Jeff Bezos claims child tax credit.

[jamil]

funny that’s how I feel with all the insults of socialist, communist and people saying I want to be a thief.

declarations that I don’t know what I’m talking about with no references or sources to back it.

I’ve cited plenty and even had one here claim that it didn’t say what it says.

I think the stuff about thieves is kinda over the top, but what you said about workers owning the means of production is right out of Marxism.

Also, I think you think those citations are telling the story you want to hear. Like the points about debt to gdp stats. They don’t prove anything about supply side economics. We didn’t have a revenue problem, we had a spending problem. But you didn’t acknowledge the spending part of the equation until recently. Many posters had talked about spending but you kept ignoring it as if it weren’t a factor.

 

[jamil]

Every time someone responds and rebuts something you change course and go another direction dragging addition irrelevant information into the conversation in an attempt to justify your position.

No able bodied adult citizen should be responsible for more or less of the taxes and/or debt than another. The only exception I see as being potentially viable is to exclude those who voted to sink us all into debt from that. I'm all for taxing those ***holes at 90%.

That would probably violate the constitution. But I understand the sentiment.

 

[bwframe]

Maybe I missed it up thread? It looks as if the ground shaking information release might just have come from an illegal leak from the IRS?

...DAVID ASMAN: Well, that didn't take long. Less than six months into the Biden presidency, the Internal Revenue Service is already at the center of another abuse of power scandal, the left-leaning ProPublica website publishing information from what it says are 15 years of tax returns from wealthy Americans, including Jeff Bezos, Warren Buffett, Elon Musk. The leaking of confidential IRS data is coming just as Democrats are trying to justify huge new tax hikes, leaving many to ask if, once again, the IRS is being used illegally to serve a political agenda...

WSJ Opinion: Bezos, Buffett and a Massive IRS Leak

Journal Editorial Report: The subject of Internal Revenue abuse is back. Image: Zach Gibson/Getty Images

finance.yahoo.com

FBI to probe billionaire tax leak

Federal agency to probe leak of IRS records as Republicans and Democrats argue over tax

www.independent.co.uk

Biden administration investigates 'illegal' leak of Jeff Bezos, Elon Musk and Warren Buffett's tax information

The Biden administration said Tuesday it is investigating how tax information from several of the world's richest people -- including Jeff Bezos, Elon Musk and Warren Buffett -- was leaked to the public.

www.cnn.com

 

[rhamersley]

Maybe I missed it up thread? It looks as if the ground shaking information release might just have come from an illegal leak from the IRS?

...DAVID ASMAN: Well, that didn't take long. Less than six months into the Biden presidency, the Internal Revenue Service is already at the center of another abuse of power scandal, the left-leaning ProPublica website publishing information from what it says are 15 years of tax returns from wealthy Americans, including Jeff Bezos, Warren Buffett, Elon Musk. The leaking of confidential IRS data is coming just as Democrats are trying to justify huge new tax hikes, leaving many to ask if, once again, the IRS is being used illegally to serve a political agenda...

WSJ Opinion: Bezos, Buffett and a Massive IRS Leak

Journal Editorial Report: The subject of Internal Revenue abuse is back. Image: Zach Gibson/Getty Images

finance.yahoo.com

FBI to probe billionaire tax leak

Federal agency to probe leak of IRS records as Republicans and Democrats argue over tax

www.independent.co.uk

Biden administration investigates 'illegal' leak of Jeff Bezos, Elon Musk and Warren Buffett's tax information

The Biden administration said Tuesday it is investigating how tax information from several of the world's richest people -- including Jeff Bezos, Elon Musk and Warren Buffett -- was leaked to the public.

www.cnn.com

Is the IRS being used politically?

 

[Lex Concord]

This is everything that’s wrong with the tax system.

tax the wealth. It’s now obvious that it’s the only way to get a real fair share out of them.

Investment Strategies | Best Strategy for Investing | GOBankingRates

Discover the best strategies for investing to maximize returns and achieve your financial goals effectively and efficiently.

www.gobankingrates.com

I haven't read the thread, but I disagree completely with the OP.

This is not an example of everything wrong with the tax system. What's wrong with the tax system (specifically, the income tax) is that it exists.

The Sixteenth should be repealed.

Also, much like happened with the income tax, if you get your wish and we start taxing wealth (it's only the insanely wealthy), your wealth, however meager, will eventually be taxed right along with that of Bezos, Gates, Buffett, and the others. Count on it.

At that point, however, I'm sure you'll be advocating for some new "soak the rich" plan that will eventually be **** on our backs as well, as the rich will have figured out how to legally avoid (not evade) the wealth tax.

Government is glacial. It moves slowly (when we're lucky), but consistently scrapes off or crushes anything of true value as it advances across the landscape of human liberty.

My advice would be to drop the envy and figure out how you can better emulate Mr. Bezos et al. and figure out how to boost your revenue streams to the best of your ability.

 

[Ingomike]

Answered the last part
“The IRS does not seem to have a problem with this.”

