What’s with the sudden billionaire “Space Race” ?
- Thread starter Judson1
- Start date
You are far more liberal than I ever could be. I believe we should have more freedom than we currently possess. Why would I sell things? You still trying to prop up your pathetic straw man, lol. Honestly, you don't even understand basic politics so continuing this back and forth with you is like kicking water uphill. Going forward, educate yourself about the things you choose to speak about so you don't look like an idiot in the now or in the future. Good luck.
O please enlighten me o fount of all knowledge. I wasnt the one despising people because they didn't give their money away. You should man up and Own that one slick. You wrote it. Own it
Our world is dying- they are scoping where they want to build their next mansion to watch it all burn.
Not too heavily get into this...but this is one of those "lies, damned lies, and statistics" arguments. What is the percentage of their actual income that they pay in taxes? (That is simply another way of looking as to whether it's fair or not). I used to laugh at those who believed that corporations acutally paid the 35% corporate tax rate (the average rate has been anywhere from 14-18% for years). With a good accountant or tax lawyer the wealthy don't have a problem with taxes....it is actually funny to see average people defending them on what they pay.For anyone scoring at home, the bottom 50% of wage earners paid a whopping 3% of federal income taxes as recently as 2018. The top 1% carried 40% of the burden. Fair share?? It's not even close.
Summary of the Latest Federal Income Tax Data, 2023 Update
The latest IRS data shows that the U.S. federal individual income tax continued to be progressive, borne primarily by the highest income earners.taxfoundation.org
I mean, I don't see why it's automatically fair for everyone to pay the same % of their income. It's not like someone who makes $1 million uses 10x as many government services as someone who makes $100k.
It's not fair....never has been. He who has the gold makes the rules....and can hire the people to navigate him around the rules. Too much money floating around and too many greedy hands willing to take it for the system to ever be "fair" (depending on how you want to define "fair.").
I'm cool with a flat tax on every financial transaction in the marketplace. Let's separate the men from the boys.
The tax code is an arbitrary set of numbers that basically determines what is an acceptable net income for the average individual or family.
And I love it...it's not fair, but it is an interesting puzzle for those who can pay to play. I wish they would go back to the old partnership accounting rules (prior to the tax reform act of 1986) and bring back the Wild West of tax planning.
I assume you didn't read the tax report that I linked. It's pretty straightforward...the tax code is quite progressive. It is not regressive in the least.
Most of the little guys don't need creative CPAs to grab a tax break. The bottom quartile in this country makes money from the government just by breathing. And it's the top 1% that foots the bill.
These aren't merely 'statistics'. They are facts.
Two? I count at least 3: Richard Branson, Elon Musk, and Jeff Bezos. Robert Bigelow may also be doing something similar. This much more important than you seem to realize and these guys all do things to help others….they are all charitable people.
I won’t ignore it if you’ll list the benchmarks that had to be achieved before the funding kick in and the benefits/returns the US government has gotten for their investments.
Blue Origin reveals runner-up in $28 million auction will fly with Jeff Bezos to space next week
Jeff Bezos' space venture Blue Origin on Thursday revealed that 18-year-old Oliver Daemen will fly in place of the still-anonymous auction winner.
Truth.
And people need to understand that corporations don't pay taxes. You pay those corporate taxes in the price of goods you buy from them.
It is little more than the latest status symbol to show they have more money than anyone else. And can spend whatever they want to chase their Walter Middy dreams. Some people are limited to a new car they always wanted. Some, like the former coach at Coastal Carolina, can by a football program to satisfy their packing dreams. These guys have limitless cash and build their own spacecraft.
If only there were that much elasticity in the price of goods to absorb all that people naively believe can be passed onto customers. There simply isn't.
Tax law changess as with other changes in corporate/business laws simply change the rules of the game....it doesn't change the game.
There's plenty of elasticity in pricing. See the last six months of the price of just about everything.
And the narrative that the little guy is getting screwed on taxes while the rich fat cats are avoiding taxes left and right has to be the among the biggest political falsities in recent decades. It isn't true, no matter how you dice and slice the numbers.
Supply and demand are the largest factors in pricing.
The wealthly have tons of tax breaks, loopholes, incentives, etc. You are being very naive if you believe otherwise.
