Elizabeth Warren proposes "Wealth Tax"

[Secure Da Bag]

I guess I'm caught up in extremes then but if someone doesn't any no better than aren't they both forgivable

• Her family told her she's Native American. She claimed it. Who knows if she knew the tribal codes/rules.
  
• He was going to parties in blackface among KKK costumes. Even if I gave him the extreme benefit of the doubt and assume he didn't know about minstrel shows. There's no way in hell he didn't know about the KKK, its history, and how offensive it is. And yes, they damn well knew of it in the 80s.

So, yes, in the most pristine scenario, two people who do offensive things but completely have no idea it's offensive or wrong, could be forgiven. But that's not what happened here.

 

[Perfectson]

• Her family told her she's Native American. She claimed it. Who knows if she knew the tribal codes/rules.
  
• He was going to parties in blackface among KKK costumes. Even if I gave him the extreme benefit of the doubt and assume he didn't know about minstrel shows. There's no way in hell he didn't know about the KKK, its history, and how offensive it is. And yes, they damn well knew of it in the 80s.

So, yes, in the most pristine scenario, two people who do offensive things but completely have no idea it's offensive or wrong, could be forgiven. But that's not what happened here.

Says you!

But let's go back to the argument at hand

Why can't we close the tax loop holes instead of a compounding tax in the rich ?

 

[Secure Da Bag]

Why can't we close the tax loop holes instead of a compounding tax in the rich ?

We should (be able to). But I'll ask this again, which loop holes?

 

[Perfectson]

We should (be able to). But I'll ask this again, which loop holes?

I could name them but you guys don't understand it.

but let's start the discussion

1) moving profits or booking profits abroad, particuarly in Ireland and Cayman(which apple has done historically)

2) playing with accedlerated depreciation, which enables write offs that helps companies reduces taxable income

3) allowing for executives to purchase stock at discounts then deducting the payouts as losses

4) tax breaks that function as subsidies (i.e. drilling for gas and oil).


Solutions have been written by ITEP (institute of taxation and economic policy)

Recommendations for Reform:

• Congress should repeal the rule allowing American multinational corporations to indefinitely “defer” U.S. taxes on their offshore profits. This reform would effectively remove the tax incentive to shift profits and jobs overseas.

• Limit the ability of tech and other companies to use executive stock options to reduce their taxes by generating phantom “costs” these companies never incur.

• Having set “bonus depreciation” on a path toward expiration at the end of 2019, Congress should take the next step and repeal the rest of accelerated depreciation, too. At a minimum, lawmakers should resist calls to expand these tax breaks by allowing for the immediate expensing of capital investments.

• Reinstate a strong corporate Alternative Minimum Tax that does the job it was originally designed to do.

• Increase transparency by requiring country-by-country public disclosure of company financial information, including corporate income and tax payments, through filings to the Securities and Exchange Commission.

On paper at least, federal tax law requires corporations to pay 35 percent of their profits in federal income taxes. In fact, while some of the 258 corporations in this study did pay close to the 35 percent official tax rate, the vast majority paid considerably less. And some paid nothing at all. Over the eight years covered by this study, the average effective tax rate (that is, the percentage of U.S. pretax profits paid in federal corporate income taxes) for all 258 companies was only 21.2 percent.

• In 2015, 29 companies paid no federal income tax, and received $1.46 billion in tax rebates. In 2014, 28 companies paid no income tax, and received $1 billion in rebates. In 2013, 32 companies paid no income tax, and got $3.9 billion in rebates. (See Appendices with year-by-year results.)

Tax subsidies for the 258 companies over the eight years totaled a staggering $527 billion, including $50 billion in 2008, $65 billion in 2009, $74 billion in 2010, $79 billion in 2011, $65 billion in 2012, $72 billion in 2013, $70 billion in 2014, and $52 billion in 2015. These amounts are the difference between what the companies would have paid if their tax bills equaled 35 percent of their profits and what they actually paid

how do you pay no federal income tax and get $1.46 B in rebates? Cmon! You guys want to tax the wealthy? Warren plan states it would generate 2.75T over 10 years (and we all know that number is probably wrong and lower after administration and people hiding assets), whereas you can easily close the tax loop holes that have benefitted corporations to the tune o $0.5T in 8 years.

There's other tax loop holes the deferral system and the reset on the inheritance taxes/gains....this can easily be resolved by cleaning up the tax code instead of adding another layer...that isn't about being fairl

 

[FAH1223]

 

[mastermind]

I’m sure Bezos would have a tough time living with $24 billion.

 

[Secure Da Bag]

Bernie Sanders' wealth tax would raise $1 trillion less than he estimates, Wharton study shows

Elizabeth Warren's wealth tax would raise $1 trillion less than she estimates, Wharton study shows

 

[EndDomination]

Bernie Sanders' wealth tax would raise $1 trillion less than he estimates, Wharton study shows

Elizabeth Warren's wealth tax would raise $1 trillion less than she estimates, Wharton study shows

The Wharton study is as speculative, even with its attempt at predictive modelling, as all of the other institutional studies.

Putting hard numbers down on the potential from a massive tax change is a fools' errand: even the IRS cannot pull reliable estimates from year to year.

 

[Geek Nasty]

she talked about this openly. She grew up in I think Oklahoma in a conservative background until she understood what was going on in this country. That’s how she went from teacher to activist to senator.

 

[GnauzBookOfRhymes]

The thing is that you don't even need to do it at the level that would bring Bezos down to 20 billion. A cpl percentage points every year would pay for a lot of this shyt we're currently stressing over.