Thread: The Secret IRS Files: Trove of Never-Before-Seen Records Reveal How the Wealthiest Av

Originally Posted by Slick

Well, Amazon, Tesla, SpaceX, etc DID create a shitload of decent jobs did they not?

Not one of those companies exist because of failed trickle down economic policies. Not one. Try again.

Originally Posted by bsnub

failed trickle down economic policies

The definition of insanity...

Imagine being able to convince people that effective and affordable health care is a socialist plot but that corporate socialism benefits them more.

Originally Posted by AntRobertson

Imagine being able to convince people that effective and affordable health care is a socialist plot but that corporate socialism benefits them more.

It boggles the mind but that is the reality for a good part of the US they are totally hoodwinked and as the gif above states the more of the tax cuts there are the greater the income inequality becomes because the wealthy do not create jobs like these morons are duped into believing. Instead, the oligarchs use the tax cuts to consolidate wealth.

Originally Posted by bsnub

It boggles the mind but that is the reality for a good part of the US they are totally hoodwinked and as the gif above states the more of the tax cuts there are the greater the income inequality becomes because the wealthy do not create jobs like these morons are duped into believing. Instead, the oligarchs use the tax cuts to consolidate wealth.

Obama’s 2009 budget: $3.6 trillion.

Trump’s budget 2020 budget: $4.8 trillion.

Biden's 2021 budget: $6 trillion.


I'm sorry to say, bsnub, that's it's guys like you living in big cities in America (like Seattle) who will end up seeing your tax bill going up as the size of the U.S. government grows bigger and bigger.

The poor don't pay income taxes and the top 10% already pay 70% of income taxes.


The fact is that the place where the government can find more money is the middle-class taxpayers in big cities whose house prices and salaries go up and up each year — and they are the ones who will pay the price of a growing federal governent.

Originally Posted by Samuel

So, you're saying

Read what he said . . . it's quite clear without you putting your ridiculous and sophomoric spin on it.

Originally Posted by Samuel

So, you're saying that raising taxes and regulations on businesses won't have any negative effects on the economy?

It's just common sense, ant: Pretend that you are a business owner whose business is doing great with a big company and many employees. Then, a new president comes in and increases regulations and taxes on your business which affects your bottom line. Will you continue to hire new employees like you did before the new president came in with his policies or think twice about doing that?


Thinking twice — if millions of business owners are doing that (thinking twice about hiring more employees), what will happen?


Do you think that's good for the average joe who is looking for a job?


Anyways, not sure why radical left-wingers think business owners are the bad guys.


Do they think taxpayers should give their money to the government and then the government gives jobs to people?


Of course not — that's not the best way for a dollar to be spent in the U.S. economy.

I'm saying that trickle down doesn't work, never has and never will, it's a proven fallacy.

Just like the earth being flat.

Now then any truth to the rumor you're the poster formerly known as FRT and that you're also currently signed up to the TC forum under the 'Samuel' login specifically for the purpose to rant to / at a poster that has you on ignore there?

Originally Posted by AntRobertson

Now then any truth to the rumor you're the poster formerly known as FRT

This!

As for taxing wealth, as a U.S. taxpayer, much of my liquid wealth is in the form of my pre-tax IRA (converted from a pre-tax 401K).
As of 70 1/2 (now 72) I am required to take a required minimum distribution (RMD)that is calculated to draw down my balance over my projected lifespan.

Seeing as the ultra rich have been able to build up their wealth through various tax provisions, why should they not be forced to take distributions like working folk?
Current 'inheritors' of tax advantaged accounts (other than spouses) are required to draw down their balances over 10-years, with generous allowances for charitable contributions, but no ability to use step-up basis or generation skipping strategies.
Why not subject wealth built up under other tax deferring or avoidance provisions why not subject the wealthy to the same regime as working folk?

Originally Posted by mudcat

As for taxing wealth, as a U.S. taxpayer, much of my liquid wealth is in the form of my pre-tax IRA (converted from a pre-tax 401K).
As of 70 1/2 (now 72) I am required to take a required minimum distribution (RMD)that is calculated to draw down my balance over my projected lifespan.

Seeing as the ultra rich have been able to build up their wealth through various tax provisions, why should they not be forced to take distributions like working folk?
Current 'inheritors' of tax advantaged accounts (other than spouses) are required to draw down their balances over 10-years, with generous allowances for charitable contributions, but no ability to use step-up basis or generation skipping strategies.
Why not subject wealth built up under other tax deferring or avoidance provisions why not subject the wealthy to the same regime as working folk?

