Quote:
Originally Posted by FuriouslyFast
The rich have so many tax loopholes that the middle class pays more tax than they do...
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I think that is in term of percentage not in absolute dollars. There is a narrative that is going around being repeated by democrats like air head AOC that Buffet is paying less than his secretary.
For example, if Buffet has $1B in equity. Now the FED will print money and give him a capital gain of $500M, so his unrealized income is $500M but since he hasn't sold any shares (fcker too old to do anything on $500M anyway) so he is essentially paying 0% on $500M so in theory he is paying less than his secretary, which is fine in the capitalistic system. BUT the UNFAIR thing here is that the FED insures that fcker will never lose his $500M by keep printing money every year. Not only that, even if fcker will just sit on his couch doing nothing and probably make even an extra $500M next year with the help from the FED while his secretary is working her a$$ off pay check to pay check.
That's why you got Warren going around calling for a wealth tax (besides screaming out a bunch of lunatic stuffs) so she can tax Buffet capital gain even if he has not realized his gain. But it's a fundamentally wrong thing to do. It's like trying to fix a wrong (the FED) by another wrong (her own stupidity). And that's just stocks. People will have to sell other assets to pay her wealth tax such as real estate, bonds, gold, and a whole bunch of other stuffs. Can you imagine how the economic system will get screwed up that at the end of each year, you got a whole bunch of people selling a whole bunch of stuffs just to please Warren?
For example, let's say Bezos (another douche from Seattle) has a net worth of $100B or something in that neighborhood. But in reality he has no where close to that number. All of that I am sure from Amazon stocks. If he sells all his shares, he's lucky to get $30B out of it because the stock price is dynamic so the more he sells, the lower the price will be an so on. Now Warren thinks she can tax the entire $100B from Bezos since that is his theoretical net worth. So you can see the flaw here.
So you got another fcker, the FED, that is screwing up the entire system by artificially inflating not just stocks, but also real estate, and a whole bunch of other assets.
But anyway, these fckers whatever they do just stay out of my fcking bedroom.