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Thread: Über Rich Renouncing U.S Citizenship as IRS Cracks Down on Tax Evaders [W:209]

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    Re: Über Rich Renouncing U.S Citizenship as IRS Cracks Down on Tax Evaders [W:209]

    Quote Originally Posted by Thrilla View Post
    this is true... 1 pile of a million bucks looks identical to the other 2.

    the government should give preferential treatment to differing types of income because there is a compelling social benefit to providing incentives for the different behaviors inherent to those incomes.
    One problem I have with capital gains is that of separating real gains from nominal gains caused simply by monetary debasement. If the supposed gain is due to the effect of inflation, then it is no real gain, and the government is merely hitting us with a double whammy. First, they devalue our dollar denominated assets, and then any assets that hold their value are taxed again due to a fake nominal gain. If the value of the good could be tracked in a non-debased standard unit of measure, then we would avoid punishing people for the government's monetary shenanigans.

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    Re: Über Rich Renouncing U.S Citizenship as IRS Cracks Down on Tax Evaders [W:209]

    Quote Originally Posted by Centinel View Post
    One problem I have with capital gains is that of separating real gains from nominal gains caused simply by monetary debasement. If the supposed gain is due to the effect of inflation, then it is no real gain, and the government is merely hitting us with a double whammy. First, they devalue our dollar denominated assets, and then any assets that hold their value are taxed again due to a fake nominal gain. If the value of the good could be tracked in a non-debased standard unit of measure, then we would avoid punishing people for the government's monetary shenanigans.
    excellent point...

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    Re: Über Rich Renouncing U.S Citizenship as IRS Cracks Down on Tax Evaders [W:209]

    Quote Originally Posted by TurtleDude View Post
    populist garbage

    what put the country in a recession was too many people who think the government has a duty to take care of them
    leading to too much government, too much control etc
    And that is moronic garbage as well

    What put the US into recession is the same thing that has put Ireland, Iceland and Spain into recession, and what caused Japan to enter the one that really has not left for 20 years

    To much debt, and speculatory use of that debt. All the countries i have listed all share the same issues. Borrowing that fueled speculative investments in uneconomic areas. All but Iceland involved heavy real estate investments within the country as being a primary cause. Icelands, issue was its banks invested in other countries real estate.

    People and the banks that lent to them were making idiotic investment choices based on idiotic investments, all counting on a greater fool to come along and buy the poor invesment then had purchased by taking a mortgage on it.

    The government did not cause it, the rich did not cause it, people on welfare did not cause it. The base issue is and was poor decision making by people taking excess risks because they were to stupid to see that a homes have to be affordable for people to live and buy them over the long term
    Happy Hanukkah Cheerfull Kwanzaa
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    Re: Über Rich Renouncing U.S Citizenship as IRS Cracks Down on Tax Evaders [W:209]

    Quote Originally Posted by haymarket View Post
    Please present the case for those compelling social benefits. I would welcome seeing them.
    investment, entrepreneurship, social mobility, capital accumulation,capital reallocation, consumerism, ownership... those are all behaviors that are incentivized by a low capital gain tax structure... all are compelling social benefits.

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    Re: Über Rich Renouncing U.S Citizenship as IRS Cracks Down on Tax Evaders [W:209]

    Quote Originally Posted by upsideguy View Post
    People that would renounce their citizenship over a few bucks (that they have) in contrast to those that give their lives for the country (for which they have one), given that comparison are unpatriotic scum. Who cares if the leave?
    Why should someone pay more taxes, if they don't believe in what the government is doing?
    Patriotism is in the eye of the beholder and it seems to be quite regularly used to get people to "fall in line" with other's beliefs.
    I was discovering that life just simply isn't fair and bask in the unsung glory of knowing that each obstacle overcome along the way only adds to the satisfaction in the end. Nothing great, after all, was ever accomplished by anyone sulking in his or her misery.
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    Re: Über Rich Renouncing U.S Citizenship as IRS Cracks Down on Tax Evaders [W:209]

    Quote Originally Posted by haymarket View Post
    i have repeatedly and frequently stated that I want ALL Americans earning dollar one to pay more taxes. And that includes the 47% currently not paying federal income tax. I will search for my prior posts where I posted actual percentage increases and put them up here.

