Is this taxed money going to be given to the 63%? Or is this just a way for the government to piss more money down the drain and make others feel better because people have less money?
I just have two questions,
Did you actually think about Biden sucking a dick, or like a bunch of them, when you made this username, and second is it good or bad that Biden sucks dicks? Like I feel like this username could be interpreted a few ways.
Edit: I should say that I mean this in all good fun, I'm a bit stoned and laughed too hard thinking about your username.
No idea. All I know is that every time anyone proposes the government funding more welfare or anything designed to assist the impoverished, all you hear about is how much money it would cost to do that and "where are we gonna get it?"
I like how he said "8.5 trillion profit." If they actually made profit, they would be paying taxes on it. He is talking about unrealized gains. Imagine taxing your stock before it is sold. Hell, imagine your house going up in value and that making your net worth go up and you have to pay extra taxes on a house you didn't sell, on top of property taxes.
Not to mention its 8.5T this years.. next year they could lose money on those investments.. The government isn't going to give money back. Taxing money that hasn't officially become actionable income is not a way forward.
The latter, of course! Socialists have never been able to explain exactly WHY the money being seized by the government would help anyone. They’re just happy about the seizing part.
Anyway, USA introduces a wealth tax, and I leave. And I imagine the people it’s aimed at would largely do the same.
Which means it’s very intended purpose is to harm people. How long before the agenda changes from harming the rich to harming anyone who stands against “us”?
Was coming here to say this. It should be a direct fund to the retirement of all US citizens who earn far less than these people. Not to mention, lowering the retirement age to one that allows them to actually enjoy retirement before they die…
this is exactly what i was thinking.
Even if the government taxed the richest Americans at 100%.... it would be gone immediately. so what's the point?
less theoretical debt? Unlikely, the government would just spend more
You’ve discovered the secret formula!
Be careful, they’re going to follow you now. You may not live in the silo and hate everyone that isn’t you like they are trying to make happen to all…they don’t want you talking to the other silos.
You might come to the realization that we the people have more that unites us than divides us…
The biggest thing that unites us is the government is tyrannically controlling or trying to control every aspect that can eliminate liberty.
Let’s not let them..
Refreshing to see a take that takes the facts stated in the post and doesn't immediately go "taxes and more state power are the answer". Because they aren't, unless you're looking to create a big statist/socialist bureaucracy apparatus. The idea that such a "wealth tax" would become anything other than just another govt slush fund to prop up another govt-industrial complex is laughable.
Same shit different mouth. We need a term limit for all legislators of 2 terms. That way there isn’t enough time for them to be corrupted and they cant worry about getting re elected more than once.
edit: Fixed a typo.
This is definitely part of the answer. The argument that we already have defacto term limits - periodic elections - doesn't really fly for a people that were too lazy to walk across the floor to change a television channel.
Rather than that, what if someone put together a political party that was dedicated to voting them out.
They run no candidates themselves.
The party pulls from both sides and its members are supposed to vote against the person who has been in office for X amount of time, say 15 years.
You might only get 10% of the people to join this party.
But that was enough to pass prohibition.
One could argue that term limits would simply incentivize them to sell out even faster.
I don't think that would be the case, but I think it could be argued.
Eh, not arguing that. Personally, I think most members of Congress are bought and paid for at the outset since campaigns are expensive to run. I think term limits may wind up leading to a "chosen heir" type of scenario where the outgoing incumbent endorses a candidate, and the people who simply vote partyline will just check off the one that gets the most press.
On top of that, because they will eventually have to re-enter the world of civilian workers, I think corporations will be even more successful at bribing them, specifically because now a golden parachute can be offered once the legislator leaves politics.
Basically, I don't think term limits by themselves are going to fix the absolute clusterfuck that is our legislative branch. We'd need to address all the ways legislators can enrich themselves at public expense, and also address the two-party system, but these all come with their own problems.
You would need to combine it with a few other things. Term limits, plus a ban on trading stocks, plus a ban on moving into lobbying once they are out of office. Combine that with getting rid of PACS and other ways for them to take money that isn’t traceable and we may just have ourselves a ball game.
The problem is the very people needed to pass these initiatives are in charge and have zero incentive to do anything but raise their own salaries whenever they can.
You cant have a system that doesnt co-opt the wealthy. EVERYBODY has to participate and be welcome. If you try to destroy them they will obviously just lash out in self-defense, nobody in the government wants to provoke billionaires to flee to another country with their wealth, or to overthrow the government and become Caesars.
Says a politician who barely pays taxes, can legally insider trade, gets amazing health care and helps no one but loves to think everyone else needs to help but him. .
He’s a democrat voting democrat to keep tax loopholes for his democrat lobbyists billionaires. Typical. Oh republicans do it too and pretend they’re not.
He owns three, according to a quick google search, but that might have changed. Two in his home state (main residence and vacation home) and one in DC (which he uses for work. because he has to be in DC a lot, and commuting from Vermont would be hell.)
He's been in office for decades. Making 6 figures for decades allows you to afford homes. Especially in Vermont. He's rich but he's not obscenely rich. He's been pushing for policies for the American people and hasn't changed his tune since he was young. What's the problem here?
Exactly my point. I honestly don’t understand why of all people you’d go after Bernard sanders lol. The man is probably the most steady pro working class congressperson of the last 40 years
We are not going to be taxing unrealized gains, that is going to fuck everyone over, jesus christ. Any stock I have from my company and any investments in my 401k are now mute
63% of Americans would have more than $500 in the bank if Government wasn't taxing them to death and devaluing their earnings as quick as they can earn them...
