This Is How "You'll Own Nothing And Be Happy" ™

amd

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Urealized Gains/Appreciation = Forget about investing, owning a home, or leaving inheritance to your children!


This is how Joe Biden will tax generational wealth transfer

March 13, 2020

President Biden has long called for taxing capital gains as ordinary income and for eliminating the stepped-up basis loophole that enables the capital gains of the very wealthy to go untaxed forever. As part of his fiscal year 2023 budget, President Biden is calling on Congress to pass legislation requiring the wealthiest American households to pay a minimum of 20 percent on all of their income, including unrealized investment income that currently is untaxed.


President’s Budget Rewards Work, Not Wealth with new Billionaire Minimum Income Tax

March 28, 2022

The Billionaire Minimum Income Tax will require America’s wealthiest households to pay as they go, just like everyone else:

The Billionaire Minimum Income Tax will ensure that the very wealthiest Americans pay a tax rate of at least 20 percent on their full income, including unrealized appreciation. This minimum tax would make sure that the wealthiest Americans no longer pay a tax rate lower than teachers and firefighters.

The tax will apply only to the top one-one hundredth of one percent (0.01%) of American households (those worth over $100 million). Over half of the revenue will come from households worth more than $1 billion.
 
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amd

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How We Wound Up With The Income Tax

February 3, 2021

All in all, most Americans thought the new tax was a great idea. One taxpayer wrote to the Bureau of Internal Revenue, "I have purposely left out some deductions I could claim, in order to have the privilege and the pleasure of paying at least a small income tax. . . ."

Abolish the Income Tax As We Know It?

A few years after the income tax amendment was ratified, the United States entered World War I. As in the Civil War, Congress turned to the income tax to quickly raise large amounts of revenue. In 1917, Congress lowered the standard exemption to $1,000 for individuals thus expanding the taxpayer pool. At the same time, the lawmakers increased the base tax rate from 1 percent to 2 percent. Those earning over $1 million were taxed at the unheard of rate of 50 percent (this rose to 77 percent by the end of the war).

With the income tax increases, federal receipts climbed from under $1 billion in 1917 to nearly $4 billion in 1918. At war's end, about 60 percent of federal tax money came from the income tax. It replaced tariff duties and excise taxes as the main source of revenue for the U.S. government. Tax rates were reduced after the war. But Congress had discovered how easy it was to pump enormous amounts of money into the U.S. treasury.

Today, more than 80 years after the ratification of the 16th Amendment, the income tax has changed dramatically. Unlike 1913, most Americans today must pay some federal income tax. Instead of the $71 million collected in 1913, the federal government currently collects over $500 billion in income taxes each year (plus another $117.5 billion from corporations). The 15-page tax code has expanded to more than 1,000 pages. And today, more people grumble about paying income taxes.

Some critics call for replacing the complicated graduated income tax with a much simpler "flat tax." Others want to abolish the federal income tax entirely in favor of a form of national sales tax.
 
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amd

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Biden Admin Targets Lower & Middle Income Earners with $600 IRS Reporting Requirement

February 7, 2022

As of January, the Biden Administration requires Americans to report to the IRS all business transactions using third-party payments – like Venmo and PayPal – for goods or services over $600 thanks to a provision hidden in Democrats’ partisan $2 trillion stimulus bill from March.
  • The new reporting requirements will ensure anyone who sells a couch or pays a babysitter electronically could trigger further IRS scrutiny.
  • This violates President Biden’s own promise that greater tax enforcement wouldn’t hit lower or middle-income Americans.
  • President Biden is still demanding $80 billion in spending for an army of auditors to turn local banks into chapters of the IRS and increase audits for every American with a job.
President Biden’s push for a more invasive, supercharged IRS reports more of Americans’ personal transactions and burdens small business owners and entrepreneurs with more audits.
 

I'm.No.One

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I own a kinda successful business.

I would own a very successful business if the IRS didn't tap out my savings every year even though I have an extremely capable tax firm helping me out.

This is a primary reasons we're considering moving to Portugal & giving up our US citizenship as soon as we're granted EU citizenship via the golden visa program.

No capital gains tax there & the taxes we would pay actually benefit society/help us save $.

I mean I pay between 80-100k yearly in taxes & ***t insurance still cost me 2k PER PERSON monthly in my household because I don't qualify for tax credits.

I'd actually be middle class if the IRS didn't r*pe me every fu(king year.

Oh & then the state I'm in gets a big **** chunk too because there's income tax here.

