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Those Joneses!!
Remember this one? I can't recall if his first name was Davy, or Doug
Cheer up sleepy Jean.
You remind me of an Ai version of Moto Dude.
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If he had have used the example of a mansion in LA, instead of a megayacht, I would have agreed with him.
Dont forget to pick your FL team for the outdoors tomorrow(if you havent already).
Also it wasnt your post. Just your general posting style is what I was referring to.
AiMotoDude
AI must be copying my posting style, my pockets aren't deep enough to defend my IP!
I never said they didn’t pay taxes. I said their effective tax rate is often 3% while the middle class is between 20 and 30 %. That to me is not okay.
Doug E. Fresh. Give it a rest.
Hey Doug, why are you bitching about American billionaires in an Australian thread?
Stop Jones-ing!!
Do you want to bitch about Australian billionaires?
'never actually pay taxes'
Easiest solution to that problem is to do away with the invome tax. Since the 3% the billionairs pay isn’t from income (i.e. a paycheck), they keep paying that and our tax rate drops to zero. Easy peasy.
Is that a thing?
Right and I’m referring to them borrowing against their stocks which hides their enormous wealth from taxation and instead they just pay the tiny amount the bank will charge for the loan because it’s a secure loan for them. The billionaires win and the millionaire banks win. We lose.
You should be used to losing. You may be a Doug, but you're no Flutie....
I don’t think we can completely do away with the income tax. I wish we could. But I don’t see any way that’s possible to do in a fair way in our current situation. How could we get there do you think?
Here’s the thing though. All of us could be paying a much lower tax rate. Have the top rate max out around 25-30% instead of the current 37%. Most of the middle class be in the 10-15% range. Just close the loopholes so those in that top bracket actually pay what they should. But that won’t happen. One of the things I 100% agree with Trump on was when he was debating Clinton in 2016 and she brought up the taxation loophole situation and how he avoids paying his fair share. He then said yes I do and you won’t do anything about it because all of your donors do the same thing. Shut her up right then and that was that. Which of course brings us to another huge issue, which is big money in politics, especially since the Citizens United SCOTUS Decision, but that’s an entirely different discussion lol.
https://taxfoundation.org/blog/super-rich-pay-effective-tax-rates/
Pit Row
Yes there are many, you may recognize one of them...
Mr. Magoo?
😁😁
Thought that was Reese?😂
🤣🤣
I'd like to know more about that maneuver. How does that work? Don't loans need paid back?
The animosity between Australians and Americans here is very strange.
I see Americans and Australians interact in the real world daily, and I never see this sort of garbage. It is a uniquely internet comments/social media brand of patheticism.
It’s also odd how whenever Australians comment on US domestic policy we get told “why do you care about US issues” yet here we are.
But some of the comments here about Australia are just ludicrously inaccurate. And I dare say most that are being so hostile have probably never been to Australia.
For the most part we live quite similar lives to the average American. With similar values, and we have fought alongside each other in pretty much every major war for the last 120 years because of those similar values.
To address the proposed tax, I am strongly against it. Any tax on unrealized gains should be specifically targeted against the ultra rich that use it as a way of avoiding taxes that we all pay for the long term. The threshold (if it were to be introduced) should be much much higher, and indexed to inflation.
As to our economy being such a basket case, not sure how anyone can say that. It’s far from perfect, but our budget runs pretty close to balanced, it has been in surplus for the past 2 years, our debt to GDP ratio is less than 40%. Which is nowhere near some other western countries, we maintain AAA credit rating, unemployment is about 4% and we have the 3rd highest number of millionaires per capita. Our governments from both parties have been by and large fiscally responsible for many decades.
Our economy however is too reliant on a few sectors which is our biggest weakness/vulnerability.
Anyway, have a good day and stop arguing like a bunch of internet flogs 😂.
Closing that loophole would be a good start. A law that says you can’t borrow against your stocks. Force them to sell those stocks to get the physical money to make the purchase or force them to make the purchase from their bank account. That way they can’t hide their wealth from taxation when making big purchases, just like 99% of the rest of us. Another big one that ties into everything while not specifically a capital gains issue, is that social security taxes only go up to 150Kish in income. Which again of course means 99% of people pay social security taxes on 100% of their income while wealthy individuals do not.
Australia can do whatever they want and I don't care. The only problem is that American politicians will point to their taxation of unrealized gains and say, "See? It works over there!" Coupled with the fact that the US is already thinking about it makes me uneasy, just like with pay-per mile car registration and annual property re-assessment for tax purposes.
Those fuckers in government will always find a way to justify raising tax revenues but never cutting spending.
How likely do you think it is that they'll issue refunds when the stock market falls and the value of shares drops? Exactly zero.
Look like you avoided reading this:
https://taxfoundation.org/blog/super-rich-pay-effective-tax-rates/
Your do realize the same loophole is available to you once you move out of your parent's basement, right?
Australia seems to be the place where the globalist types test run all of their WEF and WHO derived crazy social experiments.
olds right
Lucky for me my total Superanuation, savings and home asset package will only amount to around 1.5.
I'm blue collar, and just like Boomslang I'll be working till I drop dead, due to my bad lifestyle choices, 2 marriages and 3 young children.
I'm living a Groundhog day.
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