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Millionaires: Raise Our Taxes To Address Poverty, Fix Roads (go.com)
jones_supa writes from an article on ABCNews: More than 40 millionaires, including members of the Rockefeller and Disney families, are asking to have their taxes raised to help address poverty and rebuild failing infrastructure. The millionaires wrote a letter to Democratic Gov. Andrew Cuomo and top New York lawmakers proposing new, higher tax rates for the top 1% of earners in the state. The letter says that additional revenue would help addressing child poverty, homelessness and aging bridges, tunnels, water pipes and roads. "As New Yorkers who have contributed to and benefited from the economic vibrancy of our state, we have both the ability and the responsibility to pay our fair share," the letter states. "We can well afford to pay our current taxes, and we can afford to pay even more." The tax plan, known as the one-percent tax plan, was worked out in conjunction with the Fiscal Policy Institute, a left-leaning economic think tank.
Here you go:
https://www.fms.treas.gov/faq/...
There's already a spot on tax forms to contribute more if you like. The Rockefeller's in particular, and the Disney family is in bed with them don't actually want their taxes raised, because they can silently raise them all by themselves with that one little blank on the tax form and send in all they want. (we'll ignore the fact many of them have bought personal loopholes that eliminate or greatly reduce their taxes for now) They want to hinder the nouveau riche from reaching their level and to install multiple levels of glass ceilings to keep people from breaking into the next bracket and becoming competition.
If you've got someone else who's got a lot of money - even if it's not as much as you have - the price of bribing your favorite politician goes up.
The motive here isn't to help those of use struggling to make it, it's to make sure more people are struggling.
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Competition is why. Think about it. If `everyone` has to pay, the playing field is level. This is what Warren Buffet has been explaining tirelessly for decades. So yeah, this question goes in the "answered a long time ago" bucket.
Samsung took back my unlocked bootloader because Google wants me to rent movies. They're both evil.
Governments are not allowed to take donations
Except when they are...
Taking guns away from the 99% gives the 1% 100% of the power.
Because these are people who are proposing raising INCOME TAX on upper middle class people who work for a living...not that I rtfa, but this is the game that has been played for the past 40 years by these people, so don't expect them to change their tune.
I know reading the fabulous article is passe, but you might want to try it from time to time. For example, had you rtfa you would have noticed that the tax increased don't kick in unless you make more than $655k per year. If that is your idea of an upper middle class income, I would love to have you for an employer. I'd be rich.
But hey, it's not like we can expect you to be informed just because the article is conveniently linked in the header these days.
Minne-snow-da: Winter is comming...
this is for income taxes stupid. most of these people make most of their income from dividends and other non-salary income which is taxed at much lower rates
"Qualified" dividends are taxed at a lower rate, "ordinary" dividends are taxed as ordinary income. I know, I get both from my investments, in addition to income from my job.
Qualified Dividends vs. Ordinary Dividends
It must have been something you assimilated. . . .
Normally I don't reply to AC, but there is so much stuff that is so wrong with this post, I couldn't resist...
If someone holds stock for 20 years and it goes from being worth $100,000 to $20,000,000 there is nothing to tax.
There is if you sell it. There would be a taxable gain of $19,900,000. We're talking about taxable events, like selling things, receiving a dividend, or earning a paycheck.
Any more than you can tax someone on their home value increasing or someone holding an asset that becomes more valuable with time.
My annual property tax bill disagrees with your completely wrong assertion.
Plus rich people are smart, you don't cash in the stock --- you do things like take a loan against the stock.
Oh, my. A little knowledge is a dangerous thing. I'm sure somewhere at some point you read about some rich person 'taking a loan against their stock'. But I think you misunderstand why they do that. A CEO of a company might want to cash out (for whatever reason), but doesn't want to make it look like he is bailing out on his company. Or somebody has stock that has a sell restriction on it. Because, you see, there isn't a good TAX reason to take a loan against the stock. You have to pay that loan back, with interest. How do you pay the loan back? With... wait for it... MONEY! That money has to come from somewhere. Probably from, oh, I don't know, selling some stock? Which generates a taxable gain. So they haven't avoided any taxes at all.
