I think we will all remember where we were the day the Dow dropped 0.78%. Truly historic. Think of the stories we’ll have for our grandkids*.
*Assuming OBIDEN doesn’t tax them out of existence too, amirite!
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Rich people paying taxes on passive income will destroy America, so obviously the market is going down.
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This is a really good, real world example, of why UBI would increase wages. When people have the choice of working in shitty jobs for little pay, or not working in shitty jobs and still make enough to survive, the shitty jobs will either have to pay more and/or improve working conditions.
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To be fair, there is probably some rich people that don’t understand basic concepts like marginal tax rates, let alone realized capital gain taxation, and after reading some stupid BIDEN TAXES HERP DERP on Facebook ordered their brokers (which of course they still use) to SELL EVERYTHING.
Biden doing something extremely progressive wasn’t priced into the market because too many morons didn’t think he would.
https://twitter.com/ethicalskeptic/status/1385302972922540032?s=21
So you’re saying it’s a tax on Boomers?
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I’m surprised to see that COVID truther Ethical Skeptic has paleo-libertarian economic views.
Its also just technically wrong. Taxing realized capital gains held by investors in taxable accounts doesn’t impact pensioners receiving Social Security, collecting pensions from qualified plans, or people drawing down 401ks.
I can’t even imagine what this is supposed to mean. Retirement funds are now going to be taxed as capital gains, rather than ordinary income?
When someone pointed this out, he has some follow-up tweet that is even dumber.
https://twitter.com/EthicalSkeptic/status/1385305078450511872
So he thinks that the pension fund itself pays capital gains on the investors’ funds? Who is this moron?
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Yeah he just doesn’t know how taxes work for tax exempt accounts, even though it’s kind of evident right there in the name.
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One time dealer. Taxing the wealth/passive income held by old white people in the US is an absolutely mandatory step for turning this massive ship around.
When the world doesn’t burn down when we do it the first time it’ll get even more popular than it already is. Open the taxation floodgates world wide. The only thing holding back the other developed nations from enforcing their tax laws is the worlds only super power being extremely pro tax haven.
If I had to guess, he’s thinking of “funds” here as mutual funds or ETFs. Which is still wrong.
seeing lots of people who got a $1400 check from Biden complaining about the tax on millionaires
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Taxes go up? Must lay off workers and cut salaries.
Taxes go down? Cannot raise salaries.
And if you’re Mason - this applies to your personal income tax on income over $400k as well. That extra $7800 on MM’s $600k personal income meant Chuck had to go. Sorry Chuck. Obama gave him no choice.
They need to pair this with enforcement though, they’re leaving hundreds of billions of dollars in uncollected taxes on the table now. Increasing the theoretical value of uncollected taxes helps no one.
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That could be them someday!
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Unless they’re drawing down amounts that make the financial ramifications of the marginal tax increase meaningless.
Gonna be some amazing takes from the NYT op-ed page on this.
Oh yes absolutely. We need to fully fund enforcement. You shouldn’t be able to violate tax laws and think getting away with it is a 90%+ lock. It should be 25% to get away with it and then only if you’re kinda clever.
He’s now getting dragged in the comments, which is nice. He clearly has no idea what he’s talking about.
I vaguely recall this guy having some extremely spicy COVID takes, but I’m not going to go diving through the old threads to verify.
Edit: I have no willpower.
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