If you’ve got more money in your retirement fund than you need and you don’t want to cash it out then you should have opened your own brokerage account and bought ETF & Index with the extra money instead of asking these questions.

Asking why you have to cash out your retirement when the wealthy don’t have to cash out their holdings is an apples to oranges comparison because they are 2 completely different investment vehicles with completely different tax rules.

It hasn't taken so long...

IRS Is Investigating Release of Tax Information of Wealthy Americans
ProPublica published tax, income details of people including Jeff Bezos and Warren Buffett

Updated June 8, 2021 6:31 pm ET

WASHINGTON—Federal authorities are investigating the release of wealthy Americans’ tax information, Internal Revenue Service Commissioner Charles Rettig said Tuesday.

ProPublica, a nonprofit news organization, published details about the reported income and tax payments of some of the richest Americans, including Amazon.com Inc. Chief Executive Officer Jeff Bezos and Berkshire Hathaway Inc. CEO Warren Buffett.

Taxpayer information is confidential, and there are potential criminal penalties for IRS employees or others who release such information. Mr. Rettig told lawmakers that there were internal and external investigations beginning, with potential prosecutions to follow.

“I share the concerns of every American for the sensitive and private nature and confidential nature of the information the IRS receives,” he said during a Senate Finance Committee hearing that had been scheduled before the information was released. “Trust and confidence in the Internal Revenue Service is sort of the bedrock of asking people and requiring people to provide financial information.”

IRS Is Investigating Release of Tax Information of Wealthy Americans - WSJ

Originally Posted by bsnub

It boggles the mind but that is the reality for a good part of the US they are totally hoodwinked and as the gif above states the more of the tax cuts there are the greater the income inequality becomes because the wealthy do not create jobs like these morons are duped into believing. Instead, the oligarchs use the tax cuts to consolidate wealth.

I’m sure there’s a lot that boggles that alcohol soaked brain of yours, Bshit, but if there’s INCOME inequality, the solution is not to tax unrealized “wealth” and attack people for simply following the tax code. It’s about legislation and closing the gaps.

Im sure this point will bounce right off that smooth brain of yours but I’ll say it anyway:

You can have both - Wealthy people AND legislation to close the INCOME inequality gap. Wealthy people are not the problem, the government is the problem, and for people like you, your favored politicians have given you a boogeyman to blame for all your problems and you lap it up like a good little infant.

Balance the budget, stop bleeding and wasting money on shit overseas, put all those taxpayer dollars back into the country and its people, and legislate.

Originally Posted by Slick

Balance the budget, stop bleeding and wasting money on shit overseas, put all those taxpayer dollars back into the country and its people, and legislate.

So the opposite of what the GOP do then.

Originally Posted by Slick

your favored politicians have given you a boogeyman to blame for all your problems and you lap it up like a good little infant

And you vote GOP who tell you lies about trickle down and that poor, mostly brown, people are to blame for all your problems.

Originally Posted by AntRobertson

And you vote GOP who tell you lies about trickle down and that poor, mostly brown, people are to blame for all your problems.

If you can show me anywhere where the GOP says this or any post of mine where I say the above is my reason for voting GOP, I’ll never post here again.

Originally Posted by AntRobertson

So the opposite of what the GOP do then.

The opposite of what any of them do.

Originally Posted by Slick

You can have both - Wealthy people AND legislation to close the INCOME inequality gap.

I failed to notice where anyone claimed that you had to have one or the other. Maybe you could point that out to me.

This is where simpletons like yourself really prove that you have no idea what you are talking about. The rich have never paid less in taxes than they are paying today at any time in American history. Their tax rates have been cut constantly since Reagan was president, during that time wealth consolidation and income inequality has skyrocketed due to those failed policies. In the 1950s the highest tax bracket was 90% and America had the lowest income inequality in its history. There is a correlation.

The rich will be just fine paying higher taxes. No need to worry about them.

Originally Posted by Slick

your favored politicians have given you a boogeyman to blame for all your problems and you lap it up like a good little infant.

You really are an idiot, slick. Just what would my problems be exactly? I would really like to know.

Originally Posted by Slick

If you can show me anywhere where the GOP says this or any post of mine where I say the above is my reason for voting GOP, I’ll never post here again.

You are being silly.

It's implicit in their 'policies' and everything they do. Right as we speak they are engaged in a concerted and continued effort to disenfranchise overwhelmingly poor people.

