Most tax programs which apply to capital gains apply to the sell and exchange of the stock. Dividends are also taxed (at least here in the states). So yes, you get taxed no matter what you do unless itās a net loss
Thatās why the quiet part is to borrow against the assets in perpetuity. No tax on money you take out in loans using your investments as collateral! This is effectively a home equity loan for the rich. Now, you canāt keep paying interest on your growing loans forever. Why, ScrotusMaximus, that would be unsustainable! Not to mention that baby faced intern fresh out of grad school with 300k of student loans to be repaid keeps pointing out your interest only loan to his supervisor and posting on Work Reform.
So move onto step two! You and your other insider buddies are going to do a little pump and dump action. For this phase of the plan we are going to crash the market, and write off the impaired value of our investments and debt. Scrotus, that sounds complicated, you might say. Sure, maybe for a peasant such as yourself, it might be. All we have to do is make our investments worth less on paper! A little bad press, some failed deliveries, an enshittified platform, a war breaks out on the wrong people. Nothing is actually changing hands. That would be silly. This has the added intentional bit of killing off the bank or investors we owe money to, figuratively of course. Weāre not actually killing anyone, mind you. That would be a crime and as we all know crime is only for the poors.
A year or two passes. We are on our yacht living off the loan money. We are in the final phase of our plan: no one bought the snake oil, the enshittified apps arenāt making ad revenue and that war sure hurt that new market. Our investments are worthless and we canāt borrow anymore money to pay for the yacht diesel or scantily clad deck boys. Gosh darn it, Scrotus, now what?
It just so happens the bank that loaned us money had to be bought out by JPAmerica Bank with taxpayer bailout money thanks to the votes from our friends š in government, and good news! Theyāre willing to work with us to refinance the loans because an investor bought our shitty debt for pennies on the dollar! What a sucker, amirite?
No tax on loans! The poor hate this one trick
This message brought to you under an Apache MIT BSD license to distribute.
How do you feel about limiting loans against assets and total wealth based taxes?
In general I try to avoid talking about these things because people get touchy and act like the situation is hopeless. Captial Gains taxes does have an affect and it does improve the situation. And obviously what you brought up are clear concerns with how it is often setup today. So Iām interested in how we could continue to make things better in that regard
Yes thatās why I said ātotal wealth based taxes.ā If you want to make a meaningful contribution to the conversation maybe actually read what other people are talking about
I get it. You want dialogue, discussion, and deliberation. Nothing hasty.
There are lots of angles to consider, and one thing for sure is no one ever gave them much thought.
Perhaps it would take at least two more decades of development and planning to achieve any kind of tax code that is more sensible and equitable than the one currently in place.
Iām not really in favor of a wealth tax. Maybe, if we really need to claw back our mistakes, but I think there are better approaches.
A tax on loans based on wealth seems great though. If you have the wealth, why are you borrowing? What are the legitimate uses of secured loans?
Capital gains taxes should be higher than payroll taxes. Always and forever.
Marginal tax rates exist for a reason, and itās absurd that we stop progressive taxation after $700k. The difference between making $800k/year and making $15m/year is ridiculous. At $800k/year you at least want to make the business last for a decade. After you cash out for $15m in a year, are you really accountable to anyone?
They pay 42% of INCOME taxes, which are only 40% of the annual federal tax receipts. Which means their income tax only amounts to about 17% of the overall tax receipts. Their FICA contributions are capped and they pay no FICA on anything over about $140,000. FICA tax accounts for 25% of overall federal tax receipts. The majority of remaining tax receipts are consumption taxes and property taxes, both of which are regressive and impact lower income citizens more.
Your statement implies that the top 1% pay 42% of all taxes, which is untrue. When called out on your lie of omission you cried like a bitch and tried to shift the goalposts to seem like you didnāt lie.
The comment I replied to said the rich donāt pay taxes. What was important is that the rich pay a lot of taxes. I forgot a word and when it was pointed out I told them it was a fair correction.
Their analysis counted all federal receipts. 13% of federal tax receipts were corporate taxes. So they implied that the rich pay less than they do of all federal receipts and I was curious if they would respond to me asking.
No goalpost shift. The point was the rich pay taxes. They reminded me I forgot a word and I accepted the correction like an adult.
