breetai @ breetai @lemmy.world

Posts

1

Comments

59

Joined

1 yr. ago

If Kennedy was a decent man, he’d pull out.

This is a close race and I think he’s pulling from Biden. I’ve heard he pulls from Trump but I don’t want to believe that.

Trump has a good chance of winning. Biden isn’t doing well in polls and Kennedy is stealing votes from Biden.

I’m generally against acquisitions for this reason. So many companies just want to be acquired instead of running a company.

I can’t think of one large acquisition that benefited consumers

https://en.m.wikipedia.org/wiki/Latino_(demonym)

The masculine term Latino (/ləˈtiːnoʊ, læ-, lɑː-/),[1][2] along with its feminine form Latina, is a noun and adjective, often used in English, Spanish, and Portuguese, that most commonly refers to United States inhabitants who have cultural ties to Latin America.

What he is saying your home is an unrealized gain which is true.

While we pay property taxes they are a small percentage and based on the tax value and not the fair market.

While not a fan of property tax they at least directly impact you by providing value to your local area. Why I don’t bitch much about property taxes. I’d rather pay those than federal taxes.

It was part of my compensation. It didn’t cost me anything.

It’s naive to think we will ever tax unearned income. Not only is it against the law, it would destroy everyone.

Tax avoidance isn’t a crime.

Do you use deductions on your 1040? That’s tax avoidance.

I’ve never heard deductions being allowed. Maybe a few but for the most part it’s about an equal rate across everyone or at least a few small brackets.

Different plans define income differently. If we are trying to fix the astern income should be everything. Selling an investment home, dividends, selling stocks, w2. Etc.

That’s my point. They were worth 20 million. Due to legal restrictions I couldn’t sell. As such I would have to pay taxes on 20 million. When I could sell they were worth zero.

So I would have ended up negative.

It’s however the law wants to define it. All the bills I’ve seen pushed are a flat rate with no deductions.

Have you seen anyone propose a flax tax with deductions? I have not.

https://www.investopedia.com/terms/f/flattax.asp#:~:text=Key%20Takeaways%201%20A%20flat%20tax%20applies%20the,sales%20tax%20are%20a%20type%20of%20flat%20tax.

Employing a flat tax means that taxpayers cannot take deductions or exemptions.

Well if I had to pay unrealized gains I’d have zero but have to pay taxes on 20 million.

It’s why we don’t do it. It would be overly complicated.

Taxes are not supposed to be painful. They are supposed to be fair and fund the government. Painful taxes just causes avoidance.

Flat means no deductions and an equal pay. It can still be done against brackets and be a flat tax.

No brackets work with credits and deductions. Someone with 100k in income could pay zero in taxes. A flat tax makes them pay taxes by removing deductions.

Personally I’d rather see a consumption tax but that freaks most people out.

I can’t support that. I myself once had 20 million in stock options but couldn’t sell it. By the time I could sell it, it was worth zero. Yet you in your system I would have paid taxes on it. Stock fluctuates in value to much. We just need way to force them sell the stock and then tax the stock as ordinary income.

I didn’t exclude that from my comment.

One of the differences is with a heloc you have to make payments. The loans Elon gets for example don’t have payments.

They can live this way for years.

I’m not opposed to rich people. I’m opposed to gaming the system.

A 30% flax tax is higher than the mythical 90%.

The 90% range had so many deductions only 1 person hit it and even then it’s only on the income that exceeds that limit.

A 30% flat tax with no deductions is much more brutal to income but it’s fair.

Latino doesn’t mean Spanish speaking. That’s Hispanic.

While Spanish is the largest language. It’s not the only language.

Have a flat tax based on brackets.

5% for x income 10% for x income Top out at 30-40%

Problem solved

No it’s not. They are not buying an asset with. It’s sometimes back with with an asset as collateral but it’s not tied to an asset. The loan isn’t taken out to buy a home. It’s taken out as living expenses.

It’s why a consumption tax would fuck the rich.

No.

That rich get loans that basically last their lifetime. They are income replacement. They are not tied to home, a car, etc.

They are just avoiding taxes.

I don’t blame them. It’s smart.

It’s why politicians need to eliminate it.