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All-In [46825]
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Nobody defends wealthy people like poor people
Mar 3, 2021, 12:26 PM
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BUT HOW AM I GOING TO A BILLIONARE WITH ALL THESE TAXES???
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Oculus Spirit [97746]
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I'd much rather them raise capital gains taxes than tax
Mar 3, 2021, 12:34 PM
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asset values.
I mean both suck, but if I had to pick, at least tax at the point of sale where an asset becomes real.
And the obvious reaction is lots of super wealthy people will become corporations. Heck, know lawyers who are their own little LLC factories. Churn out LLC's for rich clients to "own" their assets to shield from liability, etc. And prolly the tax man. LLC owns the house, yacht, whatever, and the lawyer is the agent for the LLC. Who the ### owns the $20 million home? I dunno.
I'm assuming this applies to individuals and not companies or corporations.
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Orange Blooded [4701]
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I see mostly assets being held in trust
Mar 3, 2021, 12:42 PM
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but same concept as you describe.
Most of the wealthy are already adjusting their assets for the anticipated changes.
Wealthy people will donate their money to charity before they let the government tax it.
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All-In [46825]
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Good. Accomplishes the same goal.***
Mar 3, 2021, 12:43 PM
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Hall of Famer [24117]
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Re: Good. Accomplishes the same goal.***
Mar 3, 2021, 1:47 PM
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Government revenue goes through several layers of waste. A good charity goes more directly to a cause.
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Oculus Spirit [97746]
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All-TigerNet [11640]
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Yeah, tax Capital Gains and #### over every small business
Mar 3, 2021, 1:33 PM
[ in reply to I'd much rather them raise capital gains taxes than tax ] |
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Owner.
Nothing like working your whole life to build a business, then go to sell it and have .Gov take a huge slice just because.
#### that.
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Oculus Spirit [97746]
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Nothing like federal property taxes.***
Mar 3, 2021, 2:41 PM
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All-In [40353]
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Isn’t pretty much every single citizen of the US
Mar 3, 2021, 2:50 PM
[ in reply to I'd much rather them raise capital gains taxes than tax ] |
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Committing some sort of tax fraud? Cash payments LLC’s Write-offs
Obviously, the wealthy have more to gain and hide than I do, but my tips and Facebook market sales aren’t being reported to Uncle Sam
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All-TigerNet [10900]
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This is short sighted idiocy.***
Mar 3, 2021, 12:35 PM
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All-In [46825]
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Please explain***
Mar 3, 2021, 12:37 PM
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All-TigerNet [10900]
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I'd suggest watching some lectures on youtube about
Mar 3, 2021, 12:40 PM
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basic economics.
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All-In [46825]
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I teach this ####. So instead, why don't you provide some data
Mar 3, 2021, 12:40 PM
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null
Message was edited by: FBCoachSC®
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All-TigerNet [10900]
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Logic is superior to data, plus I'm not going to do your
Mar 3, 2021, 12:44 PM
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homework for you, only for you to ignore it or say the source is invalid or some other nonsense. Ain't nobody got time fo dat.
Taxing the rich doesn't make poor people better off. It just hurts the entire economy. This has been proven over and over again. Trump didn't do much right, but he was right about reducing taxes, and before the scamdemic we had the strongest economy in a long time. Unemployment was at record lows, wages were at record highs. Minorities had record economic numbers. That doesn't happen by government and/or taxes. It happens via the (relative) absence thereof.
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All-In [46825]
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Logic is defined in data
Mar 3, 2021, 12:53 PM
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Just because you think something is true and is there for "logical" to you doesn't mean it's accurate.
Jesus Christ. I'm about to take back my belief that all people should have a right to vote.
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All-TigerNet [10900]
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In theory, sure. But in reality, simple a**hats that get
Mar 3, 2021, 1:01 PM
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paid by government (stolen money) make up fake data to back up spurious claims and please their government masters. So sure, real data is a good source, but we will never agree on that, so why waste time talking about it.
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All-In [46825]
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Yeah, data and facts lie but Trump only speaks truth.***
Mar 3, 2021, 1:03 PM
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All-TigerNet [10900]
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Your data lies. Not all data. Either way, reality wins, and
Mar 3, 2021, 4:25 PM
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it has nothing to do with Trump. Less government = more prosperity. Period.
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Heisman Winner [137983]
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Logic vs. Data
Mar 3, 2021, 1:39 PM
[ in reply to Logic is superior to data, plus I'm not going to do your ] |
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Remember the logic in the '80s commonly referred to as "Trickle Down Economics"? Let the ultra-wealthy keep every bit of their "hard-earned" money, because they're the ones who create jobs and wealth for the less wealthy below them, thus making everybody better off. Makes perfect, logical sense, yes?
