Cryptocurrency: Laughs at Wealth Taxes, Unrealized Gains Taxes, Govt Deficits
The economic fuckups and commie crony thieves known as Politicians worldwide, are coming for your personal net worth... going to make Cyprus look like holiday. ps: People revolted for imposition of fractional percent "income tax", now global income tax is many 10's of percent, now they're adding this, and tracking every $600 you move so they can steal more of it. You don't need any such Govt to live your life and do what can be done together. Revolt Now... Adopt privacy capable crypto. Joe Biden's "Eat The Rich" Coming To Bite You https://jonathanturley.org/2021/10/29/warning-joe-bidens-eat-the-rich-pitch-... https://thehill.com/opinion/judiciary/578648-warning-joe-bidens-eat-the-rich... https://jonathanturley.org/2021/03/22/warrens-wealth-tax-how-a-new-bill-woul... https://www.foxbusiness.com/economy/richard-neal-skeptical-billionaire-tax https://www.washingtonpost.com/politics/2021/09/28/bidens-claim-that-his-spe... https://nypost.com/2021/09/27/joe-biden-slammed-for-build-back-better-price-... https://jonathanturley.org/2019/08/05/eat-the-rich-democratic-candidates-plu... https://www.foxnews.com/politics/de-blasio-we-will-tax-the-hell-out-of-the-w... https://www.wsj.com/articles/top-democrat-proposes-annual-tax-on-unrealized-... https://jonathanturley.org/2019/02/20/reductio-ad-absurdum-a-response-to-pro... https://www.usnews.com/news/business/articles/2021-10-22/us-budget-deficit-h... Below is my column in the Hill on the renewed effort to pass a wealth tax by the Biden Administration. The effort to tax “unrealized capital gains” has been growing for months as an alternative to Elizabeth Warren’s wealth tax. However, it raises similar constitutional questions. What was most notable is that the new tax was simply put into the Senate bill with the support of the Biden Administration without a single hearing or debate. That led to objections from figures like the Chair of the House Ways and Means Committee Rep. Richard Neal who noted that it was not vetted or studied. It is not part of the House bill. However, many are still pushing the concept despite the significant questions over its constitutionality. Here is the column: President Joe Biden has struggled to get the massive new spending bill through Congress with a pitch that would make Joe Isuzu blush: “We talk about price tags. It is zero price tag” and “My Build Back Better agenda costs zero dollars.” The trillions in spending is “free” — according to Biden — because others will pay for it. It’s like claiming your college tuition was free because your parents got the bill. Biden is hardly the first politician to shrug off spending by saying “the rich will pay for it.” Indeed, during the Democratic primary, the candidates lined up behind figures like New York Mayor Bill De Blasio declaring “we will tax the hell out of the wealthy.” Of course, the “eat the rich” mantra has been part of politics for over 200 years. What is different now is that President Biden has embraced a plan to tax the rich that is not just unworkable and unprecedented but likely unconstitutional. The Biden administration appears ready to give up on a massive tax increase — but intends to keep its “freebee” pledge by taxing the “super rich.” However, it is not the target but the tax that is different. The administration wants to tax “unrealized capital gains,” a term akin to oxymorons like “exact estimate,” “openly deceptive,” or — perhaps more apropos with the Biden tax — “going nowhere.” Biden is suggesting that he will pay for the new spending by taxing people not on what they have earned but what they could earn from selling assets. Most people have assets that increase in value over time. Consider a family home. Over the course of many years, it can easily double in value, but you do not “realize” that money unless you sell it. Biden is suggesting that the government should start taxing you based on any increased value of the things you own, even though you have not actually made that money. It doesn’t matter that the home or stock or art could ultimately go down in value after you are taxed on the higher value. Indeed, if you tax some unrealized gains, you could in extreme cases force people to sell assets like a home to pay the tax on income that they did not make. The administration has started where few would object: billionaires. The proposal would apply to fewer than 1,000 individuals who are worth more than $1 billion or have annual incomes above $100 million for three consecutive years. Taxing the appreciating asserts of a bunch of fat cats is hardly a rallying cry for street protests. The “Wyden plan” would allow for a one-time tax on unrealized gains, with an annual tax on each billionaire’s gain in net worth. Initially, it is expected to address losses, illiquid assets and enforcement; however, the limitations to the super-rich is politically rather than constitutionally driven. And, if successful, it is unlikely that this untapped source of money would be confined to the Bezos class. It would allow the government to tax wealth. The point is that the Biden administration is seeking to tax the value of assets rather than income. In many ways, this is a more creative way to achieve Sen. Elizabeth Warren’s (D-Mass.) long-standing dream of a wealth tax. As I have addressed earlier, the wealth tax runs counter to constitutional limits on the taxation authority