What is?

[Jimi77 Premium Member]

I'd rather not pay into Medicare/social security...I'd get a better roi on a private retirement plan...plus the govt retirement is the only plan that you can't leave the balance to your children...if I don't claim it that money is lost...\

Medicare is problematic for sure. The problem with SS, is there is no ROI. The first generation of SS recipients never contributed. SS is not a "retirement fund" it an intergenerational wealth transfer program. Not that our politicians would ever admit to that.

 

[Jimi77 Premium Member]

Where I live median price $1.2 million built in 1962 and according to 2019 if your making less than $62k your low income

San Fran???

 

[Jimi77 Premium Member]

If they inherit it and decide to sell it, they should pay tax. If they profit while owning it (not the value but actual profits), they should pay tax on that too.

So in essence you don't think billionaires should be taxed or more accurately you think the tax code should rarely and barely tax them. Same goes for their offspring.

 

[Firewalker]

SS would be just fine if the politicians on both sides would just pay back the Trillions of dollars they took from it and still haven't paid it back. But good luck with that happening. They will just blame SS and cut benefits meanwhile they get raises every other year along with free lifetime medical.

 

[spokey9 5,000+ posts]

So in essence you don't think billionaires should be taxed or more accurately you think the tax code should rarely and barely tax them. Same goes for their offspring.

I dont...I don't think we should we find new ways to tax anyone until the problems with waste and fraud are dealt with...

 

[Jimi77 Premium Member]

If they inherit it and decide to sell it, they should pay tax. If they profit while owning it (not the value but actual profits), they should pay tax on that too.

And why do you think the wealthy and ultra wealthy should barely and rarely pay taxes? Elon Musk for example took a huge loss buying Twitter, just because he could. We've got Bezos, Branson and Musk playing who can get into space first So why does somebody with that type of wealth need to be sheltered from taxes?

 

[Jimi77 Premium Member]

I dont...I don't think we should we find new ways to tax anyone until the problems with waste and fraud are dealt with...

I agree. The problem is the waste and fraud is often going to those that aren't paying taxes. Seriously why are we subsidizing Tesla cars?

 

[spokey9 5,000+ posts]

I agree. The problem is the waste and fraud is often going to those that aren't paying taxes. Seriously why are we subsidizing Tesla cars?

Thank the Obama administration for the green subsidies

 

[spokey9 5,000+ posts]

I honestly believe all subsidies programs should be ended...it's not the govt responsibility to prevent anyone or any Corp from failing...and it sure as hell isn't the taxpayer's responsibility to provide those subsidies...

 

[djdilliodon!]

And why do you think the wealthy and ultra wealthy should barely and rarely pay taxes? Elon Musk for example took a huge loss buying Twitter, just because he could. We've got Bezos, Branson and Musk playing who can get into space first So why does somebody with that type of wealth need to be sheltered from taxes?

If you want to single those billionaires out and tax just them, be my guest. What I don’t want is my investments or properties being taxed on money I’m not even seeing yet. I can promise you at 55 years old I will retire and pay Uncle Sam taxes on my investments at that time. I will also do whatever I can to legally make the burden as low as I can. What I’m saying is this will not go well if you do it to everyone.

 

[Jimi77 Premium Member]

Thank the Obama administration for the green subsidies

Actually, the continuation of said policy belongs to Biden. I don't even mind the subsidy in principle, but once the demand has been established and the technology is proven, etc, time to dial back the subsidy. But not in 'Merica.

 

[Jimi77 Premium Member]

If you want to single those billionaires out and tax just them, be my guest. What I don’t want is my investments or properties being taxed on money I’m not even seeing yet. I can promise you at 55 years old I will retire and pay Uncle Sam taxes on my investments at that time. I will also do whatever I can to legally make the burden as low as I can. What I’m saying is this will not go well if you do it to everyone.

What if you tax rates were reduced because other's were now paying their fair share. Think about all the billions Bezos, Musk, Gates, et al have made and never paid taxes on and I'd bet you're paying taxes on ~90%+ of your income. Furthermore, I said I'd probably exclude retirement accounts. Additionally, why do you care if pay taxes on your investment gains incrementally over the years or bigger lump sums when you retire? Why is that such an issue?

 

[djdilliodon!]

What if you tax rates were reduced because other's were now paying their fair share. Think about all the billions Bezos, Musk, Gates, et al have made and never paid taxes on and I'd bet you're paying taxes on ~90%+ of your income. Furthermore, I said I'd probably exclude retirement accounts. Additionally, why do you care if pay taxes on your investment gains incrementally over the years or bigger lump sums when you retire? Why is that such an issue?

Personally, I’d rather pay at the end this way I don’t have to deal with it during. I also like to use my investments to my advantage as well. Like lines of credit on home equity when the interest rates are low. Getting $300k for 2.5% is a wonderful thing. Can buy another house and rent it. Also long term investments over a year max rate is 20%. I’d rather pay my 20% at the end then yearly on however long I hold it for. What would be the tax yearly on the gains? 1%, 10%, or?

 

[Jimi77 Premium Member]

Personally, I’d rather pay at the end this way I don’t have to deal with it during. I also like to use my investments to my advantage as well. Like lines of credit on home equity when the interest rates are low. Getting $300k for 2.5% is a wonderful thing. Can buy another house and rent it. Also long term investments over a year max rate is 20%. I’d rather pay my 20% at the end then yearly on however long I hold it for. What would be the tax yearly on the gains? 1%, 10%, or?

I'd tax gains the same as any income. We'll just say 20%. So you'd pay 20% of whatever your gains were this year. Next year you'd pay for gains for that year. Obviously it would have to be some tax neutral percentage.

There is no reason you couldn't get a home equity line of credit on your home because of the tax or leverage other investments.

 

[djdilliodon!]

I'd tax gains the same as any income. We'll just say 20%. So you'd pay 20% of whatever your gains were this year. Next year you'd pay for gains for that year. Obviously it would have to be some tax neutral percentage.

There is no reason you couldn't get a home equity line of credit on your home because of the tax or leverage other investments.

Why would I want to pay 20% every year on gains when I can just pay it one time at the end when I sell and be done with it? When I lose money can I write that loss off and get that money back on taxes I paid for that year? Interest rates have gone up a lot so if a house loses 200k in value, I want to write off that loss. Does that mean if I make $200k a year and pay $48,000 in federal taxes I’m going to get a refund of $48,000? You want to tax investment on gains you have to be prepared to allow write offs when those investments lose. I can see this costing the irs lots of money when houses lose value or stocks lose value. It might get them alot of money the first couple of years but over time I can see it screwing them. In either case I would totally not be for this. I ain’t a billionaire and I don’t want this .