Or you don't sell a building --- you sell the company that owns the building --- thus no real estate transaction occurred.
[face-palm] Wow. Just... wow. You do realize that the building is part of the value of the company. And you will be taxed on the gain of the value of the company. So, unless they plan to sell the company at a loss, I don't see how they avoid paying taxes. Again. As far as property taxes go, that only helps the purchaser of the company/building. It in no way helps the seller, because they no longer own the building. Obviously.
Corporation account and wealthy people accounting is in an entirely different dimension.
And your understanding of either is nearly non-existent.
You don't understand accounting at all
[giggles]
You are very misguided....
From Google: The top 10 percent pays 53.3 percent of all federal taxes. When looking at just federal income taxes, they pay 68 percent of the burden. The top 1 percent pays 24 percent of all federal taxes compared to 35 percent of all federal income taxes.
Of course, in the US the top 1% own 40% of the countries wealth, and the top 10% own somewhere around 80%.
Stephan
Your understanding is also flawed. If you have enough stock, you don't need to repay loan during your lifetime. When you die, the loan is repaid from your estate. Crucially, this repayment happens before estate taxes are paid.
So, yes, there is a way to avoid paying taxes on stocks that you receive, even though you were able to turn the stocks into cash.
The real "Libtards" are the Libertarians!
Then he should advocate that others follow his example and give to reputable charitable organizations that do social good, that generate more "good" per dollar than the government.
Umm, well, he's pretty well-known for advocating precisely that. Do you actually know anything about Warren Buffett?
To recommend something that contradicts his actions, paying more in taxes, something that generates less "good" per dollars does not make sense ...
Unless it's the only way to pry the money from the fingers of scrooge-like billionaires who don't want to voluntarily give up their money to charity. Again, government taxes can compel them to, while private charities can't. So it's much better than nothing, as long as it's still working in the right direction (according to Buffett's ideology, anyway).
unless there are ulterior motives. Perhaps furthering his political party is worth a little "less" social good in his mind, or it is good business sense to be known as the "good" wall street'er and have a seat at the political table in this era of increased reform and regulation.
I have no doubt that he gains various benefits from most deals he strikes. On the other hand, one of those benefits may be satisfaction in altruistic acts.
You're working too hard here to demonize him. Sure, he's a rich guy and probably has all sorts of motives. But your insistence that he is hypocritical for giving to one charity for social good and ALSO wanting to force other rich people to give their money to government for social good... well, I really don't get how that's supposed to be hypocrisy.
> Really? tell that to Sweden, Norway,Denmark and Finland..
Not terribly innovative.
If I had to depend upon them for my health, I would be DEAD.
"happiness" and "standard of living" are things that get reduced to meaningless statistics spun to support whatever agenda is on tap.
They fail to capture the things like lack of central heating and high electricity costs that drive people to use pellet driven space heaters that would make American trailer trash chuckle.
The stuff in bold is to highlight what absolutely serious bullshit you just uttered. ....
https://healthmanagement.org/c...
https://en.wikipedia.org/wiki/...
They have a better health care which is paid through taxes. now while private healthcare is also available , which gives choice, the state healthcare there is top notch and for you to suggest otherwise is either blatant ignorance or wilful ignorance or.. just disingenuous.
BTW you do realise that they have central heating in abundance.. oh and electricity is CHEAPER in Sweden, for example, than the USA
Basic (Electricity, Heating, Water, Garbage) for 85m2 Apartment 148.31 $ (1,221.12 kr)(USA) 86.48 $(712.04 kr) (SWE) -41.69 %
-41.69% cheaper....
so how are you trailer trash chuckling now at paying nearly 42% more than those pesky Scandinavians?
If you are going to make a statement about something , make sure your argument cannot be humped with very very very very little effort