Current Income Gains are Unequal

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Sep 29, 2011
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Breckenridge, CO
#81
Even by the definitions you cite, no it's not, as long as I did not receive money for it. I literally did not have any incoming money from it in that scenario. If I sell my house under that definition, then yes, but I don't have to sell my house to have that asset valuation improve my inflation adjusted wealth.
Say a house increases in value from 100K to 120K. What do you call the $20k?
Appreciation.


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Sep 29, 2011
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Breckenridge, CO
#82
I don't agree with you on income but it is an impressive feat that you got cable and I to agree on something.
I agreed with you on capital gains as income. A normal definition of a capital gain is an increase of an assets value when that asset is sold, traded, donated.

However, I don’t agree that an appreciated asset is necessarily income. An appreciated asset needs to be realized in some form (ie a trade, a sale, or a donation).

A house rising from $100K to $120K without a sale is not income. A stock price rising from $50/share to $75/share is not income.
And an asset that appreciates is only a capital gain when it’s realized.


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TheMonkey

Territorial Marshal
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Sep 16, 2004
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#84
He paid at least $455M in taxes over the five years from 2014 to 2018. So $91M per year average. A person in higher middle class paying $75K in income tax would need to multiply their payment by over 1,200x to equal his payment.
I don’t see how anyone can interpret that as opting-out. Especially knowing he is getting ready to pay over $10B in income taxes.
Fine. I’ve pretty much reached this point in the discussion.
 

jobob85

Drunkle
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Mar 11, 2009
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#85
He paid at least $455M in taxes over the five years from 2014 to 2018. So $91M per year average. A person in higher middle class paying $75K in income tax would need to multiply their payment by over 1,200x to equal his payment.
I don’t see how anyone can interpret that as opting-out. Especially knowing he is getting ready to pay over $10B in income taxes.
For a guy that has taken billions in subsidies, I would say so far he has a negative impact on tax. I wonder how many welfare recipients that equals.
 
Mar 11, 2006
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#86
For a guy that has taken billions in subsidies, I would say so far he has a negative impact on tax. I wonder how many welfare recipients that equals.
Ironically, the group that is the loudest that Musk needs to pay more in taxes is the same group that authored the bills for the Tesla/EV related subsidies.
 
Mar 11, 2006
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#87
we aren't the only ones talking about taxing accrued home wealth.

https://twitter.com/business/status/1474007193288646662
Why would anyone advocate for the right to go inside someone’s home to make an assessment on property taxes? This is what I don’t like about property taxes. If someone lives in a home identical to their neighbor, but they update their kitchen…why should they pay more in property tax than their neighbor?

“But local assessors are barred from entering homes without permission, so they have no real data on each one’s relative quality, including individual improvements or maintenance issues that might affect value”