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gulliver

(13,686 posts)

11. "large charitable donations"

Reply to Nevilledog (Original post)

Thu Apr 14, 2022, 09:10 PM

Apr 2022

Facts are fine. People should know them. But it's what you make of them that matters. Some rich guy makes, say, $5B in capital gains, gives $4B to charity, and pays 20% long term capital gains tax on $1B. Looks to me like some charities got $4B that they were probably very glad to get. I don't care that much that it looks like the rich guy only paid 4% in taxes.

So what? Yeah, it's awkward, and, sure, the rich guy should probably pay more taxes. Great, let's do that.

But we need to do it without even the slightest resentment, because the resentment is misplaced.

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Highlight:

Wealthiest Americans pay just 3.4% of income in taxes, investigation reveals [View all] Nevilledog Apr 2022 OP

Our own American Oligarchs. BigmanPigman Apr 2022 #1

Obviously, since we don't typically tax paper gains. That should probably change. Hoyt Apr 2022 #2

In spite of the appearances, I would not tax unrealized paper gains. DFW Apr 2022 #4

That won't work. It just guarantees dynasties. PSPS Apr 2022 #5

That's where a robust Estate Tax comes in. Not sure it will raise huge amounts Hoyt Apr 2022 #7

Yes, the MAD idea may work, as long as it's taxed as ordinary income, not capital gains. PSPS Apr 2022 #8

Not sure about an 80% tax rate, especially if unrealized gain, but most definitely more. Hoyt Apr 2022 #9

Tend to agree. But since it is unlikely most Democrats will get it or care, Hoyt Apr 2022 #6

This is why American oligarchs buy elections and the media. Irish_Dem Apr 2022 #3

I just heard a billionaire complaining that rich people pay 80% of taxes and poor people tclambert Apr 2022 #10

"large charitable donations" gulliver Apr 2022 #11