biden-gang-now-pushing-billionaires-tax-reality-will-likely-soon-tax-americans-401ks-iras/

RobertinElkCity

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Our current secretary of the Treasury, Janet Yellen, is busy trying to find a way to tax wealth without calling it taxing wealth. She has eyes on taxing unrealized capital gains. What this means simply is taxing people for money they have not earned or received. That's it in a nutshell. That definition should leave even those who have never had a course in accounting or finance shaken.

Won't be long until you're being taxed in January 2023 for income earned in December 2030.
 

John6185

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So why do the rich in congress support this?
I keep having an issue with the people in Congress supporting taking their own money away unless they are legislatively exempt which could be entirely possible. Pelosi is stupidly rich.
They have a hypocritical oath that they have all taken-"Pass no law that will bring harm to us. The citizens are fair game."

By the way, what is going to happen to the economy if the ultra-wealthy dump all their stock?
 

dennishoddy

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They have a hypocritical oath that they have all taken-"Pass no law that will bring harm to us. The citizens are fair game."

By the way, what is going to happen to the economy if the ultra-wealthy dump all their stock?
I did see a news report today that said that billionaire tax proposal is dead in the water.
 

dennishoddy

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How do you tax the billionaires that hide from taxes? Look up Buy, Borrow, Die. What’s a fair way to close the loop holes?
What loop holes are you talking about? Be specific here.
Not one single billionaire is doing anything illegal or they would be arrested and charged for tax fraud. They are using the tax laws passed by congress.
How can that be a loop hole?
 

El Pablo

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What loop holes are you talking about? Be specific here.
Not one single billionaire is doing anything illegal or they would be arrested and charged for tax fraud. They are using the tax laws passed by congress.
How can that be a loop hole?

Never said it wasn’t legal, I said it’s a loop hole, as such it’s legal. When Bezos, Musk, etc get out of paying income taxes for years at a time, it’s a fundamental problem. There are many, many ways around it. Easiest way 1) get paid in stock not salary that never pays a divided. 2) get loans to live off of (not income, so loans are not taxable), 3) Die, pass on your unrealized stock gains to the next generatio.

The other way is exploiting Roth IRAs, Peter Thiel did this brilliantly, and since he now a citizen of New Zealand too, he can even pass his 5 billion roth IRA on, without every paying taxes on it by denouncing his US citizenship and exploiting more loopholes.

I personally am for just a flat tax. Get rid of all the needless complexity.
 

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