Submitted 22 hours ago by e461h@sh.itjust.works to youshouldknow@lemmy.world
cross-posted from: lemmy.world/post/42987384
the solution is to eliminate income taxes, and replace them with a national Land Value Tax on business properties, excise taxes and fines on anything that causes “negative externalities” (aka pollutants), and fees on every equities market transaction. That way these are way harder to avoid, and don’t depend on self reporting
Billionaires aren’t the only ones who do that. Anyone that owns their own business, plumbers, carpenters, electricians and etc do things to reduce their salary. Have the company buy your vehicle, rent them their house etc.
Not the same. The working class works/contributes for a living by definition. Billionaires live off others money via loans they pay off… with more loans.
Hard-working people are just taking advantage of the immoral tax legislation that Sociopathic Oligarchs have bought, not the other way around. They’re using it, why shouldn’t we? If they don’t like us using their tax rules, they are welcome to give them up.
So any shareholders who do not need to sell can make a profit from their stock going up in value and do not need to pay taxes on this profit.
Uh, they do when they sell it, bucko
They don’t sell, they take loans instead:
At some point, one might expect that the ultrawealthy would have to sell their shares to finance their lifestyle. Do they? In selling those shares, wouldn’t they have to pay a capital gains tax?
For most of us, when we own property or stock that has increased in value, it doesn’t mean anything to us unless we sell it. But those with great wealth can access that wealth without paying taxes by simply borrowing against their assets. And that is what our richest Americans do.
Billionaires like Larry Ellison and Elon Musk borrow huge sums of money to support their lifestyle, pledging their stock as collateral. This borrowing is entirely tax-free and comes at good rates. In addition, in recent years the growth in stock value more than compensatesfor any interest that might accrue. To pay the interest and pay back the loans, they simply borrow again.
Sounds like that loophole should be addressed, then.
“WHY WOULD I PAY INTEREST ON MONEY I ALREADY HAVE MIKE?!?” - a moron
Great. Let them pay now instead, bucko. Surely if there already going to pay taxes they won’t mind.
stressballs@lemmy.zip 18 hours ago
Avoiding paying taxes is different than keeping your own wealth. What they do is more like stealing hundreds of thousands of dollars every year, literally from hungry kids in need.