Unrealized Capital Gains Tax

[Duik]

Billionaires provide many jobs. That is true, however many are underpaid/exploited in some way. Amazon springs to mind.
Having trouble with the fact that they need to employ MANY tax consultants which is basically why many become and remain ultra wealthy.

Just.
Pay.
Fucken.
Tax.
Yakuntz.

Originally Posted by Ooloo [You must be logged in to view images. Log in or Register.]

I cut trees for a living you retard

Are you OK?
Do you also skip and jump and press wild flowers.

[cd288]

I am generally not onboard with the idea of unrealized capital gains tax unless it's something you will get a tax return for if you later sell the investment at a lower realized value than what they periodically taxed you on. But in any case, if we do it then it should apply to anyone who makes an investment and not just a certain threshold of net worth.

[Ooloo]

Originally Posted by Duik [You must be logged in to view images. Log in or Register.]

Billionaires provide many jobs. That is true, however many are underpaid/exploited in some way. Amazon springs to mind.
Having trouble with the fact that they need to employ MANY tax consultants which is basically why many become and remain ultra wealthy.

Just.
Pay.
Fucken.
Tax.
Yakuntz.


Are you OK?
Do you also skip and jump and press wild flowers.

They employ many tax consultants because you have to do that when you're extremely wealthy. You're a ripe target, and it's not like the tax consultants are performing some kind of magic trick. Everything they're doing is legal, and yet *still* the rich contribute far more net tax revenue than anyone else. "Just pay fucken tax?" THEY DO, what are you talking about? They just aren't paying as much as your dictatorial decree would ask.

I agree amazon could pay better wages, but that's really not up to anyone but Bezos. He could close up shop right now and live out his life as a filthy rich bond villain, but instead he's employing hundreds of thousands of people. If entry level amazon jobs paid 40 bucks an hour, nobody would work anywhere else. If an amazon grunt wants a better job, there is a vast marketplace available. That's called the real world, and real life. It's not utopian, but nothing ever will be.

[Whale biologist]

Originally Posted by cd288 [You must be logged in to view images. Log in or Register.]

I am generally not onboard with the idea of unrealized capital gains tax unless it's something you will get a tax return for if you later sell the investment at a lower realized value than what they periodically taxed you on. But in any case, if we do it then it should apply to anyone who makes an investment and not just a certain threshold of net worth.

They used a different word but Twitter said you do get loss offsets in the 3 year rolling period. Supposedly real estate is off-limits but I don't trust that.

[cd288]

Originally Posted by Ooloo [You must be logged in to view images. Log in or Register.]

They employ many tax consultants because you have to do that when you're extremely wealthy. You're a ripe target, and it's not like the tax consultants are performing some kind of magic trick. Everything they're doing is legal, and yet *still* the rich contribute far more net tax revenue than anyone else. "Just pay fucken tax?" THEY DO, what are you talking about? They just aren't paying as much as your dictatorial decree would ask.

I agree amazon could pay better wages, but that's really not up to anyone but Bezos. He could close up shop right now and live out his life as a filthy rich bond villain, but instead he's employing hundreds of thousands of people. If entry level amazon jobs paid 40 bucks an hour, nobody would work anywhere else. If an amazon grunt wants a better job, there is a vast marketplace available. That's called the real world, and real life. It's not utopian, but nothing ever will be.

Yeah I mean first off anyone who uses an accountant...what is that accountant doing when they do your taxes? They are ensuring you pay as little tax as possible. So if you're using an accountant at all, it's a bit of a hypocrisy to criticize someone just because based on their different streams of income their accountants are able to find additional ways to reduce taxes.

What people also don't realize about a wealthy person's taxes is they are very complex. It's not like you can just go online on TurboTax and file the taxes yourself. You have tons of different streams of revenue, all potentially subject to different complex tax laws/rules, and if you own a company then that company also has the same situation. You literally need a huge number of tax advisors and accountants. And in all likelihood, a lot of the stuff those people are doing isn't even discussed with the tax payer; usually those types of advisors and accountants will, again, do what they can to ensure you pay as little tax as possible (legally). They aren't going to someone like Jeff Bezos with every little thing they do to reduce the taxes; they might summarize it later but often in real time they will just make the decision for you.

[Botten]

Originally Posted by Ooloo [You must be logged in to view images. Log in or Register.]

They employ many tax consultants because you have to do that when you're extremely wealthy. You're a ripe target, and it's not like the tax consultants are performing some kind of magic trick. Everything they're doing is legal, and yet *still* the rich contribute far more net tax revenue than anyone else. "Just pay fucken tax?" THEY DO, what are you talking about? They just aren't paying as much as your dictatorial decree would ask.

