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Bernie Sanders issues scathing statement directed at Netanyahu
(www.independent.co.uk)
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this post was submitted on 26 Apr 2024
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False. Elon does not earn $1.5 billion a year. That is not his income. His net worth has nothing to do with his income.
That is also false. Income was taxed at 90%, not wealth. We have never taxed wealth because it is unconstitutional. Also, the tax code was very different back then, and only 1 person ever paid that level of tax. People had many more deductions than they do now.
How much more do you think your tax bracket should pay to keep the current rates for all the other brackets?
"buy borrow die" is totally income, dude. It's just not taxed, and step-up basis makes it worse.
The net worth is used to fund everyday expenses, it is effectively income.
If Bernie wasn't so dumb, that is where he would focus his angst. I suspect few people really understand that is how Elon supports himself through loans and not income.
One day, those loans have to be called, but until then, there is no income.
I wouldn't be surprised if those loans are repaid without realizing the gain of the collateral. Step-up basis is a huge tax dodge, and tax dodge is theft from all the people who would benefit from the things those taxes could pay for.
The way the rich use loans as income is unfair. Therefore the rich do not pay their fair share.
It would be interesting to see how many of the rich are using loans to bypass taxes.
I have only heard of a few cases dealing with tech wealthy people who are paid mainly in stock.
I do think it is an issue and something should be done about it.
It is a fallout from being a public company and we can regulate that much easier.
I think our whole tax system needs to be burned down and replaced.
If you agree the system is broken I encourage you to reconsider your prior statements about the rich not paying their fair share.
Rich people do a variety of shady stuff and keep it hidden (Panama papers), I wouldn't trust your lack of data points to mean it isn't a pervasive problem.
That’s moving the goalpost.
The pay their fair share of income tax.
The issue is there is a way to avoid income.
That’s the problem we need to solve. Technically they’re taking on debt to avoid taxes. Sounds reasonable but those are loans we couldn’t get. It’s just a tax avoidance system.
I'm done pretending you're a serious person arguing seriously.
Anyone can say "nuh-uh."
I also never said wealth was taxed. I said his income should be taxed (in response to your question).
You're misrepresenting my argument at every step like you always do. Your sealion question at the end is irrelevant; you have no idea how much I earn, and I'm not here to impress Internet strangers like you seem to be. Bet you're real close to that billion though if you keep grinding!
Bet it burns you up that you can't ban me from here.
Then, be more clear. Don't blame me because you can't articulate your thoughts well. You are talking about wealth but claim you are not talking about wealth. Elon does not earn $1.5 billion per year. That is factually inaccurate.
Funny how you're always the only one who has trouble understanding me.
That isn't true at all.
So can you back up any of your claims like Elon makes 1.5 billion a year in income or are we just done for now?
If I did would it change your mind?
If not, why should I bother? This isn't germaine, it's a distraction because you don't want to argue the actual point.
Stop trying to turn this into a discussion about me. I am acting in good faith.
You can't just make a claim and then refuse to back it while trying to have a real discussion.
You will see someone else brought up loans, and I agree that is an issue. That is why the ultra-wealthy can avoid taxes, and that is a problem we can solve without violating the Constitution.
Would it change your mind?
If not, it's irrelevant. So why are you so hung up on that?
You're playing games because you don't want to discuss the actual issue.
Fair enough, I understand you'll lose the debate.
Why do you keep avoiding the topic?
You made a claim that Elon is making $1.5 billion in income. If it wasn't important then why did you bring it up?
Anyway, I will chalk this up to you not understanding income, wealth, and taxes.
If you want to have a serious discussion, come back with some actual cites for your claim to discuss.
The irony burns