It's one of the dumbest ideas in the history of dumb ideas.  Finance a huge expansion of the welfare state by confiscating the wealth of the richest Americans. 

"Hey, we don't like rich people.  They have all the money.  Let's take some of it and spend it on ourselves." 

That's all it is.  Just jealousy, greed, and wanting the government to pay for everyone to have an easier life where we don't have to work if we don't want to.

This idea is being pushed by people who don't understand how an economy works, how jobs are created, and how the wealth that we all share is created.

And the thing is, the whole plan is built on sand.  Suppose we tax the richest people based on the gains in their stock portfolios.  What if the market has a correction, say, 25%?  Do they now have a tax loss carryforward that would last for years and years while the market recovers?  Meanwhile, we would be spending trillions of additional dollars on social programs and it would then not be paid for because the billionaire tax would have failed due to the stock market correction.  And what about the trillions they propose to raise with this tax?  If the stock market has a correction, does the government now have to refund all the tax they collected?  We'd not only be paying out trillions in the new welfare state expansion, we'd also be paying out trillions additionally, right back to the billionaires who paid it in the first place.  

If you look back at the history of the United States, there are people who built this country, like Andrew Carnegie, Henry Ford, John D. Rockefeller, and more recently, Bill Gates, Elon Musk, Jeff Bezos.  And yes, they got rich doing it.  I don't mind that one bit.  They deserve it.  So much of what we have today is because of them.   Look around you at all the things you have because some guy invested a bunch of money, took a huge risk, and created a million jobs.  So what if he got rich doing it?  You benefitted, too.  You have an automobile, a personal computer, a cell phone.  Not to mention, millions of people have jobs.  

Yes, we can take their money, hand it out to everyone, and have a nice easy life for a little while.  And when the money runs out, we'll all be equal.  Equally poor.

Weird this solid post was written by someone with the opinion that it is perfectly normal to take school aged children on a field trip to a gay bar.

---

It's one of the dumbest ideas in the history of dumb ideas.  Finance a huge expansion of the welfare state by confiscating the wealth of the richest Americans. 

"Hey, we don't like rich people.  They have all the money.  Let's take some of it and spend it on ourselves." 

That's all it is.  Just jealousy, greed, and wanting the government to pay for everyone to have an easier life where we don't have to work if we don't want to.

This idea is being pushed by people who don't understand how an economy works, how jobs are created, and how the wealth that we all share is created.

And the thing is, the whole plan is built on sand.  Suppose we tax the richest people based on the gains in their stock portfolios.  What if the market has a correction, say, 25%?  Do they now have a tax loss carryforward that would last for years and years while the market recovers?  Meanwhile, we would be spending trillions of additional dollars on social programs and it would then not be paid for because the billionaire tax would have failed due to the stock market correction.  And what about the trillions they propose to raise with this tax?  If the stock market has a correction, does the government now have to refund all the tax they collected?  We'd not only be paying out trillions in the new welfare state expansion, we'd also be paying out trillions additionally, right back to the billionaires who paid it in the first place.  

If you look back at the history of the United States, there are people who built this country, like Andrew Carnegie, Henry Ford, John D. Rockefeller, and more recently, Bill Gates, Elon Musk, Jeff Bezos.  And yes, they got rich doing it.  I don't mind that one bit.  They deserve it.  So much of what we have today is because of them.   Look around you at all the things you have because some guy invested a bunch of money, took a huge risk, and created a million jobs.  So what if he got rich doing it?  You benefitted, too.  You have an automobile, a personal computer, a cell phone.  Not to mention, millions of people have jobs.  

Yes, we can take their money, hand it out to everyone, and have a nice easy life for a little while.  And when the money runs out, we'll all be equal.  Equally poor.

Weird this solid post was written by someone with the opinion that it is perfectly normal to take school aged children on a field trip to a gay bar.

I never said it was normal.  I said I personally would not have done it.  But I did say I don't think it would hurt them.

---

The cost of corporate taxes is paid by the consumer, shareholder, corporations are just tax collectors who pass is through to the king. If their taxes go up so will the cost of everything they sell, dividends and reinvestment will be reduced hence the exacerbation of our inflation reduction in stock prices. 

Prices are set by markets. Corporate taxes are taken on profits, not revenue.  It wouldn't be like a sales tax.

Prices are set by the market in a Free Market, which does not apply to our economy.

---

“An empty vessel makes the loudest sound, so they that have the least wit are the greatest babblers.”. - Plato

Prices are set by markets. Corporate taxes are taken on profits, not revenue.  It wouldn't be like a sales tax.

