Eliminating tax loopholes & tax cuts on the wealthy

Wealthy is defined as corporations and those earnings over $800,000/ yr.

This should unify Americans after Doge does the necessary clear out of waste .

House GOP panel passes budget blueprint with $4.5 trillion in tax cuts and steep spending reductions
"Ignoring the added cost of the tax cuts would be another step down the road of fiscally irresponsible policy that we've seen in recent years from both parties," said Shai Akabas of the Bipartisan Policy Center think tank. "It's something that we cannot afford as a country right now."​

Democrats have done all they can to push Americans towards the right with their stupidity the past year. This is their IN to be back in the game. The meat on the bone to reduce the deficit once there's no excuse of wasteful govt spending, WHICH ABSOLUTELY IS A REAL ISSUE.

The stock market is READY TO POP from a valuation perspective and will take a downturn before midterms. Expect a Dotcom crash type event in Trumps final term (would happen regardless of dem or rep). What else gives life to non existent middle class?

Please post all ideas, suggestions and articles involving tax cuts here. This will be primary issue for the 28 election. Id increase income tax to 40% for high earners, lock in the estate tax cap at current level of $13 million and not provide affordable care act to those with unhealthy lifestyles (smoking, drinking, overeating). There must be some correlation between all the health care spend and the lifestyles of those who receive it.

 

There is overwhelming support for DOGE gutting the bureaucratic sloth bottlenecking the US from BOTH sides. So you can't just blame dem stoooopid raadnecks!

The CFPB... is a DUPLICATIVE agency. It's not the only place to report bank fraud.

While there is an alphabet soup’s worth of other Federal agencies that oversee the nation’s financial infrastructure—the Office of Comptroller of the
Currency (OCC), the Federal Reserve Board (FRB), the Federal Deposit Insurance Corporation (FDIC), and the National Credit Union Administration (NCUA)—the CFPB is the only agency dedicated to purely serving the interests of consumer finances.

less than 100 employees were fired from the CFPB and the rest get moved to a more streamlined structure. When you've been fat your whole life and are asked to lose weight for health reasons, you come up with all kinds of excuses. But things get better later when you see the results. Give it 9-12 months.

 

What are the specifics of the wealth tax -- based on income or inherited wealth?

Absolutely agree with the 2nd paragraph. Those who hoard wealth will claim it results in brain drain and scaring businesses away when it's quite necessary to have a functioning country.

Take losers like Hunter Biden or Jared Kushner - they mess up all opps to earn income, buy at the top and sell at the bottom, but have hundreds of millions via inheritance. That amount should be taxed at high rates and cut down on the loopholes to constantly be gifted things by parents, because by the time the "wealth tax" comes around, Jared's bank account will already have a billion in it via property transfers from parents.

As far as income, keeping it at 37-40% for those above $850k gives the govt necessary funds while not scaring away high quality talent. If we cut out corporate loopholes, likely no need for a payroll tax. Just pay your fair share period.

 

As far as I know , this isn't a dating site although some of you likely view it as such. Not interested in catfishing anyone. I post unique takes that demand intelligent replies and have no aliases. That legitimately bothers some of you ...

 

Kamala is a terrible candidate on all metrics.

You need a strong , no nonsense candidate that shuts down the far left to have pragmatic policies like the wealth tax taken seriously. A 1-2% billionaire tax is a great idea, but when it gets muddled with far left garbage and communist tropes, then no one takes it seriously.

 

The right idea, but not sure how you can tax net worth when it fluctuates so much annually, and alot of it is tied up in investments, properties, bonds etc.

6% on every dollar over a billion is too much.

More progress will be made if you focus on avoiding loopholes, and at the time of REALIZING the profit of these investments or large amounts of wealth, you hit it with sufficient taxation.

Ultra-Millionaire Tax | Elizabeth Warren

While we must make income taxes more progressive, that alone won’t straighten out our slanted tax code or our lopsided economy. Consider two people: an heir with $500 million in yachts, jewelry, and fine art, and a teacher with no savings in the bank. If both the heir and the teacher bring home $50,000 in labor income next year, they would pay the same amount in federal taxes, despite their vastly different circumstances. Increasing income taxes won’t address this problem.

That’s why we need a tax on wealth. The Ultra-Millionaire Tax taxes the wealth of the richest Americans. It applies only to households with a net worth of $50 million or more—roughly the wealthiest 75,000 households, or the top 0.1%. Households would pay an annual 2% tax on every dollar of net worth above $50 million and a 6% tax on every dollar of net worth above $1 billion. Because wealth is so concentrated, this small tax on roughly 75,000 households will bring in $3.75 trillion in revenue over a ten-year period.