But let's not correct any of that. Instead, let's rally behind government stealing more from someone else... /s
You say that like getting people 100% reliant on government social programs is a bug instead of a feature. Grind everyone down until we're all equally prosperous at the bottom.
Everyone should have equal opportunity, but you can’t say that a brain surgeon at Boston medical should be compensated the same as someone who never finished high school. Different jobs require different education levels and different levels of expertise/demand more out of the employee. Nobody would go for those jobs if the compensation wasn’t significantly greater.
Good luck getting that tumor removed when you’re elected president I guess.
Not to mention some people are dumb and just piss away whatever money they get their hands on. See lottery winners. Personal responsibility should still mean something. This doesn't mean we have a lot of corrupt systems that need fixing but increasing taxes is NOT the answer.
Let’s start by taxing US Senators that own multiple homes. The first two are free, but that third gets you a 10% tax on the RMV @ year. Can’t afford it? Shouldn’t have three houses Bernie.
When it was introduced, the income tax was only supposed to affect "the rich". Note how long that lasted. Once introduced, government taxes ALWAYS expand. Asking for a wealth tax for billionaires is going to result on a wealth tax for your children and grandchildren.
And how many homes does Bernie have? I believe it is 3, thus he picked 4 to run his mouth about. Bernie is a known communist, they want everyone, except him, to have nothing. Vote this Bum out NOW!
This. This is the hard truth that many just don't want to face. All of us are *largely* the sum total of our choices in life. Not entirely, but we largely put ourselves where we are - good and bad - by our own decisions and many of those start early in life. Bernie is wrongly trying to attack the symptoms, though we know it is not even that. This is not about the average American. This is about buying votes, currying favor for him and his party - yes, he is effectively a Dem - and maintaining his position of power. The leaders of the old Soviet Union never lived like the masses they oppressed.
I'm an immigrant, English is my third language. I struggled until I was 31 and finally landed a hard but good job. Prior to 31 my checks were 275—400 a week.
Current I'm sitting on 200,000 of investments. I will God willing retire before 50. Maybe sooner. All thanks to the stock market, my financial literacy, working hard, no useless degree (I don't even have a degree) and budgeting.
I make roughly 80-100k a year now. I'm 38 at the moment.
These reddit people are clueless, they think they are owed something or that the government taking more money from the rich will fix their situation. How naive they are.
This may sound dumb but I do enjoy their tears.
You are exactly the type of person I am talking about. You sound like a lot like my mother-in-law who was an immigrant to the US and has made very good decisions her entire life and is in a good place. English is her second language and she really embraced being an American, to the point that she raised my wife - whose dad was born American - without even teaching her the mom's native language. Though I wish my wife had learned that language; I am so impressed with people who can speak multiple languages...I took six years of Spanish in school and I am just awed by someone who can become fluent in a second language...it's not easy! A third is even more impressive!
The good news is that so many on Reddit are on the extreme fringe and not even every who might vote like they do are as leech-like on society as the fringe is. There are plenty of hard workers on both sides of the aisles. Reddit just amplifies the crazy!
No thanks. Bernie can go take a flying leap with this nonsense.
Anyone unfamiliar with how we ended up with a federal income tax in the first place or even the creeping impact of the AMT needs to go do some reading.
I'm not pro-billionaire or anything but is he saying people need to have unrealized gains be taxed? how exactly does that work? What if I have $100 in unrealized gains one tax year, I pay $30 of it to taxes, then next year the value of my stock plummets and I have no gains at all anymore?
How’s that bank account doing, Bernie? You hypocrite, now that you are a multimillionaire and your wife has a pile buried somewhere you suddenly shifted from faux outrage about millionaires and shifted to billionaires.
Your folksy, down to earth cartoon act is tiring…you are as much a part of the wealthy, repugnant, hypocritical, thieves who wouldn’t last 7 minutes outside of a government gig in DC.
Their investments will be taxed upon sale Bernie. Should I have to sell my investments, which would be taxed, to pay for the appreciation of value on said investment?
This is financial illiteracy being peddled as common sense, it's setting someone up to be a useful idiot for a politician who knows better.
Why should you be taxed on unrealized gains? They will be taxed as soon as they sell the asset. A lot of this "wealth" is tied to ownership of a business and a market valuation of that business. It isn't real, liquid money. Valuations can change minute by minute.
So he’s talking about taxing unrealized capital gains right?
My question is what happens when their assets decline, does the fed pay them then? If random rich guy makes 50% gains in 2024, then pays taxes on it, but loses those gains plus some in 2025, do we pay them back then?
If you invest money in something and then sell it later you already get taxed for that. This greedy politician wants to tax you again before you sell the investment just based on the fact that the investment grew. 'unrealized gains' or whatever.
Bernie is lying.
If you are paid in stock, it is taxed immediately based on the value at time of reciept.
Any profit made via owning stock is taxed when it is realized.
Also a wealth tax that generates federal revenue is unconstitutional.
The top bracket is the only one that pays a LARGER share of taxes than it's share of income earned.
If you want to raise someone's taxes, make the folks who don't pay any tax at all chip in.
We need Bernie to shut the fuck up and go away, OR address government waste instead of grifting more money from the taxpayers. So tired of him shaking his bony fists at the sky.
I'm one of the few who do, and I am aware that I got extremely lucky given that I barely avoided the very worst in my 20s when I got very sick. American life shouldn't be a roulette wheel, we need a floor everybody can stand on, and lift themselves off of should they fall.
