Don't kid yourself. As a low income working stiff living in a trailer park, driving 20+ year old vehicles, and depending on the ACA for health care, I'm an outlier here.
Jared Kushner, No Tax Boy Wonder
- Thread starter sglowrider
- Start date
I'm not kidding myself. There are those here who do a lot less with more.
I would definitely tax wealth if I were in power. It's the only way to get all the taxes the wealthy have stolen since Reagonomics. Have to do it without killing the economy, of course, but a great place to start would be to figure out how to bankrupt Trump. Since he adds no value to the economy, bankrupting him shouldn't hurt anyone else.
With my humble beginnings and modesty being one of my most powerful attributes, I wholeheartedly concur.
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Taxing wealth is tantamount to taking property without due process of law. Taxing wealth is not a tax, it's seizing property.
If you're going to take that position, then taxing anything is tantamount to taking property without due process of law.
Maybe she can co-sponsor it with Trump:
http://www.cnn.com/ALLPOLITICS/stories/1999/11/09/trump.rich/index.html
You do realize he’s been through multiple IRS audits? Hate the guy all you want but you’re showing your idiocy saying “we are talking tax fraud”.
What deductions do you take against your farm income?
You are talking about Tax Fraud. I didn’t see the word used anywhere in the NYT article. Maybe you can find it for me
The line between taxes and takings is VERY difficult to draw and to define. But that difficulty doesn't mean that the distinction isn't one that is important and deserves careful consideration.
Some of the earmarks of taxes that distinguish it from a takings are:
- the existence of a taxable "event": such as earning income, buying goods and services, dying, selling assets, making a gift, etc.
- Uniformity: Meaning that the tax exists in the same way for all payers across the board, even though the structure of the tax might exclude certain people by applying floors and minimums.
- Generality: This is closely related to uniformity but adds the element of sharing the burden. When the government takes a strip of property to build a road, that is a taking because there is no general burden. When the government levies a property tax to build the road, there is a general burden and that is a tax.
In the case of a wealth tax, there is no "event" to trigger a tax obligation. I thought that feature of a tax was fairly clear prior to Chief Justice Robert's AHCA opinion. But he didn't obliterate that feature as he said the penalty is a tax. I think no "event" for a wealth tax suggests it is a confiscation, not a tax. A practical reason to oppose a wealth tax is the enormous cost of compliance for both the payor and the government. Inheritance tax is essentially a wealth tax triggered by the event of dying. Because most assets are not easily valued bank accounts or listed securities, but property, the value of the wealth is determined only by opinion. No two appraisers will agree on a property's value and the cost to determine wealth is significant.
In sum, I think a wealth tax is a terrible idea in addition to its serious constitutional limitations. I think the notion of a wealth tax is mostly motivated by base lefty emotions involving schadenfreude, not by practicality and common sense.
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One of the most amazing tax deductions available currently is a charitable deduction for a conservation easement. Guess who this was done to appease?
Here’s how it works. I buy a golf course for $5,000,000. The course includes 200 acres of abandoned strip mined coal land. Many holes on the course are bordered by beautiful deep lakes. Most of these potential lake lots I had no plan on developing. I wanted the course to remain free of homes sitting close to holes. I go have a beautiful development plan put together developing 100 of these potential lake lots at 1/3 to 1/2 acre lots. I get an Appraisor to appraise the lots. The appraisor determines their worth at $150,000 per lot. Therefore the lots would be worth $15,000,000. Now I go to the IRS and say, I am giving up $15,000,000 of value by putting a conservation easement on the small portion of land the lots set on. So I have 200 acres of development land and I give up 30-40 acres I that agree will never be developed. My $15,000,000 charitable donation saves $6,000,000 in federal income tax and my golf course purchase was free. The lots I gave up I never wanted to develope in the first place and now the Sierra Club is happy.
There are law firms and appraisors that specialize in this area.
The events are Reagonomics and all the ensuing tax rip-offs perpetrated by the 1%ers. I thought I made that clear. If those conniving, scheming, rip-off artists are clever enough to rob the Government "legally," they're clever enough to figure out how to "comply."
And how about that Gov money you get for not farming your land?
Good stuff isn’t it? Wish I had some. I can’t seem to get any of that stuff. Just pay so others can get it. The new tax law that gives pass through entities a 20% exclusion from their profit had an exception for accountants.
A headline good enough for you?
https://www.nytimes.com/2018/10/04/opinion/donald-trump-fred-taxes-fraud.html
A millstone on our individual freedom, the "tax" I despise the most and given the opportunity would eliminate it as a funding source. The US government "owns" every single taxable asset in America via the states ability to levy property taxes. I really dislike property taxes!! Tax the damn mortgages! End of soap box rant, veg.
Obviously a Krugman headline is good enough for you. Not for me. Krugman doesn’t present a scintilla of evidence to support his fraud claim.
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anon_mlxxvlbug9dpa
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No question EBITDA is the way to value most business purchases. If I have a client buying, I try to not exceed 3.5 to 5 times EBITDA. When you actually look at purchasing a business to actually operate and payoff with cash flow and you look at these EBITDA numbers, it scares the hell out of you the prices public companies are selling for.
It's a different concept in public markets. Investors have much more information, more efficient markets and pricing, etc. and businesses are substantially larger and more diversified. I've looked at buying several businesses and some of the biggest issues are gaining comfort with customer concentration, supplier concentration or end market concentration.
Nope! Attention getting headlines to get people to read the articles are also wrong. Following is a direct quote from the article :
“The line between legal tax avoidance and illegal tax evasion is often murky, and it is constantly being stretched by inventive tax lawyers. There is no shortage of clever tax avoidance tricks that have been blessed by either the courts or the I.R.S. itself. ”
Do you have your taxes done by a third party? Every one of the preparers stretch the rules as much as possible.
