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  1. #26
    Got Woke? DMC's Avatar
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    Of course Im jealous. I pay 30% taxes while these s pay single digits mostly

    Only an idiot would not be pissed, Nancy
    Too cheap to hire an accountant
    Penny wise, pound foolish

    Probably has gargoyles in front of his house

  2. #27
    Got Woke? DMC's Avatar
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    poor rich people

    The middle class pays a wealth tax in the form of property tax on their home
    Goalpost move sighted

    Property taxes has made many a millionaire into a working man again.

  3. #28
    若いパイパン大好き baseline bum's Avatar
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    Yep. A very simplistic analogy would be a middle class home owner who's home value doubled over the last few years. He shouldn't have to (and isn't required to) pay taxes based on the new value.
    ??? In Texas your property tax can go up 10% in a year, so your property tax could double in 7 years.

  4. #29
    Veteran SpursforSix's Avatar
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    ??? In Texas your property tax can go up 10% in a year, so your property tax could double in 7 years.
    It's why I said it was a simplistic comparison. I was really just talking about being taxed by the IRS for gains that you hadn't realized.

    So in the last few years, someone's home value could have easily doubled but it would be completely unfair for the IRS to expect you to pay taxes based on that increase.

    As to property tax, that's a whole 'nother level of bull . We live in a home built in the 90's in the country. But now that there's been a bunch of developments built, our home is getting comp'd against brand new homes on a square footage basis. And as to property taxes, they never go down.

  5. #30
    Got Woke? DMC's Avatar
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    nm

  6. #31
    Veteran hater's Avatar
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    poor rich people

    The middle class pays a wealth tax in the form of property tax on their home
    the re s here bending over backwards for their idols Musk , Buff3t and Zucka

  7. #32
    4-25-20 Will Hunting's Avatar
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    Of the numerous issues our tax code has in terms of not taxing rich people enough, I don't see the issue with unrealized capital gains going untaxed, which seems to be the crux of the complaint.

    The much bigger problem is the bull myth that capital gains should be taxed at a reduced rate because taxing them at the ordinary income tax rates would "impede innovation."

  8. #33
    Veteran hater's Avatar
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    Ive worked for big corps that maintain billion $ private funds. They have entire departments of tax experts and lawyers for compliance.

    Using things like creating d9zens of s companies for each deal they reduce their taxes to basically nil. And thats just a minuscule thing in their arsenal.

    and idiots here think billionaires play by the book
    Last edited by hater; 06-11-2021 at 11:08 AM.

  9. #34
    Veteran SpursforSix's Avatar
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    Of the numerous issues our tax code has in terms of not taxing rich people enough, I don't see the issue with unrealized capital gains going untaxed, which seems to be the crux of the complaint.

    The much bigger problem is the bull myth that capital gains should be taxed at a reduced rate because taxing them at the ordinary income tax rates would "impede innovation."
    This is right. One year (or whatever) is just an arbitrary cutoff. It should all be taxed the same.

  10. #35
    Veteran SpursforSix's Avatar
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    Ive worked for big corps that maintain billion $ private funds. They have entire departments of tax experts and lawyers for compliance.

    Using things like creating d9zens of s companies for each deal they reduce their taxes to basically nil. And thats just a minuscule thing in their arsenal.

    and idiots here think billionaires play by the book
    I think most billionaires do play by the book. No reason not to. They have tons of tax advantages without having to do anything illegal to minimize what they pay in. I'm sure they have the best accountants to ensure that all their benefits are by the book.

  11. #36
    4-25-20 Will Hunting's Avatar
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    I think most billionaires do play by the book. No reason not to. They have tons of tax advantages without having to do anything illegal to minimize what they pay in. I'm sure they have the best accountants to ensure that all their benefits are by the book.
    Right. The issue isn't the players, it's the game.

  12. #37
    4-25-20 Will Hunting's Avatar
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    Ive worked for big corps that maintain billion $ private funds. They have entire departments of tax experts and lawyers for compliance.

    Using things like creating d9zens of s companies for each deal they reduce their taxes to basically nil. And thats just a minuscule thing in their arsenal.

    and idiots here think billionaires play by the book
    Not sure specific tax benefit you're even talking about but creating multiples en ies for each new deal isn't some novel concept and it does nothing in and of itself to reduce tax liability , most of those en ies are pass through LLCs that get taxed the same way that their parent en y does.

  13. #38
    Veteran SpursforSix's Avatar
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    Right. The issue isn't the players, it's the game.
    That's it in a nuts .

  14. #39
    Veteran hater's Avatar
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    I think most billionaires do play by the book. No reason not to. They have tons of tax advantages without having to do anything illegal to minimize what they pay in. I'm sure they have the best accountants to ensure that all their benefits are by the book.
    Making s companies in the Cayman Islands to avoid taxation is not playing by the book. IMHO

  15. #40
    Veteran SpursforSix's Avatar
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    Making s companies in the Cayman Islands to avoid taxation is not playing by the book. IMHO
    Which billionaires are doing this?