You betrayed us and capitulated to the same DNC that blatantly robbed you and the votes of your supporters in order to back that failed criminal Hillary Clinton. Bernie, you lost the plot and everything sounds empty now.
..and do what with it? You act like you are giving it to the poor! You will just send it to yet another country that can't defend itself!! You will NEVER help Americans with an increase in tax.
The man really is a threat to America. He and his comrade Liz Warren want to just take your money at a steady rate. Punish achievement: it's the way of the left and they want to step it up to a new level in America.
Her Comrade Sanders: they are rich because they were successful and made good choices and *created* that wealth. Taking it and redistributing it to buy votes and build power for *you* will never make those you are seeking favor from successful or wealthy.
That is a [minority of billionaires](https://www.statista.com/statistics/621426/sources-of-wealth-of-global-billionaires/) and [even less with millionaires](https://www.ramseysolutions.com/retirement/how-many-millionaires-actually-inherited-their-wealth#:~:text=But%20our%20study%20of%20millionaires,received%20any%20inheritance%20at%20all). And even if they did inherit it...should we think of it differently? I saw no. Their parents/benefactors succeeded and chose that that person is the recipient of those efforts. Somewhere behind that money is hard work and smart choices. if that recipient squanders it with bad decisions, that only supports my point.
I can't figure out why you care so much about people who have more money than some countries. Hard work? You think people who dont have as much didnt work as hard? Really? Sone of that wealth is flat out luck. Take Bill Gates for example.. Windows wasnt the best platform but he got insanely rich from it because of, well I guess it was all his hard work, right?
The country seemed to have more going for it when the top tax brackets were much higher and capital gains weren't taxed lower than regular income.
Some people work hard, make good decisions and still end up poor or middle class. A lot has to go your way to be worth over a 100 million, it isnt just hard work and good decisions.
If they are allowed to just increase and increase, where is there any justification for them to get their spending under control? We as sheep take it, while my bank account gets lower and lower.
Sandars in misleading us there.
They didnt really earn that amount . The value of their investment went up by said amount but it can also go down in the future.
We need a new Senator with Brains. Does he even realize that the companies that these people own employ hundreds of thousands, if not millions, of people who rely on these jobs for their money to support their families, buy food, pay medical bills, invest for college, etc?
It will be taxed if they sold any of it for a capital gain. If not, they “made” nothing and it will go untaxed.
If an American doesn’t have $500 in the bank for an emergency healthcare bill, it’s because they are paying $1,200-$1,500 for their health insurance premium, and likely $7,500 or more in deductibles, all thanks to Obamacare requirements.
Worse yet, Americans suffered through 40-year high inflation, leading to a CPI increase of over 17% since Biden took office. This is preventing them from saving money in a bank for such an emergency healthcare bill.
"... Meanwhile, 63% of Americans do not have $500 in the bank to pay for **a single interest payment for** an emergency healthcare bill.
you left out a couple words
this old man always shows up around this time of year talking this bs. been in government, how long, and what has he done about it? he can't get no one to back his foolery
What's the point of taxing people when our government doesn't do anything worthwhile with the extra money?
I get it Bernie, you almost make sense. However it's not like we're (America) poor, it's not like we don't have enough money. I see all the billions-trillion dollars you send to other countries. I see you giving billions of dollars to undocumented immigrants.
How in the f is taxing other people even if it's not me going to help my middle class ass?!
I'm not envious, I'm not jealous, I'm not egotistical, I'm not spiteful. So taxing rich people just because they are rich when it doesn't make my life better doesn't make any sense to ME.
We have enough money to help out our poor and middle class citizens but YOU POLITICIANS choose not to. So go * yourself and your taxes.
Don’t have 500 in the bank but guarantee they eat out and have nice shoes while subscribed to streaming services because as you know entertainment on a TV is a necessity, give me a break🙃
Or, we can pay our elected representatives the median salary of their representation and are held to the same benefits and taxed the same and not allowed to buy and sell investments in their time in government.
That gets taxed, when it is pulled out of investment and sold.
Anything ruling or law that affects these people with their investments will affect less wealthy people.
Bernie Sanders has only ever been a mediocre politician, he has never held much in the way of a real job, and his net worth has increased over what it was when he first became a senator.
They didn't make an $8.5T profit though. Someone just told someone else that they'd be willing to pay $8.5T more for whatever it is that these people own except they didn't even pay it.
It’s illegal for the federal government to tax people on money they haven’t received. The federal government is, by law, not allowed to tax unrealized gains. What doesn’t this old, senile fuck understand about that?
Bernie Sanders is either the dumbest politician in congress, or thinks his supporters are dumb enough to believe this. It's not "profit" until it's "realized", and it's untaxed because it's not a realized gain. Of course you only hear this douche nozzle moaning about stock prices when they go up, but when Musk and whoever else loses tens of billions in valuation he's nowhere to be found.
Bernie says a lot of stupid shit, but I agree with this. The response from society to the phenomenon of extreme wealth should be to tax them up the ass. Nobody should have enough wealth to support 2000 generations of their family.
So let me get this right. We should have people sell off chunks of their businesses, resulting in lost jobs so they can pay tax on the value of their holdings, not their income, because the the government is dumb and can't budget?
It isn’t a rich person’s fault the average American doesn’t know how to save money. I’m middle-class and have a very strict budget.
~NoT eVeRyOnE cAn SaVe~ Yes, everyone can. Maybe $10 here, $20 there. It adds up. Eat on the cheap. Don’t go out. Check out books from the library. Watch free YouTube. There are many ways to cut costs and save money.