of Congress. Article One permits Congress to “lay and collect taxes, duties, imposts and excises.” However, it requires that these “be uniform throughout the United States.” The next section says, “no capitation or other direct tax shall be laid, unless in proportion to the census or enumeration herein before directed to be taken.” A wealth tax is a “direct tax.” There are arguments that a wealth tax would be constitutional, and there are cases on both sides of that issue. Advocates cite estate taxes and other forms of taxation. However, there is then the small problem of the 16th Amendment, which states “The Congress shall have power to lay and collect taxes on incomes, from whatever source derived, without apportionment among the several States, and without regard to any census or enumeration.” The 16th amendment was passed after the Supreme Court struck down an income tax as an unapportioned direct tax. The amendment was passed to allow for an expanded federal tax authority, but it was specifically limited to “income.” While Warren thrilled liberal audiences by promising to go after the “Rembrandts … diamonds and … yachts” of the wealthy, it was practically and constitutionally dubious. Now however, the Biden administration wants to take a less direct and smaller step toward the same such tax. If successful, there would be little to stand in the way of a full wealth tax on all Americans. Such a tax, however, would have to pass constitutional muster with the Supreme Court, which would have to accept the oxymoronic notion of non-income income. It would also have to sign off on the idea of the government taxing the value of assets that continually fluctuate or change. It is like waiting for a gambler to win a hand at blackjack in Vegas and taking 37 percent of his chips before he can play the next hand. Underlying this push is the notion that the wealth of individuals is really “our” money being kept from us. That was born out during the last primary debates when Warren made a show of gleefully rubbing her hands together after saying that she would take some of the wealth of her opponent John Delaney, a self-made millionaire worth $65 million. People pay taxes on income when it is earned. They also pay taxes when assets are sold. Now the Biden administration wants to tax assets before they become income — imposing a continual taxation of wealth. Even law professors pushing this tax admit that it is not clear that it would pass constitutional review. If it didn’t — with Biden’s “free” trillions already spent — the public, already saddled with a deficit in the trillions, could find itself the recipient of a bill for trillions more for what they thought was free tuition, day care and other programs. Some lies can be harmless, even charming. When Joe Isuzu promised customers that a new car “has more seats than the Astrodome,” you did not have to buy the car. With this new tax, Joe Biden is promising a free car that the public may have to buy whether they like it or not.
"We Like The Cube" - Thousands Of Crypto Traders Are Paying Top Dollar For Tungsten https://thegoldobserver.substack.com/p/amsterdam-real-housing-prices-highest https://en.wikipedia.org/wiki/Herengracht_index https://www.statista.com/chart/26082/years-needed-to-buy-an-appartment/ https://tomluongo.me/2021/10/29/theres-a-hole-in-the-minds-of-democrats/ It's all UBI and a Trick to Get You Addicted to the Politician's Drugs... The $1 Trillion Child Tax Credit Is Really Universal Basic Income https://www.realclearpolicy.com/articles/2021/10/29/1t_child_tax_credit_is_r... https://www.wsj.com/articles/the-new-government-family-income-child-tax-cred... https://www.openthebooks.com/ In the Democrat-backed $3.5 trillion Build Back Better Act that funds so-called “human infrastructure,” is money categorized as a child tax credit but acts as a universal basic income for people with children. This expansion of the social safety net is a “turbocharged child tax credit that is really a universal basic income, which will discourage work and cost $1 trillion,” The Wall Street Journal editorial board said. While the bill extends the tax credit through 2025, the editorial board argues neither Republicans nor Democrats running Congress or the White House will ever repeal it. Democrats expanded the 2021 credit to $3,600 for children under age six and $3,000 for older dependents as part of the March Covid-19 relief bill. It was an increase from the $2,000 that Republicans offered in their 2017 tax reform plan, which was an increase from $1,000. Since it’s a “refundable” credit, it’s paid in a check to those who don’t owe any income tax. In July, the IRS started paying part of the credit in monthly checks, “all the better to get recipients hooked on regular government payments,” the WSJ editors said. “It has kicked free of any connection to income or taxes and is now a full-fledged entitlement.” Some proponents argue it could cut child poverty in half. However, Robert Doar, who ran welfare programs in New York, warned that sending families checks without considering the circumstances of a household could make families appear less poor on paper but could do little or nothing to actually change their circumstances. In America today, there are 10 million jobs and not enough workers to fill them. Instead of paying people to stay home, people should get a job. The #WasteOfTheDay is presented by the forensic auditors at OpenTheBooks.com.
