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Warren Buffet is a raging lefty at this point. If he wanted that person to take home more money then he could simply give them more money. To tell the government to do something that he extols without doing it himself without being forced is immoral and reeks of hypocrisy.
If you can be a better CEO, why wouldn't you start your own company, and beat the evil ones by offering better products and services at lower prices, which you'd be able to achieve by getting a lower compensation?
I have plans to make a lot of stuff. that should make a lot of money. We'll see how it turns out.
1. no exceptions, the first 20k would come to people at the market rate of labor with the tax factored into that rate, that is how markets work.
2. a value of a business going up is not income , realizing that value by selling stocks/etc is income (capital gains). The payments to you from the trust are income.
It needn't be complicated, no exceptions means no exceptions.
Don't put that nonsense on me, identity politics and social justice are brought to you by the American left.
LOL. Again, its immoral to tax that which is needed for survival. Im paraphrasing Benjamin Franklin there.
So the trust pays for everything. Theres no "income". My business buys a corporate jet for 20 million, and spends 10 million a year in maintenance, etc. I fly to Maui, and meet with a business partner for lunch (later he flys here for a lunch). I spend a week in Hawaii. At the end I print up new business cards, and writeoff the whole trip.
Literally you will provide a method for the rich to continue living a near tax fre life....and you will call it "fair"
Im not bringing up identity politics. Why did you?
LOL. You do understand that right? That 24 trillion is a average of about 240K per working person right? VERY few folks have that. but people like Romney and others DO have 100's of millions....so tell me, who benefited more? Hard working folks. or people in finance?
If you give me a dime, and take $500.00 you can't then point at me and say "He benefited too from us printing up money", and be taken seriously.
LOL. Again, its immoral to tax that which is needed for survival. Im paraphrasing Benjamin Franklin there.
So the trust pays for everything. Theres no "income". My business buys a corporate jet for 20 million, and spends 10 million a year in maintenance, etc. I fly to Maui, and meet with a business partner for lunch (later he flys here for a lunch). I spend a week in Hawaii. At the end I print up new business cards, and writeoff the whole trip.
Literally you will provide a method for the rich to continue living a near tax fre life....and you will call it "fair"
Im not bringing up identity politics. Why did you?
If the market rate is factoring the tax into itself, for example in regards to minimage wage, then 20,000 isn't what you need for survival, 17k is. Every dollar would represent 85 cents of value. Understand?
If you want to fly to Hawaii get a job with travel. LIFE is not fair but taxes should be. The purpose of taxes is not to punish those who have a better job than you.
Also your example is confusing, what do you mean write off the whole trip? There will be no writeoffs, you are taxed on your income with no exceptions. If the company reimburses you for your expenses afterwards you will get taxed on those reimbursements like any other income. If you paid for the trip with a company credit card then every line item had better be legitimate and a business expense. Like i said, it needn't be complicated, as long as you stick to the no exceptions principle.
If you can be a better CEO, why wouldn't you start your own company, and beat the evil ones by offering better products and services at lower prices, which you'd be able to achieve by getting a lower compensation?
A better answer. I don't particularly want compensation for being CEO. So I would over pay my workers relative to the competition so I'd tend to get the cream of the crop. that is where I'd put the growth in my business.
If the market rate is factoring the tax into itself, for example in regards to minimage wage, then 20,000 isn't what you need for survival, 17k is. Every dollar would represent 85 cents of value. Understand?
If you want to fly to Hawaii get a job with travel. LIFE is not fair but taxes should be. The purpose of taxes is not to punish those who have a better job than you.
Also your example is confusing, what do you mean write off the whole trip? There will be no writeoffs, you are taxed on your income with no exceptions. If the company reimburses you for your expenses afterwards you will get taxed on those reimbursements like any other income. If you paid for the trip with a company credit card then every line item had better be legitimate and a business expense. Like i said, it needn't be complicated, as long as you stick to the no exceptions principle.
I do have a lot of respect for your idea of no exceptions. And I respect you for repeating it. But....I don't believe it would last.
For example the travel I mentioned? It LOOKS like job related....reality though is that its not. Just like today you can do this to fund the major costs of a vacation. Its 30 minutes of "work" thats artificially created.
Things like this ARE complicated. And open to manipulation. The company pays for the hotel, pays for it all as a business expense. You (C-level) benefit from it indirectly.....its not income per se...but it is. Same with the private jet....and more.
Its easier to tax expenditures then to try a fair income tax thing working.....but even then there are issues, and workarounds.
The lower on the totem pole, the harder it is to create things like this, although one common poster here likes to brag about writing off all of his dogs expenses because the dog is in the advertising picture they use.
Excuse me, but when did being successful mean you can no longer criticize the system?
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