Holy mint Batman, THAT'S Inflation!

[Tommymac]

Link to tweet

[Claustrum]

1. The problem isn't how much they earn or how much they are worth.

The problem lies when they made those money and have tax laws that allow them to pay effective tax rate at 1% or lower. If they pay 30% overall rate like the rest of us, then we would be taxing them correctly.

Another is the stupid tax law that allows builders to claim 1 year of "loss" as credit and use that credit even when said properties goes back above whatever "loss" price they set. Trump used this so he can claim "loss" that let him pay 0 taxes for years. It's stupid tax laws like that that is unfair. There should be a minimum tax rate of 25-30% and no one can goes below that no matter what deduction they take.

[Lucky Luciano]

2. Most of it is not income.

They own shares that have gained spectacularly and they haven’t realized any capital gains. That is why they are going for a wealth tax to go after unrealized gains. I support something like that, but it’s definitely tricky. It would be less tricky if the wealth tax could be paid in shares or something.

[Claustrum]

4. That is problematic because the person hasn't "earned" that money as long as they didn't sell.

What if 3 months later and the stock go south and they sell at a loss. It's a tough "tax" to have.

I would much rather have a minimum tax rate so that no one can go under that with their deductions. Just having those people that are paying 10% tax rate to go back to 25-30% is a lot of money already, rather than going after wealth that could go south anytime.

[ret5hd]

7. Really? Really really?

My house goes up in value, and my property taxes go up.

I haven’t sold anything…I haven’t made anything, yet the taxes go up. And if the property goes “south”next year, I’ll still pay taxes on it…whether I sell it or not.

Just tax wealth like property.

[Lucky Luciano]

9. Then Elon will not pay taxes. He takes no income or salary.

You’re correct about what happens if the stock goes down which is why I suggested paying the tax in shares.

A whole other form of complexity is introduced with private companies of course. One could still pay shares to the government, but that is very tricky too.

[Tommymac]

5. Well, to me the problem is Obscene Income Disparity.

OID for short. Which rhymes with hemorrhoid.

Both can be extremely painful and irritating to those suffering from each condition.

And both usually affect the bottom the most.

[Metaphorical]

3. But ...

they earned every penny of that! (sigh)

The vast majority of people have no idea how large those numbers are. If they did, I suspect there would be blood in the streets.

To put this into perspective, it would take five million years for a person making an average salary (about $50K a year), saving everything they make, to reach what Elon Musk currently has. It is also five times larger than Bill Gates made per year at his wealthiest back in 2000.

[Tommymac]

6. If my math is right means Musk has gotten $36 from every man woman and child on the Planet.

Earth's Human population is about 7.5 billion.

That is one hell of a shell game.

[ret5hd]

8. A few years old, but still descriptive:

[Tommymac]

10. Very cool. Thanks.

To bring it up to date, if I understood his logic, I think 271 billion is about 271,000 kilometers which is about 2/3rd's of the way to the moon. (384,400 km.)

4cm versus 271km.

Obscene.

[ret5hd]

11. The moon is a lot farther away than 384 km...

but obscene nonetheless.

[Tommymac]

12. Thanks I saw and was updating as you posted.

Think i have it right now

[cstanleytech]

13. The 1% and the corporate tax rate should actually be linked to the number of people

in the country that earn less than 300% over the federal poverty level.
The more people that earn under that the higher the tax rate for the 1% corporations and Congress and the President should have zero say in declaring what the federal poverty level is.