Announcement

Collapse
No announcement yet.

Business, Economics, and Taxes: Capitalism. Yay? >=(

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

  • Originally posted by The Sicatoka View Post

    Again, wealth can be deceptive (book value is not realized value).

    If you were taxed based on the book value ("wealth") of your house today, and then your market crashes, you were overtaxed.


    Tax realized income.

    I don't think a wealth tax is going to kill anyone. You guys think it applies to regular people or something. Here are the details.

    Sen. Elizabeth Warren, Sen. Bernie Sanders and other Democrats on Monday proposed a 2% annual tax on wealth over $50 million, rising to 3% for wealth over $1 billion.
    There is NOTHING wrong with that. There is something to someone having TOO MUCH. This is logical financial policy for any civilized society.
    **NOTE: The misleading post above was brought to you by Reynold's Wrap and American Steeples, makers of Crosses.

    Originally Posted by dropthatpuck-Scooby's a lost cause.
    Originally Posted by First Time, Long Time-Always knew you were nothing but a troll.

    Comment


    • Originally posted by ScoobyDoo View Post

      Company 401K.
      Didn't do it until the last 10 years or so, but I'll pull from a company 401k to my private (Edward Jones) accounts as soon as I can and not take a loss or tax hit. The company 401k plan takes their vig and is genericized to the average person; my EJ guy (Bismarck office) configures to me and my realities, and he knows he need perform or I can go down the street.
      The preceding post may contain trigger words and is not safe-space approved. <-- Virtue signaling.

      North Dakota Hockey:

      Comment


      • Originally posted by ScoobyDoo View Post

        I don't think a wealth tax is going to kill anyone. You guys think it applies to regular people or something. Here are the details.
        The income tax didn't apply to the majority of people (just top 2% of incomes) when it was instituted either.

        But as all taxes, like bad undapantz, they keep creepin' up on ya.

        The preceding post may contain trigger words and is not safe-space approved. <-- Virtue signaling.

        North Dakota Hockey:

        Comment


        • Originally posted by The Sicatoka View Post

          The income tax didn't apply to the majority of people (just top 2% of incomes) when it was instituted either.

          But as all taxes, like bad undapantz, they keep creepin' up on ya.
          Aaah yes. The old slippery slope whine fest. Whatever man.
          **NOTE: The misleading post above was brought to you by Reynold's Wrap and American Steeples, makers of Crosses.

          Originally Posted by dropthatpuck-Scooby's a lost cause.
          Originally Posted by First Time, Long Time-Always knew you were nothing but a troll.

          Comment


          • Originally posted by The Sicatoka View Post

            Didn't do it until the last 10 years or so, but I'll pull from a company 401k to my private (Edward Jones) accounts as soon as I can and not take a loss or tax hit. The company 401k plan takes their vig and is genericized to the average person; my EJ guy (Bismarck office) configures to me and my realities, and he knows he need perform or I can go down the street.
            I probably will index my new 401K to a fund that is configured for my retirement age. I have not decided what to do with my old account. It has been doing great the last 3 years or so after slowly recovering from the 2008 disaster.
            **NOTE: The misleading post above was brought to you by Reynold's Wrap and American Steeples, makers of Crosses.

            Originally Posted by dropthatpuck-Scooby's a lost cause.
            Originally Posted by First Time, Long Time-Always knew you were nothing but a troll.

            Comment


            • Originally posted by ScoobyDoo View Post

              Aaah yes. The old slippery slope whine fest. Whatever man.
              Kind of like woman’s rights. Give women the right to vote, next thing you know they’re taking men’s jobs and wanting control over their own bodies

              Comment


              • Originally posted by Deutsche Gopher Fan View Post

                Kind of like woman’s rights. Give women the right to vote, next thing you know they’re taking men’s jobs and wanting control over their own bodies
                Exactly. The Bastages.
                **NOTE: The misleading post above was brought to you by Reynold's Wrap and American Steeples, makers of Crosses.

                Originally Posted by dropthatpuck-Scooby's a lost cause.
                Originally Posted by First Time, Long Time-Always knew you were nothing but a troll.

                Comment


                • Originally posted by ScoobyDoo View Post

                  Aaah yes. The old slippery slope whine fest. Whatever man.
                  Free the slaves and now there are no white corner backs.
                  Cornell University
                  National Champion 1967, 1970
                  ECAC Champion 1967, 1968, 1969, 1970, 1973, 1980, 1986, 1996, 1997, 2003, 2005, 2010
                  Ivy League Champion 1966, 1967, 1968, 1969, 1970, 1971, 1972, 1973, 1977, 1978, 1983, 1984, 1985, 1996, 1997, 2002, 2003, 2004, 2005, 2012, 2014, 2018, 2019, 2020

                  Comment


                  • Originally posted by ScoobyDoo View Post

                    Aaah yes. The old slippery slope whine fest. Whatever man.
                    Not at all.
                    I'm saying refurb what we have (income tax, but make it on realized income), and don't create a whole new genre of taxation that even dx has laid out the complications of.