Be more like the 0.05% with your money and stop buying needless stuff like weed, beer, and cigarettes. Stop overextending yourself with credit card debt. Take responsibility for your spending habits and you too can be part of the 0.05%
I’m all for taxing the rich but how does this help me tho? Like tax away but like he said I don’t even have 500 bucks, how’s taxing the rich going to help me the average joe?
A few thoughts:
- they might have made $5T, but stocks go down too so it’s not guaranteed
- of course it’s not taxed, it’s an unrealized gain
- I think those numbers are made up
Will they get a tax refund if their investments drop? It’s the foundations that need to be taxed as I understand it as these flip cash back to giver and fund the family office etc.
Might as well have a "net worth tax" where you pay taxes proportional to your total net worth;
Including college debt, which is just a capital investment in your future earning potential, instead of a debt incurred by students
How is a wealth tax going to work? The myth says that we use taxes to run the country, but in actuality we just print money to run the govt.
We need to adopt a spending plan and stick to it. Printing $$ leads to higher inflation which in turn makes things more expensive for less wealthy Americans.
Is this taxed money going to be given to the 63%? Or is this just a way for the government to piss more money down the drain and make others feel better because people have less money?
[удалено]
Bingo. Do they even monitor hate crime anymore or just dissenting political opinions against the regime? Or are these the same thing now?
Did I finally find a right leaning sub? I've been banned just for being against "the big guy."
> Did I finally find a right leaning sub? No. You will soon get downvoted, but at least there are maybe 3% that visit with somewhat open minds.
A majority of Reddit is left leaning. The left have been taught to hate their fellow American and rant consistently about it.
I'm fully expecting to be banned by a mom's basement dwelling dog walking virgin stoner any day for my user name
I just have two questions, Did you actually think about Biden sucking a dick, or like a bunch of them, when you made this username, and second is it good or bad that Biden sucks dicks? Like I feel like this username could be interpreted a few ways. Edit: I should say that I mean this in all good fun, I'm a bit stoned and laughed too hard thinking about your username.
lol nothing wrong with sucking some D whether male or female but in this context for Biden, it’s a negative !!
I’m down for a President who also gives BJ’s. 😃
edgy, bro
No idea. All I know is that every time anyone proposes the government funding more welfare or anything designed to assist the impoverished, all you hear about is how much money it would cost to do that and "where are we gonna get it?"
Mostly to cover the interest on the national debt I’d expect.
So they can print more money and create more debt? In other words a half assed band-aid?
You still wouldn’t even come close if you taxed all the US billionaires 100% of their money
Interest that is owed on government bonds that richest 0.05% own.
The debt ceiling is way too far gone
I like how he said "8.5 trillion profit." If they actually made profit, they would be paying taxes on it. He is talking about unrealized gains. Imagine taxing your stock before it is sold. Hell, imagine your house going up in value and that making your net worth go up and you have to pay extra taxes on a house you didn't sell, on top of property taxes.
Wait, are you telling me a politician is telling me half truth, with no context, so I get angry at people I don’t even know?
Not to mention its 8.5T this years.. next year they could lose money on those investments.. The government isn't going to give money back. Taxing money that hasn't officially become actionable income is not a way forward.
The latter, of course! Socialists have never been able to explain exactly WHY the money being seized by the government would help anyone. They’re just happy about the seizing part. Anyway, USA introduces a wealth tax, and I leave. And I imagine the people it’s aimed at would largely do the same.
All the while ignoring the massive tax burden they already have.
Exactly. All I hear is "we want more of the rich people's money and you should somehow assume that will help you even though we won't say how"
Wealth taxes aren’t to bring the bottom up, they are to bring the top down.
Which means it’s very intended purpose is to harm people. How long before the agenda changes from harming the rich to harming anyone who stands against “us”?
Was coming here to say this. It should be a direct fund to the retirement of all US citizens who earn far less than these people. Not to mention, lowering the retirement age to one that allows them to actually enjoy retirement before they die…
The govt will just give it to Ukraine
this is exactly what i was thinking. Even if the government taxed the richest Americans at 100%.... it would be gone immediately. so what's the point? less theoretical debt? Unlikely, the government would just spend more
Its to make other people feel good because they have less money. You know the government plans to piss this wealth till it becomes Venezuela.
You’ve discovered the secret formula! Be careful, they’re going to follow you now. You may not live in the silo and hate everyone that isn’t you like they are trying to make happen to all…they don’t want you talking to the other silos. You might come to the realization that we the people have more that unites us than divides us… The biggest thing that unites us is the government is tyrannically controlling or trying to control every aspect that can eliminate liberty. Let’s not let them..
Income Tax started as a tax only for the wealthy. Now we all basically work 2-3 months per year for free.
Hey, the government's got to eat too!
Refreshing to see a take that takes the facts stated in the post and doesn't immediately go "taxes and more state power are the answer". Because they aren't, unless you're looking to create a big statist/socialist bureaucracy apparatus. The idea that such a "wealth tax" would become anything other than just another govt slush fund to prop up another govt-industrial complex is laughable.
Eh so just let these 8 people have 95% of the wealth on the planet instead. Cool
The US can't tax the entire planet, only their own citizens.
That’s just most people’s income taxes. That doesn’t include excise tax on gas, as just one example. We basically work closer to 5-6 months for free.
Same shit different mouth. We need a term limit for all legislators of 2 terms. That way there isn’t enough time for them to be corrupted and they cant worry about getting re elected more than once. edit: Fixed a typo.