To answer the larger question of the room

Even if we cut out social security tomorrow or disbanded the standing army our constitution specifically says we shouldn’t have, we do not (as a country) bring in enough revenue to balance the budget let alone dream of paying off the debt. The answer then must be a combination of cutting spending and bringing in more revenue. The low hanging fruit for revenue generation is the Bezos of the country. Obviously they are dodging taxes somehow. Why else would someone who has a super yacht that requires a support yacht get to claim the child tax credit.

some of you want a non progressive tax. Good idea. The problem is that we don’t all make our money the same way. Roughly 1/3 of my personal income came from stock trades last year. I pay less taxes on that than the money I sweat and work for with my hands. That’s insane. The wealthy report their money in a different way than the common man. W2 income is taxed one way and but other “income” is taxed differently. Perhaps a flat tax on w2 income but a progressive tax on non w2 income is perhaps the correct answer to drive up revenues and stop the tax dodging.

for those who say
“If we raise taxes on investments they will just hold it all in cash”

they can’t. You are talking about people with so much money that they make moves daily in order to chase enough returns safely to stave off inflation. Perhaps if interest rates rise to 7-10% they will park it in t bills again but I doubt that’s gonna happen anytime soon

I don’t say this from a position of envy of his bank account. I’m very happy living the American dream of a suburban house with my wife, daughter and dog. I say this from a position of wanting my daughter to have this same American dream. Without some semblance of common sense in how the government spends and taxes it’s all going to fall off the tracks.

Most here have no say in policy directly so why argue about this? public opinion begins in town squares such as this one. We don’t go discuss things in the physical town square anymore but on forums such as this we still do.




Perhaps but I’m done now, if this post falls on deaf ears then I’m wasting my time

You seem to fail to understand the concept that we in the US do not tax wealth. If one has wealth they can have a super yacht and still have a low income in a specific tax year. Then we have the concept that many uber income earners overpay their taxes is specific tax years resulting in very low tax in future years. Then we have the situation that uber wealthy have what they need and don't pull out massive income from their companies. All legal strategies, likely the same strategies you would employ if you were in their shoes...

 

[MCgrease08]

There are just over 700 billionaires in the US worth a combined $4.4 trillion.

Forbes’ 35th Annual World’s Billionaires List: Facts And Figures 2021

Despite the pandemic, it was a record-setting year for the world’s wealthiest- with a $5 trillion surge in wealth and an unprecedented number of new billionaires.

www.forbes.com

If the government took every penny of wealth from all of them, it wouldn't even cover Biden's proposed budget for 2022.

 

[Tombs]

There are just over 700 billionaires in the US worth a combined $4.4 trillion.

Forbes’ 35th Annual World’s Billionaires List: Facts And Figures 2021

Despite the pandemic, it was a record-setting year for the world’s wealthiest- with a $5 trillion surge in wealth and an unprecedented number of new billionaires.

www.forbes.com

If the government took every penny of wealth from all of them, it wouldn't even cover Biden's proposed budget for 2022.

I've explained this to actual socialists. You'd be better off lowering the floor for poverty if you were just after more funding.

We're currently operating on a combination of the worst of both ideologies. The welfare state, and unregulated free-marketism for the hyper wealthy. Thanks to the latter, we're selling our souls to china to satisfy this belief system. And rather than having that welfare money go back into the economy to buy American goods and services, it's being shipped to china as well.
Both of these problems need solved, and I actually don't really care how they're solved as it will result in a significant improvement.

The label doesn't make a difference to me as long as we aren't selling the country out to the CCP.

And since Amazon has made their career on shutting down small business, driving more and more to our economy relying on CCP produced junk, I'm not going to shed a tear for bezos.

Your profits should not come before the country that allowed you to make those profits.

What ever happened to, "Ask not what your country can do for you, but what you can do for your country?" The dollar worship is pathetic, and if it continues, your kids will be speaking chinese.

 

[wtburnette]

We have another problem that they didn't have back in the 50's, or at least not to the same degree and that's a lack of patriotism. We've had too many years of indoctrination for our young that have put out confused, depressed young people who hate the country they live in, for no other reason other than they've been fed BS for most of their formative years. Back in the 50's, we'd just proven how good America was and saved the world from the nazis. We knew back then that communism and socialism were evil, even though we had some fringe groups in America who wanted those things. Much more of the country understood the ills of those political systems. I, as a child of the 80's, definitely recall the evils of communism through our cold war with the USSR.

I personally feel that increasing taxes would be ruinous for our economy. There are too many people out of work, too many businesses that have been disrupted or gone under entirely due to the China-flu fiasco. Easiest way we can help balance our budget is to get a president who has a spine and is coherent and not working for the ChiComs and have them tell China that we aren't paying them back any money we owe them due to the debt they owe us for COVID-19. F those commie bass turds, they don't deserve another penny from any country in the world. Every government should take that stance.

Otherwise, we'll never be able to start hacking away at the deficit until we do the following, stop the politicians from their rampant, dangerous spending, reform welfare, then reform or do away with the IRS, or at least our current tax code. With our politicians constantly spending way too much, for stupid , plus giving away money to able bodied people to not work and a byzantine tax code that is filled with loopholes and other problems, raises taxes wouldn't help. The biggest single thing we could do is to have some sort of flat tax. Even then, unless we controlled gov't spending and the welfare state, we'd soon be back to having problems.