Prices are set by the market in a Free Market, which does not apply to our economy.

Our market is not totally free, no, but it's free enough that my statement is true.

---

My fellow southpaw Mark Brunell will probably always be my favorite Jaguar.

Tethering is the way to solve this. I'm convinced of it.

---

The cost of corporate taxes is paid by the consumer, shareholder, corporations are just tax collectors who pass is through to the king. If their taxes go up so will the cost of everything they sell, dividends and reinvestment will be reduced hence the exacerbation of our inflation reduction in stock prices. 

Prices are set by markets. Corporate taxes are taken on profits, not revenue.  It wouldn't be like a sales tax.

When corporate taxes are raised, corporations respond by raising prices to counter the reduced profit, or by cutting costs (laying off people, delaying capital expenditures, etc.)  You want economic growth - lower taxes, not raise them.

---

Conservatives need to stop buying this tripe as it pertains to the ultra rich.

---

Prices are set by markets. Corporate taxes are taken on profits, not revenue.  It wouldn't be like a sales tax.

When corporate taxes are raised, corporations respond by raising prices to counter the reduced profit, or by cutting costs (laying off people, delaying capital expenditures, etc.)  You want economic growth - lower taxes, not raise them.

Simply incorrect.  We've had healthy economic growth with tax rates higher than they are now and crashes with tax rates lower than they are now.  Simply because right wing talk radio has preached it for years does not make it true.

Back to the point, shareholders feel the immediate pain of higher corporate taxes.  Consumers and employees might feel secondary effects way down the road, but that's not a given.

---

My fellow southpaw Mark Brunell will probably always be my favorite Jaguar.

NYU professor takes apart the "billionaires tax."

https://www.youtube.com/watch?v=zng_l4avzYo

---

Lol, just wait until they start talking about all those unrealized gains in those IRAs just sitting there waiting to be milked.

I think the idea to cap the value of an IRA has more merit.  Once your IRA is over a few million dollars you should have to roll some of it into an account that isn't sheltered.  There are people with over a billion dollars in their IRAs and that's just ridiculous and corrupt.   Not saying the government should confiscate all that, but I am saying above a certain value it should become taxable.

There's caps on what you can put in, those people took significant risks to build that value and they were either really smart or got really lucky.  Good for them, keep the government hands out of it.

Edit: Also, if it's a traditional IRA and was tax free going in, it'll be taxed coming out at some point. We can't be double and triple taxing everything.

---

I think the idea to cap the value of an IRA has more merit.  Once your IRA is over a few million dollars you should have to roll some of it into an account that isn't sheltered.  There are people with over a billion dollars in their IRAs and that's just ridiculous and corrupt.   Not saying the government should confiscate all that, but I am saying above a certain value it should become taxable.

There's caps on what you can put in, those people took significant risks to build that value and they were either really smart or got really lucky.  Good for them, keep the government hands out of it.

Edit: Also, if it's a traditional IRA and was tax free going in, it'll be taxed coming out at some point.  We can't be double and triple taxing everything.

It wouldn't be a double tax. If it's a traditional IRA with hundreds of millions in it, the money would roll into a regular account and get taxed once.
Also, don't be naive, they didn't take risks. They got special deals from their friends. They made a shell corporation just to filter income through it and make it look like capital gains. It's the kind of trick that becomes very easy to do with today's tax code, when you have tens of millions of dollars.  Do you want to buy into a shell corporation like that? Sorry! They are not traded publicly. Since there is only one buyer, the price can be low going in, and since there's only one seller they can conspire to make the price high going out.

---

My fellow southpaw Mark Brunell will probably always be my favorite Jaguar.

There's caps on what you can put in, those people took significant risks to build that value and they were either really smart or got really lucky.  Good for them, keep the government hands out of it.

Edit: Also, if it's a traditional IRA and was tax free going in, it'll be taxed coming out at some point.  We can't be double and triple taxing everything.

It wouldn't be a double tax. If it's a traditional IRA with hundreds of millions in it, the money would roll into a regular account and get taxed once.
Also, don't be naive, they didn't take risks. They got special deals from their friends. They made a shell corporation just to filter income through it and make it look like capital gains. It's the kind of trick that becomes very easy to do with today's tax code, when you have tens of millions of dollars.  Do you want to buy into a shell corporation like that? Sorry! They are not traded publicly. Since there is only one buyer, the price can be low going in, and since there's only one seller they can conspire to make the price high going out.

Thank God you aren't in charge of anything.