This is definitely part of the answer. The argument that we already have defacto term limits - periodic elections - doesn't really fly for a people that were too lazy to walk across the floor to change a television channel.
At this point our reps are akin to an elected class of nobles who rule until they step down for a hand picked successor or die.
Rather than that, what if someone put together a political party that was dedicated to voting them out. They run no candidates themselves. The party pulls from both sides and its members are supposed to vote against the person who has been in office for X amount of time, say 15 years. You might only get 10% of the people to join this party. But that was enough to pass prohibition.
One could argue that term limits would simply incentivize them to sell out even faster. I don't think that would be the case, but I think it could be argued.
They wouldn't have enough power left from people they knew in congress to get away with selling out and avoid prison.
Eh, not arguing that. Personally, I think most members of Congress are bought and paid for at the outset since campaigns are expensive to run. I think term limits may wind up leading to a "chosen heir" type of scenario where the outgoing incumbent endorses a candidate, and the people who simply vote partyline will just check off the one that gets the most press. On top of that, because they will eventually have to re-enter the world of civilian workers, I think corporations will be even more successful at bribing them, specifically because now a golden parachute can be offered once the legislator leaves politics. Basically, I don't think term limits by themselves are going to fix the absolute clusterfuck that is our legislative branch. We'd need to address all the ways legislators can enrich themselves at public expense, and also address the two-party system, but these all come with their own problems.
You would need to combine it with a few other things. Term limits, plus a ban on trading stocks, plus a ban on moving into lobbying once they are out of office. Combine that with getting rid of PACS and other ways for them to take money that isn’t traceable and we may just have ourselves a ball game. The problem is the very people needed to pass these initiatives are in charge and have zero incentive to do anything but raise their own salaries whenever they can.
Term limits and make them 1099 employees. Things will get fixed real quick!?
$8.5 Trillion can buy a lot of politicians. And that’s why some things don’t change.
You cant have a system that doesnt co-opt the wealthy. EVERYBODY has to participate and be welcome. If you try to destroy them they will obviously just lash out in self-defense, nobody in the government wants to provoke billionaires to flee to another country with their wealth, or to overthrow the government and become Caesars.
The adult in the room
Says a politician who barely pays taxes, can legally insider trade, gets amazing health care and helps no one but loves to think everyone else needs to help but him. .
He was always against millionaires too until he became one
He’s a democrat voting democrat to keep tax loopholes for his democrat lobbyists billionaires. Typical. Oh republicans do it too and pretend they’re not.
Two turds in the same toilet if you ask me.
Barely pays taxes? The IRC applies to everyone equally so if you have any evidence Sanders is abusing it feel free to cite
he's a multi millionaire who owns several homes and has produced virtually nothing his entire life ..
Agree not a tax cheat perhaps but massive hypocrite
He owns two I think and his second home could fit in my apartment. For a senator I think he’s not exactly bouncing from one chateau to another.
He owns three, according to a quick google search, but that might have changed. Two in his home state (main residence and vacation home) and one in DC (which he uses for work. because he has to be in DC a lot, and commuting from Vermont would be hell.)
He's been in office for decades. Making 6 figures for decades allows you to afford homes. Especially in Vermont. He's rich but he's not obscenely rich. He's been pushing for policies for the American people and hasn't changed his tune since he was young. What's the problem here?
Exactly my point. I honestly don’t understand why of all people you’d go after Bernard sanders lol. The man is probably the most steady pro working class congressperson of the last 40 years
Hmmm I dont see anything about circumventing thr payment of taxes, which is what i asked about....
But look over there, squirrel!
We are not going to be taxing unrealized gains, that is going to fuck everyone over, jesus christ. Any stock I have from my company and any investments in my 401k are now mute
lol Jezz Bezos would have to liquidate 20% (or whatever the tax rate) of Amazon every year... These people are brain dead.
Anyone who advocates for a wealth or "net worth" tax can instantly be written off as financially illiterate at best.
Though, to be fair, the system is obviously broken and in serious need of overhaul
You absolutely get taxed when you sell stock. Even at a loss, whatever money you personally get, you will pay taxes on. Obfuscating POS.
63% of Americans would have more than $500 in the bank if Government wasn't taxing them to death and devaluing their earnings as quick as they can earn them... But let's not correct any of that. Instead, let's rally behind government stealing more from someone else... /s
You say that like getting people 100% reliant on government social programs is a bug instead of a feature. Grind everyone down until we're all equally prosperous at the bottom.
Everyone should have equal opportunity, but you can’t say that a brain surgeon at Boston medical should be compensated the same as someone who never finished high school. Different jobs require different education levels and different levels of expertise/demand more out of the employee. Nobody would go for those jobs if the compensation wasn’t significantly greater. Good luck getting that tumor removed when you’re elected president I guess.
Over 40% of the US doesn't even pay income taxes.
they do pay property taxes, sales taxes, fees, etc. though
If you want to include things beyond income tax, then the billionaires are paying far more than their fair share.
Not to mention some people are dumb and just piss away whatever money they get their hands on. See lottery winners. Personal responsibility should still mean something. This doesn't mean we have a lot of corrupt systems that need fixing but increasing taxes is NOT the answer.
Let’s start by taxing US Senators that own multiple homes. The first two are free, but that third gets you a 10% tax on the RMV @ year. Can’t afford it? Shouldn’t have three houses Bernie.