The problem is that decades of DATA show the exact opposite effect. Now, you can certainly argue that taxes are unfair, which is your MO. However, you CANNOT argue that 50 years of tax policy hasn't exacerbated wealth inequality gap in the US.
https://www.cbsnews.com/news/tax-cuts-rich-50-years-no-trickle-down/
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All-TigerNet [10900]
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Great example of the wrong conclusion being reached
Mar 3, 2021, 4:28 PM
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intentionally from bullsh*t data and a misrepresentation of facts.
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Orange Blooded [4365]
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All-In [31520]
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Re: I teach this ####. So instead, why don't you provide some data
Mar 3, 2021, 12:46 PM
[ in reply to I teach this ####. So instead, why don't you provide some data ] |
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Don't waste your breath. CharlestonTom's wannabe-anarchist right wing conspiracy nut ethos is like the hurried joint diary entry of Ron Paul and Alex Jones doing bong rips together after a philosophy 201 lecture.
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Hall of Famer [20542]
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Re: I teach this ####. So instead, why don't you provide some data
Mar 3, 2021, 1:17 PM
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LOL. That strikes me as pretty accurate. A lot of it leaves me just sort of shaking my head going, wut? Not quite sure how anyone got there but here he is, simultaneously managing to hold up both the Nietzsche and existential nihilism cards all at once, quite a feat. I mean, either: human will is supreme or life is sh!t and we're just puppets in a meaningless puppet charade, so which is it, Broski? But the dude veers back and forth in bipolar fashion, sometimes in the same post.
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Hall of Famer [21940]
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you teaching economics
Mar 3, 2021, 12:55 PM
[ in reply to I teach this ####. So instead, why don't you provide some data ] |
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explains a lot of the current landscape in this country, with respect to people's understanding of our current economic landscape, lol.
that's the richest god #### thing I've read all day and I just ran through some numbers about the American 1% hhaahahahahahahahah
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All-TigerNet [11640]
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1%ers are only about $500,000 in income
Mar 3, 2021, 1:35 PM
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I use 'only' loosely.
You're more concerned about the 0.1%.
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Rock Defender [54]
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Legend [15749]
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CU Medallion [50635]
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Orange Blooded [4701]
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CU Medallion [60043]
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Legend [19950]
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Re: Nobody defends wealthy people like poor people
Mar 3, 2021, 12:38 PM
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Right, because there's no way rich people fleeing the country could possibly have a negative effect on "poor" people like you and me..
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All-In [46825]
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I love this argument
Mar 3, 2021, 12:39 PM
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well if we tax rich people they will just move to another country.
WHERE?
Every other modern country has a higher tax rate/wealth tax system in place than what we have. They also have socialized medicine.
Where's Mark Cuban gonna go? Namibia?
lulz.
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Legend [19950]
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Most European countries don't have a wealth tax at all
Mar 3, 2021, 12:41 PM
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Normally progressives like to point to Europe for policy success. Not this time. The experiment with the wealth tax in Europe was a failure in many countries. France's wealth tax contributed to the exodus of an estimated 42,000 millionaires between 2000 and 2012, among other problems.
In 1990, twelve countries in Europe had a wealth tax. Today, there are only three: Norway, Spain, and Switzerland.
https://www.npr.org/sections/money/2019/02/26/698057356/if-a-wealth-tax-is-such-a-good-idea-why-did-europe-kill-theirs
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All-In [46825]
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Legend [19950]
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The OP also focuses on wealth tax only***
Mar 3, 2021, 12:46 PM
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Hall of Famer [21940]
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I love how the rhetoric around the tax
Mar 3, 2021, 12:51 PM
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is to help close the wealth gap, while the Fed continues to print money that exacerbates said wealth gap. The stimulus dollars being injected into the economy by Congress, on top of the QE that's been pumping into the markets since October 2019, contributes more to the wealth gap than a wealth tax can correct.
I'm against the government reaching for taxes. Especially claiming they're going to level the playing field when their policies have directly caused the playing field to be "un-level" (if that's a word) in the first place. Their injecting capital into our economy that solely benefits the rich, then turning around and taxing it. lol
Taxing someone's wealth at 2% in this Fed induced market is a joke. Anyone who thinks this will do anything close to leveling a playing field is a moron with respect to our financial systems and the monetary and fiscal policies Janet and JPow are about to unleash.
Again...just another form of gaslighting the uneducated to prove they're "fighting for you" when in fact they created this situation in the first place.
Interesting deep dive for you, with pretty pictures. Find a graph of the Fed's balance sheet, starting around, say...2007. Then find a graph of the wealth gap and how the wealth has surged for the top 1% or whomever.
Then, find the picture of the Fed chair from say, 2009ish? and compare that picture to the US Sec of Treasury.
Notice any correlations?
