Twitter Truth Social launch date

[Baron Winnebago]

Are they still using Mastodon for this? I know early on, they were using it as their platform but trying to conceal it (against Mastodon's license agreement).

 

[God is a Husker]

Hopefully not long. The less disinformation/misinformation the better.

Agreed

 

[Jim14510]

Agreed

They probably got refunds

 

[ChocaEgg]

Agreed

No idea what BNO news is or when this interview took place, but Elon did in fact pay nothing in 2018 and a combined ~70k in 2016-17 (I think). That being said, Warren is only listened to for lols these days.

Edit - *Breaking 911, not BNO (that was from a different tweet on here somewhere)

 

[Faux Sean Callahan]

Agreed

I wasn't a fan initially... No clue why not, but he is growing on me

 

[Jim14510]

I wasn't a fan initially... No clue why not, but he is growing on me

Is that from a while ago or is she spewing that bullshit again?

 

[ChocaEgg]

Is that from a while ago or is she spewing that bullshit again?

Think it's recent.

 

[Jim14510]

Think it's recent.

She needs to shut up about taxes. She's completely clueless. She also said shit like 99% of Americans pay 7.2% in taxes. If the left wasn't so disingenuous about taxes they might actually pick up a handful of the 2-30%.

 

[ChocaEgg]

She needs to shut up about taxes. She's completely clueless. She also said shit like 99% of Americans pay 7.2% in taxes. If the left wasn't so disingenuous about taxes they might actually pick up a handful of the 2-30%.

Yeah, she's awful.

 

[vailhusker]

Agreed

They probably got refunds

No idea what BNO news is or when this interview took place, but Elon did in fact pay nothing in 2018 and a combined ~70k in 2016-17 (I think). That being said, Warren is only listened to for lols these days.

Edit - *Breaking 911, not BNO (that was from a different tweet on here somewhere)

I wasn't a fan initially... No clue why not, but he is growing on me

After a little research on the interwebs this apparently is the source of the Elon Musk and others not paying taxes or paying very little taxes originates from. I not saying it's right or wrong I'm just saying this is what they are referring to. Someone with more knowledge than me on taxes can take a look to see if there is any truth to it or not if they want (warning long).

The Secret IRS Files: Trove of Never-Before-Seen Records Reveal How the Wealthiest Avoid Income Tax

ProPublica has obtained a vast cache of IRS information showing how billionaires like Jeff Bezos, Elon Musk and Warren Buffett pay little in income tax compared to their massive wealth — sometimes, even nothing.

www.propublica.org

 

[kenyanfeline]

It doesn’t really matter what the tax code is. Billionaires will find a way to legally avoid taxes because they are by nature great at strategically moving and sheltering their money.

Most of the people who bitch about corporations not paying taxes probably don’t realize every time the “round up” at the register to support St. Jude’s hospital, they are helping that company avoid taxes.

If charitable donations is a way for companies to lower their tax burden, I’m all for it. I’d rather the money be spent wisely by a charity than spent foolishly by the government.

 

[Faux Sean Callahan]

Is that from a while ago or is she spewing that bullshit again?

If you listen to what she said she said 2019 iirc, but I think her speaking is recent.

 

[Faux Sean Callahan]

She needs to shut up about taxes. She's completely clueless. She also said shit like 99% of Americans pay 7.2% in taxes. If the left wasn't so disingenuous about taxes they might actually pick up a handful of the 2-30%.

It is scary how she is on that committee

 

[Faux Sean Callahan]

It doesn’t really matter what the tax code is. Billionaires will find a way to legally avoid taxes because they are by nature great at strategically moving and sheltering their money.

Most of the people who bitch about corporations not paying taxes probably don’t realize every time the “round up” at the register to support St. Jude’s hospital, they are helping that company avoid taxes.

If charitable donations is a way for companies to lower their tax burden, I’m all for it. I’d rather the money be spent wisely by a charity than spent foolishly by the government.

• Who writes the tax code?
  • congress
• Who puts congress in power?
  • people with money
• Will congress write a tax code that threatens the people with money?
  • no

 

[Baron Winnebago]

• Who writes the tax code?
  • congress
• Who puts congress in power?
  • people with money
• Will congress write a tax code that threatens the people with money?
  • no

Would you support an increase the marginal income tax rate on the top income bracket back to the 70% rate that it was pre-Reagan vs. the 40% that it is now?

 

[Jim14510]

After a little research on the interwebs this apparently is the source of the Elon Musk and others not paying taxes or paying very little taxes originates from. I not saying it's right or wrong I'm just saying this is what they are referring to. Someone with more knowledge than me on taxes can take a look to see if there is any truth to it or not if they want (warning long).

The Secret IRS Files: Trove of Never-Before-Seen Records Reveal How the Wealthiest Avoid Income Tax

ProPublica has obtained a vast cache of IRS information showing how billionaires like Jeff Bezos, Elon Musk and Warren Buffett pay little in income tax compared to their massive wealth — sometimes, even nothing.

www.propublica.org

It's the popular outlook when the stock market is having good years. Even if it isn't you'll still have success stories during those years you could point to. You don't pay tax on unrealized gains just like you don't deduct unrealized losses.

It's mostly timing in the end. Bezos and Musk weren't making money in 2018 and 2019 if you look at their income statement but you knew both of them were going to blow up well before they did.

The rich have advantages yes. They can absorb cash losses that are reducing taxable income while their net worth is increasing.

You want to tax unrealized gains that would be a fantastic way to completely destroy the economy quickly imo. At the very least destroy small business owners which in the long run would destroy the economy. Take those taxes and redistribute to the bottom half if you want to see some real inflation.

I'm good with the top 1% having years where they don't pay any taxes. In the long run they still pay the lions share. Everybody in the bottom 50% that don't pay dick ever and more than likely have a negative tax rate can lick my taint.

 

[Faux Sean Callahan]

Would you support an increase the marginal income tax rate on the top income bracket back to the 70% rate that it was pre-Reagan vs. the 40% that it is now?

No, your tax revenue would go down

 

[Baron Winnebago]

No, your tax revenue would go down

What's the specific rationale for that claim?

 

[Baron Winnebago]

It's the popular outlook when the stock market is having good years. Even if it isn't you'll still have success stories during those years you could point to. You don't pay tax on unrealized gains just like you don't deduct unrealized losses.

It's mostly timing in the end. Bezos and Musk weren't making money in 2018 and 2019 if you look at their income statement but you knew both of them were going to blow up well before they did.

The rich have advantages yes. They can absorb cash losses that are reducing taxable income while their net worth is increasing.

You want to tax unrealized gains that would be a fantastic way to completely destroy the economy quickly imo. At the very least destroy small business owners which in the long run would destroy the economy. Take those taxes and redistribute to the bottom half if you want to see some real inflation.

I'm good with the top 1% having years where they don't pay any taxes. In the long run they still pay the lions share. Everybody in the bottom 50% that don't pay dick ever and more than likely have a negative tax rate can lick my taint.

The elephant in the room is that democrats want to promise European social democracy style welfare states and want taxes to be structured totally different than how they're (mostly) structured to finance them in those places

 

[vailhusker]

• Who writes the tax code?
  • congress
• Who puts congress in power?
  • people with money
• Will congress write a tax code that threatens the people with money?
  • no

A good portion of congress are people with money.

More updated list:

Meet the 25 wealthiest members of Congress

Rebecca Zisser/InsiderWe estimated the net worth of members of Congress by analyzing financial-disclosure reports.The reports cover 2020 and provide the most up-to-date estimate of members' net worth.Each year, every member of Congress is required to file a detailed report disclosing their...

www.businessinsider.in