---

It wouldn't be a double tax. If it's a traditional IRA with hundreds of millions in it, the money would roll into a regular account and get taxed once.
Also, don't be naive, they didn't take risks. They got special deals from their friends. They made a shell corporation just to filter income through it and make it look like capital gains. It's the kind of trick that becomes very easy to do with today's tax code, when you have tens of millions of dollars.  Do you want to buy into a shell corporation like that? Sorry! They are not traded publicly. Since there is only one buyer, the price can be low going in, and since there's only one seller they can conspire to make the price high going out.

Thank God you aren't in charge of anything.

You're some kind of financial advisor, yes?  Any of your clients have IRAs in the tens of millions?

---

My fellow southpaw Mark Brunell will probably always be my favorite Jaguar.

Thank God you aren't in charge of anything.

You're some kind of financial advisor, yes?  Any of your clients have IRAs in the tens of millions?

I have never met anyone with an IRA in the tens of millions. Anyone with that net worth isn't dumb enough to keep their assets in an IRA.

The problem with you and the people who think like you is that you don't understand they will do whatever is necessary to avoid the tyrannical policies people like you promote.

---

I wish people could travel overseas and see Russia, Cuba, Europe, the Middle East, South America, Southwest Asia.

Once you've traveled the world, you know without a doubt that there is no better place to be than America.

---

I wish people could travel overseas and see Russia, Cuba, Europe, the Middle East, South America, Southwest Asia. 

Once you've traveled the world, you know without a doubt that there is no better place to be than America.

Have you actually seen Germany?

---

You're some kind of financial advisor, yes?  Any of your clients have IRAs in the tens of millions?

I have never met anyone with an IRA in the tens of millions. Anyone with that net worth isn't dumb enough to keep their assets in an IRA.

The problem with you and the people who think like you is that you don't understand they will do whatever is necessary to avoid the tyrannical policies people like you promote.

Mitt Romney released his tax returns and revealed that he has over 100 million dollars in an IRA.

---

My fellow southpaw Mark Brunell will probably always be my favorite Jaguar.

You're some kind of financial advisor, yes?  Any of your clients have IRAs in the tens of millions?

I have never met anyone with an IRA in the tens of millions. Anyone with that net worth isn't dumb enough to keep their assets in an IRA.

The problem with you and the people who think like you is that you don't understand they will do whatever is necessary to avoid the tyrannical policies people like you promote.

Peter Thiel has $5 billion in a Roth IRA

---

I wish people could travel overseas and see Russia, Cuba, Europe, the Middle East, South America, Southwest Asia. 

Once you've traveled the world, you know without a doubt that there is no better place to be than America.

Have you actually seen Germany?

---

I have never met anyone with an IRA in the tens of millions. Anyone with that net worth isn't dumb enough to keep their assets in an IRA.

The problem with you and the people who think like you is that you don't understand they will do whatever is necessary to avoid the tyrannical policies people like you promote.

Mitt Romney released his tax returns and revealed that he has over 100 million dollars in an IRA.

The balance of an IRA is not reported on your tax return.

---

I have never met anyone with an IRA in the tens of millions. Anyone with that net worth isn't dumb enough to keep their assets in an IRA.

The problem with you and the people who think like you is that you don't understand they will do whatever is necessary to avoid the tyrannical policies people like you promote.

Peter Thiel has $5 billion in a Roth IRA

Site cannot be reached.

---

Have you actually seen Germany?

---

Mitt Romney released his tax returns and revealed that he has over 100 million dollars in an IRA.

The balance of an IRA is not reported on your tax return.

---

Peter Thiel has $5 billion in a Roth IRA

Site cannot be reached.

Try this one

Or, simply google "Peter Thiel IRA."

It's really a beautiful scheme, and completely legal.  Thiel used his Roth IRA to buy shares in Paypal when it was a startup.  Now the value has grown into the billions, and he can sell them and owe no tax.

But back to your statement that "...anyone with that net worth isn't dumb enough to hold their assets in an IRA..."  The only thing that would hold them back would be the annual contribution limits.  Otherwise, it would be wonderful to hold assets in a Roth IRA, where the assets will never be taxed, even if they grow to the moon and you sell them.

---

The balance of an IRA is not reported on your tax return.

---

Site cannot be reached.

Try this one

Or, simply google "Peter Thiel IRA."

It's really a beautiful scheme, and completely legal.  Thiel used his Roth IRA to buy shares in Paypal when it was a startup.  Now the value has grown into the billions, and he can sell them and owe no tax.

Well that is good for him, but clearly an outlier, and I think he should keep every dime of it and never be threatened with paying taxes on a Roth IRA because that is sort of the agreement when you set it up.

---