I'm not saying there isn't an inequality issue in our country, or the planet. But at least I understand how we got here and what causes it, instead of coddling the balls of some politician who could give two flying ##### about me or my family.
Lastly...quick math puts American billionaire's wealth ~$4T. So we're looking at $120B in annual revenue. Latest budget deficit projection is around $2.3T, I believe. So this would cut into ~5% of our budgetary hole (minus the $100B investment into the IRS per Warren's website, so bout 1% of the deficit). #winning
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Hall of Famer [24477]
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Nailed another one. But no one cares because that
Mar 26, 2021, 10:59 AM
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explanation creates no tropes or strawmen to rail against.
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Heisman Winner [137983]
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I'll reiterate: the greatest trick the ultra-wealthy ever
Mar 3, 2021, 1:03 PM
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pulled was convincing the working class that they're the victims. And tens of millions of people cape for a rigged system because 'Murica, and they worked hard and earned it, except that 1) more of them than not came from wealth, and 2) once you reach a certain point of wealth, it has essentially NOTHING to do with "hard work".
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All-In [46825]
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Oh yeah? Well when I pull myself up by the boot-straps
Mar 3, 2021, 1:04 PM
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and save 100% of my earnings for 500 years, I'll be a billionaire and then you'll see!
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All-In [46825]
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Sorry, my math was off.
Mar 3, 2021, 1:07 PM
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for somebody making 30,000/yr it would take OVER 33,000 years saving 100% of their earnings to be a billionaire.
JUST YOU WAIT!
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Hall of Famer [21940]
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it's impossible to be a billionaire as a W2 employee
Mar 3, 2021, 1:24 PM
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I suggest you take out a loan, open up a septic business in the state of SC. Grow your company to a few trucks per district within the state. Then maybe go after NC or GA.
One day, you'll sell your company. That'll get you to the 5-10M range. Then you can take advantage of the Uniparty's economic plan and turn that 10M into 50M* in 12 years by riding the free money provided by the Fed through artificial asset inflation, and laugh at all the poor people you're gaslighting to vote for your policies to make you richer.
*This would be 49M under Warren's new plan, but I shouldn't have to splain that to an economics teacher
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All-In [34598]
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opening a business would require him to work...***
Mar 3, 2021, 1:40 PM
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Legend [19950]
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Yeah, obviously no one becomes a billionaire by saving
Mar 3, 2021, 1:26 PM
[ in reply to Sorry, my math was off. ] |
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You need an idea or a business that people are willing to invest in. Vlad Tenev, the 33-y/o Bulgarian immigrant who founded Robinhood, will be a billionaire soon if he isn't one already. Definitely possible to become a millionaire by working a middle-class job and being financially responsible, though.
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All-TigerNet [13605]
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Re: Yeah, obviously no one becomes a billionaire by saving
Mar 3, 2021, 2:49 PM
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I was pretty close. Started an $80,000 year job out of college and waited to late 30s for kids. It pays off.
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All-In [31907]
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Except that's not really true....at least according to the..
Mar 4, 2021, 10:06 AM
[ in reply to I'll reiterate: the greatest trick the ultra-wealthy ever ] |
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numbers.
Studies show that about 80% of millionaires in the US are first-generation, meaning that they didn't come from wealth.
Frankly, I think the load of BS being spread is more on the idea that the "system is rigged" than on the anyone can make it side.
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All-In [34598]
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well, at least now we know for fact you are a socialist***
Mar 3, 2021, 1:14 PM
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All-In [46825]
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Define socialism then define democratic socialism***
Mar 3, 2021, 1:20 PM
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Hall of Famer [21940]
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Re: Define socialism then define democratic socialism***
Mar 3, 2021, 1:30 PM
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The Fed and US Governments providing a financial backstops to American corporations to artificially keep their valuations inflated, which in turn, directly benefits the shareholders of said corporations to grow the divide between the haves and the have nots.
Then, come out and say you're going to tax the people you just gift wrapped billions to in order to gaslight the peasants in this country to vote for you in order to gain more moral and financial power within the American Oligarchy...i mean...Government.
close?
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All-In [46825]
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I agree. We already have socialism in the US
Mar 3, 2021, 1:35 PM
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corporate socialism.
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All-In [47750]
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Fox Business reported this would cost Bezos and Musk $5.4B
Mar 3, 2021, 2:46 PM
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Each. Gates and Buffett (Warren, not Jimmy) were not far behind.
They have already paid tax on that money.
Do you think that's fair? Plus $10.8B would scratch the surface of the National debt.
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Legend [18026]
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All-In [40936]
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Legend [18026]
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CU Medallion [60043]
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nobody likes to defend poor people
Mar 4, 2021, 9:58 AM
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cause they dont pay
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Replies: 54
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