This article seems to claim that taxing the 1000 wealthiest citizens is akin to unfairly taxing all of the nation, when in reality most funds are held by this small group and incentivizing them to spend their wealth rather than invest it in appreciating capital would stimulate many economies.
On Mon, 1 Nov 2021 07:31:46 -0400 Karl <gmkarl@gmail.com> wrote:
most funds are held by this small group and incentivizing them to spend their wealth
it's not their wealth at all. Every single penny is stolen. That wealth shouldn't be 'spent' by those non-human turds. It should be returned to its rightful owners. As a side note that small group needs killing. Jim Bell's Amerikkkan System needs to be erased.
rather than invest it in appreciating capital would stimulate many economies.
isn't that funny? To 'stimulate the economy' is what every brain-dead, economically-ignorant fascist wants. You need to stop using the worst kind of govcorp jargon and 'concepts' like 'machine learning' 'economic stimulation' etc karl.
As to the claim in the subject "Cryptocurrency Laughs at Wealth Taxes," it is of course yet another sample of chemically pure technofascist propaganda. Cryptocurrencies are 100% dependent on govcorp's 'infrastructure' and govcorp can wipe off all cryptocurrencies overnight if it so pleases them. Only govcorp agents like jew-trumpofascist professor turd and grarpamp would have you believe otherwise.
This article seems to claim that taxing the 1000 wealthiest citizens is akin to unfairly taxing all of the nation
All taxes are unfair, but just like you did by propping up that problem with your funds...
when in reality most funds are held by this small group
... you also freely chose to give your funds to them too. Continuing to give money to prop up problems, will not help to remove them.
and incentivizing them to spend their wealth rather than invest it in appreciating capital would stimulate many economies.
Then, as foolishly usual, people beg to create and enforce Governments over even more, which by their very nature simply cannot solve those problems. But it does create even more problems... https://fee.org/resources/economics-in-one-lesson/ Any incentivization / stimulation under government is nothing more than a dictat, backed by force of murderous death, that prevents funds from naturally finding their own better and or more diverse use. Also Government literally printflated much of the wealth into the hands of its cronies via Seignorage and First Use effects, therefore making itself also responsible for the problems, thereby proving that people should not be creating and turning to Governments to solve them. As you see there are many charities that are open to being incented / suggested, quite likely by non-governments too, if they were to receive a solid suggestion of a possible spend... Elon Musk Calls UN Crisis Agent's Bluff On "Solving" World Hunger https://twitter.com/elonmusk/status/1454808104256737289 The world's richest man, Elon Musk, who now has a net worth of nearly $300 billion, has said he will donate $6 billion to fight world hunger...if the UN can prove that much money would save tens of millions of lives. Musk was responding to director of the UN's World Food Programme, who told CNN last week that $6 billion from people like Musk and Jeff Bezos could "help 42 million people" who he said "were literally going to die if we don't reach them". In a Tweet out this weekend, Musk challenged the UN's statement, saying that if the World Food Programme could provide him "open sourced accounting" on how the $6 billion would be used, he would sell Tesla stock "right now and do it". Because we all know how important open sourced accounting is to Musk... If WFP can describe on this Twitter thread exactly how $6B will solve world hunger, I will sell Tesla stock right now and do it. — Elon Musk (@elonmusk) October 31, 2021 Musk demanded that the public "see precisely how the money is spent", he wrote on Twitter. The WFP's David Beasley responded to Musk, according to Insider, by saying: "I can assure you that we have the systems in place for transparency and open source accounting. Your team can review and work with us to be totally confident of such." He clarified that $6 billion wouldn't "solve world hunger", as Musk wrote on his Twitter, but would rather be a "one-time donation to save 42 million lives during this unprecedented hunger crisis." Beasley has been spending much of his time on Twitter making the case that billionaires should chime in and help world hunger. The world needs to wake up. We’ve got a global humanitarian crisis on our hands that is spiraling out of control. 42M people in 43 countries face famine NOW. All we need is $6.6B—just .36% of the top 400 US billionaires' net worth increase last year. Is that too much to ask?? pic.twitter.com/YMD7zuPwsf — David Beasley (@WFPChief) October 27, 2021 He said on CNN last week: "It's not complicated. I'm not asking them to do this every day, every week, every year. The top 400 billionaires in the United States, the net-worth increase was $1.8 trillion in the past year. All I'm asking for is .36% of your net-worth increase. I'm for people making money, but God knows I'm all for you helping people who are in great need right now. The world is in trouble."
