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Bernie and Bill Gates

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(@southern-psu-fan)
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I have to agree with ole Bernie about the filthy Rich paying more in taxes. Guys like Bill Gates that’s earned over 2 billion dollars should be put in a 75% tax bracket because these dudes have more power than the government. 25% of a billion dollars is still a shit pot full of money and these dudes like Bill Gates needs to help. I want Bill Gates rich but he needs to pay his fair share. Ole Bernie wants 100% but ole southern thinks 75% will do that way Bill Gates still keep that drive going on making money. I ain’t no socialist either lol maybe after 5 billion I give ‘em a little slack lol

This topic was modified 1 year ago by Southern psu fan

   
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(@southern-psu-fan)
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I’m talking about filthy nasty rich guys like gates, Bezo and musk just to name a few. Not just picking on gates there’s a few that need to step it up and pay. Just saying now I was reading and saw Bernie complaining about the rich lol


   
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(@psugrad81)
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What some folks don't understand is that they would pay the same percentage as everybody else on the lower end of their money. The higher percentages would only be on the top part of their money.


   
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(@roaminglion)
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Posted by: @southern-psu-fan

I have to agree with ole Bernie about the filthy Rich paying more in taxes. Guys like Bill Gates that’s earned over 2 billion dollars should be put in a 75% tax bracket because these dudes have more power than the government. 25% of a billion dollars is still a shit pot full of money and these dudes like Bill Gates needs to help. I want Bill Gates rich but he needs to pay his fair share. Ole Bernie wants 100% but ole southern thinks 75% will do that way Bill Gates still keep that drive going on making money. I ain’t no socialist either lol maybe after 5 billion I give ‘em a little slack lol

The problem is people like Bill Gates don't have salaries. They don't really have an income, so to speak. He makes or loses money mainly on stock, and until sold it's unrealized... so not taxable.

A 75% bracket wouldn't do much to someone who's not really pulling in a salary, you'd have to come up with a way to tax stocks... which is very problematic because it's not money. You'd be taxing something he hasn't actually made or lost money on yet, until he actually sells it and makes money. Sketchy at best, Europe tried this with so called wealth taxes and they are scrapping the idea because it sucked.

You also have to take into account what state someone lives in. People in Texas and Florida are paying a lot less in taxes than someone in California. In Texas it's 35%, in California they are paying more like 45-47% due to state taxes.

TL;DR - It's a lot more complicated than simply raising a tax. I'd much rather they close the loopholes first... something along the lines of once you pass a certain threshold, wheter you set it at a million or 10 million, you pay the highest tax rate on it no matter what. So everything over 10 million is 35%, no getting out of it. Nothing to claim, no deductions, nada. If you made 15 million, you pay 1.75 million (35%) tax on that last 5 mil. It's what the Alternative Minimum Tax is supposed to do, but again loopholes serve as ways around it.

IMHO

 

This post was modified 1 year ago by roaminglion

   
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(@psugrad81)
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@roaminglion I agree with you completely. The other bad thing is when you have that much money you can always fine someone who is really good at finding those loopholes.


   
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(@southern-psu-fan)
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@roaminglion  well we need to close every loophole there is on anything over let’s say 5 billion dollars. Gotta find a fair way to make billionaires pay taxes even if they have to sell stocks to pay taxes. I want to be fair about it just find a way. I don’t understand how all this crap works but I’m sure there’s a fair way to get it done. We need billionaires and we want them to make money but we also want them paying taxes. I know it’s complicated. That’s some good information Roam thanks.


   
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(@been-there-ii)
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@southern-psu-fan There a difference between net worth and income. No one is taxed by net worth, other than property taxes but that sounds like what you're trying to say income taxes should be based on. You think tax codes are ugly now, try to pry open that can of worms.

This post was modified 1 year ago by Been There II

   
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(@roaminglion)
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Posted by: @southern-psu-fan

@roaminglion  well we need to close every loophole there is on anything over let’s say 5 billion dollars. Gotta find a fair way to make billionaires pay taxes even if they have to sell stocks to pay taxes. I want to be fair about it just find a way. I don’t understand how all this crap works but I’m sure there’s a fair way to get it done. We need billionaires and we want them to make money but we also want them paying taxes. I know it’s complicated. That’s some good information Roam thanks.

That's not a good option IMO, because you're essentially forcing someone to sell something they own just to pay taxes on it.

 


   
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(@southern-psu-fan)
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I’m sure y’all know more than me about this stuff so maybe there ain’t a way. Me and ole Bernie just might have to deal with it lol can y’all tell I had to pay this year lol

This post was modified 1 year ago by Southern psu fan

   
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(@been-there-ii)
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@southern-psu-fan lol I'm going to take that as, in addition to what the Feds withheld. Get yourself a farm! You'll always have deductions for that kind of money pit! Or get a slipperier accountant. huh emoji problems again. ; )

This post was modified 1 year ago by Been There II

   
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(@southern-psu-fan)
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@been-there-ii  listening to Bernie, watching the news on the border crisis and writing a 6k dollar check to the IRS is tough on a man BT…a lesser man would’ve shot himself lol


   
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(@southern-psu-fan)
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I came out good on a few moves I made and that’s always the goal and I did a few other things hoping it would make up for the taxes and it didn’t do as well as I hoped. I owed the money and had it put back I was just hoping to keep it. You win some and you lose some lol. Ole southern had to pay his fair share baby lol. Dang guys it feel good outside this morning we’re down here at the lake still working to get ready for my beautiful wife’s 50th birthday bash 


   
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(@been-there-ii)
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@southern-psu-fan 56 deg here, wind is blowin' pretty good out of the north, off lake Ontario. lol Even I have my coat on. 

Happy Birthday to Mrs Southern!


   
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(@southern-psu-fan)
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@been-there-ii thank you brother


   
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(@sky)
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The US government is the worst arbiter of money. How do politicians like Biden spend a career in government and end up with millions? I enjoy stories where people work off the books so they don’t have to pay taxes. 


   
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(@roaminglion)
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Posted by: @sky

The US government is the worst arbiter of money. How do politicians like Biden spend a career in government and end up with millions? I enjoy stories where people work off the books so they don’t have to pay taxes. 

"I enjoy stories of people who break the law and use all the resources that taxes pay for like roads, bridges, police, etc."

Just a little joke

 

This post was modified 12 months ago by roaminglion

   
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(@been-there-ii)
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@sky Works ok, if they smart enough to put the money away for retirement. But could bite them in the Rutgers when it comes time to collect SS. Have a couple in-law, general construction guys that took cash as often as they could to avoid taxes. They're still working, 'cause they "can't afford to retire".


   
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(@southern-psu-fan)
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@been-there-ii  I want my $6000 back lol. I thought I had ‘em brother lol

Joe Biden has followed all the rules to be president. If we don’t like it, vote him out. Ole Southern tries to fix it where whoever the president is doesn’t really affect me but in the end if I got a good president everybody else does too. If I got a bad president everybody else does too. That’s just the truth lol

This post was modified 12 months ago by Southern psu fan

   
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