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NYU Professor: Billionaire tax is the worst idea ever

Discussion in 'BBS Hangout: Debate & Discussion' started by tinman, Dec 9, 2021.

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  1. peleincubus

    peleincubus Member

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    Actually I take that back. I threw you ignore. Better that way as others have stated you make this message board less enjoyable for people. I don't have a way of ignoring a bad driver on the road I have that ability here though with your abrasive/odd persona.

    Have a good one.
     
    #21 peleincubus, Dec 9, 2021
    Invisible Fan, calurker, Andre0087 and 2 others like this.
  2. tinman

    tinman 999999999
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    #22 tinman, Dec 9, 2021
  3. Buck Turgidson

    Buck Turgidson Member

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    You're a better man than me, I apologize for anything I've said to anyone that was over the line.

    I just feel badly for him. It's truly sad.
     
    #23 Buck Turgidson, Dec 10, 2021
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  4. tinman

    tinman 999999999
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    You know who don’t watch videos and push their agendas?
    Those people who hate Dave Chappelle

    nobody can touch an NYU professor
     
    #24 tinman, Dec 10, 2021
  5. dachuda86

    dachuda86 Member

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    That's correct.
     
    #25 dachuda86, Dec 10, 2021
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  6. fchowd0311

    fchowd0311 Member

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    MIT professors are more well known for their economics.
     
    #26 fchowd0311, Dec 10, 2021
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  7. tinman

    tinman 999999999
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    But who’s defending them? Saying that a policy in economics terms won’t do anything it’s accomplished to do is more on the policy maker
    Not the people they are targeting

    But I noticed nobody actually watched or read what the professors points were in this bad policy .

    I mean this like fouling someone at the three point line when they are shooting thinking it’s harder for them to shoot 3 free throws instead of 1 three pointer
     
    #27 tinman, Dec 10, 2021
  8. Ubiquitin

    Ubiquitin Member
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    Worst idea… ever?
     
    #28 Ubiquitin, Dec 10, 2021
  9. tinman

    tinman 999999999
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    From the article

    Ultimately, this is a wealth tax—albeit on incremental, not total, wealth. The administration’s effort to avoid using the words “wealth taxes” to describe this proposal is sophistry. Put simply, this proposal favors people with inherited wealth who are invested in non-traded assets and mature businesses and hurts people invested in publicly traded equities in growth companies, many of which they have started and shepherded to success. If that is the message that the tax law writers want to send, they should have the decency to be up front about it.
     
    #29 tinman, Dec 10, 2021
  10. tinman

    tinman 999999999
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    This is correct

    The new feature of this law is its attempt to tax unrealized capital gains on assets. This raises two practical problems. First, liquidity: if the billionaire tax will apply to such assets as real estate and fine art and not just to stocks and bonds, it will be hard for the individuals being targeted to sell their holdings in the open market and get enough cash to pay, since these non-traded assets are often illiquid. Taxpayers owning non-traded assets will need appraisers to revalue these assets every year. That’s great for the appraisal business, but it’s almost guaranteed to create a hotbed of litigation around the appraised values. Second, despite a decade of rising stock and bond prices, assets can still stagnate or drop in value for extended periods.
     
    #30 tinman, Dec 10, 2021
  11. dobro1229

    dobro1229 Member

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    Geez how did billionaires ever survive before the Trump tax cuts? My understanding is that the proposed rates wouldn’t even come back to pre-Trump levels.

    Also- We do already have a wealth tax even here in Texas. It’s called property tax. I don’t know why the phrase is trying to be made into some sort of curse word. We already do this… just not for rich people.
     
    #31 dobro1229, Dec 10, 2021
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  12. Ubiquitin

    Ubiquitin Member
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    But is it the worst idea ever?
     
    #32 Ubiquitin, Dec 10, 2021
  13. tinman

    tinman 999999999
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    Ask the professor
    He thought this policy was written by a bunch of suckers

    he’s
    Probably right
     
    #33 tinman, Dec 10, 2021
  14. Ubiquitin

    Ubiquitin Member
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    I’ll email him and his Dean.
     
    #34 Ubiquitin, Dec 10, 2021
  15. rockbox

    rockbox Around before clutchcity.com

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    We don't need a Billionaire tax. We just need to raise capital gains taxes to match income taxes.
     
    #35 rockbox, Dec 10, 2021
  16. DonnyMost

    DonnyMost Member
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    A flat tax funding a robust suite of social services is the answer.

    Sure the poorest get hit hardest by the tax, but they come out ahead in the end.

    The revenue from the wealthy we miss out on from having such a convoluted tax code is insane.
     
    #36 DonnyMost, Dec 10, 2021
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  17. adoo

    adoo Member

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    actually no.

    the billionaire tax, as proposed by Biden admin, increases the tax burden for ~ only 1.7% of the tax-paying population. raising the capital gain tax would impact, in addition the billionaires, a good portion of the middle class,
    including some college students / pre-college teens who play the stock market, collectibles, cryptos., etc.

    when i was in college, i along w some buddies dabbled w the stock market.​
     
    #37 adoo, Dec 10, 2021
  18. rockbox

    rockbox Around before clutchcity.com

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    If they were tied to income tax, then your example in college, you would have paid probably less than 10 percent on those gains. BTW, if you owned the stock for less than 12 months, you should have been paying income taxes anyway.

    I would probably put an exemption on primary residence owned for a certain period of time and be able to deduct inflation rate.
     
    #38 rockbox, Dec 10, 2021
  19. rockbox

    rockbox Around before clutchcity.com

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    I used to be against the flat tax, but I'm pretty much for it now as long as there is a sizeable deduction like 15-25K per person. Take the cap off of the payroll tax and apply it to all income including capital gains.
     
    #39 rockbox, Dec 10, 2021
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  20. adoo

    adoo Member

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    from the professor's article,
    the alternative minimum tax (AMT) was, effectively, a wealth tax. AMT was in effect from 1969 to 2017, when it was eliminated by Trump's tax cut.
    when AMT was in effect, the professional had never written an article to criticize this wealth tax.
    If the Biden admin rename the propose tax "the alternative minimum tax". the professor would be ok with it.
     
    #40 adoo, Dec 10, 2021
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