Manchin Rejects 20% Tax For Billionaires: ‘Everybody Has To Pay Their Fair Share’

It did not blow by me at all. Thanks for the insult I'm sure nothing will be done about it. I state a basic FACT and get insulted.

If Amazon's stock goes up then Bezo's net worth goes up. It is a paper gain until he sells some shares. Then he owes capital gains taxes. Amazon does not pay a dividend so there is no income to tax from it.

Our federal government does not tax rising net worth. If your house goes up in value do you pay a tax?

Forbes a financial publication should know better.

 

Oh they need it too Only they have been propagandized to believe they don't

 

The issue is these people utilize those unrealized gains to live on. They borrow against them and thus don’t have an “income” on paper.

Which is why I said our tax code needs a major revision. Why should someone working a 9 to 5 physical labor job have a tax rate of 20% when a multibillionaire just borrows money against their investments to pay no taxes on it?

 

They should be rewarded for job creation and what they contribute to the country/economy.. People like Soros should be stripped of all his destructive gained wealth, he adds nothing of worth to any country..

 

Well for starters the guy PAYING the laborer is creating income, SSI and plethora of federal/state/county and city tax revenue! Taker those job out of the economy and see how quickly tax revenue dries up..

 

A loan is something you have to pay back. It is not free money. I'm all for changing the tax code but it is ignorant to write an article that compares income tax rates to changes in assets. Anybody who can read a basic financial statement knows the difference between the income statement and the balance sheet.

 

When individuals live off of these loans while not cashing out investments how are they to be taxed? They have zero “income” but are living between multiple mansions.

The point is our tax system needs to take more factors into account besides W2 income.

 

Slaves don't have to pay taxes. Isn't that great?

 

A reasonable and informed Democrat congressperson! What is this world coming to???!!

 

You actually made a pretty good case for legalizing illegal immigrants. No path to citizenship! They have to meet certain criteria like in the Kennedy-McCain bill.

Getting them signed up to pay FICA taxes is important for sure and since these are very young people they will be paying into those for a long time.

 

I'm not stupid enough to try to live in NYC on $20k/year. I was faced with that prospect in 1989, and so I spent almost my last $600 on a 1976 Ford Pinto and headed back to Florida. Later in life, I DID live in NYC for almost a decade, and I loved my time there, but between my better half and I we were making $200k+ and barely able to keep our heads above water, so after awhile, we did the same thing. We had more stuff than back when I was barely 20 with no good job prospects, along with more than enough to pay for gas to move our 2 vehicles (back in '89, I didn't know if I had enough to buy gas to make it the whole way, but by the hair of my chin, it turned out I did), and once we got here and got settled, making far less money in absolute terms, we had more flexibility and fun money to spend for our weekends of debauchery and perversion.

That's one reason I am so hard on so-called poor people, who these days frequently have enough spare cash for big flat screens, video game systems, cars, booze, and smokes (meaning they're not as poor as they're made out to be, they just make poor choices), is because sometimes you have to realize that you can't afford to live where you are or want to be. Sometimes you gotta throw everything in the car and go elsewhere, but they don't see that solution. They just want their rent and food to be subsidized by the rest of us instead of doing what needs doing.

 

A loan has to be paid back. When do we tax people for taking out loans?

 

So you were basically saying that you’re fine with people skirting the income tax system with tax dodge strategies – which was the topic of the Forbes article article that you must’ve missed — correct?

Do capital gains have to be paid back? You don’t support taxing those either.

Do you think this is sustainable?

 

Let's see this data from a non-partisan source

Nonsense. Tailoring tax policy to seek renege for being successful is lunacy of the first degree.

 

It does, a lot more. You are taxed on dividends and interest. You are taxed on realized capital gains. You are taxed on pensions and social security. Entrepreneurs and Chapter C corporations are taxed on business profits, none of which gets reported on a W2. The point is it is all income, and the Biden/(Warren) proposal wants to tax non-income. Unfortunately the Constitution allows for only taxes on income (other than tariffs and such).

 

Are you saying Forbes is a partisan source? ROFL.
I doubt stormfront has any articles on this.

Using “you just hate rich people” is such a tired and childish argument. Showing that the super rich pay zero percent taxes some year and then you follow with that! Hysterical

 

Each of these allow tax avoidance or are taxed at a lower rate.

 

Huh? the link I followed from your post landed on Propublica.

 

Data was taken from Forbes

Here is there methodology: https://www.propublica.org/article/how-we-calculated-the-true-tax-rates-of-the-wealthiest

What part are you disagreeing with?

 

Fake News. I have no knowledge of the Chinese tax system and even less interest. As for $Billionaires, I'm fine with the Left taxing the living **** out of them. They love to impress you folks with their wokeness, so, impress them with your tax confiscations, these filthy rich woke bastards are dead to us.

 

Skirting the tax system? I thought you want to change the tax code.

I simply said that assets and income are not the same. The income tax is a tax on income. Paper gains in assets like stocks can be taxed when they are realized.

>>Mod Edit Rule 3<<

 

I believe it was 2 posts where I stated I was fine with an across the board 5% increase in the federal income tax on the top 1%.

I also believe in a minimum 5% tax for ALL Americans.

Want to change the tax code to close some loop holes fine.

As for taxes on business profits? Corporate taxes? I would rather we do not have any. Only a complete imbecile wants to saddle our companies with higher taxes than what companies in other countries pay.

Corporate taxes only account for 6% of the total and could be made up with other taxes. Of course there is a way around corporate taxes. do not make a profit. A company can invest all of it's revenues in R&D, property plant and equipment and more employees and not make an operating income while still having a healthy cash flow and growing their asset base.

 

Again for the 10th time the article is complete BS because they are comparing INCOME taxes to tangible book value which are not taxed. It is a meaningless comparison.

 

As I stated earlier real immigration reform sans a path to citizenship is needed so these 30 million mostly young people can come above ground and start paying FICA taxes.

Comprehensive Immigration Reform Act of 2007 aka Kennedy-McCain

That bill had a very comprehensive way of vetting people to grant them legal status. They had to admit they violated the law and had to pay back taxes if applicable. People who committed other crimes did not qualify.

Another part of that bill that democrats supported was it called for hiring 20,000 more border personnel and 350 miles of fencing. Yes 350 miles of barriers They now call racist. They were for it then.

 

Well if they all paid like all we Americans do