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All-In [47795]
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Legend [17285]
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Likelihood seems low. Devil will be in the detail.
Apr 15, 2021, 1:03 PM
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Perhaps motivation for a few more trips to Vegas.
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Oculus Spirit [97716]
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Honestly, we better go after the fairy dust money before it
Apr 15, 2021, 1:05 PM
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disappears. Because that's the only way we remain solvent, taxing assets. Either in estates when a stock valuation becomes a new asset to an heir, or flat out property tax on holdings. Taxing labor (income) ain't gonna cut it. That's finite. Stock values and especially derivatives, are infinite.
####, let's tax derivatives. I mean tap deep into the BS money that makes fairy dust seem real.
10% on those and national debt is erased. No one knows they exist. No one can quantify them, they're instruments with astronomical values based on BS. Just grab some. No one would know they're gone.
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Hall of Famer [24477]
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Lot of truth in that. When you get to the point where
Apr 15, 2021, 1:22 PM
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collecting 100% of all income, or 100% of all money currently in circulation, will just about pay off the debt, let alone current budget, a little fiddling with rates here and there is all about political posturing.
https://pbs.twimg.com/media/EyLtav6WQAUluRp?format=png&name=small
Edit: crap, don't know how to get the photo to show here. Meme said, "Newsflash: the rate of US money printing currently exceeds Argentina's. Go back to whatever bs you were doing."
Message was edited by: CUintulsa®
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Hall of Famer [24051]
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Hall of Famer [22942]
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Should I worry if not a billionaire?
Apr 15, 2021, 1:05 PM
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The issues tend to happen when they target billionaires, but end up hurting the 7-digit folks.
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Oculus Spirit [97716]
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Question, are billionaires really billionaires?
Apr 15, 2021, 1:18 PM
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Think that's the bigger question. If I own $1 billion in stocks, am I a billionaire? I mean 1,000 shares of Google and $5 will buy you a cup of coffee at starbucks. Someone has to buy a share before it has value.
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Hall of Famer [22942]
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How would they value private companies too?
Apr 15, 2021, 1:39 PM
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So much gray area that billionaires will find ways around. Will they have required minimum distributions for non-retirement accounts each year if the balance is above a certain level? How will they link all the various investments together?
This will be difficult to enforce, and likely end up hitting folks with less-complicated money.
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All-In [47795]
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that's exactly correct. They campaign against Jeff Bezos
Apr 15, 2021, 1:27 PM
[ in reply to Should I worry if not a billionaire? ] |
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but end up taxing the small business owner up the street while Bezos moves to Monaco
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All-Conference [400]
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Re: that's exactly correct. They campaign against Jeff Bezos
Apr 15, 2021, 3:42 PM
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I’m sorry, can you explain how an estate tax on the fortunes of the top 0.5% of Americans and a bill called the Corporate Tax Dodging Prevention Act which intends to eliminate tax breaks and loopholes that encourage corporations to shift jobs and profits offshore, hurts small businesses and helps Jeff Bezos?
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Hall of Famer [22942]
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Re: that's exactly correct. They campaign against Jeff Bezos
Apr 15, 2021, 4:05 PM
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My assumptions:
Small business up the street has straight forward list of assets. Money saved in a few accounts, pretty liquid and only 1 business to value.
Billionaires have money spread around a ton of different companies beneath multiple layers, tons of lawyers and accountants, with money tied in assets spread all over the world.
Surely Bezos will get hit a bit, but the impact will be felt much more by the smaller business. Just like the income tax increase didn't really impact those with extreme wealth.
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All-Conference [400]
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Re: that's exactly correct. They campaign against Jeff Bezos
Apr 15, 2021, 4:49 PM
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I read through the summary of the act and I don’t see it. Maybe some of the people affected by the new estate tax would be able to get out of paying parts of it, but this bill closes several loopholes they were previously able to use.
https://www.sanders.senate.gov/wp-content/uploads/For-the-99.5-Summary.pdf
Also, considering it’s an estate tax and it only affects 0.5% of Americans, I don’t see any real correlation to small businesses.
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