submitted 1 month ago by FlyingSquid to c/aboringdystopia
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[-] [email protected] 1 points 1 month ago* (last edited 1 month ago)

Okay but if you take out a loan then you need to repay the loan with income which is taxed, so...

It's already being taxed...

That said it's probably being taxed at a lower rate due to the 2016 reform adding tax breaks for said circumstances and being able to have a lower annual income over the duration of the loan, so I definitely advocate for tax reform that undoes the damage by the GOP at least.

[-] BrianTheeBiscuiteer 4 points 1 month ago

You can repay a loan with money from a different loan. And they only just need enough money to cover the interest. For most of them the repayment doesn't come until they die and even then they pull as many tricks as possible to make it look like their estate is worth less than it is. Either way the amount of money these guys live off of is a tiny percentage of their entire wealth. 100M loan for a new mansion? That's not even 0.05% of Elon's wealth. Even $1 billion is a lot of fucking money. I don't care how illiquid your wealth is, if it's over $10B you're just hoarding it and it's doing fuck all for the economy.

[-] [email protected] -1 points 1 month ago

Okay but that doesn't justify taxing all unrealized gains for everyone, does it? Just tax the rich, or add laws against perpetual refinance without income.

Sidenote: If Elon Musk could do such a convoluted scheme then he wouldn't have sold Billions of Tesla stock a couple of years ago and paid Capital Gains taxes in the billions. I believe with all my heart that Elon is such a POS that he would have absolutely wormed his way out of that sort of requirement if it were so easy.

[-] [email protected] 6 points 1 month ago

Listen, Jim - how much do you realistically own in unrealized gains? It doesn't even matter to be honest - since you're shit posting on the Internet, I wouldn't put your net worth much higher than $10-20 million - and that's me being an absolute philanthropist, in terms of how much "benefit of the doubt" I'm willing to afford an Internet shit poster.

Even if you were somehow blessed to have more than that - you still wouldn't qualify as one who needs to pay this kind of wealth tax.

Where'd you get the idea that it would "tax all unrealized gains"?

[-] [email protected] 2 points 1 month ago

For just stocks mine is a pretty lowly $6,198 USD right now, National Average according to Federal Reserve Data says $87,000 Median and $333,945 Mean.

You said:

Even if you were somehow blessed to have more than that - you still wouldn’t qualify as one who needs to pay this kind of wealth tax.

But that's not what the meme says at all. The meme says nothing except that unrealized gains should be taxed. That's not good enough, you need to be more specific.

The Vast Majority of US Citizens do not have adequate retirement savings, and we've got this Meme saying a 2.98% annual unrealized gains tax is a solution to problems? We need to be a lot more specific about when and how this tax works if we want to avoid harm.

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this post was submitted on 15 Apr 2024
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