The "Billionaire Tax"
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@Klaus It is. It’s a loophole that means the great fortunes of founders are never actually taxed.
@jon-nyc said in The "Billionaire Tax":
@Klaus It is. It’s a loophole that means the great fortunes of founders are never actually taxed.
Sounds like it is even better than that (for the heirs): The heirs can then actually use the money to buy a yacht, which the owner could not (without paying taxes first). So they are better off than their parents.
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@George-K said in The "Billionaire Tax":
Not to argue with you, because I agree…
However, Loudoun County taxes me every year on the car that I bought 6 years ago. The Commonwealth of VA also taxes me based on the current value of my home, not the price I purchased it for. In addition, they will continue to tax me in perpetuity.
You're totally correct in your criticism. However, the difference is that in return for the taxes on your home, you get something in return - fire, police protection and school funding.
Justifying the tax for a vehicle license is more difficult, of course.
@LuFins-Dad said in The "Billionaire Tax":
@George-K said in The "Billionaire Tax":
Not to argue with you, because I agree…
However, Loudoun County taxes me every year on the car that I bought 6 years ago. The Commonwealth of VA also taxes me based on the current value of my home, not the price I purchased it for. In addition, they will continue to tax me in perpetuity.
You're totally correct in your criticism. However, the difference is that in return for the taxes on your home, you get something in return - fire, police protection and school funding.
Justifying the tax for a vehicle license is more difficult, of course.
Hey @Klaus @George-K that wasn’t me that made the reply. My bet is @George-K or @jon-nyc made the reply, but it is showing as me?
As to the point, it’s not about justification for the taxes. There’s almost always a way to justify the tax. (In exchange for the unrealized capital gain tax you get childcare, infrastructure, a 30% larger IRS), but that’s not the discussion. The discussion is can I be taxed for an unrealized gain. The answer is “we already are”.
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@LuFins-Dad said in The "Billionaire Tax":
@George-K said in The "Billionaire Tax":
Not to argue with you, because I agree…
However, Loudoun County taxes me every year on the car that I bought 6 years ago. The Commonwealth of VA also taxes me based on the current value of my home, not the price I purchased it for. In addition, they will continue to tax me in perpetuity.
You're totally correct in your criticism. However, the difference is that in return for the taxes on your home, you get something in return - fire, police protection and school funding.
Justifying the tax for a vehicle license is more difficult, of course.
Hey @Klaus @George-K that wasn’t me that made the reply. My bet is @George-K or @jon-nyc made the reply, but it is showing as me?
As to the point, it’s not about justification for the taxes. There’s almost always a way to justify the tax. (In exchange for the unrealized capital gain tax you get childcare, infrastructure, a 30% larger IRS), but that’s not the discussion. The discussion is can I be taxed for an unrealized gain. The answer is “we already are”.
@LuFins-Dad said in The "Billionaire Tax":
Hey @Klaus @George-K that wasn’t me that made the reply. My bet is @George-K or @jon-nyc made the reply, but it is showing as me?
That's strange. It wasn't me. And I don't even know how to masquerade as another poster - moderators can edit posts, but not make new posts under a different name (I think).
edit: OK, I was wrong. This was posted by Klaus, but I could change the owner of this post to Jon.
Maybe Jon or GK hit the "Change owner" button by accident?
Only non-witches get due process.
- Cotton Mather, Salem Massachusetts, 1692
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@LuFins-Dad said in The "Billionaire Tax":
Justifying the tax for a vehicle license is more difficult, of course.
Not sure how this tax is justified in the US, but over here, we have to pay an environmental tax each year on a car. The more polluting the engine, the higher the tax.
But such taxes could also be used to fund road infrastructure, traffic safety, etc?@Nunatax said in The "Billionaire Tax":
@LuFins-Dad said in The "Billionaire Tax":
Justifying the tax for a vehicle license is more difficult, of course.
Not sure how this tax is justified in the US, but over here, we have to pay an environmental tax each year on a car. The more polluting the engine, the higher the tax.
But such taxes could also be used to fund road infrastructure, traffic safety, etc?Supposedly those are paid for by gasoline taxes. If I bought Corvette, that is probably not going to be my daily driver. My daily driver would be my $20K GMC. That 20K GMC is racking up 25,000 miles per year, while the Vette is probably racking up 2000 at most. Yet, that Vette is going to be taxes thousands of dollars more for an infrastructure it barely uses while the GMC has very low taxes and consumes a lot more resources.
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@LuFins-Dad said in The "Billionaire Tax":
Hey @Klaus @George-K that wasn’t me that made the reply. My bet is @George-K or @jon-nyc made the reply, but it is showing as me?
That's strange. It wasn't me. And I don't even know how to masquerade as another poster - moderators can edit posts, but not make new posts under a different name (I think).
edit: OK, I was wrong. This was posted by Klaus, but I could change the owner of this post to Jon.
Maybe Jon or GK hit the "Change owner" button by accident?
@jon-nyc said in The "Billionaire Tax":
@LuFins-Dad said in The "Billionaire Tax":
Hey @Klaus @George-K that wasn’t me that made the reply. My bet is @George-K or @jon-nyc made the reply, but it is showing as me?
That's strange. It wasn't me. And I don't even know how to masquerade as another poster - moderators can edit posts, but not make new posts under a different name (I think).
edit: OK, I was wrong. This was posted by Klaus, but I could change the owner of this post to Jon.
Maybe Jon or GK hit the "Change owner" button by accident?
Wasn't me.
However, in my post I might have changed the "quote level" in replying to LuFins Dad. That's probably where the confusion is. A quote more than 2 levels deep, I think, is obscured.
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LD - you have value based car registration ?
Indiana had that for only the first year but it was huge.
Ours is a flat rate. Of course gas tax is use based
@jon-nyc said in The "Billionaire Tax":
LD - you have value based car registration ?
Indiana had that for only the first year but it was huge.
Ours is a flat rate. Of course gas tax is use based
Not car registration, that’s state. This is a county tax. $4.20 per $100 assessed value.
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Our excise tax on cars is $25 per $1000 of it's value.
A bit of a nasty surprise this year.
