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Please make higher quality posts -- what in specific do you think pg has missed or does not understand?
How to convert between wealth and income tax
11–20 of 727 posts
Re: How to convert between wealth and income tax
#12Paul the billionaire ignoring that billionaires often don't pay any income tax at all. Come on man, we're not stupid just because we don't own superyachts.
https://www.propublica.org/article/the-secret-irs-files-trov...
Re: How to convert between wealth and income tax
#13[flagged]
This seems like such a poor understanding of reality. If you want to rank order people who contribute net taxes, you would put billionaires at the top, as they not only pay taxes themselves, but their businesses pay taxes, and their employees pay taxes, and their customers potentially pay taxes (VAT) as well.
The bottom of the list would be anyone who works for the state, as they are a massive net tax negative, followed by benefits recipients and pensioners, followed by low income workers, followed finally by the middle classes.
Are you sure you want that to be your guiding principle?
Re: How to convert between wealth and income tax
#14If you want to understand why someone would even propose taking from the rich and complain about inequality, this post titled "Inequality Talk Is About Grabbing " is illuminating: https://www.overcomingbias.com/p/inequality-is-about-grabbin...
> People usually become billionaires via having “super-powers,” i.e., very unusual abilities, at least within some context. If you count luck, maybe. > But what if most billionaires had super-powers of the traditional comic book sort, like x-ray vision or an ability to fly, etc.? That is, what if people with physical super-powers earned billions in the labor market by selling the use of these powers? Would folks be j…
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Re: How to convert between wealth and income tax
#15[dead]
Re: How to convert between wealth and income tax
#16[flagged]
This just isn't true, unless you're the president.
Who is the single largest taxpayer in US history? I'll wait while you google it.
Re: How to convert between wealth and income tax
#17If you want to understand why someone would even propose taking from the rich and complain about inequality, this post titled "Inequality Talk Is About Grabbing " is illuminating: https://www.overcomingbias.com/p/inequality-is-about-grabbin...
this is some of the most insipid dreck i've read in a long time. the only thing illuminated here is the author's complete lack of understanding regarding ability and worth and total inability to think beyond a system imposed upon him by others. i think the kids would say he's "billionaire glazing".
Re: How to convert between wealth and income tax
#18If you want to understand why someone would even propose taking from the rich and complain about inequality, this post titled "Inequality Talk Is About Grabbing " is illuminating: https://www.overcomingbias.com/p/inequality-is-about-grabbin...
> If you want to understand why someone would even propose taking from the rich and complain about inequality,
Because they want to take back what was taken from them.
Re: How to convert between wealth and income tax
#19> To convert between wealth and income tax rates, you have to divide by the rate of return on capital. The conversion rate of 20 comes from assuming that the risk-free rate of return is 5%. This seems to only be true for people whose income entirely comes from their wealth, rather than their labor. The math doesn't math for someone on the other extreme end of the spectrum who has zero savings or investments and obtai…
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Re: How to convert between wealth and income tax
#20[flagged]
This seems like such a poor understanding of reality. If you want to rank order people who contribute net taxes, you would put billionaires at the top, as they not only pay taxes themselves, but their businesses pay taxes, and their employees pay taxes, and their customers potentially pay taxes (VAT) as well. The bottom of the list would be anyone who works for the state, as they are a massive net tax negative, follo…
Do you think employees and "customers" of the government don't pay tax?