Do The Ultra Wealthy DODGE TAXES Using Loopholes?

Hosts:
Tim @Timcast (everywhere)
Phil @PhilThatRemains (X)
Serge @SergeDotCom (everywhere)

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Do The Ultra Wealthy DODGE TAXES Using Loopholes?

[thatchallengechannel]

He doesn't understand how tax laws he wants will destroy everyone. Unrealized gains is what he's talking about. Any time your house would go up in value, you'd have to pay the government taxes on it. They never write laws to go only after a single individual, they enforce them anywhere they can. No one could afford to own a home except the extremely wealthy.

[SabbyGuy]

That whole exchange was hard to watch. He either didn't know what he was talking about or didn't know how to articulate what he was trying to say.

[m.campbell]

The ultra rich being able to live off personal loans (which are not taxed) as income is messed up. I don’t think all debt should be taxed but if it is provable that you are living off million dollar loans, then that should be taxed as income. They will be forced to either take a real salary, sell their investments, and/or live off their savings.

[KennyDude-pf]

The problem is trying to create a system to tax only the ultra wealthy will ultimately fail as the ultra wealthy have worldwide options. Ultra wealthy will always find a way to shield their income and assets. Governments then realize there’s not enough of the ultra rich to tax. So they tax lower income folks as well.
The U.S. income tax was originally a tax on the ultra rich.

[aarondelafuente]

Another thing Elad doesn't seem to understand is that when income taxes were first introduced in Congress in 1916 as part of the 16th Amendment, they promised it was only going to effect the top 1% of taxpayers. It didn't take but a few years before FDR's administration had the top tax rate at over 90% and the rest of the tax rate categories were also higher than the 2% originally promised. My point is that when ever a new tax rate is introduced you can bet it's going to apply beyond the top 1% that it's used to sell it to Congress. Elad doesn't understand incentives either, and the tax code is often used to offer incentives to encourage businesses to start and become going concerns. Too high an income tax or a business or corporate tax and business begins to suffer. The same goes for individual taxes. There is a sweet spot in the tax rate hierarchy that gains the most tax revenue for the city, state or national treasury while being low enough to satisfy the taxpayer. Too bad most politicians haven't seen a tax rate high enough to satisfy them and their desire for one more government program that will look good for them come reelection time!

[wewin]

Elod eats corn on the cob the long way.

[rLgxTbQ]

IRL is getting so hard to watch lately. shush Tim let the guest speak