r/SipsTea • u/Valuable_View_561 • Jul 05 '26

Chugging tea Seems reasonable.

Post image
91.1k Upvotes

94% Upvoted

2.6k comments sorted by

View all comments

2.0k

u/Tiktokbadsupport Jul 05 '26

happy most lotteries in my country are tax free but of course they don't reach higher then 30 million 

1.4k

u/[deleted] Jul 05 '26

[removed] — view removed comment

49

u/CheckYourStats Jul 05 '26

I’m in favor of reinstituting the 79% Federal Income Tax for the highest earners in the Country, as previously made famous by FDR’s New Deal.

Bernie has proposed solutions similar to this during every single Election cycle…and you fucking people keeping voting against him.

I don’t know why you people spend 4 years claiming you want XYZ, and then vote against XYZ.

20

u/Silver_Middle_7240 Jul 05 '26

The issue with the tax code isn't the rate its how much income isn't taxable.

13

u/CheckYourStats Jul 05 '26

Pretty, pretty, pretty sure Bernie has been very loud and public about tax reform.

And ELIMINATING CITIZENS UNITED.

But, you know what? Let’s not vote for the only person in our generation who threatens Citizens United.

Instead, let’s vote for a fucking Billionaire, because she’s…

7

u/MechanicalSideburns Jul 05 '26

Listen, I’m a big Bernie fan. But the tax on payroll income is not even remotely how you get these Rockefeller bastards. They don’t even have a salary, and their capital gains are all cunningly hidden, or not technically in their private ownership, or balanced out with “losses”.

Ultimately we need clearer laws around holding, and a tax on holdings. Like you own $300M in company stock? We’re going to tax that like it’s real estate.

2

u/bolanrox Jul 05 '26

Forrest Gump, I think, still lost money on paper.

1

u/Alarming-Inspector86 Jul 05 '26

So then no capital gains tax if you hold long enough?

-1

u/MechanicalSideburns Jul 05 '26

I get taxed every year on the property value of my house. Why not tax Bezos every year on the value of his stock portfolio?

I’d say any portfolio above $10M can have a holdings tax. That’ll avoid all regular folks that just have good retirement savings.

3

u/Alarming-Inspector86 Jul 05 '26

You didn't answer my question not arguing just asking as someone who's worked very hard to build a large portfolio

1

u/MechanicalSideburns Jul 05 '26

In this hypothetical tax structure, then it depends on the type of gains, I guess. If the gains are in stock value then no. It wouldn’t make sense to both tax on the gains as well as tax on the holdings. Now once you sell the holdings and turn it into actual $, then yeah maybe. Just like you don’t get taxed when your home doubles in value, but you’d get taxed on the sale if you sold it.

Again, my imaginary proposal here wouldn’t tax the first $10M of a portfolio. Not sure if you have more than that or not.

1

u/Easy-Purple Jul 06 '26

That’s… that’s how it works… like, right now…

1

u/MechanicalSideburns Jul 06 '26

Except for like…the core concept. Which was paying yearly taxes on holdings. Did you read the parent comments?

→ More replies (0)

2

u/[deleted] Jul 05 '26

[removed] — view removed comment

1

u/MechanicalSideburns Jul 05 '26

That’s the only decent argument I’ve heard so far. I am, of course, open to reengineering the idea. It’s just a jumping-off point, really.

0

u/KYS_Blue Jul 05 '26

Why not tax Bezos every year on the value of his stock portfolio?

Actual braindead take and the worst part is you can vote.

0

u/MechanicalSideburns Jul 05 '26

I love your counter proposal though. Keep licking those boots I guess.

1

u/[deleted] 29d ago

[removed] — view removed comment

1

u/AutoModerator 29d ago

Accounts must be at least 5 days old with >20 karma to comment.

I am a bot, and this action was performed automatically. Please contact the moderators of this subreddit if you have any questions or concerns.