Dumb Ideas Never Die https://tomluongo.me/2021/11/02/dumb-ideas-never-die/ If you think the wealth tax is already in the rearview mirror, keep your eyes on the road. The beta test is over, but that was just the nose in the tent phase. Democrats knowledge of wealth is like the old saying about pornography, they know it when they see it (or in Hunter Biden’s case, when they film it). But unlike porn, they don’t know where it comes from. Also unlike porn, they know wealth has to be destroyed. Because wealth is the thing that negates what they call equity. Egalitarianism wasn’t enough. Now we need equal outcomes where each player’s deficits are boosted to make results the same. What better way to make the rich pay their “fair share” than by seizing the wealth they obviously must have stolen? And using that to even the playing field? It’s notable that instead of going after the two-and-twenty of the carried interest set, the Democrats sought a mark-to-market tax on equities (a tax on unrealized gains). It was explained as a way to collect capital gains taxes earlier, in order to fund their hyperspend agenda. But it was really a way to collect estate taxes early, as it was structurally designed to force the sale of assets and to destroy wealth. The wealth tax failed this time because its mechanics were too dumb. That’s what you get when you let Sen. B.S. (obsessed with millionaires and billionaires) and noted Native American Sen. Elizabeth Warren write tax policy. People asked: What happens when the market declines? Does the government cut everyone a check? How is something non-fungible like a piece of real estate valued? Works of art? What if someone only has one non-financial asset that makes them wealthy? Do they have to sell it to pay the tax? Take out loans? This time they couldn’t answer any of those questions. But the details don’t matter, the target does. Real wealth endures and can maintain itself. It is the essence of capitalism, which is why they hate it. Universal, equitable toil is what the left wants for all of us. Anything that allows someone to sit at home and contemplate the universe is anathema. To the salt mines, comrades! I jest of course, that’s gross exaggeration. Since they don’t understand biology either, they hate salt too. Unfocused Rage The left lives in an 80s teen comedy, where hating Chad & Buffy is just so obvious it never has to be explained. But when you bring that zeitgeist into the policy-making sphere, your laws are still supposed to make (don’t laugh) at least a modicum of sense. If wealth was just a pile of gold coins, it might make sense to let Fauxcohontas pilfer a few for the common good (you’ve got too many, give me one!). Just to shut her up. But real wealth has to be evaluated and if the methods to do so are not clear, or even agreed upon, how can the amount of tax be? Calculating Wealth Market capitalization is not really the amount of money in a market. It’s an abstract concept that is pretty defective as a calculation of value. It is the marginal price of a unit of account times the total circulating supply. That means if we have 1,000 widgetcoins in circulation, and you offer me $2 for one of mine, the current widgetcoin market capitalization is $2,000. But if I have 700 widgetcoins do I really have $1,400 in wealth? It depends. If the market is very liquid, and widgetcoins very desirable, maybe. But if I dump 700 out of a total supply of 1,000 on the widgetcoin market, I will likely break that market. The price of widgetcoins will probably approach $1 or lower pretty quick. But Democrats can’t understand why a 2% tax on my $1,400 widgetcoin fortune is unworkable. For some reason, it’s an unattainable level of knowledge for them and we will have no peace until the average person understands this. A Class Study in Envy Ask yourself why you know how much money Bill Gates, Elon Musk or Jeff Bezos have. For years, the “richest person in the US” has been defined using “market cap” style math. This was always so unimaginable numbers could be thrown about in the service of class warfare narratives. It’s not that these people aren’t rich, it’s that their wealth is almost all in the stock of the companies they founded. Saying Elon Musk is worth $300B ignores a few things. Democrats think he has $300B in the bank. Whereas in reality, Musk has a lot of Tesla stock. The fact is Musk’s Tesla shares are not liquid in the same way as 1,000 shares of TSLA is in an average person’s IRA. As an officer and over 10% holder, there are a variety of SEC and other regulatory issues Musk faces when selling stock. In many companies, operating agreements further restrict how much founder’s stock can be sold in a period. Vesting schedules for early employees add more restrictions. The Democrats know all this. They figure Musk can just take out loans against his shares and cut the Treasury a check. And Elon Musk or Jeff Bezos can. But smaller founders who still qualify as “the evil rich” might not have that option. And