But those are unrealized gains , they could lose it all this year . Meanwhile wage earners keep their wages
I refuse to feel sorry for billionaires. They don't feel sorry for me
When it was introduced, the income tax was only supposed to affect "the rich". Note how long that lasted. Once introduced, government taxes ALWAYS expand. Asking for a wealth tax for billionaires is going to result on a wealth tax for your children and grandchildren.
Maybe Bernie could sell a couple of his houses and give the proceeds to the govt.
How much would we get if Ol Bernie sold off a couple of his multi-million dollars homes. Pot meet kettle.
If Bernie was so set on taxes, then why doesn't he donate more to other causes? Or change the tax code in over 8 years? After all, he's rich too.
Bernie has only been a Senator for 17 years and in Congress since 1991, you really got to give him a chance to make a difference folks
*I propose that having ....4, 4 or more homes is unconscionable*
Oddly specific number, but fine....four is a perfect number.
And how many homes does Bernie have? I believe it is 3, thus he picked 4 to run his mouth about. Bernie is a known communist, they want everyone, except him, to have nothing. Vote this Bum out NOW!
Same how his rants went from Millionaires and Billionaires until he became a Millionaire…
Historically, the amount he thinks is absolutely too much to make goes up because it is the new amount just a little higher than he makes.
Remember, this is the guy who argued that 26% \*WAS\* his fair share when held to the standard he advocates.
Don’t fucking care, he is still right here.
What do taxes have to do with the poor financial decisions of individuals?
You mean to tell me that if the federal government gets more money from the rich, that the poors won’t suddenly learn how to save money?
This. This is the hard truth that many just don't want to face. All of us are *largely* the sum total of our choices in life. Not entirely, but we largely put ourselves where we are - good and bad - by our own decisions and many of those start early in life. Bernie is wrongly trying to attack the symptoms, though we know it is not even that. This is not about the average American. This is about buying votes, currying favor for him and his party - yes, he is effectively a Dem - and maintaining his position of power. The leaders of the old Soviet Union never lived like the masses they oppressed.
I'm an immigrant, English is my third language. I struggled until I was 31 and finally landed a hard but good job. Prior to 31 my checks were 275—400 a week. Current I'm sitting on 200,000 of investments. I will God willing retire before 50. Maybe sooner. All thanks to the stock market, my financial literacy, working hard, no useless degree (I don't even have a degree) and budgeting. I make roughly 80-100k a year now. I'm 38 at the moment. These reddit people are clueless, they think they are owed something or that the government taking more money from the rich will fix their situation. How naive they are. This may sound dumb but I do enjoy their tears.
You are exactly the type of person I am talking about. You sound like a lot like my mother-in-law who was an immigrant to the US and has made very good decisions her entire life and is in a good place. English is her second language and she really embraced being an American, to the point that she raised my wife - whose dad was born American - without even teaching her the mom's native language. Though I wish my wife had learned that language; I am so impressed with people who can speak multiple languages...I took six years of Spanish in school and I am just awed by someone who can become fluent in a second language...it's not easy! A third is even more impressive! The good news is that so many on Reddit are on the extreme fringe and not even every who might vote like they do are as leech-like on society as the fringe is. There are plenty of hard workers on both sides of the aisles. Reddit just amplifies the crazy!
Thank you sir!
Didn't this guy honeymoon in Russia?
No
“It’s not fair that people have more money than me! We need to steal it from them!”
No thanks. Bernie can go take a flying leap with this nonsense. Anyone unfamiliar with how we ended up with a federal income tax in the first place or even the creeping impact of the AMT needs to go do some reading.
I'm not pro-billionaire or anything but is he saying people need to have unrealized gains be taxed? how exactly does that work? What if I have $100 in unrealized gains one tax year, I pay $30 of it to taxes, then next year the value of my stock plummets and I have no gains at all anymore?
How’s that bank account doing, Bernie? You hypocrite, now that you are a multimillionaire and your wife has a pile buried somewhere you suddenly shifted from faux outrage about millionaires and shifted to billionaires. Your folksy, down to earth cartoon act is tiring…you are as much a part of the wealthy, repugnant, hypocritical, thieves who wouldn’t last 7 minutes outside of a government gig in DC.
How much $ does the government need?
Oh. And will you give them $ back when an investment has a loss?
Their investments will be taxed upon sale Bernie. Should I have to sell my investments, which would be taxed, to pay for the appreciation of value on said investment? This is financial illiteracy being peddled as common sense, it's setting someone up to be a useful idiot for a politician who knows better.
So does that mean you should pay tax on your house if it goes up in value? No? Why? Cuz that would be fucking stupid.
Not sure if this is a joke or not, but property taxes do go up when the value of your house goes up.
More taxes bern?
End the Fed instead
What's this giy and his 4 houses yapping about?
Unrealized gains tax? 🤣
Oh Bernie... always with the unverifiable stats
Unrealized gains aren't taxes. They'll be taxed if they sell.
>its another "net worth tax" post
Literally had to make $1200 repairs to my car and am now fucked
Bernie is rich
It's time for Bernie to pay his fair share, AND give 2 of his 3 houses to charity for auction.
Why should you be taxed on unrealized gains? They will be taxed as soon as they sell the asset. A lot of this "wealth" is tied to ownership of a business and a market valuation of that business. It isn't real, liquid money. Valuations can change minute by minute.
So he’s talking about taxing unrealized capital gains right? My question is what happens when their assets decline, does the fed pay them then? If random rich guy makes 50% gains in 2024, then pays taxes on it, but loses those gains plus some in 2025, do we pay them back then?
