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Same old misleading and false headlines aimed at inciting anger and outrage at the wealthy. Failing to pay implies tax fraud and breaking the law, however this

Same old misleading and false headlines aimed at inciting anger and outrage at the wealthy. Failing to pay implies tax fraud and breaking the law, however this is clever accounting, expensive tax lawyers, and moving capital around to optimize the broken existing tax laws. It's these sort of news stories how the current administration is trying to justify radical tax changes to limit your retirement accounts to $5m[1], eliminate investing advantages (tax capital gains if income > $1m as ordinary income)[2], and do-away with the American Dream by taxing business owners and upper class citizens dramatically under the false pretense of taxing billionaires. [1] https://www.cnbc.com/2021/09/08/democrats-may-change-the-rules-for-mega-iras-over-5-million.html https://www.cnbc.com/2021/09/08/democrats-may-change-the-rul... [2] https://www.cnbc.com/2021/06/21/biden-tax-plan-raises-top-capital-gains-dividend-tax-rate-to-among-highest-in-world.html https://www.cnbc.com/2021/06/21/biden-tax-plan-raises-top-ca...

Applejinx 5y ago
Pretty sure failing to pay IS tax fraud and breaking the law :)
_jal 5y ago
Talk about self-referential criticism, this sort of deflection isn't even trying. You could have written this in 1982. Fact is, enforcement has been intentionally undermined, and it isn't the least bit subtle: https://www.cbpp.org/research/federal-tax/depletion-of-irs-enforcement-is-undermining-the-tax-code https://www.cbpp.org/research/federal-tax/depletion-of-irs-e... And the rest is just inflammatory word salad: > radical tax changes > limit your retirement accounts > do-away with the American Dream I rather suspect this sort of post will be outsourced to GPT3 soon enough.
JKCalhoun 5y ago
I'm picturing the aristocracy of France as they're being lead to the gallows protesting that they were only following through on a historical system that they had inherited. My point is, regardless of whether it is legal, I think the wealthy in particular ought to be pushing to make changes that narrow the wealth gap in this country. I have certainly read that bothBill Gates and Warren Buffett have suggested we tax the wealthy more.
rossjudson 5y ago
I don't get your point at all. If "the wealthy" are performing clever account, using expensive tax lawyers, and moving capital around to avoid paying taxes, exactly why shouldn't your average person be angry and outraged?
- nodesocket 5y ago
  Because they are doing so within the law. I try and pay as little taxes as possible as well (within the framework and laws) but the truth of the matter is the more money you have the more tactics, tricks, and vehicles are available (backdoor roths, real-estate (huge), crypto tax harvesting, etc). I want to grow my wealth, I don't understand why people are pro-taxes at all. I am not outraged by smart accounting, lawyers, and savvy business. I am aspiring to become rich myself.
  - jkhdigital 5y ago
    Didn’t you know? Capitalists are not welcome in HN comment threads.

Applejinx 5y ago

Pretty sure failing to pay IS tax fraud and breaking the law :)

_jal 5y ago

Talk about self-referential criticism, this sort of deflection isn't even trying. You could have written this in 1982. Fact is, enforcement has been intentionally undermined, and it isn't the least bit subtle: https://www.cbpp.org/research/federal-tax/depletion-of-irs-enforcement-is-undermining-the-tax-code https://www.cbpp.org/research/federal-tax/depletion-of-irs-e... And the rest is just inflammatory word salad: > radical tax changes > limit your retirement accounts > do-away with the American Dream I rather suspect this sort of post will be outsourced to GPT3 soon enough.

JKCalhoun 5y ago

I'm picturing the aristocracy of France as they're being lead to the gallows protesting that they were only following through on a historical system that they had inherited. My point is, regardless of whether it is legal, I think the wealthy in particular ought to be pushing to make changes that narrow the wealth gap in this country. I have certainly read that bothBill Gates and Warren Buffett have suggested we tax the wealthy more.

rossjudson 5y ago

I don't get your point at all. If "the wealthy" are performing clever account, using expensive tax lawyers, and moving capital around to avoid paying taxes, exactly why shouldn't your average person be angry and outraged?

nodesocket 5y ago
Because they are doing so within the law. I try and pay as little taxes as possible as well (within the framework and laws) but the truth of the matter is the more money you have the more tactics, tricks, and vehicles are available (backdoor roths, real-estate (huge), crypto tax harvesting, etc). I want to grow my wealth, I don't understand why people are pro-taxes at all. I am not outraged by smart accounting, lawyers, and savvy business. I am aspiring to become rich myself.
- jkhdigital 5y ago
  Didn’t you know? Capitalists are not welcome in HN comment threads.