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And yet the wealthy continue to carry the bulk of the country's tax burden. You are not very informed if you think otherwise.
I don't disagree they do....and am paid well to reduce the amount they pay as I am legally able. It's all part of the game....just like the cracking or packing of pass-through entities since the passage of the TCJA.
Ha...pass through entities have been around much longer than the TCJA. Nothing new there. And there's also nothing new about every American seeking to minimize his/her tax bill. That's not a game...its human nature working within the construct of the tax law.
Anyway, I'm not exactly sure what you are arguing at this point if you agree that the wealthy carry the largest tax burden in this country. But I think you are an attorney, so arguing for the sake of arguing may come naturally?
At any rate, have a nice weekend. I hope you can continue to keep your clients happy. 😊
Nothing new with pass-thru entities under the TCJA? Wow....please tell me you are not a tax advisor.
I said that pass through entities are not new under the TCJA, which they aren't. Point being, they have long been a legal vehicle for reducing various taxes. The previous administration did not introduce pass through entities to the tax landscape...a false inference that can be gleaned from your initial reference to the TCJA.
Nope...I'm not a tax advisor. But I know enough about taxes to understand that the wealthy in America are in fact paying their fair share. In fact, they are paying more than their fair share, as has been exhibited in this thread. If you are a tax advisor, you surely know this as well. So again, I have no idea what your argument is at this point...other than arguing for the sake of arguing. That's the lawyerly thing to do, eh??
11 Ways the Wealthy and Corporations Will Game the New Tax Law
The tax law enacted in December 2017 opened the door to a whole new level of tax-avoidance games primarily available to wealthy individuals and businesses and big corporations.
www.americanprogress.org
11 Ways the Wealthy and Corporations Will Game the New Tax Law
The tax law enacted in December 2017 opened the door to a whole new level of tax-avoidance games primarily available to wealthy individuals and businesses and big corporations.
I will spell this out one last time...
Wealthy. People. Pay. More. Than. Their. Fair. Share. Of. Taxes. In. America.
Spin the discussion any way you want...attempts to argue otherwise are nothing but political nonsense.
I'd honestly rather the rich keep their money than to give it to the government to waste on weapons and paying people not to work.
I suppose "fair share" is a subjective term. A number of people I know honestly believe that "fair share" is 90%. Because they don't need all that money to live on.
But they don't. So your conclusion will always be false if you're starting with a faulty premise.
How much of a percentage should the government take (combining federal, state, and local taxes). How about a couple with no children at 50, 100, 200 thousand a year? I hope 3 brackets are not too many. If you can’t put a number then it is just a feeling. Thanks
We aren't talking about people who make 200 thousand a year. We are talking about people who make billions.
So please give me those 3 so I can tell where you are coming from. I am expecting that you will increase the percentage as the income increases. I don’t think there are many who make billions.
And? I know that. That’s not the question. Put some numbers down so we can see what you mean. Thanks
The issue is a little complicated. The wealthy pay the vast majority of federal taxes. No doubt about it. The tax breaks for the lower earners cause many to actually 'pay' negative fed taxes with the EIC and other tax credits. But the lower earners pay on income for Fica and sales taxes that can cause them to pay a good percentage of the low income in taxes. More than you would first think. You can certainly make the argument that the tax credits and other benefits outweigh that. The ultra wealthy often pay very little in fed income taxes. They borrow against their portfolio at low interest rates (lower than the portfolio is returning), spend the borrowed money and repeat. Since they don't sell their holdings there is no income tax. Pretty neat trick. Elon and Bezos have certainly taken advantage of that technique. https://www.wsj.com/articles/buy-bo...icans-live-off-their-paper-wealth-11625909583
Then there is the king of the Roth. Peter Thiel managed to get his Roth to 5 Billion. So that will be tax free when he spends it. Good planning if you can pull it off.
https://www.marketwatch.com/story/p...nges-to-investment-accounts-rules-11625786725
Then there is the king of the Roth. Peter Thiel managed to get his Roth to 5 Billion. So that will be tax free when he spends it. Good planning if you can pull it off.
https://www.marketwatch.com/story/p...nges-to-investment-accounts-rules-11625786725
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