2190
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
this post was submitted on 14 Aug 2023
2190 points (98.7% liked)
News
23268 readers
1914 users here now
Welcome to the News community!
Rules:
1. Be civil
Attack the argument, not the person. No racism/sexism/bigotry. Good faith argumentation only. This includes accusing another user of being a bot or paid actor. Trolling is uncivil and is grounds for removal and/or a community ban. Do not respond to rule-breaking content; report it and move on.
2. All posts should contain a source (url) that is as reliable and unbiased as possible and must only contain one link.
Obvious right or left wing sources will be removed at the mods discretion. We have an actively updated blocklist, which you can see here: https://lemmy.world/post/2246130 if you feel like any website is missing, contact the mods. Supporting links can be added in comments or posted seperately but not to the post body.
3. No bots, spam or self-promotion.
Only approved bots, which follow the guidelines for bots set by the instance, are allowed.
4. Post titles should be the same as the article used as source.
Posts which titles don’t match the source won’t be removed, but the autoMod will notify you, and if your title misrepresents the original article, the post will be deleted. If the site changed their headline, the bot might still contact you, just ignore it, we won’t delete your post.
5. Only recent news is allowed.
Posts must be news from the most recent 30 days.
6. All posts must be news articles.
No opinion pieces, Listicles, editorials or celebrity gossip is allowed. All posts will be judged on a case-by-case basis.
7. No duplicate posts.
If a source you used was already posted by someone else, the autoMod will leave a message. Please remove your post if the autoMod is correct. If the post that matches your post is very old, we refer you to rule 5.
8. Misinformation is prohibited.
Misinformation / propaganda is strictly prohibited. Any comment or post containing or linking to misinformation will be removed. If you feel that your post has been removed in error, credible sources must be provided.
9. No link shorteners.
The auto mod will contact you if a link shortener is detected, please delete your post if they are right.
10. Don't copy entire article in your post body
For copyright reasons, you are not allowed to copy an entire article into your post body. This is an instance wide rule, that is strictly enforced in this community.
founded 1 year ago
MODERATORS
4% of WHAT is taxed?
Yeah, most millionaires have no profit and they're in the red. We need even more taxes on small aircrafts that are used for private charter, more taxes on purchasing and operating helicopters, taxes on the kerosene not used in military scope.
Taxes on luxury cars that only the billionaire's afford. Every car over 150.000 USD should have a 100% tax to feed the homeless and the kids
Per the article, it's an income tax on any income over a million dollars, so it's essentially an additional state income tax bracket. So, if an entity makes exactly 1 million this year then they won't pay any extra, but if they make 2 million, then they pay 4 percent on that additional 1 mill (40k), over whatever else they would owe before the additional tax.
Like all income tax, there are ways to avoid it or reduce your burden, but not every person/company goes to those lengths.
I personally think a wealth tax is fairer for society, but it's pretty hard to implement and of course has a ton of very wealthy opposition.
The most reasonable way I've seen so far is to assume that your wealth passively creates x% of extra income for you, and then tax that amount as income. That also simplifies the tax system, since you only need enter your assets, and not what exacts trades and profits you made.
I can make it simpler yet and close the Billionaire Income Loophole, where their "income" is taking out loans against value of their investments by simply taxing those loans. No need to value something, they've already done it when they took out the loan. If you borrowed 10 Million against a portfolio of 50 Million then you should be taxed on the 10 Million. That's the value you assigned and the benefit you received.
This would also catch the "Buy, Borrow, Die" / Step-Up scheme that the ultra-wealthy use.