Author Topic: Soros & Buffet, All Hat No Cattle, Kings of Tax Avoidance  (Read 1344 times)

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Offline sys

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Re: Soros & Buffet, All Hat No Cattle, Kings of Tax Avoidance
« Reply #25 on: June 22, 2021, 10:19:15 PM »
I have no issue with the tax being a multiple of what they actually make in “income.”

huh.
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Offline catastrophe

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Soros & Buffet, All Hat No Cattle, Kings of Tax Avoidance
« Reply #26 on: June 23, 2021, 12:32:46 AM »
You are still fixated on the concept of traditional income tax when I keep saying that’s not what I’m talking about when I say “wealth tax.”

Mr. Moneybags makes $500k a year in taxable income but has $1 billion in other investments. I have no issues with a yearly tax of $1 million+ even though that would be more than 200% (two times) his income.

Offline sys

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Re: Soros & Buffet, All Hat No Cattle, Kings of Tax Avoidance
« Reply #27 on: June 23, 2021, 01:31:36 AM »
income is not equal to taxable income.  since this whole exercise revolves around massaging tax policy in one way or another, it doesn't make much sense to me to reference taxable income as a constant when much of the discussion of necessity will involve changing how different types of income are treated.
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Offline catastrophe

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Re: Soros & Buffet, All Hat No Cattle, Kings of Tax Avoidance
« Reply #28 on: June 23, 2021, 09:37:32 AM »
Ok well that explains it if your confusion stems from the fact that you’re assuming “income” has no particular meaning in this context. You seemed to understand when responding to the point that the mega rich don’t have much income.

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Re: Soros & Buffet, All Hat No Cattle, Kings of Tax Avoidance
« Reply #29 on: June 23, 2021, 03:25:37 PM »
Ok well that explains it if your confusion stems from the fact that you’re assuming “income” has no particular meaning in this context. You seemed to understand when responding to the point that the mega rich don’t have much income.

yeah, after i posted, i decided i didn't express myself well and was too critical of your post when i was doing the same thing.  there are a lot of terms involved that have very precise meanings with respect to u.s. taxation and also have more general meanings in regular speech or are related to terminology used more generally and unless one is pretty pedantic is carefully crafting a post it's pretty likely that other posters will not understand exactly what you are trying to communicate.
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Offline Spracne

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Re: Soros & Buffet, All Hat No Cattle, Kings of Tax Avoidance
« Reply #30 on: June 23, 2021, 08:35:54 PM »
Ok well that explains it if your confusion stems from the fact that you’re assuming “income” has no particular meaning in this context. You seemed to understand when responding to the point that the mega rich don’t have much income.

yeah, after i posted, i decided i didn't express myself well and was too critical of your post when i was doing the same thing.  there are a lot of terms involved that have very precise meanings with respect to u.s. taxation and also have more general meanings in regular speech or are related to terminology used more generally and unless one is pretty pedantic is carefully crafting a post it's pretty likely that other posters will not understand exactly what you are trying to communicate.
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Offline steve dave

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Re: Soros & Buffet, All Hat No Cattle, Kings of Tax Avoidance
« Reply #31 on: June 25, 2021, 06:03:25 PM »
Hasn't Yglesias been all over the stepped up basis around this topic (heirs selling stocks ect and what gains they are tax responsible for if the previous person basically never sold but took out loans as income based on their value)?

not that i've noticed.

just most recent yglesias mention I've seen so OT