Sorry for the rant it's just you're told things will be better if you climb up the financial latter, but when you get there you're burnt out & they take most of what you have worked for.
 
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amd

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amd

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Biden Administration Tax Legislation

Democrats' control of the White House and narrow control of Congress give them an opportunity to pass significant tax legislation. It didn't happen in 2021. With midterm elections looming, what will happen in 2022?

Congress Reconvenes – What's Next for Tax?

Build Back Better in 2022?

As the second session of the 117th Congress begins, continuing to work on BBB legislation is expected to be a priority. Moreover, the White House and Democratic Congressional leadership are likely to press for an agreement to be reached and for legislation to be enacted early in the year, since reaching sufficient consensus among Congressional Democrats might become increasingly more difficult as the year progresses and the fall elections approach.
 

Grapelander

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Love is Love
Parts is Parts
Communism is Communism

I never wanted to live in interesting times...but obviously it is not about me.
 
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amd

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Is this part of a plan to attack opponents of the Build Back Better legislation before the elections this year?

Democrats are in a hurry to push legislation before any potential seat flipping in 2022.

 

LUH 3417

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Oct 22, 2016
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I own a kinda successful business.

I would own a very successful business if the IRS didn't tap out my savings every year even though I have an extremely capable tax firm helping me out.

This is a primary reasons we're considering moving to Portugal & giving up our US citizenship as soon as we're granted EU citizenship via the golden visa program.

No capital gains tax there & the taxes we would pay actually benefit society/help us save $.

I mean I pay between 80-100k yearly in taxes & ***t insurance still cost me 2k PER PERSON monthly in my household because I don't qualify for tax credits.

I'd actually be middle class if the IRS didn't r*pe me every fu(king year.

Oh & then the state I'm in gets a big **** chunk too because there's income tax here.

Sorry for the rant it's just you're told things will be better if you climb up the financial latter, but when you get there you're burnt out & they take most of what you have worked for.
What would you do for work in Portugal
 

LUH 3417

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Joined
Oct 22, 2016
Messages
2,990
Love is Love
Parts is Parts
Communism is Communism

I never wanted to live in interesting times...but obviously it is not about me.
Fascism is state corporatism, communism is proletariat ownership of utilities and means of production
 

Karlx

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Fascism is state corporatism, communism is proletariat ownership of utilities and means of production
If we're living in the real world.. Communism is state corporatism. Liberalism is state corporatism. Fascism is national socialism.
 

Phosphor

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What I am for is 100% employee-owned businesses. If you work there, you own part of the business. When you retire, you don't work there any more. I am in favor of retirement systems but not the megacorporations that handle them now.
When corporations became "people" that is when the big downslide started. I don't see a way out of this because of who has control. I mean WHO has control.
 

LUH 3417

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What I am for is 100% employee-owned businesses. If you work there, you own part of the business. When you retire, you don't work there any more. I am in favor of retirement systems but not the megacorporations that handle them now.
When corporations became "people" that is when the big downslide started. I don't see a way out of this because of who has control. I mean WHO has control.
So what you are in favor of is collective ownership of the means of production
 

I'm.No.One

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What I am for is 100% employee-owned businesses. If you work there, you own part of the business. When you retire, you don't work there any more. I am in favor of retirement systems but not the megacorporations that handle them now.
When corporations became "people" that is when the big downslide started. I don't see a way out of this because of who has control. I mean WHO has control.
Actually corporations are formed literally to remove "people" as owners. It becomes an entity that's basically blameless. I.E. I work for the "corporation" that I started, I am it's CEO, I am also not liable as a person if someone sues the corporation, if they even can.

So the actual issue you're thinking about what when business were no longer people.

Also, most people won't go for the employee owned business model because each employee will actually take a pay cut because it has to be reinvested.
 

PhilParma

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Joined
Sep 27, 2015
Messages
543
Location
Minnesota
I own a kinda successful business.

I would own a very successful business if the IRS didn't tap out my savings every year even though I have an extremely capable tax firm helping me out.

This is a primary reasons we're considering moving to Portugal & giving up our US citizenship as soon as we're granted EU citizenship via the golden visa program.

No capital gains tax there & the taxes we would pay actually benefit society/help us save $.

I mean I pay between 80-100k yearly in taxes & ***t insurance still cost me 2k PER PERSON monthly in my household because I don't qualify for tax credits.

I'd actually be middle class if the IRS didn't r*pe me every fu(king year.