You accepted the correction and then added your own edit asking about corporate taxes - the implication being that person who corrected you isnāt being honest. Projection.
No. They counted 1% income tax liability vs total federal receipts and I was curious if they considered that. Itās a separate issue. My point was rich people pay taxes, and they do. A lot of taxes.
I left a private sector job where I did increasingly evil things for a good amount of money for a public works job where Iām doing something beneficial to society. I have to work a shit-ton of OT to make the same money but the OT is there for the working and I ultimately maybe work a hair more than I used to in my salary position.
Canāt afford to live, get shouted at by callers irrelevant to my role each day just cos I am at a phone, canāt work from home despite the whole organisation doing so, higher paid people throw their workload at me cos they donāt want to do it.
Feels no different from when i was in the private sector really.
Lol damn, God forbid someone want more out of life than scraping by getting basic needs barely met. Iāve been looking around while in school, and plenty of jobs are still paying $15-19/hr. That is barely enough to get by, depending where you live and rent may not even be enough, let alone take a vacation once a year or even think of raising a family.
Youāre arguing semantics while the intention is clear. Quit being pedantic.
In our parentsā generationās time, a public service job could fund a house, two kids, and annual vacations. We want that, or even more since weāre significantly more productive since those days. A job used to give us needs and a good amount of wants. Conflating the two in this context, while not perfectly precise, is irrelevant.
If Iām talking about liking red cars then point to a car, and you say, āthatās not red, thatās mauve,ā youāre being an ass.
If weāre shopping for paint together, and i say āi like this red,ā and you reply, āi think thatās mauve,ā youāre trying to be specific in our communication about a common task.
Please do explain the difference, then, between why breaks are necessary but vacations shouldnāt be? You do realize study after study shows that 24-30 hour work weeks provide the most productivity? That family leave, healthcare, paid time off etc is associated with the happiest citizens? Is increased well-being not necessary in your worldview?
between why breaks are necessary but vacations shouldnāt be?
One is literally necessary for survival while the other isnāt. This is the difference between a āneedā and a āwant.ā
Is increased well-being not necessary in your worldview?
Considering how many people are able to live a significantly lower quality of life than what youāre advocating for, no. Itās not a āneed.ā Itās a āwant.ā Thereās no limit to āincreased well being.ā There is a limit to what the human body can take before it can no longer go on living.
Might want to brush up on your vocabulary. This is a pretty simple concept that even 2nd graders have no problem understanding.
Yeah, second graders get longer vacations than I do, interesting aināt it. Maybe you need one cuz your brain seems to be working overtime to justify people suffering.
I need a vacation, you might say? Or do you need me to work hard enough by your standards to earn it? You havenāt even seen my resume. Sorry you canāt handle criticism.
I can afford to eat. But I canāt afford housing and any enjoyment comes with guilt from knowing itll have a knock on effect to my finances. Iām living with a parent (who similarly struggles to pay bills)
Itās more a case of finding it hard to hit the bills and not being able to see a future where Iām comfortable.
Iād say itās mostly due to the cost of living rather than the pay. 10 years ago Iād be doing quite well, but the pay grades havenāt changed to meet inflation or accommodate for the high cost of living.
Federal government spending is not funded by taxes. When the federal government spends, it credits accounts with the press of a keystroke, creating money from nothing. The federal government issues money by spending and destroys money by collecting taxes. medium.com/ā¦/on-the-role-of-taxes-mmt-707fb4b3b80ā¦
Mind elaborating on this rich tax? Iām honestly curious but also feeling skeptical. Iām starting to think this is just a joke since itās in meme form.
A grant (taxpayer money) funded company creating jobs that will eventually run out of money while having the double benefit of poors feeling empowered and forgetting/not caring who is siphoning off the value of the company slowly.
There are some thing that will always be dangerous and thereās nothing that can be done to mitigate risks. See also: linemen. Electricity is pretty goddam indifferent.
However, if your union was not helping at all, then you need to have a word with union leadership or, maybe, replace them :)
Not having a union guarantees having no power when the bosses stomp their boots over the faces of workers.
A union is just workers agreeing and organizing among themselves that they prefer to fight back. United we can build the power we need to make meaningful advances.
There is no reason simply to let the bosses take whatever they want just because no one tried to stop them.
