Are you on Team Bollinger or Team Rivian?

[JSH]

Originally Posted by freebeard

Something to think about I guess. What happens to individual income taxes?

They would go up modestly for people like me and a whole lot for people like Warren Buffett (which he recommends). It shouldn't effect people in the bottom 90% much at all since they own very few stocks.

The current capital gains tax rate is 20% over about $440,000. That is less than the 22% tax rate for "earned" income from $40K to $84K.

Someone making $500K at a W2 job pays $150,192 in Federal Income Taxes (30%) That "earned" income also is taxed an additional 15.3% for payroll taxes (up to the $132,900 cap) so that is another $20,334.

The finally tally for $500K in "Earned" income is $170,536 (34.1%)
Someone making $500K on investment income only pays $100,000 (20%)

[Hersbird]

I agree, income is income no matter how you got it. That also includes inheritance, gifts, proceeds from the sale of property, and capital gains from traditional investments.

[cRiPpLe_rOoStEr]

Originally Posted by Hersbird

income is income no matter how you got it. That also includes inheritance, gifts, proceeds from the sale of property, and capital gains from traditional investments.

I am already unfavorable to income tax at all, but when it comes to inheritance it seems even more unfair for the government to tax it.

[Hersbird]

Originally Posted by cRiPpLe_rOoStEr

I am already unfavorable to income tax at all, but when it comes to inheritance it seems even more unfair for the government to tax it.

I agree, all income taxes are unfair, but some people's only income ever comes from an inheritance. The key IMO is to set one fair rate for all. Too many are to the point of never paying income tax

[cRiPpLe_rOoStEr]

Originally Posted by Hersbird

The key IMO is to set one fair rate for all. Too many are to the point of never paying income tax

Income taxes are inherently unfair and will ever be. Having a high income shouldn't be treated as some sort of crime.

[Piotrsko]

There is a series of Sci-fi books that explain the tribulations of making a fair tax, most of which lead to revolution.

[rmay635703]

Originally Posted by Piotrsko

There is a series of Sci-fi books that explain the tribulations of making a fair tax, most of which lead to revolution.

I watched the movie trilogy of same,
Worst movie ever

[cRiPpLe_rOoStEr]

I didn't read the book, neither watched the movie.

[freebeard]

I didn't read the book, neither watched the movie.

Star Wars?

[cRiPpLe_rOoStEr]

Originally Posted by freebeard

Star Wars?

Believe it or not, I never took the time to watch it.