update:Democrats vs Republicans vs Woke Chiken rights (debs4) Activist vs Elon

I'm not gonna debate you on this. If you think guys like Musk and Bezos should pay less percent of income in taxes than the ave Joe then we differ in opinions.

 

I am saying you don't understand the issue. Musk pays the same capital gains tax as every other entrepreneur, the same as the average Joe would if they sold their stock for a profit.

I am not sure how you get that they are paying less than income tax. If you own a house, and your house goes up in value, you don't count that increase as income until you sell it and realize the gain. Until then it's not income. You follow that right?

 

I understand what you are saying but I'm not debating this with you. I understand your reason for not approving of it and I'm fine with that.

 

Ok that's cool. I don't understand your position though. Just to make sure I do, you are saying people should be taxed based on the increased perceived value of an asset versus actual?

 

You just need to accept you dont understand finance. Many 'wealthy' people like Musk do not have an income, so therefore they do not pay income taxes.

Your problem is that you disagree with how wealth is calculated. And I dont disagree with you. People like yourself who say "blah blah blah pay your fair share of taxes" dont understand the impact of your wishful nonsense.

Let me as you this question: How much taxes has Musk paid in the last 5 years?

 

That's irrelevant. It's proportional to how much he's raked in. Besides he's gotten millions in tax breaks from Abbott alone. I bet you say blah blah blah to the millions in tax breaks we give him too. You say he doesn't have an income but that's just a numbers game. He rakes in billions. Funny how a guy with no income can buy rocket ships and Twitter and anything else he wants. Numbers game.

Anyway, like I said before, I'm not debating this and going back and forth about it with you either. You can have the last word. I just won't respond again.

 

Actually people like Elon and Bezos get liquid cash not from selling stocks.

Billionaires get liquid cash and or multiply their wealth by borrowing against their assets to pay for new investments.


"Buy, Borrow, Die: How Rich Americans Live Off Their Paper Wealth - WSJ" https://www.wsj.com/amp/articles/bu...icans-live-off-their-paper-wealth-11625909583

That is untaxed.

 

It's a loan. Loans aren't income and thus not taxed.

People do this with their homes. Their homes go up in value, and they take out loans against it to pay for stuff. No tax.

I just think it's crazy to suggest that someone with paper wealth should have to borrow money against that to pay a huge tax on theoretical value.

And let's say you get a 1 percent loan on $100 million dollars using your paper as collateral. After 20 years, the interest on that loan would exceed what you'd have paid via taxes, so you aren't really making a profit by not taking the money and paying the tax as cash. What you are doing is avoiding giving up equity in your business and still being able to launch new investments.

Anyway, what would you suggest? I think it's unfair to tax people on paper wealth that's been unrealized.

 

I'm not trying to call you names or even say you are wrong here. I just am trying to understand how one can make it work.

Stocks can go up and down on a dime. To pay tax on appreciation in value - which is just what someone is willing to bid sometimes on a whim...those values can plummet just as easily. If he has to pay tax on all his paper wealth, that's nearly 40 billion dollars.

He's literally have to borrow $40 billion to pay his tax bill, that doesn't make sense either.

 

yeah but he's rich

 

I don't even remember what the original thread title was

 

And some people still believe Trump won. That is lunacy in a nutshell.