks are in too deep. It's "Us vs. Them" but the "us" is fighting the wrong enemy.People have been systematically brainwashed to kiss the hand that beats them.
It's when I'm most reminded that more than 50% of Americans read below a 6th grade level.
Oh the wealthier you are the more loopholes there are to bury your tax burden.
For example why own a business with your name on the company register ? You simply create a figment of your imagination. Ensure they have 'responsibility', list yourself as a 'Consultant' who, as it happens, receives no 'salary' as such but magically has an endless line of credit everywhere as you can prove to creditors you own the assets of it.
Then you just rob 'Peter to pay Paul' each month, ensuring you pay the interest accrued without touching the assets until you can right them off without attracting attention from the tax office.
Bank deposits for an individual are only insured by the FDIC to $250,000 total per bank. A low end billionaire wanting to protect his/her wealth would then need such max deposits in 4,000 different banks. High end billionaires would need such deposits in 400,000 bank,
Once much beyond just being a millionaire you are pretty much on your own with protecting your wealth.
This is half true. But they buy all those assets with earnings that they have already paid tax on once, the art and the boats and the real estate do not fall from the sky.
@justbob Dude you’re moving the goalposts. My point was about billionaires and unrealized gains like how they can borrow against Tesla shares, art, or real estate and defer capital gains tax. Now you’re talking about refundable credits and low-income households paying nothing?? That’s a totally different debate.
Yes, refundable credits exist and some households get more back than they paid in federal income tax. That’s policy design, not proof billionaires pay their fair share.
Now you're mentioning Bernie? You’re using him as a stand-in for all proposals onrealized wealth, instead of addressing how the current tax code actually treats ultra-rich asset growth??
@Waveney The way the current tax code teats unrealized growth is not a problem. The problem would be the absurdly heavy burden of tracking the increases and decreases in asset value from year to year.
It would not only be impractical it would create bizarre eddies in the income stream of the Treasury. If Mr. Musk's stock value goes down and he claims refunds of hundreds of millions of dollars what does that do to the budget?
Do people have to get each piece of real estate appraised each year? I hope hey don't hire the guy who valued Trump's place as worth less than a vacant lot back when they were accusing him of bank fraud!
It is just not workable. It is a very silly idea. I mention Bernie because he is almost the only serious politician who advocates it.
@Waveney It looks to me you'll be stuck in complacency forever kid. Stop your whining and make something of yourself. Super weathly people don't magically become that way...they create value that earns them their wealth. So create something of value yourself and stop being the whiney little kid pouting in the corner. Have some self respect, rise up and be a man. 🙄
