Biden to Propose New “Billionaire Minimum Income Tax” of 20 Percent

[zdreg]

Last year, Yellen floated a $600 threshold (up from $400) before needing to be reported. LOL

Actually. Yellen proposed that every cash transaction exceeding $600 needed to be reported to IRS down from 10 thousand, which by the way hasn't be raised since started 1986 for financial institutions and 2002 for non financial institutions. Pay for a coat $601 cash there will be paperwork.

 

[zdreg]

Tax is also a way to remove some money from circulation, so it could help reduce inflation and handle the asset bubble at the same time.

Don't quit your daytime job to become an economist.

 

[nooby_mcnoob]

Don't quit your daytime job to become an economist.

https://www.economicshelp.org/blog/42/inflation/economic-policies-to-reduce-inflation/

Tight fiscal policy – Higher income tax and/or lower government spending, will reduce aggregate demand, leading to lower growth and less demand-pull inflation

Author: Tejvan studied PPE at LMH, Oxford University and works as an economics teacher and writer.

https://www.lmh.ox.ac.uk/prospectiv...ate/courses/philosophy-politics-and-economics

 

[MKTrader]

Your chart cuts off at 2015.

View attachment 281111

Still, if you were trading this as a price series, I would expect something like this. And given the size of the shit show that hits on the second bump, they are more likely to replace the USD than follow through with interest rate hikes.

I mentioned that it cut off in 2015 and explained what happened afterwards. Rates stayed extremely low by historical standards then back to zero in early 2020. My point stands. We have a generation who has never heard of 6% mortgage rates or CDs that pay 4%.

 

[zdreg]

https://www.economicshelp.org/blog/42/inflation/economic-policies-to-reduce-inflation/



Author: Tejvan studied PPE at LMH, Oxford University and works as an economics teacher and writer.

https://www.lmh.ox.ac.uk/prospectiv...ate/courses/philosophy-politics-and-economics

Lots of fallacious economic nonsense under academic guise is published on the internet.. The latest popular economic fad being MMT(Modern Money Theory) and the old one that central bankers can revoke business cycles and prevent recessions

 

[ET180]

Not long. This is the Trojan Horse to float the idea but only on the "mega rich" for now. But once it's accepted and the precedent is set....

The income tax was originally marketed as only affecting the top 0.01%. Where I live, they passed a 1% income tax on all income above $200k. I hate that kind of tax because most of the population is exempt from it. Like "oh, yeah, let's help the homeless, but I don't want to pay for it, how about that guy, yeah, f*ck him, make that a**hole pay for it, not me!" and then they can still pat themselves on the back for helping the homeless even though all they did was force someone else to. Everyone should have some skin in the game, even if it's only a few bucks.

 

[MKTrader]

The income tax was originally marketed as only affecting the top 0.01%. Where I live, they passed a 1% income tax on all income above $200k. I hate that kind of tax because most of the population is exempt from it. Like "oh, yeah, let's help the homeless, but I don't want to pay for it, how about that guy, yeah, f*ck him, make that a**hole pay for it, not me!" and then they can still pat themselves on the back for helping the homeless even though all they did was force someone else to. Everyone should have some skin in the game, even if it's only a few bucks.

I agree completely. And you end up at a point where almost half the people don't pay income tax but still vote (no surprise they vote for candidates promising "free" stuff). And those at the highest levels of society pay very well either. When I say "highest levels," I don't mean your local doctor, business owner, etc., who often pay a LOT of tax. I mean the true elites.

 

[Mercor]

Elon Musk, for example, would have to pay an additional $50 billion in taxes while Jeff Bezos would be on the hook for an additional $35 billion,
Is 5 years the Government will own Telsa and Amazon

Do they think these guys actually have this money...

 

[CET]

This has little chance of passing and is mostly election year posturing. The democrats will be trying all kinds of things to keep from getting crushed in the mid-terms. Grab your popcorn.

 

[ET180]

Elon Musk, for example, would have to pay an additional $50 billion in taxes while Jeff Bezos would be on the hook for an additional $35 billion,
Is 5 years the Government will own Telsa and Amazon

Do they think these guys actually have this money...

Oh, but don't worry, if you pay the unrealized gains and the stock tanks before you get a chance to sell it, I'm sure they will allow you to write off $3,000 / year in capital losses. What a joke. Too many f***ing parasites.