Biden Eyeing Tax Rate as High as 43.4%

Discussion in 'Business, Investing & Finance' started by BMF, Apr 22, 2021.

  1. 78

    78 Dazed and Confused
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    I’ve come to the conclusion that there aren’t enough available zeroes to describe your net worth.
     
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    • Concrete Helmet

      Concrete Helmet Hook, Line, and Sinker
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      It has nothing to do with what you make, save or invest according to you, all a person has to know is that they should just give half or more of it back to the Government to waste....:facepalm:
       
      • Gator By Marriage

        Gator By Marriage A convert to Gatorism
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        Mrs G grew up in St Pete and would love to get a house on the water somewhere down there, so if you could somehow pull this off I’d be beholden to you. Most beholden.
         
      • alcoholica

        alcoholica I'm what Willis was talking about
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        Pretty much said it's a done deal, once they figure out how to actually do it.
         
        • NovaGator

          NovaGator Well-Known Member

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          Oh Lord, please let me make $1 mill a year. I will happily pay 43.4% in income taxes!
           
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          • URGatorBait

            URGatorBait Ox's Former Favorite Poster
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            I suppose if you never had to work for it, and were just handed this amount, you'd be willing to fork over such a ridiculous taxation.
             
            • soflagator

              soflagator Senior Member
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              Just because you may be able to withstand the hit doesn’t make it right. If later that day someone stole $5000 from your wallet, you’d be fine as well with still north of half a million, but that wouldn’t make it any less theft. The government has no right to that money and it essentially disincentivizes success. Now, I’d like to think that said person would do some good(beyond employing and providing benefits for countless people who need a job and benefits) through charity or something along that line. But it should be his call and he should be able to direct his funds to something he feels warrants it, not have a bunch of career politicians funneling the fruits of his labors into their own coffers and/or financing a bunch of nonsense in the name of some cause that acts as little more than a guise to continue the theft.

              No thanks.
               
              • Concrete Helmet

                Concrete Helmet Hook, Line, and Sinker
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                Great post.
                I would add a couple more things to your thoughts though. One people that make over 400K generate income(and subsequently more tax revenue for the government)in the first place due to supporting local goods and services. Anyone know of someone in that income range that mows their own lawn, washes their own car, cleans their own home or pool? Hell most pay OTHER people to manage their assets(RE management, CPA'S and financial advisors to name a few). Their spending habits also generate more state sales tax revenue and many pay for private schools WHILE also paying property taxes for schools they never use...:banghead:

                And then to take 43% of their assets once sold that they paid for WITH AFTER TAX dollars is f vcking criminal.... :banghead::banghead::banghead:

                If the Government wants more money to fix sh!t that they f vcked up(mismanaged) in the first place they can do what John and Jane regular citizen do...Find a way to EARN more money or find a way to SAVE more money.
                 
                • 78

                  78 Dazed and Confused
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                  Crete still thinks an unrealized gain is money that already went through the tax mill.
                   
                  • Concrete Helmet

                    Concrete Helmet Hook, Line, and Sinker
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                    You really are dumber than f vck aren't you? Perhaps you can enlighten(more like try to Google) how a private RE investor purchases RE without using after tax income? Please put your moronic investment and tax knowledge to use...I'm sure the rest of the board will find it entertaining....
                     
                    • soflagator

                      soflagator Senior Member
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                      The last time someone went toe-to-toe with '78, there ended up being muscle shirt pics involved, an eventual banning, and now a from time to time resurfacing only to post gay porn gifs.

                      Just be careful is all I'm saying.
                       
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                      • Concrete Helmet

                        Concrete Helmet Hook, Line, and Sinker
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                        I dunno I used to like the guy but it seems all he does now is these little pissant drive by's when he shows up.....not one of my better days or better thought out post either...but too late to take it back now.
                         
                      • 78

                        78 Dazed and Confused
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                        I’ll enlighten you with the third graph of post #48.

                        “And then to take 43% of their assets once sold that they paid for WITH AFTER TAX dollars is f vking criminal.”

