Upcoming Presidential Debate

Quote: SOOPOO

You are so simple it’s painful. Elon Musk this year will be paying what 700,000 terapineds will be paying. If he got a ‘tax cut’ and was only paying what 600,000 terapineds were paying is he now not paying his ‘fair share’?

What is Elon's effective tax rate, compared to Terapined, or SooPoo? If Elon got a tax cut to pay measurable less by percentage than Terpined or SooPoo or Geno then, yes, he isn't paying his "fair share". If he's paying the same percentage, therabouts, then nobody has any right to complain.

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Quote: GenoDRPh

What is Elon's effective tax rate, compared to Terapined, or SooPoo? If Elon got a tax cut to pay measurable less by percentage than Terpined or SooPoo or Geno then, yes, he isn't paying his "fair share". If he's paying the same percentage, therabouts, then nobody has any right to complain.

According to ProPublica Musk’s effective tax rate for 2014 - 2018 was 3.27%. He didn’t tweet about those years.

https://www.propublica.org/article/the-secret-irs-files-trove-of-never-before-seen-records-reveal-how-the-wealthiest-avoid-income-tax

The effective tax rate for median households (let’s leave Terp’s personal finances out of it) appears to be about 14% for those years.


https://taxpolicycenter.org/statistics/historical-average-federal-tax-rates-all-households

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Quote: JimRockford

According to ProPublica Musk’s effective tax rate for 2014 - 2018 was 3.27%. He didn’t tweet about those years.

His company was unprofitable then so he was probably "earning" very little. The average person does not understand how income tax works. How there is a carry forward/carry back provision for losses. They think that people like Elon get a regular paycheck every week with a stub showing taxes.

Some wealthy, though, are hypocrites. Buffet uses the law to keep his taxes low then whines he should be paying more. At the same time he structures it to get the lowest rate.

Quote: AZDuffman

His company was unprofitable then so he was probably "earning" very little. The average person does not understand how income tax works. How there is a carry forward/carry back provision for losses. They think that people like Elon get a regular paycheck every week with a stub showing taxes.

Some wealthy, though, are hypocrites. Buffet uses the law to keep his taxes low then whines he should be paying more. At the same time he structures it to get the lowest rate.

Nope. He doesn't want people to "volunteer" to pay more. He's not talking about donating money.

Quote: rxwine

Nope. He doesn't want people to "volunteer" to pay more. He's not talking about donating money.

If he thinks he should pay more then he should make a gift to the Treasury. But same as Hillary and Obama kept bragging about how rich they were and didn’t need a tax cut he didn’t same as they never did.

Trump otoh donated his potus salary back. Seems to me easy to see who does what they say and who just runs their mouths.

Quote: GenoDRPh

What is Elon's effective tax rate, compared to Terapined, or SooPoo? If Elon got a tax cut to pay measurable less by percentage than Terpined or SooPoo or Geno then, yes, he isn't paying his "fair share". If he's paying the same percentage, therabouts, then nobody has any right to complain.

I’ll answer a bunch of posts here. No, I do not believe Putin saw Biden as President and said, ‘because of Biden, now is a good time to invade’. That’s probably as silly as the dumb dumbs who keep saying ‘Putin owns Trump’. They are equally stupid arguments.

As far as the ‘fair share’ argument, Musk’s net worth soars because the company he has built has its net worth soar. I don’t know what his salary is, probably in the low millions a year. I’m sure he pays the highest allowed percentage on taxes for those few million. And when he sells stock in his company he pays the highest capital gains rate for those sales. The ‘fair share’ pundits want his net worth to be taxed. He is, and always will be, paying a HIGHER percentage on his INCOME.

Taxing unrealized capital gains is problematic on so many levels. Joe Blow bought a local gun store for $1 million last year. After the adjacent state crippled gun sales, his store is now worth 2 million. You think Joe Blow should pay 35% taxes (350k) on that 1 million in ‘profit’ he made? Where does Joe get the $350k ?

I can argue that a % based income tax system is patently unfair. That no individual should pay as much as 700,000 other individuals. Not 10. Not 100. Not 1000

700,000

Quote: AZDuffman

If he thinks he should pay more then he should make a gift to the Treasury. But same as Hillary and Obama kept bragging about how rich they were and didn’t need a tax cut he didn’t same as they never did.

Trump otoh donated his potus salary back. Seems to me easy to see who does what they say and who just runs their mouths.

Donny didn't "donate his salary back". He donated it to charities, some of whom were Federal government departments for specific reasons. But he was not the first President to do so.

Quote: SOOPOO

I’ll answer a bunch of posts here. No, I do not believe Putin saw Biden as President and said, ‘because of Biden, now is a good time to invade’. That’s probably as silly as the dumb dumbs who keep saying ‘Putin owns Trump’. They are equally stupid arguments.

As far as the ‘fair share’ argument, Musk’s net worth soars because the company he has built has its net worth soar. I don’t know what his salary is, probably in the low millions a year. I’m sure he pays the highest allowed percentage on taxes for those few million. And when he sells stock in his company he pays the highest capital gains rate for those sales. The ‘fair share’ pundits want his net worth to be taxed. He is, and always will be, paying a HIGHER percentage on his INCOME.

Taxing unrealized capital gains is problematic on so many levels. Joe Blow bought a local gun store for $1 million last year. After the adjacent state crippled gun sales, his store is now worth 2 million. You think Joe Blow should pay 35% taxes (350k) on that 1 million in ‘profit’ he made? Where does Joe get the $350k ?

I can argue that a % based income tax system is patently unfair. That no individual should pay as much as 700,000 other individuals. Not 10. Not 100. Not 1000

700,000

You never answered the challenge, Doc. You never answered why you think Putin invaded in 2022 instead of 2020. I directly dare you to state that Putin was fearful of Trump's response, and therefore delayed the invasion.

You make a lot of assumptions about Elon's salary, and his tax rate.

You keep going on and on about the evils of taxing unrealized gains, andhow it's the worst idea since Eve gave Adam the apple. Have you actually looked at Kamala's (already doomed) plan? You do realize the plan would have taxpayers with net wealth above $100 million to pay a minimum tax on their unrealized capital gains from assets such as stocks, bonds, or privately held companies. Is Joe Blow with the gun shop worth $100 million? Sorry, DOc. You continue to be exhibit A in "a little knowledge is a dangerous thing".

As you continue to wax poetic about the unrealized gains proposal, care to comment on Donny's plan to exempt tips, social security, overtime, or make the interest on car loans tax deductable or his financially crushing tariffs?