Abigail Disney Calls for a Wealth Tax.

"When ProPublica published its report last week on the tax profiles of 25 of the richest Americans, jaws dropped across the United States. How was it possible that plutocrats such as Elon Musk, Jeff Bezos, and Warren Buffett could pay nothing in income taxes to the federal government? What sneaky sleights of pen, what subterfuge, what acts of turpitude could have led to this result?"
https://www.theatlantic.com/ideas/a...rotect-dynastic-wealth-propublica-tax/619212/

"The shock stems, in part, from a disturbing reality: Nowhere does ProPublica assert that these men cheated, lied, or did anything felonious to lower their tax burdens. The naked fact of the matter is that not a single one of the documented methods and practices that allowed these billionaires to so radically minimize their tax obligations was illegal."
 
"What’s worse, these methods and practices—things such as offsetting income with losses in unrelated businesses; structuring assets to grow rather than generate income, then borrowing against those growing assets for cash needs; and deducting interest payments and state taxes from taxable income—are so downright mundane and commonly applied that most rich people don’t see them as unethical. The more interesting question is not how the men in ProPublica’s report were able to avoid paying much or anything in federal income taxes, but why. What motivates people with so much money to try to withhold every last bit of it from the public’s reach?"
 
"One factor is the common ideology that underlies all of these practices: The government is bad and cannot be trusted with money. Far better for the wealthy to keep as much of it as possible for themselves and use (a fraction of) it to do benevolent things through philanthropy."
 
Jack said:
"What’s worse, these methods and practices—things such as offsetting income with losses in unrelated businesses; structuring assets to grow rather than generate income, then borrowing against those growing assets for cash needs; and deducting interest payments and state taxes from taxable income—are so downright mundane and commonly applied that most rich people don’t see them as unethical. The more interesting question is not how the men in ProPublica’s report were able to avoid paying much or anything in federal income taxes, but why. What motivates people with so much money to try to withhold every last bit of it from the public’s reach?"
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Greed comes to mind.

In the end, although they are using legal means to escape taxation, these Midases are enjoying the benefits of America w/o paying for them: Infrastructure, security (provided by the we the taxpayers), employees educated at their own expense. "There Ain't No Such Thing As A Free Lunch" -- unless you are wealthy enough to avoid the check.
 
ThatOwlWoman said:
Greed comes to mind.

In the end, although they are using legal means to escape taxation, these Midases are enjoying the benefits of America w/o paying for them: Infrastructure, security (provided by the we the taxpayers), employees educated at their own expense. "There Ain't No Such Thing As A Free Lunch" -- unless you are wealthy enough to avoid the check.
Click to expand...

It was an interesting perspective from a third-generation Billionaire, a 'Trust Fund Baby'.

1. Interesting that the Tax Laws allow this.
2. Comical that Republicans that live in Trailer Parks scream that the 'Rich pay too much in Taxes'.

It's human nature. She equates it to an addiction. You always want 'more'.


Did you see the Movie about J. Paul Getty?


 
Jack said:
It was an interesting perspective from a third-generation Billionaire, a 'Trust Fund Baby'.

1. Interesting that the Tax Laws allow this.
2. Comical that Republicans that live in Trailer Parks scream that the 'Rich pay too much in Taxes'.

It's human nature. She equates it to an addiction. You always want 'more'.


Did you see the Movie about J. Paul Getty?


Click to expand...

I did not, yet.

Who writes the tax laws anyways? I wonder if it might be the same ppl who will benefit? That bullshit tax law that #TRE45ON signed in 2017 is a good example. They gave some crumbs to the middle class, the tax cut that expires after five years, and the rest of the cookie jar to the already-wealthy.
 
she should not need help if she wishes to give away some or all of her money......why does she think she should have the power to help others give away theirs?.....
 
ThatOwlWoman said:
I did not, yet.

Who writes the tax laws anyways? I wonder if it might be the same ppl who will benefit? That bullshit tax law that #TRE45ON signed in 2017 is a good example. They gave some crumbs to the middle class, the tax cut that expires after five years, and the rest of the cookie jar to the already-wealthy.
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:) My view is that the Tax Laws are 'written' by Lobbyists that are employed by the 'Donor Class'. The same Donor Class that funds the Candidates that run for Office.

I just caught a little of the Interview, but it sounded like the Wealthy keep their Fortune invested. Then, they borrow money (against their Portfolio) from a Bank to live on. They write off the Interest on the Loan as a Tax Deduction. As the 'Core Fortune' appreciates in Value, they use that to pay the Bank. Basically getting a 'free loan' from the Bank and not touching the 'Core Fortune'. It's probably more complicated than that but it's what I took from the brief Interview I caught.

It might explain the allegations about Trump 'over valuing' and 'under valuing' his Assets depending on who he is talking to. You know, like the Bank ... or the IRS?
 
ThatOwlWoman said:
Greed comes to mind.

In the end, although they are using legal means to escape taxation, these Midases are enjoying the benefits of America w/o paying for them: Infrastructure, security (provided by the we the taxpayers), employees educated at their own expense. "There Ain't No Such Thing As A Free Lunch" -- unless you are wealthy enough to avoid the check.
Click to expand...

The machinations of a simple minded leftist
 
Jack said:
"Everybody Loses Their Minds"
https://www.ccn.com/abigail-disney-wealth-tax-everybody-loses-their-minds/

"Disney argues that money is concentrated too heavily in a tiny fraction of the population. Wealth needs to be spread more evenly across the economy. She says that the wealthy currently have an effective tax rate of 23%. She suggests to increase it to 40%."
Click to expand...


More is fine with me


What was the top tax rate during those years the right always wants to go back to?
 
https://teachinghistory.org/history-content/ask-a-historian/24489


the federal income tax’s “confiscatory” top rates coming out of World War II, which the Eisenhower Administration left in place into the 1960s. During the war, the top “marginal rate” was 94%, but 94% of what? Then as now, income tax rates moved up at distinct break points. In this made-up example, consider a 15% rate up to $25,000, 21% from $25,000 to $50,000, and 25% over $50,000. Those making $50,001 or more won’t pay a quarter of their total income, but rather 15% of the first $25,000, 21% of the next $25,000, and 25% of everything above $50K. That’s why the system is called progressive - the percentage rate progresses upward with income, but the higher percentage applies only to new (marginal) income above each break point. In 1944-45, “the most progressive tax years in U.S. history,” the 94% rate applied to any income above $200,000 ($2.4 million in 2009 dollars, given inflation).
 
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