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Non-Tech : Kirk's Market Thoughts -- Ignore unavailable to you. Want to Upgrade?

To: Kirk © who wrote (12250)	10/26/2021 4:15:27 PM
From: TigerPaw	Read Replies (1) \| Respond to of 26766

Here in Texas property taxes are the primary revenue source, followed closely by sales tax. Both hit the working folks hard. Schools get PTA bake sales.

To: Kirk © who wrote (12250)	10/26/2021 4:58:23 PM
From: Elroy	Read Replies (1) \| Respond to of 26766

CA has a 13.3% income tax on those who make $1M a year... And the reason people who make $1M per year in income and $10M per year in unrealized capital gains should pay $133,000 income taxes and zero in unrealized capital gains income tax is.......what? Because as the previous poster mentioned, people in that situation often end up quitting their $1M per year job, thus paying zero future income taxes, and live off of the $10M per year of tax free unrealized capital gains. More power to those smart and fortunate enough to accumulate investments that produce that type of capital gain.....but why let it be sheltered from tax while working people income pay when the worker's salary is orders of magnitude less than the investor's unrealized capital gain? What's the logical reason why realizing a gain should trigger a tax penalty, while not realizing a gain gets rewarded relatively with zero tax penalty? The lucky few who are able to own investments which increase to the hundreds of millions are able to never sell the asset, live off of a 2% per annum ever expanding bank loan secured by the hundreds of millions in assets, and never pay taxes because they never need to realize the capital gain. Why discourage realizing gains?

To: Kirk © who wrote (12250)	10/26/2021 5:28:06 PM
From: Sun Tzu	1 Recommendation Recommended By Kirk © Read Replies (3) \| Respond to of 26766

Inequality in the US is not because the tax system is unfair. The top 9.5% that are below the top 0.5% pay much more in taxes than what they use. Inequality in the US is due to the systematic corruption of the legislative branch. The rules of the game are set so that once you achieve a certain terminal velocity, you will just get exponentially richer because you can pay someone to change the rules to your liking. Taxes are in the bottom half of the list of things that need to be fixed. To fix the system at its roots, the rules of the game, the wealth transfer methods, and the spending has to change. Taxes come after those. But the fundamental problem is that the people in charge have a vested interest in the system being as it is. The debate over the taxes sort of reminds me of the vietnam war portrayal of the "Doves" and the "Hawks". To hear it in the media, the doves said we should cut our losses and leave while the hawks said if we persevere we'll win. Missing from that "debate" was that the war was immoral. The Vietnamese should have had the right to choose their government regardless of whether or not the US liked it. I don't want to turn this into a debate about the Vietnam war. I am drawing a parallel in the way that the debate on taxes is formulated. Taxes raised by one administration can easily be reduced by another. Changing the system is much harder but longer lasting work. And that is why you don't see anyone talking about that.