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Thread: The Billionaire Tax

  1. #1

    Exclamation The Billionaire Tax

    Contained in the language of the bill is the following:

    It would hit the wealthiest of Americans, fewer than 800 people, starting in the 2022 tax year, requiring them pay taxes on the gains of stocks and other tradeable assets, rather than waiting until holdings are sold.

    A similar billionaires’ tax would be applied to non-tradeable assets, including real estate, but it would be deferred with the tax not assessed until the asset was sold, though interest would have to be paid.
    https://apnews.com/article/joe-biden...71bc617547e3fe

    A new low for the liars and thieves in the District of Criminals: tax you on income you have not made yet.

    Assuming everything doesn't go tits up in the next few years, look for that to be applied to you.
    "Every lie we tell incurs a debt to the truth. Sooner or later, that debt is paid." - Valery Legasov



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  3. #2
    I'm not worried about billionaires, they will be just fine. I am worried about increasing government power. The income tax started out only on the wealthy too.

  4. #3
    So, obviously, I'm against this. From a moral perspective and from a utilitarian perspective. But I did hear a new argument today that I haven't fully digested yet...

    First, why I'm opposed: The idea that this will only affect billionaires is ludicrous. If they need to take money out of their investments to give it to the government, the places where they took it out of will suffer. Secondly, it creates an even larger incentive to move their investments out of America. Third, it'll never just remain with billionaires... Fourth, it's immoral to treat people differently based on their success. I could go on and on.

    But here's the argument I heard... (not sure what I think about it, yet, so I'm interested in others' takes) Goes like this:

    "The uber-wealthy can leverage the assets they have in investments as collateral for loans. They can then use those loans as "income" to buy nice things for themselves, pay it back over time at low interest rates, but avoid all taxes - because it's not "income" it's a liability. It not only allows them to escape income taxes, but they also have a hedge against the inflation tax."

    Thoughts??
    "And now that the legislators and do-gooders have so futilely inflicted so many systems upon society, may they finally end where they should have begun: May they reject all systems, and try liberty; for liberty is an acknowledgment of faith in God and His works." - Bastiat

    "It is difficult to free fools from the chains they revere." - Voltaire

  5. #4
    I suppose they figure, we're already subjecting everyone to 128,493,293 different taxes

    Why not one more ?
    It's all about taking action and not being lazy. So you do the work, whether it's fitness or whatever. It's about getting up, motivating yourself and just doing it.
    - Kim Kardashian

    Donald Trump / Trump Jr 2024!!!!

  6. #5
    Quote Originally Posted by CaptUSA View Post
    "The uber-wealthy can leverage the assets they have in investments as collateral for loans. They can then use those loans as "income" to buy nice things for themselves, pay it back over time at low interest rates, but avoid all taxes - because it's not "income" it's a liability. It not only allows them to escape income taxes, but they also have a hedge against the inflation tax."

    Thoughts??
    Good for them.

    And if you're jealous you can't do the same thing... start a fin-tech company, that provides this service to the middle/upper-middle class to do the same thing.
    It's all about taking action and not being lazy. So you do the work, whether it's fitness or whatever. It's about getting up, motivating yourself and just doing it.
    - Kim Kardashian

    Donald Trump / Trump Jr 2024!!!!

  7. #6

  8. #7
    "And now that the legislators and do-gooders have so futilely inflicted so many systems upon society, may they finally end where they should have begun: May they reject all systems, and try liberty; for liberty is an acknowledgment of faith in God and His works." - Bastiat

    "It is difficult to free fools from the chains they revere." - Voltaire

  9. #8
    If this passes I'm renouncing citizenship and going somewhere else.
    It's all about taking action and not being lazy. So you do the work, whether it's fitness or whatever. It's about getting up, motivating yourself and just doing it.
    - Kim Kardashian

    Donald Trump / Trump Jr 2024!!!!



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  11. #9
    If the fed is going to tax my homes, they can go $#@! themselves. That woud be a red line, I would sell them. I'm not giving those $#@!s 20k plus a year.

  12. #10
    Quote Originally Posted by CaptUSA View Post
    But here's the argument I heard... (not sure what I think about it, yet, so I'm interested in others' takes) Goes like this:

    "The uber-wealthy can leverage the assets they have in investments as collateral for loans. They can then use those loans as "income" to buy nice things for themselves, pay it back over time at low interest rates, but avoid all taxes - because it's not "income" it's a liability. It not only allows them to escape income taxes, but they also have a hedge against the inflation tax."

    Thoughts??
    If I saved and delayed gratification to buy a car, should I be taxed on what the gains in my savings investments made, before I liquidate them to buy the car?

    That's my understanding of how this is supposed to work.

    This is how they will end up seizing your home: send you a bill for the $250,000 in "income" your home has increased in value, even though you have done nothing to access that equity.

    You can't pay that.

    BOA forecloses.
    "Every lie we tell incurs a debt to the truth. Sooner or later, that debt is paid." - Valery Legasov

  13. #11
    Yeah, that.

    "Every lie we tell incurs a debt to the truth. Sooner or later, that debt is paid." - Valery Legasov

  14. #12
    Quote Originally Posted by 69360 View Post
    If the fed is going to tax my homes, they can go $#@! themselves. That woud be a red line, I would sell them. I'm not giving those $#@!s 20k plus a year.
    Especially considering the fact that houses go through boom and bust cycles all the time.

    You'd pay taxes on the unrealized gains. And the realized losses? That's yours to keep.