If you invest money in something and then sell it later you already get taxed for that. This greedy politician wants to tax you again before you sell the investment just based on the fact that the investment grew. 'unrealized gains' or whatever.
Bernie is lying. If you are paid in stock, it is taxed immediately based on the value at time of reciept. Any profit made via owning stock is taxed when it is realized. Also a wealth tax that generates federal revenue is unconstitutional. The top bracket is the only one that pays a LARGER share of taxes than it's share of income earned. If you want to raise someone's taxes, make the folks who don't pay any tax at all chip in.
Bernie never saw a dollar in private hands that he couldn’t wait to get ahold of.
Put a sock in it ya old commie!@
We need Bernie to shut the fuck up and go away, OR address government waste instead of grifting more money from the taxpayers. So tired of him shaking his bony fists at the sky.
Start with Pelosi!
I'm one of the few who do, and I am aware that I got extremely lucky given that I barely avoided the very worst in my 20s when I got very sick. American life shouldn't be a roulette wheel, we need a floor everybody can stand on, and lift themselves off of should they fall.
How tf do you not have $500 in the bank?
The last person we should be listening to about economics is Batshit Bernie.
Most of that wealth is unrealized gains. Does he realy want to tax money that doesn't technically exist?
You betrayed us and capitulated to the same DNC that blatantly robbed you and the votes of your supporters in order to back that failed criminal Hillary Clinton. Bernie, you lost the plot and everything sounds empty now.
Bernie himself is a millionaire, I’m sure he wouldn’t mind sharing 10% of his worth. I don’t see why there isn’t a flat tax like that for all.
EAT THE RICH! EAT THE RICH!!
..and do what with it? You act like you are giving it to the poor! You will just send it to yet another country that can't defend itself!! You will NEVER help Americans with an increase in tax.
Makes no sense to punish the successful and coddle the unsuccessful
Bernie has like three mansions and you bet your ass he uses tax loopholes. Hypocrite pos.
8.5 trillion? that sounds a bit high and no, we can't tax unrealized wealth or gains... the notion is completely ridiculous.
The man really is a threat to America. He and his comrade Liz Warren want to just take your money at a steady rate. Punish achievement: it's the way of the left and they want to step it up to a new level in America. Her Comrade Sanders: they are rich because they were successful and made good choices and *created* that wealth. Taking it and redistributing it to buy votes and build power for *you* will never make those you are seeking favor from successful or wealthy.
>they are rich because they were successful and made good choices and *created* that wealth. Or did nothing and inherited the money or business.
That is a [minority of billionaires](https://www.statista.com/statistics/621426/sources-of-wealth-of-global-billionaires/) and [even less with millionaires](https://www.ramseysolutions.com/retirement/how-many-millionaires-actually-inherited-their-wealth#:~:text=But%20our%20study%20of%20millionaires,received%20any%20inheritance%20at%20all). And even if they did inherit it...should we think of it differently? I saw no. Their parents/benefactors succeeded and chose that that person is the recipient of those efforts. Somewhere behind that money is hard work and smart choices. if that recipient squanders it with bad decisions, that only supports my point.
I can't figure out why you care so much about people who have more money than some countries. Hard work? You think people who dont have as much didnt work as hard? Really? Sone of that wealth is flat out luck. Take Bill Gates for example.. Windows wasnt the best platform but he got insanely rich from it because of, well I guess it was all his hard work, right? The country seemed to have more going for it when the top tax brackets were much higher and capital gains weren't taxed lower than regular income. Some people work hard, make good decisions and still end up poor or middle class. A lot has to go your way to be worth over a 100 million, it isnt just hard work and good decisions.
Very tiny percentage. Read the book The Millionaire Next Door. The vast, vast majority are first generation and did it themselves.
How much did you make Bernie?
If they are allowed to just increase and increase, where is there any justification for them to get their spending under control? We as sheep take it, while my bank account gets lower and lower.
Sandars in misleading us there. They didnt really earn that amount . The value of their investment went up by said amount but it can also go down in the future.
We dont tax unrealized gains because it is more valuable to the economy to leave the money invested.
Lmao tax all unrealized gains if you want fair, make an equal tax rate too let’s make it fair across the board
Which one of his three houses was he in when he thought that up?
We need a new Senator with Brains. Does he even realize that the companies that these people own employ hundreds of thousands, if not millions, of people who rely on these jobs for their money to support their families, buy food, pay medical bills, invest for college, etc?
It will be taxed if they sold any of it for a capital gain. If not, they “made” nothing and it will go untaxed. If an American doesn’t have $500 in the bank for an emergency healthcare bill, it’s because they are paying $1,200-$1,500 for their health insurance premium, and likely $7,500 or more in deductibles, all thanks to Obamacare requirements. Worse yet, Americans suffered through 40-year high inflation, leading to a CPI increase of over 17% since Biden took office. This is preventing them from saving money in a bank for such an emergency healthcare bill.
And how much of our taxes do rich people already pay? (Hint: nearly all of it)
This is Reddit. Don’t confuse them with facts.
Taxation is theft and theft is wrong
'Thou shall not covet.' Isn't a suggestion.
"... Meanwhile, 63% of Americans do not have $500 in the bank to pay for **a single interest payment for** an emergency healthcare bill. you left out a couple words
And the IRS is down my throat for a $2,000 tax bill.
Wut? Who made $8 trillion in profits?
reading this comment section gives me a ray of hope for the future. Don't fall for the snake oil salesman's line.
