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Learn some basic financial accounting and find out where wealth (equity) comes from.
That's what I am saying the problem is.
I worked in wealth management for years, managing money for the wealthy and ultra wealthy. I know more about financial accounting and wealth management than most people on this forum. We need a wealth tax on the wealthy (who don't pay their fair share) and we need tax breaks for lower income earners. That's been my point all along.
I worked in wealth management for years, managing money for the wealthy and ultra wealthy. I know more about financial accounting and wealth management than most people on this forum. We need a wealth tax on the wealthy (who don't pay their fair share) and we need tax breaks for lower income earners. That's been my point all along.
No. That's not the problem. The problem at its fundamental core is that the government spends too much money.
We DO NOT NEED MORE TAXES. Period. The government collects plenty already. You work in wealth management and you want to give MORE money away to an organization that couldn't figure out how to live within its means for the past 20+ years? Remind me to never trust you with a penny of my hard-earned money. As Suzy Orman would say...."DENIED!"
I worked in wealth management for years, managing money for the wealthy and ultra wealthy. I know more about financial accounting and wealth management than most people on this forum. We need a wealth tax on the wealthy (who don't pay their fair share) and we need tax breaks for lower income earners. That's been my point all along.
no, we don't need more taxes. We need to tax more efficiently. A flat income tax (exemptions for poverty) and a VAT would be the simplest form to fund the Feds. A consumption tax (VAT) taxes wealth that is spent. There is no reason other than greed and envy to tax someone for saving money.
The ultra rich also pay a hige voluntary "tax" in the form of charitable contributions. This is their money that they give to the benefit of others, depriving themselves of its use. Kind of like what a tax is - no, not exactly a tax but similar.
Guess what? When you have no INCOME, you pay no INCOME taxes. Nearly all the wealth Musk has is invested in his companies, in the form of stock. When he sells those shares to get some cash, he pays taxes.
The ultra rich also pay a hige voluntary "tax" in the form of charitable contributions. This is their money that they give to the benefit of others, depriving themselves of its use. Kind of like what a tax is - no, not exactly a tax but similar.
They get a tax DEDUCTION for the amount they contribute to charity. Is is not just a giveaway.
Guess what? When you have no INCOME, you pay no INCOME taxes. Nearly all the wealth Musk has is invested in his companies, in the form of stock. When he sells those shares to get some cash, he pays taxes.
But he (and others) rarely sell those shares. Thus pay no income tax at all in some years.
But he (and others) rarely sell those shares. Thus pay no income tax at all in some years.
Why should they pay income tax when they had no income?
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