the more serious issue is that when you sell shares, you lose their votes. And that is something company founders care deeply about, controlling the companies they started. If you have to sell 2% of your wealth (e.g. shares) every year to pay the Bernie & Lizzie tax, how long before you lose control of your company? What an added bonus for those who hate the productive. Fake Voices & Fake Valuations For a while we were asked to believe fraudster Elizabeth Holmes, of the occasionally mannish voice, was a billionaire. At the time, that was held up as something to be lauded, a great achievement of female entrepreneurship. But Theranos was never worth $9B, except in the minds of reporters and first year MBA graduates. Serious investors don’t take early stage valuations seriously. If you raise $10M for 5% of your company, you don’t have $200M in the company treasury. And a founder with 40% of the cap table doesn’t have $80M in the bank. But this is the type of “wealth” the Democrats want to tax. Because they’re not just insanely jealous, they’re also insanely stupid. But are they really? Just Stop Believin’ There has to come a time when we stop believing that no one has thought about the unintended consequences. Their intent is to stop the creation of wealth. And any narrative that serves that goal is on the table. With every frantic drama the Democrats create, we need to ask: why are they doing this? If they care about the poor, why do they pass policies that create more poverty? If they want to reduce the take of rent-seekers, why protect the tax structures that enrich them? If they are motivated to share the wealth, why do they only seek to destroy that which creates it? The answer is always they just want to “get something done.” Regardless of the cost. If you think a wealth tax won’t affect you because it’s only for the rich, don’t be surprised when they lower the bar and call it a savings tax next. The sad truth is that we live on a farm with people who want to eat the seed corn and if we don’t wake up to it, there’s not going to be a harvest in a couple seasons.
Joe Biden's "Eat The Rich" Coming To Bite You
" First, these taxes will not stay on the super-rich, they will morph into a system that works its way downward to the upper-middle-class. Second, the super-rich will avoid such a tax like the plague and shape any legislation to avoid affecting them. The super-rich employs an army of pencil pushers and experts with only one intention and that is to exploit loopholes in the tax code. " If you think these entirely new forms of taxation will only apply to even just the middle, you are not thinking at all, nor have you read history which proves the path of all such governments and kings... it is to steal from everyone they can, and do with it as they please, which has again in history, never been your best interests.
On Tue, Nov 2, 2021, 2:06 AM grarpamp <grarpamp@gmail.com> wrote:
Joe Biden's "Eat The Rich" Coming To Bite You
" First, these taxes will not stay on the super-rich, they will morph into a system that works its way downward to the upper-middle-class. Second, the super-rich will avoid such a tax like the plague and shape any legislation to avoid affecting them. The super-rich employs an army of pencil pushers and experts with only one intention and that is to exploit loopholes in the tax code. "
If you think these entirely new forms of taxation will only apply to even just the middle, you are not thinking at all, nor have you read history which proves the path of all such governments and kings... it is to steal from everyone they can, and do with it as they please, which has again in history, never been your best interests.
Sure that happens eventually, but is it legally possible with _this legislation_? Small bites eat away at stuff. Sure, governments hurt people, but if the wealthiest people even _lend_ their money instead of e.g. stockpiling it in elephant tusks, it spreads the power out more. The things you say make it look like this law is a good idea. I haven't learned of it via any other channels. Support this law you look like you're being forced to pretend to badmouth that is obviously good for all political viewpoints, and tell me what laws I wouldn't usually support that I should be, so we can work together. --- Anyway, if you buy cryptocurrency you can use monero to hide from wealth taxes. Most nations don't have a formal wealth tax, but contrariwise most wealthy people do get robbed in some way or at some point or another, when their wealth is visible.
On Thu, 4 Nov 2021 12:43:09 -0400 Karl <gmkarl@gmail.com> wrote:
Sure, governments hurt people, but if the wealthiest people even _lend_ their money
it is NOT their money.
most wealthy people do get robbed in some way or at some point or another, when their wealth is visible.
wealthy people are the biggest thieves and no they seldom if ever get robbed. They are, after all, the most efficient thieves.
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