Debates
15 Nov 21
You saw how Tesla stock price dropped when he sold $5B of his own stock. Such actions result in a huge impact on retail stockholders and 401k Plans. Worse, public pension plans control $31Trillion in assets worldwide.
A colossal equity market selloff triggered by a billionaire's tax would negatively affect the retirement security of tens of millions, including some on this Forum. The effect on the fiscal health of states and municipalities would be devastating, and ultimately,, liabilities wold have to be made up by higher taxes....which we all would pay.
We mere mortals will see our retirement funds crash. And in the rush to be first to sell (while stock price is OK) we will have to pay capital gains tax on the sale.
So, please consider all this when you march to get money from the Billionaires...., it will impact us. We don't want to force them to sell their stocks, plain and simple. Better leave the golden geese alone. My 2 cents.
@averagejoe1 saidSo, please consider all this when you march to get money from the Billionaires...., it will impact us.
You saw how Tesla stock price dropped when he sold $5B of his own stock. Such actions result in a huge impact on retail stockholders and 401k Plans. Worse, public pension plans control $31Trillion in assets worldwide.
A colossal equity market selloff triggered by a billionaire's tax would negatively affect the retirement security of tens of millions, including some o ...[text shortened]... orce them to sell their stocks, plain and simple. Better leave the golden geese alone. My 2 cents.
I've been reading this nonsense since the 1980's, when old Ronnie Reagan promised tax cuts for the rich would "trickle down" to the rest of us (we're still waiting for that to happen) Tax rates for the 1% were much higher decades ago, as well as fewer loopholes, and this country functioned perfectly well. Many billionaires pay little or no taxes' whatsoever, so requiring them to pay just 4-5% of their income is not going to affect their business ventures, yachts, fleets of luxury cars, private jets, multiple mansions in exclusive gated communities, shopping sprees at Park Avenue, Beverly Hills, Bond Street, and Avenue Montaigne in Paris. Wall Street financial markets have hit record highs month after month (even under that dirty old socialist Joe Biden)
Please stop being so gullible. 🙄
@shallow-blue saidIf the bottom 60% pay nothing and the rich guys (10%?) pay 90%, who in the world is not paying their 'fair share'? And if you legislate the wealth out of prosperity, do you truly think the result is to legislate the poor INTO prosperity?
You mean, a pathetic pram-throw by an overpriced man-child has an influence on the stock market, surely? This tantrum has nothing to do with any real tax scheme, and only someone completely ignorant about the financial world would think it has any real meaning.
Hah, you think Musk has no effect on the stock market? His stock is worth $300B . Look it up. What he does affects your 401k, I just hate it, but, there it is. Best leave them fellers alone?
You say here that (I?) am ignorant of the financial world. Is Biden ignorant when, being all faux concerned about people not being able to put food on the table, yet allows millions of poor people to break into our country and use up our resources!?!
Bernie somehow became wealthy in politics....making speeches ???..What..? Musk, on the other hand, had an idea, builds things, employs thousands, ....these thousands, and the vendors to Musk, all pay taxes. Hello?
Musk and Bezos are smarter, hard working and risk taking with their own money. Grew up in average homes. None of that horrible inheritance that you libs hate so much.
The boys got talent and determination. I will guarantee they never played a lot of frisbee!! Getting rich is more fun!!!
@averagejoe1 saidI hate to burst your bubble, but Musk's holdings are chickenfeed compared to total stock value which was $49.1 trillion as of March 31, 2021. https://wallstreetonparade.com/2021/05/at-49-1-trillion-the-u-s-stock-market-is-larger-than-the-combined-gdp-of-the-u-s-china-japan-and-germany/
If the bottom 60% pay nothing and the rich guys (10%?) pay 90%, who in the world is not paying their 'fair share'? And if you legislate the wealth out of prosperity, do you truly think the result is to legislate the poor INTO prosperity?
Hah, you think Musk has no effect on the stock market? His stock is worth $300B . Look it up. What he does affects your 401k, I ju ...[text shortened]... determination. I will guarantee they never played a lot of frisbee!! Getting rich is more fun!!!
@averagejoe1 saidJoe, Musk's main argument relates to the common refrain about unrealized gains. How can I possibly pay taxes on money I don't even have? He sold the stock to make a point over social media about how difficult a wealth tax would be to implement.
You saw how Tesla stock price dropped when he sold $5B of his own stock. Such actions result in a huge impact on retail stockholders and 401k Plans. Worse, public pension plans control $31Trillion in assets worldwide.
A colossal equity market selloff triggered by a billionaire's tax would negatively affect the retirement security of tens of millions, including some o ...[text shortened]... orce them to sell their stocks, plain and simple. Better leave the golden geese alone. My 2 cents.
But we normal folk pay this tax all the time via property taxes. It just doesn't happen to Elon. That's the problem. Your argument is that his extreme wealth and power over politicians and the stock market is so great that we should do what whatever he wants? He earned the right to pay no taxes on $200 billion he earned over the last 2 years?