    Basically I would have ALL American earners paying at least 5% of their income in federal income tax. Current middle class taxpayers would see about a 3% increase. Upper earners would see about a 5% increase. I would end most deductions for all. I would end the inheritance tax and the capital gains taxes and simply treat them as normal income and apply the appropriate tax rate schedule. I would pop the cap on FICA limits and have ALL Americans pay FICA on all of their earnings instead of just the 93% who now do.

    So how would you cut the welfare roles?

    How about balancing the budget?

    How about cutting spending?

    How many govt agencies would you gut? How many would you totally get rid of?

    I want to see some fiscal responsibility and see the govt cut to the bare minimum. I want all govt agencies to be cut by 20% in personnel, budget, and no hiring contractors to replace those jobs that were cut. The govt needs to tighten their belt just like us common folks who pay the bills.

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    Re: Über Rich Renouncing U.S Citizenship as IRS Cracks Down on Tax Evaders [W:209]

    Is that a fair statement, that taxes can never be legislated down but only up? I would think that any entity, such as a government, will never give up an opportunity to collect free cash, especially if they have the absolute "right" to take it from you by force.

    So there is no difference between the medieval church/king taxing you at 2x10 %, and today's parliamentary lobby groups taxing you in various tax brackets up to 40-50 %. (Except today's taxation is even higher.)

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    Re: Über Rich Renouncing U.S Citizenship as IRS Cracks Down on Tax Evaders [W:209]

    Quote Originally Posted by haymarket View Post
    i have repeatedly and frequently stated that I want ALL Americans earning dollar one to pay more taxes. And that includes the 47% currently not paying federal income tax. I will search for my prior posts where I posted actual percentage increases and put them up here.

    Basically I would have ALL American earners paying at least 5% of their income in federal income tax. Current middle class taxpayers would see about a 3% increase. Upper earners would see about a 5% increase. I would end most deductions for all. I would end the inheritance tax and the capital gains taxes and simply treat them as normal income and apply the appropriate tax rate schedule. I would pop the cap on FICA limits and have ALL Americans pay FICA on all of their earnings instead of just the 93% who now do.
    i.e. you want the rich to suffer the highest tax increase and your FICA crap would be something that affect only the people who already pay the most taxes. in other words a MASSIVE tax increase on the rich with a minor tax increase on others

    TELL ME why does the government have an entitlement to more money UNTIL it can prove it doesn't waste what it gets now?

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    Re: Über Rich Renouncing U.S Citizenship as IRS Cracks Down on Tax Evaders [W:209]

    Quote Originally Posted by Lord Tammerlain View Post
    And that is moronic garbage as well

    What put the US into recession is the same thing that has put Ireland, Iceland and Spain into recession, and what caused Japan to enter the one that really has not left for 20 years

    To much debt, and speculatory use of that debt. All the countries i have listed all share the same issues. Borrowing that fueled speculative investments in uneconomic areas. All but Iceland involved heavy real estate investments within the country as being a primary cause. Icelands, issue was its banks invested in other countries real estate.

    People and the banks that lent to them were making idiotic investment choices based on idiotic investments, all counting on a greater fool to come along and buy the poor invesment then had purchased by taking a mortgage on it.

    The government did not cause it, the rich did not cause it, people on welfare did not cause it. The base issue is and was poor decision making by people taking excess risks because they were to stupid to see that a homes have to be affordable for people to live and buy them over the long term
    the bigger the government the more it can screw stuff up. and it was government that required banks to lend to irresponsible borrowers.

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    Re: Über Rich Renouncing U.S Citizenship as IRS Cracks Down on Tax Evaders [W:209]

    Quote Originally Posted by TurtleDude View Post
    the bigger the government the more it can screw stuff up. and it was government that required banks to lend to irresponsible borrowers.
    This may come as a shock to you.

    But not everything is governments fault.

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