President Donald Trump - J.D. Vance Administration

#46,801
#46,801
Orangeburst said:
wealth tax coming to CA. one time for billionaires, yea right.

www.foxbusiness.com

California billionaires face proposed one-time wealth tax

The proposed “2026 Billionaire Tax Act" would impose a one-time 5% tax on California billionaires’ net worth to replace billions in lost federal funding for the state's Medicaid program.
www.foxbusiness.com www.foxbusiness.com
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How much is something worth? These types of proposals always seem unconstitutional for a variety of reasons.
 
#46,808
#46,808
FLVOL_79 said:
Did Obamacare force you to buy health insurance? I'm impressed at your undying desire to protect Trump at all costs. Did you donate to his campaign? Waiting for a call to join the team?
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the individual mandate wasn't removed until 2017, so yes, it did.

it also made all of us pay a lot more. congrats on working for the fed and being immune to the pain the rest of us hoipolloi went thru.
 
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#46,810
#46,810
DinkinFlicka said:
Pump and dumps will always exist becsuse there will always be an army of idiots willing to fuel it.
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I want to meet someone in real life who bought a gold Trump watch. I just imagine them wearing a Big Johnson tshirt tucked into their knee length cargo/jean shorts with white leather velcro new balances.
 
#46,814
#46,814
BigOrangeMojo said:
Probably not unconstitutional but really, really bad and idiotic tax policy....
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I would matter as to the details. How is net worth calculated? But let's say you are correct, if one can be taxed all of your possessions that would void the government being able to obtain property and having to provide compensation. Just have the State tax everyone's property at 100%, the State than controls everything. Now there is a difference between how taxes are constructed and how they are enforced see income tax and property taxes in most places. (probably a long discussion but you are already seeing the States start to admit there is something really wrong with property taxes as a generalization)

There is a reason why these types of taxes really don't happen even globally. They don't make much sense and it doesn't matter where you are from.
 
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#46,815
#46,815
LSU-SIU said:
I would matter as to the details. How is net worth calculated? But let's say you are correct, if one can be taxed all of your possessions that would void the government being able to obtain property and having to provide compensation. Just have the State tax everyone's property at 100%, the State than controls everything.
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State's already tax businesses on net worth. As long as CA doesnt F up like TN did with theirs, they should be good.

But, net worth taxes for individuals are really really bad policy for a multitude of reasons....
 
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#46,816
#46,816
McDad said:
Medical care wasn't cut. Medicare coverage and ACA subsidies were reduced 15%. Coverage and care are not the same.

the Big Beautiful Bill had 5 tax provisions. If you can find the "give money to billionaires", I'd like to discuss it.
  • Tax on Tips: A new deduction was created for qualified tips (up to $25,000 annually) received by workers in certain occupations.
  • Overtime Pay: A deduction for qualified overtime compensation (up to $12,500 for single filers, $25,000 for joint filers) was introduced.
  • Standard Deduction & Tax Brackets: The standard deduction was increased and the existing individual income tax brackets were made permanent.
  • Child Tax Credit: The credit was increased to $2,200 per child.
    • Business Provisions: The 20% pass-through deduction for small businesses and the ability to immediately deduct R&D expenses were made permanent

You are still able to help the poor through charitable efforts.

I am delighted to see cuts in spending both at home and abroad. My understanding is the ballroom is being built through private donations.
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Everything you posted is BS! Swampy saw on facebook that the BBB was a giveaway to billionaires so he's the one with the facts backing him up.
 
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#46,817
#46,817
BigOrangeMojo said:
State's already tax businesses on net worth. As long as CA doesnt F up like TN did with theirs, they should be good.

But, net worth taxes for individuals are really really bad policy for a multitude of reasons....
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True to a degree, but the devil is in details. Corporations also have a nexus with State as they are State created entities, a person is not a State created entity. It would be like the State charging you a tax to breath.

What the State creates, the State can also destroy.
 
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#46,819
#46,819
LSU-SIU said:
True to a degree, but the devil is in details. Corporations also have a nexus with State as they are State created entities, a person is not a State created entity. It would be like the State charging you a tax to breath.
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Agree.

The administrative burden is just excessive. And we both know states will make these annual returns and lower the net worth cap...

Pretty much, the 1 time billionaire tax will become an every year millionaire tax...
 
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#46,820
#46,820
LouderVol said:
what line does "wealth" show up on in a tax record?

apparently myself and my CPA have been messing up my taxes for 20 years now, I have never declared wealth on any tax info, or any sort of other government info.
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Expect an audit. You missed form 8657309 subsection 11FU, it clearly asks how wealthy you are.
 
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#46,821
#46,821
BigOrangeMojo said:
Agree.

The administrative burden is just excessive. And we both know states will make these annual returns and lower the net worth cap...

Pretty much, the 1 time billionaire tax will become an every year millionaire tax...
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The devil is in the details, corporations are easier to deal with on multiple levels but yes it could be very problematic. People are starting to wake up on property taxes, but that is a long discussion. I would also say this, many taxes are setup properly but the enforcement and the way its administrated not so much. (long discussion though)
 
#46,825
#46,825
McDad said:
Medical care wasn't cut. Medicare coverage and ACA subsidies were reduced 15%. Coverage and care are not the same.

the Big Beautiful Bill had 5 tax provisions. If you can find the "give money to billionaires", I'd like to discuss it.
  • Tax on Tips: A new deduction was created for qualified tips (up to $25,000 annually) received by workers in certain occupations.
  • Overtime Pay: A deduction for qualified overtime compensation (up to $12,500 for single filers, $25,000 for joint filers) was introduced.
  • Standard Deduction & Tax Brackets: The standard deduction was increased and the existing individual income tax brackets were made permanent.
  • Child Tax Credit: The credit was increased to $2,200 per child.
    • Business Provisions: The 20% pass-through deduction for small businesses and the ability to immediately deduct R&D expenses were made permanent

You are still able to help the poor through charitable efforts.

I am delighted to see cuts in spending both at home and abroad. My understanding is the ballroom is being built through private donations.
Click to expand...
Big beautiful bill is the dumbest F$&king name. Not ever, but top 5.
 
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