Elon Musk is really growing on me

submitted by casparvoneverecBig tiddy respecter from self.debatealtright

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[–]Jesus 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (7 children)

The government is gubenmemt, govnor! US corp., is NOT a government. It is a self-funding corporation. Tax the billionaires as a percentage of income and capital gains tax as percentage of middle class working men and women income tax. Have strong regulators and a Swiss/Feder democratic process representing all sectors of society to vet what pooled tax is used for in regards to benefits, welfare, public works, Infrastructure, ect. Only at the cost that said taxes will never become a burden.

Since, the US was ingeniously chartered as a self-funding corporation (for them), issue US bank notes into local economies and build public banks allowing low interest credit for farmers with little capital.

[–]LetssavethefirsworldReturn to Jesus 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (6 children)

It's impossible to tax unrealized gains. You don't know what you're talking about.

Joke's on you LTCG is already taxed at middle class income rates. 23.8%

[–]Jesus 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (5 children)

No, it's not.

[–]LetssavethefirsworldReturn to Jesus 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (4 children)

Understanding the net investment income tax. In addition to the capital gains tax rates listed above, some high-net-worth individuals also have to worry about the net investment income tax. The net investment income tax is an additional 3.8% tax that helps fund the Affordable Care Act and applies to any income from investments, provided you make over $200,000 as a single filer or $250,000 if married filing jointly. In effect, this added tax on your capital gains income raises each capital gains tax rate by 3.8%. For long-term capital gains, the maximum tax rate becomes 23.8% as opposed to 20%. Additionally, for short-term capital gains, the maximum federal income tax rate becomes 40.8% rather than 37%.

https://www.millionacres.com/taxes/capital-gains/how-much-is-capital-gains-tax/

[–]Jesus 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (3 children)

https://upload.wikimedia.org/wikipedia/commons/thumb/3/3a/Federal_Capital_Gains_Tax_Collections_1954-2009_history_chart.pdf/page1-800px-Federal_Capital_Gains_Tax_Collections_1954-2009_history_chart.pdf.jpg

Tax should be higher for those over 1 million, if they chose to contract with US corp.

[–]LetssavethefirsworldReturn to Jesus 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (2 children)

I agree with you. I want a 50% rate for contracting with federal gov, but your chart is outdated. There's been major tax reform in this country since 2009 resulting in top LTCG rates going to 23.8%.

[–]Jesus 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (1 child)

There's also major loopholes and billionaires offshorign their income and doign shady things WHILE complaining about taxes. I say that if you, as a billionaire, complain about taxes while contracting with the US, you're a hypocrite and probably a criminal. stop contracting with the US, relinquish all tacit contracts and see if you can survive. Nearly none of these billionaires have ever homesteaded or tilled the soil once but are fine expoliting those who do.

[–]LetssavethefirsworldReturn to Jesus 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (0 children)

What's your point?