this post was submitted on 15 Apr 2024
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so you're saying they're billionaires, but ackshually they're cash poor? They have that much in assets specifically because they can't be taxed on it. they funnel all their income through LLCs and corporations so that they can write off their expenses on their tax returns as corporate expenses.
Tax them on their income, then tax them on their assets. It's not unprecedented, they tax our real properties based on value, why not tax the super rich based on their assets as well?
Apparently Warner Brother's (and other's of the same) can produce and shelve a movie, and use it as a tax write-off. So if my taxes can prop up an industry that has the ability to "conveniently" shelve their works, while recouping a bad investment...why aren't their shelved movies "public domain"? We kinda paid for them the moment they became a write-off
If I paint on canvas, and decide to never even try and earn income from it; do I get to recoup my losses in supplies? Or does the "standard deductible" override my loss, and the tax-burden falls back (again) on the working class? Or I'm dumb and don't understand taxes, so please enlighten me
Nah son, I agree with you. We gotta simplify the tax code and get rid of tax write-offs. Business should be taxed on gross income, not net income.