  16. #41
    Veteran hater's Avatar
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    Which billionaires are doing this?
    Better question is who doesnt


    According to an early report on the study in The Guardian, Henry’s research

    shows that at least £13tn [$21 trillion] – perhaps up to £20tn [$31 trillion] – has leaked out of scores of countries into secretive jurisdictions such as Switzerland and the Cayman Islands with the help of private banks, which vie to attract the assets of so-called high net-worth individuals. Their wealth is, as Henry puts it, “protected by a highly paid, industrious bevy of professional enablers in the private banking, legal, accounting and investment industries taking advantage of the increasingly borderless, frictionless global economy“. According to Henry’s research, the top 10 private banks, which include UBS and Credit Suisse in Switzerland, as well as the US investment bank Goldman Sachs, managed more than £4tn [$6.2 trillion] in 2010, a sharp rise from £1.5tn five years earlier.

  17. #42
    Mr. John Wayne CosmicCowboy's Avatar
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    Better question is who doesnt


    According to an early report on the study in The Guardian, Henry’s research

    shows that at least £13tn [$21 trillion] – perhaps up to £20tn [$31 trillion] – has leaked out of scores of countries into secretive jurisdictions such as Switzerland and the Cayman Islands with the help of private banks, which vie to attract the assets of so-called high net-worth individuals. Their wealth is, as Henry puts it, “protected by a highly paid, industrious bevy of professional enablers in the private banking, legal, accounting and investment industries taking advantage of the increasingly borderless, frictionless global economy“. According to Henry’s research, the top 10 private banks, which include UBS and Credit Suisse in Switzerland, as well as the US investment bank Goldman Sachs, managed more than £4tn [$6.2 trillion] in 2010, a sharp rise from £1.5tn five years earlier.
    Seriously dude...why would someone with a multi-billion legitimately earned net worth risk getting busted for tax evasion?

  18. #43
    Veteran SpursforSix's Avatar
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    Better question is who doesnt


    According to an early report on the study in The Guardian, Henry’s research

    shows that at least £13tn [$21 trillion] – perhaps up to £20tn [$31 trillion] – has leaked out of scores of countries into secretive jurisdictions such as Switzerland and the Cayman Islands with the help of private banks, which vie to attract the assets of so-called high net-worth individuals. Their wealth is, as Henry puts it, “protected by a highly paid, industrious bevy of professional enablers in the private banking, legal, accounting and investment industries taking advantage of the increasingly borderless, frictionless global economy“. According to Henry’s research, the top 10 private banks, which include UBS and Credit Suisse in Switzerland, as well as the US investment bank Goldman Sachs, managed more than £4tn [$6.2 trillion] in 2010, a sharp rise from £1.5tn five years earlier.
    That's good info but I'll need more than that if you're going to tie it into people like Buffet, Gates, etc.

  19. #44
    Veteran hater's Avatar
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    That's good info but I'll need more than that if you're going to tie it into people like Buffet, Gates, etc.
    Sorry cant divulge much more.

    Im 100% sure those 2 are doing it tho. And most are

  20. #45
    4-25-20 Will Hunting's Avatar
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    Seriously dude...why would someone with a multi-billion legitimately earned net worth risk getting busted for tax evasion?
    Particularly when you can already drive a Mack Truck through the current tax code without risking criminal liability

  21. #46
    4-25-20 Will Hunting's Avatar
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    Making s companies in the Cayman Islands to avoid taxation is not playing by the book. IMHO
    Sure it is, the problem is the book ing sucks and allows rich Americans to utilize overseas tax havens with impunity.

  22. #47
    Veteran hater's Avatar
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    Its not that they personally do this. They invest in these funds that have whole armies of ppl that will do this for them. All they say is a promise of a minimum 3x return on the investment and no need to ask any more questions.

  23. #48
    Believe.
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    hey - something we all knew for years and years -

    yet the cult still backed trump and his tax scam -

    same posters here - like hater - supported and voted for the biggest criminal offender and is #stillwithhim



    why is this suddenly news?

  24. #49
    Veteran hater's Avatar
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    Seriously dude...why would someone with a multi-billion legitimately earned net worth risk getting busted for tax evasion?
    Lol

    Theres zero chance of them.getting busted as its the Fund and Fund Managers who manage this money. As I said they have teams of tax lawyers and compliance experts.

  25. #50
    Veteran SpursforSix's Avatar
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    hey - something we all knew for years and years -

    yet the cult still backed trump and his tax scam -

    same posters here - like hater - supported and voted for the biggest criminal offender and is #stillwithhim



    why is this suddenly news?
    Sorry to inform you but taking advantage of tax loopholes isn't confined to one particular party. It's really the .3% (maybe even .1%) vs everyone else.

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