Originally Posted by Slick

The opposite of what any of them do.

And yet you support the one that is objectively worse.

Originally Posted by bsnub

You really are an idiot, slick. Just what would my problems be exactly? I would really like to know.

Your problems are a direct reflection of your political leanings. You’re near broke, angry, resentful, and generally unhappy and that directly correlates with this fake internet persona you’ve fabricated over here. You’re full of hate and need a boogeyman to take it out on, and you’ve chosen the perfect strain of angry politics to allow you to do that.

You hate the “wealthy” you hate people with political views that differ from your own. Piss, vinegar, and low intelligence is your problem, Bshit.

Originally Posted by bsnub

In the 1950s the highest tax bracket was 90% and America had the lowest income inequality in its history. There is a correlation.

I’m sure WW2 had a lot to do with both the the reason why the bracket was so high, and why the economy took off after it was over.

But better not mention that little tidbit. Doesn’t suit the narrative.

Originally Posted by Slick

Your problems are a direct reflection of your political leanings. You’re near broke, angry, resentful, and generally unhappy and that directly correlates with this fake internet persona you’ve fabricated over here.

Do you remember when you posted a picture of your 5.0 in front of your ghetto ass neighborhood back in Floriduh dummy? You oilfield poverty ass motherfucka.

I am so happy to live and own property here in Seattle, dummy. You live in a shithole swamp no matter whether it is Thailand or Floriduh you fucking dropout loser.

Originally Posted by Slick

You hate the “wealthy” you hate people with political views that differ from your own. Piss, vinegar, and low intelligence is your problem, Bshit.

Hmm. What people would those be? Maybe you could name a few. You are sure not one of them.

You dumb motherfucker. Most of the wealth in this country is concentrated in blue states and almost all of the tech industry that drives the economy is progressive. What the fuck kind of fantasy world do you live in?

Oh ya fox news moron.

Originally Posted by OhOh

Not to interrupt, but

. . . the don't. Russian, Kiwi, Americans, Germans, Aussies and one Mainland Chinese (you) are in this discussion . . . and you bring in UK taxation law.

Originally Posted by OhOh

Not to interrupt

Thanks

Originally Posted by bsnub

Do you remember when you posted a picture of your 5.0 in front of your ghetto ass neighborhood back in Floriduh dummy? You oilfield poverty ass motherfucka.

I am so happy to live and own property here in Seattle, dummy. You live in a shithole swamp no matter whether it is Thailand or Floriduh you fucking dropout loser.



Hmm. What people would those be? Maybe you could name a few. You are sure not one of them.

You dumb motherfucker. Most of the wealth in this country is concentrated in blue states and almost all of the tech industry that drives the economy is progressive. What the fuck kind of fantasy world do you live in?

Oh ya fox news moron.

Your trash talk displays how you were brought up....

Originally Posted by Latindancer

Your trash talk displays how you were brought up....

...you were raised that threatening people, women included, with violence is appropriate?

Originally Posted by Latindancer

Your trash talk displays how you were brought up....

You abused your wife. There is now lower level filth than you, Karen.

But on their yachts they employ many people who will pay the tax. (Actually, they will not pay either, not having a fixed residence...)

At least their servants in their fixed mansions around the world, that's also quite a workforce...

Originally Posted by AntRobertson

Originally Posted by Samuel

Originally Posted by AntRobertson

Originally Posted by Samuel

The problem is that it's the rich (and upper-middle-class who own small companies) and corporations who create jobs. If taxes (and regulations) go too high, the rich will be discouraged from investing which is not good for the economy overall and not good for the average joe who is looking for a job.

It’s reached the point where seeing people still pushing the disproven ‘trickle down’ theory is like encountering Flat Earthers.

So, you're saying that raising taxes and regulations on businesses won't have any negative effects on the economy?

I'm saying that trickle down doesn't work, never has and never will, it's a proven fallacy.

I'm not talking about trickle-down (an abstract theory) — I'm talking about Biden's plans to raise taxes and regulations on businesses.

You must admit that that can have only a negative effect on all businesses in America, including small businesses which are just trying now to grow again after suffering during the pandemic.


One might say, well the business guys should have to pay more to the government because Biden is increasing the size of the budget and someone needs to pay for that spending.


The problem is that when Biden increases taxes and regulations on businesses it will affect their bottom line and they won't continue to hire employees as they had.


This is why small business people generally vote Republican at the local and national level — they want the government off their back, as it were.