Oh & then the state I'm in gets a big **** chunk too because there's income tax here.

Sorry for the rant it's just you're told things will be better if you climb up the financial latter, but when you get there you're burnt out & they take most of what you have worked for.
So you pay $100k in taxes annually and you're still lower class? I don't understand how that's possible.
 

Summer

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Sep 10, 2019
Messages
851
So you pay $100k in taxes annually and you're still lower class? I don't understand how that's possible.
Yeah, also wondering how someone even considered middle class would be able to afford a golden visa...
 

I'm.No.One

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So you pay $100k in taxes annually and you're still lower class? I don't understand how that's possible.
Yeah most people don't understand that the larger a business is the more expensive it is to run & not just taxes.

People always think someone who they work for with a successful business is "middle class" or even funnier "upper class" this is likely only the case for huge corporations.

So, for example, my business brings in around 800k gross income yearly however a huge amount of that goes to the functioning of the business such as materials, bills, testing, permits, accounting, equipment, etc.

Then when you're feeling awesome about how "much" you have in the business account (which by the way isn't just "yours" to take at will) taxes, & more taxes are taken in HUGE amounts from the self employed even if you change to an s-corp because it's typically pass though income until you're large enough to become a BIG corporation with a board.

Self employed tax rate is currently: 15.3% of every single dime you make.

Then..when you begin taking paychecks from your business YOU pay the taxes that an employer typically would out of a check ON TOP OF the taxes that are taken from the workers cut.

Basically I pay double taxes for every paycheck I take. A 5k paycheck at best get us 2,100 & we have dependants.

Then "on paper" we don't qualify for tax credits because for self employed people "the affordable care act" goes off of our gross income for businesses & we are charged top dollar for insurance.

A family of 4 will spend almost 4k monthly for subpar health insurance when they're given no tax credits, I'll direct you back to the 2100 paycheck per adult number to look at that math equation not equaling out well.

Oh, I also live in Oregon State so I pay income taxes on top of what I pay to the IRS. So anything I actually get to keep is taxed another 9.9%...

To genuinely be middle class I'd have to have about 126k LIQUID CASH ON HAND after taxes to be considered middle class.

You would, as a business owner, need to make a few million a year (depending on your industry) to net enough liquid income after expenses/taxes to be middle class.

Welcome to America.
 

I'm.No.One

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Dec 4, 2021
Messages
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Oregon
Yeah, also wondering how someone even considered middle class would be able to afford a golden visa...
Do any amount of research, you can buy ran down properties for under 200k & qualify for a Golden visa in Portugal.
 

LUH 3417

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Joined
Oct 22, 2016
Messages
2,990
Yeah most people don't understand that the larger a business is the more expensive it is to run & not just taxes.

People always think someone who they work for with a successful business is "middle class" or even funnier "upper class" this is likely only the case for huge corporations.

So, for example, my business brings in around 800k gross income yearly however a huge amount of that goes to the functioning of the business such as materials, bills, testing, permits, accounting, equipment, etc.

Then when you're feeling awesome about how "much" you have in the business account (which by the way isn't just "yours" to take at will) taxes, & more taxes are taken in HUGE amounts from the self employed even if you change to an s-corp because it's typically pass though income until you're large enough to become a BIG corporation with a board.

Self employed tax rate is currently: 15.3% of every single dime you make.

Then..when you begin taking paychecks from your business YOU pay the taxes that an employer typically would out of a check ON TOP OF the taxes that are taken from the workers cut.

Basically I pay double taxes for every paycheck I take. A 5k paycheck at best get us 2,100 & we have dependants.

Then "on paper" we don't qualify for tax credits because for self employed people "the affordable care act" goes off of our gross income for businesses & we are charged top dollar for insurance.

A family of 4 will spend almost 4k monthly for subpar health insurance when they're given no tax credits, I'll direct you back to the 2100 paycheck per adult number to look at that math equation not equaling out well.

Oh, I also live in Oregon State so I pay income taxes on top of what I pay to the IRS. So anything I actually get to keep is taxed another 9.9%...

To genuinely be middle class I'd have to have about 126k LIQUID CASH ON HAND after taxes to be considered middle class.

You would, as a business owner, need to make a few million a year (depending on your industry) to net enough liquid income after expenses/taxes to be middle class.

Welcome to America.
Your summary is pretty on point, I grew up in a small family business and despite it being lucrative on paper, between taxes, health insurance, my family’s expendable income was barely middle class.
 
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