- cross-posted to:
- politics@lemmy.world
- oregon@lemmy.ml
- cross-posted to:
- politics@lemmy.world
- oregon@lemmy.ml
These are the stupid ideas the Democrats come up with. There are three billionaires in Oregon. Three. If this passes I suspect they will just move.
At the federal level, this would be unconstitutional.
Yes it’s prohibited. We had to add an amendment to allow taxation and wealth was not included.
Have you ever read the amendment ?
No, I haven’t read the USA constitution.
Odd that the constitution prohibit taxation based on income levels
Don’t you have tax brackets or anything in the USA? What about taxes on stocks and stuff like that?
I guess another amendment should be in order.
Yes, we have tax brackets and taxes on sold stocks. That is income which is allowed.
https://en.wikipedia.org/wiki/Sixteenth_Amendment_to_the_United_States_Constitution
Now a state could potentially do a wealth tax but the federal government cannot. I am not a fan when senators push unconstitutional ideas for brownie points. It would need an amendment to do it and it would never pass.
Democrats keep trying to push unrealized gains taxes which is a horrible idea.
Let’s say you own a stock and it goes up in value and now you are a billionaire. When that stock is sold, you pay taxes on the gain. That is fair.
What the Democrats are proposing is you pay taxes on the stock even though it could drop to 0 tomorrow. That is unfair. That would cause the stock market to collapse which would destroy retirement accounts and pensions. Democrats don’t get stocks are what drive pensions and 401k. They influence the stock market more than billionaires.
Normally the stock sales would be a capital gain. That has a lower tax rate. They should allow something like 300K in capital gains per year then the rest would be ordinary income tax with social security, etc taken out.
ETA: This is just a politician pandering for attention. It is look at the ‘evil’ billionaires. I could give two shits about them. They do not impact my life.
What I do care about is the politicians who don’t do shit and want to point the finger at other people.
Elon was attacked by Warran and Bernie that he didn’t pay enough in taxes. The two idiots didn’t realize his income was 1 dollar. How much taxes should he pay on 1 dollar? That in my opinion is a loophole we need to fix but that is another story. They always want to point the finger but can’t be bothered to realize they look silly.
In most years we all make more than Elon.