Posted on Nov 1, 2024
Record numbers of wealthy Americans are making plans to leave the U.S. after the election
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"A survey by Arton Capital, which advises the wealthy on immigration programs, found that 53% of American millionaires say they’re more likely to leave the U.S. after the election, no matter who wins."
Record numbers of wealthy Americans are making plans to leave the U.S. after the election
Posted from cnbc.comPosted in these groups: 
Political Opinions
Political Opinions
Posted 22 d ago
Responses: 5
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LTC Eugene Chu If "White Christian Nationalist" want to Move to Russia, "Nostrovia!" Don't Let the Door Hit You on the Way Out!
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Major Mac has me blocked, but, from his own link:
"Nonpartisan federal agencies have estimated the tax cut will add up to $2 trillion to the federal debt over 10 years."
Republicans are always bitching about the national debt EXCEPT when their guy is in the White Office.
"Nonpartisan federal agencies have estimated the tax cut will add up to $2 trillion to the federal debt over 10 years."
Republicans are always bitching about the national debt EXCEPT when their guy is in the White Office.
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Maj John Bell
What is a fair share? You used the term so you should have a pretty clear and easily articulable idea of "fair share?"
What income tax rate would you propose on those whose federal gross adjusted income is
_more than $290,00 (top 5%er)
_more than $737,000 (top 1%)
How would you tax capital gains to end=sure that people pay their fair share?
What income tax rate would you propose on those whose federal gross adjusted income is
_more than $290,00 (top 5%er)
_more than $737,000 (top 1%)
How would you tax capital gains to end=sure that people pay their fair share?
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MSG Stan Hutchison
Maj John Bell - I would leave that to the tax experts.
But let's be honest about it.
From Forbes:
"ProPublica found that while the median American household earning roughly $70,000 per year paid 14% in federal taxes each year, the 25 richest Americans (by Forbes’ tally) paid a “true tax rate” of just 3.4% on wealth growth of $401 billion between 2014 and 2018."
"As Elon Musk, the billionaire CEO of Tesla, saw his wealth balloon by $13.9 billion between 2014 and 2018, he reported $1.52 billion in income and paid a true tax rate of 3.27%."
"$175 billion per year. That’s how much the top 1% of taxpayers contribute to the tax gap—the difference between federal taxes legally owed and those actually collected—each year, according to a March study. The study estimated that the top 1% of taxpayers don’t pay taxes on 20% of their income. Significantly, however, ProPublica’s report does not suggest those billionaires broke the law and calculates the “true tax” not on income, but on wealth, which for the very rich is a much bigger number, since unrealized gains aren’t taxed."
https://www.forbes.com/sites/sarahhansen/2021/06/08/richest-americans-including-bezos-musk-and-buffett-paid-federal-income-taxes-equaling-just-34-of-401-billion-in-new-wealth-bombshell-report-shows/
But let's be honest about it.
From Forbes:
"ProPublica found that while the median American household earning roughly $70,000 per year paid 14% in federal taxes each year, the 25 richest Americans (by Forbes’ tally) paid a “true tax rate” of just 3.4% on wealth growth of $401 billion between 2014 and 2018."
"As Elon Musk, the billionaire CEO of Tesla, saw his wealth balloon by $13.9 billion between 2014 and 2018, he reported $1.52 billion in income and paid a true tax rate of 3.27%."
"$175 billion per year. That’s how much the top 1% of taxpayers contribute to the tax gap—the difference between federal taxes legally owed and those actually collected—each year, according to a March study. The study estimated that the top 1% of taxpayers don’t pay taxes on 20% of their income. Significantly, however, ProPublica’s report does not suggest those billionaires broke the law and calculates the “true tax” not on income, but on wealth, which for the very rich is a much bigger number, since unrealized gains aren’t taxed."
https://www.forbes.com/sites/sarahhansen/2021/06/08/richest-americans-including-bezos-musk-and-buffett-paid-federal-income-taxes-equaling-just-34-of-401-billion-in-new-wealth-bombshell-report-shows/
Richest Americans—Including Bezos, Musk And Buffett—Paid Federal Income Taxes Equaling Just 3.4%...