Elon should pay taxes on his wealth. He just doesn't want to so he throws a temper tantrum. Boo hoo.
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@averagejoe1 saidAgain, that's not how (progressive) taxes work in the real world. If you are so ignorant about such fundamental aspects of the tax system, it is no good debating policy with you.
If the bottom 60% pay nothing and the rich guys (10%?) pay 90%, who in the world is not paying their 'fair share'? And if you legislate the wealth out of prosperity, do you truly think the result is to legislate the poor INTO prosperity?
I cannot even explain the real situation to someone with as poor a grasp on the real laws as you have. All I can do is tell you that you are wrong about the very basics, and please pick up Tax Laws For Dummies.
@no1marauder saidChicken feed. So, Bezos and Musk stocks are a drop in the ocean. So,, then tell us, why the hell do you libs keep putting your nose in it, why is their net worth so important to you....has a lib ever thought about living their own life to the fullest? Why try to live and control his life.
I hate to burst your bubble, but Musk's holdings are chickenfeed compared to total stock value which was $49.1 trillion as of March 31, 2021. https://wallstreetonparade.com/2021/05/at-49-1-trillion-the-u-s-stock-market-is-larger-than-the-combined-gdp-of-the-u-s-china-japan-and-germany/
15 Nov 21
@averagejoe1 saidTo answer your first question: because we pay taxes and they don't.
Chicken feed. So, Bezos and Musk stocks are a drop in the ocean. So,, then tell us, why the hell do you libs keep putting your nose in it, why is their net worth so important to you....has a lib ever thought about living their own life to the fullest? Why try to live and control his life.
15 Nov 21
@averagejoe1 saidIt's hardly "controlling someone life's" to have them pay a tiny share of their wealth to maintain the society and economic system that has allowed them to prosper.
Chicken feed. So, Bezos and Musk stocks are a drop in the ocean. So,, then tell us, why the hell do you libs keep putting your nose in it, why is their net worth so important to you....has a lib ever thought about living their own life to the fullest? Why try to live and control his life.
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@no1marauder said............Warren Buffet agrees; he once mused,
It's hardly "controlling someone life's" to have them pay a tiny share of their wealth to maintain the society and economic system that has allowed them to prosper.
''My secretary pays a higher tax rate, than I do.''
@AverageJoe1
Do you seriously think Elon gives a crap about the exact number of his wealth?
A couple hundred billion give or take and he is going to really worry after sucking out 5 billion, the stock went down ten percent or something.
Don't forget, that is a short term deal, a week from now it will start to recover and he will be back to near 300 billion...
And you have no problem with a dude like that paying ZERO taxes.
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@averagejoe1 said..........Hey, LessThanAverage,
If the bottom 60% pay nothing and the rich guys (10%?) pay 90%, who in the world is not paying their 'fair share'? And if you legislate the wealth out of prosperity, do you truly think the result is to legislate the poor INTO prosperity?
Hah, you think Musk has no effect on the stock market? His stock is worth $300B . Look it up. What he does affects your 401k, I ju ...[text shortened]... determination. I will guarantee they never played a lot of frisbee!! Getting rich is more fun!!!
Your boy, TRUMP has paid NO FEDERAL TAXES
for 20 years..........Who is cheating whom?
No, all completely legal, it's called CORPORATE WELFARE.
@no1marauder saidYou casually mention 'tiny share',, like the phrase 'living wage', or the phrase 'fair share',,,,how much do you think, in each these categories ?
It's hardly "controlling someone life's" to have them pay a tiny share of their wealth to maintain the society and economic system that has allowed them to prosper.
Buffet and I agree the rich should not pay zero taxes.. So let us all stipulate to that. So, how much should they pay? And hey.,,,,what should this extra money be used for? Should libs decide,, or conservatives like myself. Of course, not a nickel to entitlements-for-losers, which would start the forum all over again!!!! AvJoe, who is going to pay for my 5 children to go to college!??! I want what is MINE(?) and I want stuff from people who have worked for it while I seem to not have done so.
I still think you folks should not be all wrapped up in what other businessmen are doing. One of you said that everyone should get a piece of the pie. THE pie? Bad analogy. You see, there are a LOT of pies, not one pie. Get your own pie. Man up.
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@averagejoe1 saidWell, LessThanAverage,
You casually mention 'tiny share',, like the phrase 'living wage', or the phrase 'fair share',,,,how much do you think, in each these categories ?
Buffet and I agree the rich should not pay zero taxes.. So let us all stipulate to that. So, how much should they pay? And hey.,,,,what should this extra money be used for? Should libs decide,, or conservatives like m ...[text shortened]... HE pie? Bad analogy. You see, there are a LOT of pies, not one pie. Get your own pie. Man up.
So you must condemn your boy TRUMP,
shirking his duty to pay his 'fair share,' right?
Or are you once again, truly, LessThanAverage, Joe?