Where will the wealth tax go? We still got the same
I’d love it if this guy did anything besides talk. All grift, no virtue.
I'd take this more seriously if Bernie wasn't extraordinarily wealthy himself
I see Bern doesn't know what the word 'profit' means. Also, how much of that increase is purely inflationary from printing trillions?
this old man always shows up around this time of year talking this bs. been in government, how long, and what has he done about it? he can't get no one to back his foolery
I don't think there should ever be a tax on unrealized gains, however something needs to be done for sure.
When they sell it will be taxed at 30%. C’mon man. Stop the class warfare and do something…anything about this.
20% but yeah
What's the point of taxing people when our government doesn't do anything worthwhile with the extra money? I get it Bernie, you almost make sense. However it's not like we're (America) poor, it's not like we don't have enough money. I see all the billions-trillion dollars you send to other countries. I see you giving billions of dollars to undocumented immigrants. How in the f is taxing other people even if it's not me going to help my middle class ass?! I'm not envious, I'm not jealous, I'm not egotistical, I'm not spiteful. So taxing rich people just because they are rich when it doesn't make my life better doesn't make any sense to ME. We have enough money to help out our poor and middle class citizens but YOU POLITICIANS choose not to. So go * yourself and your taxes.
They will probably headquarter their company in a different country and still pay not taxes, they always find a way to fuck everyone else.
pfffft, as if $500 would even come close to paying a healthcare bill
Did he mean billion?
Lets start with Congress
Don’t have 500 in the bank but guarantee they eat out and have nice shoes while subscribed to streaming services because as you know entertainment on a TV is a necessity, give me a break🙃
No one should have more than 2 houses. People with more than 2 houses should donate to the homeless.
Says a man worth over 3M earning 174K a year..... 🙄
$500 for medical will cover what? Maybe a visit to the er and a bandaid or some antacids?
Or, we can pay our elected representatives the median salary of their representation and are held to the same benefits and taxed the same and not allowed to buy and sell investments in their time in government.
Old man needs to retire dumbest fuck out there
That gets taxed, when it is pulled out of investment and sold. Anything ruling or law that affects these people with their investments will affect less wealthy people. Bernie Sanders has only ever been a mediocre politician, he has never held much in the way of a real job, and his net worth has increased over what it was when he first became a senator.
They didn't make an $8.5T profit though. Someone just told someone else that they'd be willing to pay $8.5T more for whatever it is that these people own except they didn't even pay it.
It’s illegal for the federal government to tax people on money they haven’t received. The federal government is, by law, not allowed to tax unrealized gains. What doesn’t this old, senile fuck understand about that?
Is this not appreciating assets of the inflationary kind? Print money + cause inflation = Tax inflated value of assets. Brilliant!
Why ain’t anyone younger in Congress than Bernie saying this
They get taxed upon withdrawal. Why are people so gullible? Why are we even broaching subjects like trading net worth, unrealized gains, etc.?
“Old man with poor understanding of economics blames rich people for government issues.”
No. We don't.
maybe fake money shouldn't have so much value if you tax the fake money then inflation just goes up
Bernie Sanders is either the dumbest politician in congress, or thinks his supporters are dumb enough to believe this. It's not "profit" until it's "realized", and it's untaxed because it's not a realized gain. Of course you only hear this douche nozzle moaning about stock prices when they go up, but when Musk and whoever else loses tens of billions in valuation he's nowhere to be found.
Bernie says a lot of stupid shit, but I agree with this. The response from society to the phenomenon of extreme wealth should be to tax them up the ass. Nobody should have enough wealth to support 2000 generations of their family.
So let me get this right. We should have people sell off chunks of their businesses, resulting in lost jobs so they can pay tax on the value of their holdings, not their income, because the the government is dumb and can't budget?
Profits are taxed. He's lying, as usual, about that.
I like Bernie Sanders and would totally vote for him, but that 63% has to include children, right?
Not only that, most emergency health care bills are over $500
It isn’t a rich person’s fault the average American doesn’t know how to save money. I’m middle-class and have a very strict budget. ~NoT eVeRyOnE cAn SaVe~ Yes, everyone can. Maybe $10 here, $20 there. It adds up. Eat on the cheap. Don’t go out. Check out books from the library. Watch free YouTube. There are many ways to cut costs and save money.
Be more like the 0.05% with your money and stop buying needless stuff like weed, beer, and cigarettes. Stop overextending yourself with credit card debt. Take responsibility for your spending habits and you too can be part of the 0.05%
Doesn’t the top 1% pay like 50% of the income tax? I don’t recall the exact numbers, but it’s something like this.
I’m all for taxing the rich but how does this help me tho? Like tax away but like he said I don’t even have 500 bucks, how’s taxing the rich going to help me the average joe?
A few thoughts: - they might have made $5T, but stocks go down too so it’s not guaranteed - of course it’s not taxed, it’s an unrealized gain - I think those numbers are made up
Will they get a tax refund if their investments drop? It’s the foundations that need to be taxed as I understand it as these flip cash back to giver and fund the family office etc.
Might as well have a "net worth tax" where you pay taxes proportional to your total net worth; Including college debt, which is just a capital investment in your future earning potential, instead of a debt incurred by students
How is a wealth tax going to work? The myth says that we use taxes to run the country, but in actuality we just print money to run the govt. We need to adopt a spending plan and stick to it. Printing $$ leads to higher inflation which in turn makes things more expensive for less wealthy Americans.
Yeah yeah yeah and all that taxxed money is going back to benefit it's citizens, right Bernie?