POLITICS Random Political/Legal

As someone living in NC, this is what makes me sad.

 

Stupid or liar? I guarantee no rich person is paying the same marginal tax rate as a teacher (unless the teacher's husband make $200K a year).

 

Yes

 

I noticed you added a word to what he said.

 

Yep. That added word is not a marginal addition.

However, IMO Reich should have been more precise in his tweet.

 

Uh take out marginal and they definitely don’t pay a higher rate. The marginal just means real tax rate. Most rich people are at the highest possible tax rate, but the marginal rate is much lower. No teacher is in a higher tax bracket than a billionaire. That’s just not possible

 

it was added to point out how preposterous the statement was on any level. Take out marginal and it’s even more ridiculous

 

If I can generate money and pay 0% by not "realizing it" but get a loan based off of it as collateral I'd say what he is saying is neither stupid or lying.

 

That’s not income. Should the teacher be paying taxes because their house went up in value and she takes out a home equity loan? And I guarantee musk is at the maximum tax bracket.

 

Musk only paid $11 bil in taxes last year. Obviously not paying his fair share

 

That's the game. And you know it.

 

So to be clear. Teachers should have to pay taxes on a heloc? Because it’s exactly the same thing.

 

He's made hundreds of billions and has paid none for many years. I have paid a higher proportion of my earned wealth in tax in my lifetime than I have. You stated a number for a reason. It is a small percentage of the wealth he has earned and he does not pay tax on because it remains unrealized but he can still use it in various ways.

Find someone dumber to play this game with.

 

So again. My house has almost tripled in value since I bought it. I should be paying capital gains taxes on that? How about my business. My business is worth a crapload more than it was when I started it. If I take out a loan on my business to buy another business I should pay taxes on that loan? It’s nonsensical and pure rich shaming

 

Tax terminology can be confusing for the average taxpayer. As I said, "Reich should have been more precise."

For example: NC lowered our tax rate (and claimed victory for the masses) but reduced the deductions that average people claim (mortgage interest/personal property tax) and increased deductions for the rich/famous (private airplanes/yachts). So for the average taxpayers, while the tax rate was reduced, when applied to the higher taxable income you paid more tax.

The devil is in the details.

 

You said the guy was stupid or a liar. He is neither. Someone without a house or a business carries a higher relative burden than someone with appreciating assets. Your argument is basically that this just the way it is. Which only you ever claimed otherwise when you said he was lying.

 

Right which is why I said marginal tax rate. To be more accurate

 

He said tax rate not relative tax burden. Read the tweet. My argument is that his statement is ridiculous and dead wrong. If you want to get into the weeds as to why we don’t tax unrealized assets we can, but that wasn’t his argument.

 

Tesla has dropped from $1,100 to $700 in what 3 months? Does he get his taxes back if he paid the gain on $1,100 even though he didn’t sell?

 

*tax guy sits back and reads silently