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'Absurd!': US Billionaires Pay Lower Tax Rate Than Working Class for First Time
(www.commondreams.org)
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this post was submitted on 04 May 2024
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I had to take an insane amount of loans out to get my nursing license. I'll be paying them off for over a decade. I don't like this idea
Easy, put a 1 million dollar limit (as in tax kicks in after 1 mil)
And exclude primary residence.
Imagine being being able to afford a residence
eexclude value of average (maybe median) cost of a dwelling off their dwelling.
fuck this "my primary dwelling is a $10m mansion"
Update the new personal exemption to 50k. 12.5k is no longer the poverty line.
There are numerous things to make this proposal reasonable.
Count as income depending on amount of loan, nature of collateral, and usage of the loaned money.
A loan taken out against primary residence used for purchase of same residence under a million dollars? Not applicable. Proceeds used for education, within reasonable limits? Not applicable.
When a loan is taxed as income, provide for tax credits upon repayment reconcile ultimate use of "real" income. That way you avoid the "double tax" compliant they keep whining about.
I find the tax loans approach ultimately the most workable approach to close the loopholes.
Exclude students loans and anything tied to an asset. These are unique loans only offered to the super wealthy or since there are equity based loans, just tax equity based loans
Aren’t all loans tied to assets?
No.
That rich get loans that basically last their lifetime. They are income replacement. They are not tied to home, a car, etc.
They are just avoiding taxes.
I don’t blame them. It’s smart.
It’s why politicians need to eliminate it.
And it’s tied to an asset. Stocks, real estate, something. That’s how loans work. The bank doesn’t just hand you money just for an IOU. It needs something to hold you accountable.
No it’s not. They are not buying an asset with. It’s sometimes back with with an asset as collateral but it’s not tied to an asset. The loan isn’t taken out to buy a home. It’s taken out as living expenses.
It’s why a consumption tax would fuck the rich.
Oh, you mean as the destination of the money. But I wouldn’t be too quick to use this as criteria. Lots of people use loans like that because they get poor. Think HELOC, reverse mortgages,… Having a minimum value below which you are exempt seems much better.
I didn’t exclude that from my comment.
One of the differences is with a heloc you have to make payments. The loans Elon gets for example don’t have payments.
They can live this way for years.
I’m not opposed to rich people. I’m opposed to gaming the system.
Loans to entities with more than 10 million net-worth then.