Not as many billionaires, but they still have more of the money
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Inb4 $11m is not really rich.
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Iām killing it as my household is bringing in $580,00.
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I found a stat that shows about 10,000 Americans with $100 million in investable assets. The number of people with $100 million of net worth would be a lot more than than.
About 2% of households make $400,000, so thatās millions of households. But of course $400,000 per tax payer would be a lot lower.
Just fucking tax unrealized cap gains with a deduction (with carry forwards) for capital losses. And no preferential capital gains rate or step up in basis at death. Boom, fiscal problems solved.
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Surely $400,000 per household is just upper middle class? :troll:
i like how this thread is discussing benefits of taxing high end W2 earners vs billionaires when Republicans control the house which means there is a 0% chance either of those two groups pays a penny more in tax, we are more likely to get a new food stamp recipients tax than anything else
fwiw Biden also is proposing higher taxes on billionaires as well - not that it matters.
A higher cap gains rate does nothing. Literally nothing. They borrow against shares. They donāt sell them.
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How does this work? Donāt they eventually have to realize some type of income to pay off the loans? Or is that somehow deductible?
They can pay the interest with more loans, but more commonly they use other tax scams to not pay tax on their business income then use that cash flow to service debt. The most common avenue for this is buying commercial real estate and using depreciation.
This depreciation stuff is stupid. I canāt deduct it on my home, but if I turn the same property to a rental I can. I should just lease my home to myself.
You can buy a $100 million apartment complex with $20 million equity and $80 million of (government guaranteed) debt, lol Fannie Mae, then take $3 million of depreciation a year. Itās total bullshit.
He didnāt.
You canāt get a good yacht on eleven million, imo.
Focus on collecting the tax owed now and closing loopholes. That way you get a massive increase in revenue and can sell it both as we donāt want to raise taxes and hey we are just making people pay what they owe already.
I would not be surprised if it raised more than some of the tax increase proposals.
Iām no tax expert, but I think they can also donate their shares to charity and not pay any of the capital gains while also getting a tax receipt for the market value of the shares at the time of donation.
I was orphaned last year and am available for adoption, Daddy
I donāt think you can operate and maintain a real mega-yacht on $11M.
No, for that much money you get one of these.
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