                        Learn capital gains or learn how to describe capital gains, but what you’re doing here is a bowl of mud when you write 43% “of their assets” as if the sale involved all after-tax monies. It’s 43% on the gain, not the whole kit and caboodle.
                         
                      • Concrete Helmet

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                        No sh!t Sherlock. What about the income that is taxed every year to make mortgage payments and the the increasing property taxes? Does inflation occur to you? Yes those items do give some small tax writeoff's but you don't end up making out enough to GIVE away 43% of your profits in the end. And God forbid you f vck yourself with positive cash throw off. WTF is the point in making profit on anything only to have to give damned near half of it back or play a perpetual shell game.
                        Do you ever wonder why entire areas turn into slums? It's the de incentivizing effects of over taxation set in place by irresponsible spending Left wing politicians. Just look at the areas where this occurs. Good Lord man don't you like keeping your money? The tax system in this country is f vcked as it is and just begs people to find loop holes. Charge a decent rate(5-10%) and get rid of all he loop holes.
                         
                        #54 Concrete Helmet, May 6, 2021
                        Last edited: May 6, 2021
                        • soflagator

                          soflagator Senior Member
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                          I don't disagree, but it's never going to happen. That's why you see the Goldman(and others) infiltration into the federal government, to help shape policy. The smart minds, which will always go into the private sector not public service, are going to make sure they keep the majority of their money, exercising loopholes and strategies that end up being extremely beneficial to them. The end result serves two purposes. They win(which they were going to all along anyway) and politicians can stand on their soap boxes decrying those loopholes, all while being paid off. Your way makes sense, but comes with a major flaw. It doesn't makes things "equitable" and the people who aren't successful but insist that they should enjoy the same lifestyle as the those who are, will continue to complain. And the politicians that have vowed to fix that disparity would have nothing to pitch any more. It's just easier this way.

                          And while I don't really share 78's ultra casual views on the matter, I do think he's correct in saying you have to just accept it and put in the extra work to cover yourself. No different than watching people file their taxes in 15 minutes and having a refund in the first week of Feb vs pouring over files for months, having multiple meetings with your accountant and waiting until the last possible second to write a check. On the surface it sucks and is obviously much more laborious, but it's certainly the better of the two alternatives.

                          Anyway, forget all this wasted energy and focus on getting BMF a mortgage.
                           
                          • Concrete Helmet

                            Concrete Helmet Hook, Line, and Sinker
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                          • Bushmaster

                            Bushmaster Well-Known Member
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                            Unless the estate tax hits you, then look out.

                            I had an estate years ago that was in excess of 15m. ran the numbers and it would have cost less to ignore the step up and pay capital gains than pay the estate tax.

                            What this effects, with Biden's bull**** no step up plan, it is going to ass rape the vast majority of America since there are very few taxable estates. It is also going to make estate planners jobs a hell of a lot harder trying to determine the basis in some asset bought 50-60 years ago.
                             
                            • Concrete Helmet

                              Concrete Helmet Hook, Line, and Sinker
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                              Well in 78's opinion he thinks everything should be taxed around 50-60%....basis be damned.
                              By the way can someone explain to me this magical pixie dust or fairy tokens that I'm supposed to use to buy assets from now on that doesn't get triple taxed while I own it and then rammed in the sh!tter for nearly half when I want out? :rotfl:
                               
                            • soflagator

                              soflagator Senior Member
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                              Of course it will. It always does. It's why(or one of the reasons) the majority of those middle Americans swung to Trump in 2016. And it will do nothing of substance for the bottom portion in terms of improving their lot in life, which is why that group--after 16 out of 24 years with a D in the WH--wanted not simply a continuation of left leaning policies but a radical move that direction in Bernie. Again, you're not going to tax or policy your way out of this. It will just take 4-8 to have those middle tier people swing back. On and on we go.
                               
                            • Egor's Assistant

                              Egor's Assistant Currently Transitioning
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                              Dude, they're called Oxbucks, and you have plenty.

                              I'm still waiting on that pay-off you promised so we can established proper conversion ratio of OXB to $USD.
                               

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