I agree amazon could pay better wages, but that's really not up to anyone but Bezos. He could close up shop right now and live out his life as a filthy rich bond villain, but instead he's employing hundreds of thousands of people. If entry level amazon jobs paid 40 bucks an hour, nobody would work anywhere else. If an amazon grunt wants a better job, there is a vast marketplace available. That's called the real world, and real life. It's not utopian, but nothing ever will be.

In 2018, Tesla founder Elon Musk, the second-richest person in the world, also paid no federal income taxes. Michael Bloomberg managed to do the same in recent years. Billionaire investor Carl Icahn also doesn't pay taxes.

Baler you really need to realize the rich don't even always pay their taxes. See your orange friend who is fighting to prevent his taxes from being released.

So it does go well beyond paying their "fair share."

[Gatordash]

Originally Posted by cd288 [You must be logged in to view images. Log in or Register.]

Yeah I mean first off anyone who uses an accountant...what is that accountant doing when they do your taxes? They are ensuring you pay as little tax as possible. So if you're using an accountant at all, it's a bit of a hypocrisy to criticize someone just because based on their different streams of income their accountants are able to find additional ways to reduce taxes.

What people also don't realize about a wealthy person's taxes is they are very complex. It's not like you can just go online on TurboTax and file the taxes yourself. You have tons of different streams of revenue, all potentially subject to different complex tax laws/rules, and if you own a company then that company also has the same situation. You literally need a huge number of tax advisors and accountants. And in all likelihood, a lot of the stuff those people are doing isn't even discussed with the tax payer; usually those types of advisors and accountants will, again, do what they can to ensure you pay as little tax as possible (legally). They aren't going to someone like Jeff Bezos with every little thing they do to reduce the taxes; they might summarize it later but often in real time they will just make the decision for you.

I have an accountant and I tried to apply for a mortgage last month. Chase asks me how much I made the past two years. I give them an estimate and they say they need the exact amount since I own my own small business. They give me some number to look up on my tax returns like K-1 or something. I spent 2-3 hours trying to figure out where on my taxes it says how much money I made and I couldn't figure it out.

Point being, I'm a poor and I couldn't figure out how much money I made last year. I can't imagine how many pages of numbers and lines rich people have on their taxes. For reference, my 2020 tax return was 47 pages long.

[cd288]

Originally Posted by Whale biologist [You must be logged in to view images. Log in or Register.]

They used a different word but Twitter said you do get loss offsets in the 3 year rolling period. Supposedly real estate is off-limits but I don't trust that.

I trust it. The Democrats have always been about trying to expand home ownership as much as possible and make it more feasible for people of varying economic classes to own a home. See, for instance, ordering the banks to lower their standards on mortgage lending in the years leading up to the financial crisis in 2008.

They wouldn't want this to impact real estate

[unsunghero]

Originally Posted by Gatordash [You must be logged in to view images. Log in or Register.]

I have an accountant and I tried to apply for a mortgage last month. Chase asks me how much I made the past two years. I give them an estimate and they say they need the exact amount since I own my own small business. They give me some number to look up on my tax returns like K-1 or something. I spent 2-3 hours trying to figure out where on my taxes it says how much money I made and I couldn't figure it out.

Point being, I'm a poor and I couldn't figure out how much money I made last year. I can't imagine how many pages of numbers and lines rich people have on their taxes. For reference, my 2020 tax return was 47 pages long.

Turbo tax all the way for me. No business ownership, no dealing with stocks or crypto

All I gotta do is a click a few boxes, takes 20 min [You must be logged in to view images. Log in or Register.]

[cd288]

Originally Posted by Botten [You must be logged in to view images. Log in or Register.]

In 2018, Tesla founder Elon Musk, the second-richest person in the world, also paid no federal income taxes. Michael Bloomberg managed to do the same in recent years. Billionaire investor Carl Icahn also doesn't pay taxes.

Baler you really need to realize the rich don't even always pay their taxes. See your orange friend who is fighting to prevent his taxes from being released.

So it does go well beyond paying their "fair share."

The thing you have to remember for some of these people though is their "wealth" is measured in things like the stock value. So for some of these people, Musk being a great example, calling him the second-richest person in the world is a little bit misleading when you get into debates about taxes. He's the second-richest person based in large part on the value of his company's stock. He's not the second-richest person because he has made that much money (put in taxation terms: he hasn't "realized" that level of income).

So if someone doesn't keep that in mind/understand that, then when someone goes "the second-richest person in the world doesn't pay commensurate taxes" it sounds like that person is committing tax evasion. When in reality the person just hasn't realized taxable income equal to the total value of their wealth.