                    How the < bleep > y'all got to "white men can't jump" from that just tells me about your mindreading delusions.
                    Last edited by The Sicatoka; 06-11-2021, 10:19 AM.
                    The preceding post may contain trigger words and is not safe-space approved. <-- Virtue signaling.

                    North Dakota Hockey:

                    Comment


                    • If we were starting over in an ideal world, I would only tax wealth. 0% up to $250k, 3% to $1M, 6% to $2M, and so on up the chain until you get to 99% above $31M (I think I did that right). Every year.

                      Do it on Juneteenth and reserve 10% of the revenue for black people for the first 100 years.
                      Last edited by Kepler; 06-11-2021, 10:19 AM.
                      Cornell University
                      National Champion 1967, 1970
                      ECAC Champion 1967, 1968, 1969, 1970, 1973, 1980, 1986, 1996, 1997, 2003, 2005, 2010
                      Ivy League Champion 1966, 1967, 1968, 1969, 1970, 1971, 1972, 1973, 1977, 1978, 1983, 1984, 1985, 1996, 1997, 2002, 2003, 2004, 2005, 2012, 2014, 2018, 2019, 2020

                      Comment


                      • Originally posted by Kepler View Post
                        If we were starting over in an ideal world, I would only tax wealth. 0% up to $250k, 3% to $1M, 6% to $2M, and so on up the chain until you get to 99% above $31M (I think I did that right). Every year.

                        Do it on Juneteenth and reserve 10% of the revenue for black people for the first 100 years.
                        If I may, what bracket would you be in?

                        Add up the "wealth" I have under your definition (house book value, 401k current book value, other cash accounts, personal property, cars, yadda-yadda) and I'm in your $2M bracket.

                        At 6% my tax would be roughly my present gross annual salary.

                        Edit: No, wait, at over $2M "wealth" I'm in the 9% bracket. I'd be well, well over my gross annual salary. Or did you mean 3% on the $750k (from 250k to 1M), and then 6% on the 1M from 1-2M, and then 9% on the 1M from 2-3M, etc, a graduated approach? Even then, we're over 75% of my present gross annual salary.


                        You may 'rectally insert' your plan.
                        Last edited by The Sicatoka; 06-11-2021, 10:45 AM.
                        The preceding post may contain trigger words and is not safe-space approved. <-- Virtue signaling.

                        North Dakota Hockey:

                        Comment


                        • Originally posted by The Sicatoka View Post
                          Inheritance has already been earned and taxed. My mother worked over 40 years (librarian). She (her offspring) shouldn't be taxed again for her 40 years of paychecks and saving. (It had two commas in the number.)
                          It's kinda funny that the same group who is all about the bootstraps gets super whiny about a bunch of money they didn't earn.

                          Comment


                          • Originally posted by The Sicatoka View Post

                            If I may, what bracket would you be in?
                            0% for the first $250k, 3% of the next $750k ($22.5k), then 6% for everything above it (roughly $6k).

                            So my tax burden would be $28.5k. (Fixed because I'm an idiot.)


                            Last edited by Kepler; 06-11-2021, 10:59 AM.
                            Cornell University
                            National Champion 1967, 1970
                            ECAC Champion 1967, 1968, 1969, 1970, 1973, 1980, 1986, 1996, 1997, 2003, 2005, 2010
                            Ivy League Champion 1966, 1967, 1968, 1969, 1970, 1971, 1972, 1973, 1977, 1978, 1983, 1984, 1985, 1996, 1997, 2002, 2003, 2004, 2005, 2012, 2014, 2018, 2019, 2020

                            Comment


                            • Originally posted by The Sicatoka View Post

                              If I may, what bracket would you be in?

                              Add up the "wealth" I have under your definition (house book value, 401k current book value, other cash accounts, personal property, cars, yadda-yadda) and I'm in your $2M bracket.

                              At 6% my tax would be roughly my present gross annual salary.
                              That's not how marginal tax rates work.
                              Cornell University
                              National Champion 1967, 1970
                              ECAC Champion 1967, 1968, 1969, 1970, 1973, 1980, 1986, 1996, 1997, 2003, 2005, 2010
                              Ivy League Champion 1966, 1967, 1968, 1969, 1970, 1971, 1972, 1973, 1977, 1978, 1983, 1984, 1985, 1996, 1997, 2002, 2003, 2004, 2005, 2012, 2014, 2018, 2019, 2020

                              Comment


                              • Originally posted by Kepler View Post

                                That's not how marginal tax rates work.
                                Note my edit. I didn't realize you intended marginal rates.
                                The preceding post may contain trigger words and is not safe-space approved. <-- Virtue signaling.

                                North Dakota Hockey:

                                Comment

                                Working...
                                X