 

[rooster]

Watching CNBC this morning while working. Cramer (a multimillionaire) is calling for a wealth tax over the revelations of the pro publica piece.

this isn’t going away, the rich will pay.

Cramer Calls for Billionaire Surtax But Doesn't Support Warren's Wealth Tax

"Why not put a surtax on billionaires?" Cramer asked. "I think that Lincoln would be aghast that these people are paying nothing."

www.newsweek.com

 

[Cameramonkey]

Watching CNBC this morning while working. Cramer (a multimillionaire) is calling for a wealth tax over the revelations of the pro publica piece.

this isn’t going away, the rich will pay.

Cramer Calls for Billionaire Surtax But Doesn't Support Warren's Wealth Tax

"Why not put a surtax on billionaires?" Cramer asked. "I think that Lincoln would be aghast that these people are paying nothing."

www.newsweek.com

but only the REALLY rich. Notice that Bernie was against millionaires. Until he became one. Now he rails on billionaires. THEY are the ones that need to pay, not the millionaires.

 

[Cameramonkey]

And for those looking at a flat tax. FairTax is better. It doesnt disproportionately affect the poor, It disproportionally affects illegals (you only get the prebate payment if you are a registered taxpayer... but I'm sure Democrats will "fix" that issue), you cant escape it by getting paid under the table, and you can decide for yourself how much you pay by your spending habits.

 

[MCgrease08]

Oh, Jim Cramer is calling for a wealth tax now. Consider me convinced.

 

[jamil]

Watching CNBC this morning while working. Cramer (a multimillionaire) is calling for a wealth tax over the revelations of the pro publica piece.

this isn’t going away, the rich will pay.

Cramer Calls for Billionaire Surtax But Doesn't Support Warren's Wealth Tax

"Why not put a surtax on billionaires?" Cramer asked. "I think that Lincoln would be aghast that these people are paying nothing."

www.newsweek.com

Oh. It not going away isn't evidence of its justice. The mob didn't go away in the past either. The proletariat must exact their revenge with pitchforks, and eventually it won't be the rich. Wealth envy doesn't ends peacefully if carried to it's logical conclusion.

 

[jamil]

Oh, Jim Cramer is calling for a wealth tax now. Consider me convinced.

Idunno. Maybe primarily listening to left wing ideologues isn't the way to be as informed as one could be.

 

[jamil]

And for those looking at a flat tax. FairTax is better. It doesnt disproportionately affect the poor, It disproportionally affects illegals (you only get the prebate payment if you are a registered taxpayer... but I'm sure Democrats will "fix" that issue), you cant escape it by getting paid under the table, and you can decide for yourself how much you pay by your spending habits.

Nah. It's a series of fixes to fix the things that don't work about the original idea. A flat tax that only pays for the constitutionally legitimate functions of government. No "welfare" state. That should bump a flat tax to less than 5%. And then for all the other stuff people want government to do, add a voluntary tax. I call that the put-your-money-where-your-mouth-is tax plan. And it must be accompanied by a balanced budge requirement.

 

[Jaybird1980]

Nah. It's a series of fixes to fix the things that don't work about the original idea. A flat tax that only pays for the constitutionally legitimate functions of government. No "welfare" state. That should bump a flat tax to less than 5%. And then for all the other stuff people want government to do, add a voluntary tax. I call that the put-your-money-where-your-mouth-is tax plan. And it must be accompanied by a balanced budge requirement.

No more all the other stuff people want the gov't to do (unless you're talking state gov't).The federal government is out of control and needs to be shrunk. The powers limited to what the Constitution says, the rest goes to state level.

 

[rooster]

The powers limited to what the Constitution says, the rest goes to state level.

We will be speaking Chinese by 2030 if that happens

 

[MCgrease08]

I like the idea of a 10% flat tax. The revenue generated by that tax sets the budget for the following fiscal year. The president and congress have to work together on a zero based budget with that money.

Want to increase tax revenue? Implement policies that generate higher incomes.

ETA: while I'm dreaming of things that will never happen, I also think the president should be required to hold an earnings call at least twice a year, similar to corporations.

Show us where our tax dollars were "invested" and the return we got on that investment. If the public was shown just how much money we waste on nonsense compared to tax revenue, we'd be having a different discussion.

 

[bwframe]

And for those looking at a flat tax. FairTax is better. It doesnt disproportionately affect the poor, It disproportionally affects illegals (you only get the prebate payment if you are a registered taxpayer... but I'm sure Democrats will "fix" that issue), you cant escape it by getting paid under the table, and you can decide for yourself how much you pay by your spending habits.

This right here. The Fair Tax...

We all pay tax as we purchase. Cash workers, illegals, hookers and drug dealers all the same as the rest of us.

No more income tax at all, including all of the bloated beuarocracy for business to collect it.

No more tax forms. No more filing. No more payments or waiting on rebates. NO MORE IRS!