Warren Buffett, a vocal advocate of higher income taxes on the rich, paid just 0.1%--a reflection of how little income he realized compared to his wealth.
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Maj John Bell
MSG Stan Hutchison - By all means, let's be honest about it. VERY HONEST. You do realize that the majority of the truly wealthy people don't hold their wealth in personal income, don't you? Their wealth is in investments and is exempt from direct taxation until that capital gain is realized (actually put in "pocket").
Comparing tax liability on household earnings to tax liability on investment portfolio is a BS and disingenuous analysis. The article does not address the tax liability of America's top earners. They are paying a rate of 37% on their federal adjusted gross income. That's not up for debate, it is black letter law. So either you think 37% is a fair share, or you don't. If you don't, what is a fair share?
En toto
_The top 1% of households pay 42.3% of all the income tax the federal government collects.
_The top 50 percent of all taxpayers paid 97.7 percent of all federal individual income taxes,
_The bottom 50 percent paid the remaining 2.3 percent.
Source: IRS via the Tax Foundation [see link below]
Wealth growth IS NOT INCOME. It is an increase in the value of their portfolio. just because your stock valued at $1000 is now valued at $1,100 dollars does not mean you have an extra hundred dollars in your pocket, not unless you decide to sell it. Then AND ONLY THEN is your profit subject to tax. What you haven't sold could be worth more or less next year. The author of your article is intentionally misleading (lying). The top earners pay 20% on any realized profits NOT 3.4%. That's not up for debate, it is black letter law. So, either you think 20% is a fair share, or you don't. If you don't, what is a fair share?
Capital Gains Tax Schedule
_0%: For single filers making less than $47,026 in taxable income, joint filers making less than $94,051, and heads of households making $63,000 or less.
_15%: For income between $47,026 and $518,900.
_20%: For income above $518,900
If you are going to make the assertion that people aren't paying their "fair share" but cannot express what "fair share" is, your assertion lacks credibility.
https://taxfoundation.org/data/all/federal/summary-latest-federal-income-tax-data-2023-update/
Comparing tax liability on household earnings to tax liability on investment portfolio is a BS and disingenuous analysis. The article does not address the tax liability of America's top earners. They are paying a rate of 37% on their federal adjusted gross income. That's not up for debate, it is black letter law. So either you think 37% is a fair share, or you don't. If you don't, what is a fair share?
En toto
_The top 1% of households pay 42.3% of all the income tax the federal government collects.
_The top 50 percent of all taxpayers paid 97.7 percent of all federal individual income taxes,
_The bottom 50 percent paid the remaining 2.3 percent.
Source: IRS via the Tax Foundation [see link below]
Wealth growth IS NOT INCOME. It is an increase in the value of their portfolio. just because your stock valued at $1000 is now valued at $1,100 dollars does not mean you have an extra hundred dollars in your pocket, not unless you decide to sell it. Then AND ONLY THEN is your profit subject to tax. What you haven't sold could be worth more or less next year. The author of your article is intentionally misleading (lying). The top earners pay 20% on any realized profits NOT 3.4%. That's not up for debate, it is black letter law. So, either you think 20% is a fair share, or you don't. If you don't, what is a fair share?
Capital Gains Tax Schedule
_0%: For single filers making less than $47,026 in taxable income, joint filers making less than $94,051, and heads of households making $63,000 or less.
_15%: For income between $47,026 and $518,900.
_20%: For income above $518,900
If you are going to make the assertion that people aren't paying their "fair share" but cannot express what "fair share" is, your assertion lacks credibility.
https://taxfoundation.org/data/all/federal/summary-latest-federal-income-tax-data-2023-update/
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