    Repeat that cycle a few times, and you're living in a cardboard box.
    Last edited by TheTexan; 10-27-2021 at 01:47 PM.
    It's all about taking action and not being lazy. So you do the work, whether it's fitness or whatever. It's about getting up, motivating yourself and just doing it.
    - Kim Kardashian

    Donald Trump / Trump Jr 2024!!!!

  15. #13
    It's all about taking action and not being lazy. So you do the work, whether it's fitness or whatever. It's about getting up, motivating yourself and just doing it.
    - Kim Kardashian

    Donald Trump / Trump Jr 2024!!!!

  16. #14
    Quote Originally Posted by TheTexan View Post
    Especially considering the fact that houses go through boom and bust cycles all the time.

    You'd pay taxes on the unrealized gains. And the realized losses? That's yours to keep.

    Repeat that cycle a few times, and you're living in a cardboard box.
    Hmmm... Seems like the value of that cardboard box may go up in the coming years... You gotta make sure the government gets its share of that!
    "And now that the legislators and do-gooders have so futilely inflicted so many systems upon society, may they finally end where they should have begun: May they reject all systems, and try liberty; for liberty is an acknowledgment of faith in God and His works." - Bastiat

    "It is difficult to free fools from the chains they revere." - Voltaire

  17. #15
    This is why I would prefer that tariffs be the only kind of tax that is allowed to be levied. You can't just keep on raising tariffs higher & higher. At some point an equilibrium is reached.
    It's all about taking action and not being lazy. So you do the work, whether it's fitness or whatever. It's about getting up, motivating yourself and just doing it.
    - Kim Kardashian

    Donald Trump / Trump Jr 2024!!!!

  18. #16
    Quote Originally Posted by TheTexan View Post
    This is why I would prefer that tariffs be the only kind of tax that is allowed to be levied. You can't just keep on raising tariffs higher & higher. At some point an equilibrium is reached.
    One of many reason why they were the only taxes to be mentioned specifically in the Constitution.
    "Every lie we tell incurs a debt to the truth. Sooner or later, that debt is paid." - Valery Legasov



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  20. #17
    and 700 people renounce their citizenship.

    Secession Now.

    We're being governed ruled by a geriatric Alzheimer patient/puppet whose strings are being pulled by an elitist oligarchy who believe they can manage the world... imagine the utter maniacal, sociopathic hubris!

  21. #18
    Quote Originally Posted by CaptUSA View Post
    So, obviously, I'm against this. From a moral perspective and from a utilitarian perspective. But I did hear a new argument today that I haven't fully digested yet...

    First, why I'm opposed: The idea that this will only affect billionaires is ludicrous. If they need to take money out of their investments to give it to the government, the places where they took it out of will suffer. Secondly, it creates an even larger incentive to move their investments out of America. Third, it'll never just remain with billionaires... Fourth, it's immoral to treat people differently based on their success. I could go on and on.

    But here's the argument I heard... (not sure what I think about it, yet, so I'm interested in others' takes) Goes like this:

    "The uber-wealthy can leverage the assets they have in investments as collateral for loans. They can then use those loans as "income" to buy nice things for themselves, pay it back over time at low interest rates, but avoid all taxes - because it's not "income" it's a liability. It not only allows them to escape income taxes, but they also have a hedge against the inflation tax."

    Thoughts??
    Yeah, become rich.

    We're being governed ruled by a geriatric Alzheimer patient/puppet whose strings are being pulled by an elitist oligarchy who believe they can manage the world... imagine the utter maniacal, sociopathic hubris!

  22. #19
    Quote Originally Posted by tod evans View Post
    This is a lie. See https://www.statesman.com/story/news...ax/6008302001/
    We have long had death and taxes as the two standards of inevitability. But there are those who believe that death is the preferable of the two. "At least," as one man said, "there's one advantage about death; it doesn't get worse every time Congress meets."
    Erwin N. Griswold

    Taxes: Of life's two certainties, the only one for which you can get an automatic extension.
    Anonymous

  23. #20
    Quote Originally Posted by Anti Federalist View Post
    If I saved and delayed gratification to buy a car, should I be taxed on what the gains in my savings investments made, before I liquidate them to buy the car?

    That's my understanding of how this is supposed to work.

    This is how they will end up seizing your home: send you a bill for the $250,000 in "income" your home has increased in value, even though you have done nothing to access that equity.

    You can't pay that.

    BOA forecloses.
    1. Create inflation and drive down the value of the currency.

    2. Watch nominal prices go up as the currency becomes comparatively worthless.

    3. Collect "value added" taxes.
    "Stupidity got us into this mess. Why can't it get us out?"--Will Rogers

    "All I know is what I read in the newspapers, and that's an alibi for my ignorance."--Will Rogers

  24. #21
    Suuuure the Billionaires are gonna pay ONE RED CENT more than they have to.

    Just like the Federal Reserve Bank was SOLD to the people. We were told that the Billionaires back in the day HATED it. They did not. Some people only wanted to support the Federal Reserve Act back in the day because they really thought the Bankers hated it. Yeah guys, you know I absolutely HATE it when you all send me money, I really wish you would STOP SENDING ME MONEY. I cant stand it when you SEND ME MONEY. It really pisses me off when you dont listen and WONT STOP SENDING ME ALL YOUR MONEY.

    *waits for a $#@! ton of money to come pouring in*
    1776 > 1984

    The FAILURE of the United States Government to operate and maintain an
    Honest Money System , which frees the ordinary man from the clutches of the money manipulators, is the single largest contributing factor to the World's current Economic Crisis.

    The Elimination of Privacy is the Architecture of Genocide

    Belief, Money, and Violence are the three ways all people are controlled

    Quote Originally Posted by Zippyjuan View Post
    Our central bank is not privately owned.



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