r/PoursTea • u/Veshaad Timendi Causa Est Nescire • 25d ago

PoliticalTea 🗳️ Eventually something has to give...

Post image

The bill would provide a $3,000 direct payment to every person in households making $150,000 or less during its first year, which equals $12,000 for a family of four.

24.2k Upvotes

94% Upvoted

2.3k comments sorted by

View all comments

Show parent comments

68

u/fyreprone 25d ago

Or just tax their owned assets once a year and if there’s a loss they pay less. Like the rest of us.

3

u/hnglmkrnglbrry 24d ago

The problem with that is the overwhelming difficulty of enforcing it or even trying to report it accurately. It's better and more efficient to just increase the tax rate on their income over $5M or whatever number works to about 75%.

Imagine if someone tried to issue a wealth tax to a family of modest income. Let's say they "own" a home worth $200k and gave $75k equity. They pay property taxes on that $200k asset and now they're going to have to pay a tax on the $75k of equity? They might not be liquid enough to cover that. Now throw in their vehicles as well. Let's say they have $10k in a 401k of pretax money. They are going to have to pay a tax there as well and then be taxed when they do divest it later. Their HSAs will be taxed. And then lastly they will be taxed on their modest cash savings of let's say $5k. And then they are getting taxed on their income that helps them pay for their daily expenses and savings.

Now obviously this is not the type of family that would face this tax but you can see how even though on paper they're doing ok once they pay their taxes they're fucked. And then this happens year after year with the more equity they build resulting in higher and higher taxes.

Taxing income is more easily enforced and reported. And if they really want to make the rich pay then end the loophole that allows business owners to write off business losses on their personal returns.

In 2017 it was reported that nearly half of NBA teams lost money. So shouldn't the owners be desperate to offload these dying businesses and get out of the failing industry? Fuck no. Oh the Trailblazers lost $20M last fiscal year? Guess what owner just saw their taxable income go down by $20M! And when their family members are paid employees of the team it means they can increase their pay to maximize the business losses. The more they lose the more they make.

The owner will probably encourage the team to lose money considering the value of the asset even when operating at a loss increases annually due to its scarcity and income potential by being associated with a major sports league.

7

u/DLimber 24d ago

You know damn well what he's going after isn't the guy who owns one home and that guy's equity lol be serious. He's after the multi billionaire who doesn't need a salary because they can literally borrow against their money we cant tax to get cash that's tax free and they only pay a small % of interest on while making more then that on their gains.

4

u/DustyRacoonDad 24d ago

You know every single tax you pay was initially made legal by saying that we're only going to do it to the rich people, or the people that you don't like...

That income tax almost every American pays? Passed to tax the rich.

2

u/EconomicMan123 24d ago

Yes, exactly. Tax creep: just like Mamdami’s tax on second houses. First it was only against the ultra rich, now it’s over houses valued over $1m, which is NY is very common. The problem with Socialists is they can’t stop spending and hence will keep broadening these taxes. Look at Europe where the sales tax (VAT) is some countries is 24% … having started in the low teens.

1

u/TheVampirePrince 24d ago

The top 1% already pays 40% of the taxes in the US.

3

u/Familiar-Spray-4678 24d ago

An yet each billionaire has 1,000,000X more money than we have, but they collectively pay 40% 👍

-1

u/censor1839 24d ago

So what? Your envy is blinding you

3

u/Valuable-Gene2534 24d ago

Sounds more like you're mad he's doing math and comparative analysis

1

u/guycoastal 24d ago

The reason for that is trickle down economics. The owners and CEO’s are stealing all of the profits so of course they’re paying most of the taxes. They’re the only ones with any money.

1

u/MinuteTraditional864 24d ago

Owners can’t steal profits of a business they own. It’s their profit.

1

u/guycoastal 24d ago

Actually they can. It’s called embezzlement. But I should have said they’re hogging all the profits. Is that better.

2

u/MinuteTraditional864 24d ago

Ok I’ll give you that. But you said that them stealing all the profits is why they’re paying more in taxes. If they’re embezzling they are not paying taxes on the stolen money.