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income inequality debate

ChrisL68 said:
What are you going to do about subsequent events you could have an event that occurred between the time of the valuation date and the time that the taxes due that could have dropped the estates value from $50 million to much less.
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Who cares? That would just roll over into next year.

These are really dumb reasons. If someone Forbes says is worth $51M wants to spend $20,000 so they won’t be taxed $2,000, let them.

It’s pretty dumb to mock people for not knowing a sector of law that’s needlessly complicated for the sole purpose of hoarding wealth.
 
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ChrisL68 said:
So it can be done but it's going to be incredibly complex and convoluted and if you don't realize this then you're just not operating at a college-level understanding of finances, taxes or law at all
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But it doesn’t have to be. That’s the point. The only reason for it to be complicated is to help people hoard wealth. And even if it was complicated on the IRS end, it would generate many times the revenue that was spent.
 
PhDeac said:
But it doesn’t have to be. That’s the point. The only reason for it to be complicated is to help people hoard wealth. And even if it was complicated on the IRS end, it would generate many times the revenue that was spent.
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That's the point, isn't it? Fine, accept the lowest reasonable valuation. Still a huge win.
 
Shooshmoo said:
Thank you. Have a good night. Hope you're having a party because I bet you're fun at them.
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Seeing Charlie Hunter jam as we speak. I haven't seen anyone argue that its impossible to value estates.
 
PhDeac said:
Who cares? That would just roll over into next year.

These are really dumb reasons. If someone Forbes says is worth $51M wants to spend $20,000 so they won’t be taxed $2,000, let them.

It’s pretty dumb to mock people for not knowing a sector of law that’s needlessly complicated for the sole purpose of hoarding wealth.
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Should people be allowed to pay income taxes based on what entertainment weekly says their earnings are? How would you write that into law? I mock you because you make idiotic arguments and stick to your guns.
 
For income taxes as they exist now, it’s fairly easy to calculate. Every entity that pays someone is required to submit a document that tracks what has been paid, whether that be a W-2, a 1099, a K-1, or whatever. That can be tracked against an individual’s return. Combined, those documents accurately track income for a calendar year. Apply the applicable credits and deductions, and you can determine tax owed.

Wealth is not easy to track. If I owned a bunch of Enron on December 1 2001, I could have been worth 50 million. The next day, I could have been worth 50 thousand. Alll without getting any actual cash. Via taxing wealth, I could end up with a bill of 1 million with no ability to pay.

The solution is to raise rates on income and capital gains. Not try and tax wealth
 
I am sure a tax based on what some magazine said your wealth was would pass constitutional muster such as equal treatment under the law.
 
Why not all three?
 
DeaconSig said:
Are you intentionally not reading my post?
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Pretty sure I already covered it. But if in an extreme scenario someone was worth $50M one day and $50,000, they would never have owed any wealth tax anyway.
 
PhDeac said:
Pretty sure I already covered it. But if in an extreme scenario someone was worth $50M one day and $50,000, they would never have owed any wealth tax anyway.
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Just assess them based on what forbes magazine says their net worth is. Problem solved.

Wealth taxes are based on wealth at a certain point in time. If you have FMV at that time, you owe tax, even if it is gone the next day.
 
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PhDeac said:
Pretty sure I already covered it. But if in an extreme scenario someone was worth $50M one day and $50,000, they would never have owed any wealth tax anyway.
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You are smarter than this. Not sure why you are ignoring the reality of assessing wealth and the inherent problems with doing so.
 
The answer is easy raise individual rates on high income earners. look at the high tax countries. It's how they all collect the majority of their taxes. If you want to tax corporations, then enact a VAT.
 
ChrisL is such a limousine liberal bootlicking POS. What about subsequent events guys?!?!
 
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