I had high hopes for a real eye-opener on taxing the rich, but it hinges in part on whether you think Bill Gates is even more knowledgeable on this topic than Alexandria Ocasio-Cortez:
For practical reasons, Bill and Melinda Gates don't want lawmakers to get bogged down in arguments about the top marginal rate, which is currently 37 percent. "If you focus on that, you're missing the picture," Bill said in a recent interview with The Verge.
"In terms of revenue collection, you wouldn't want to just focus on the ordinary income rate, because people who are wealthy have a rounding error of ordinary income," he said. "They have income that just is the value of their stock, which if they don't sell it, it doesn't show up as income at all, or if it shows up, it shows over in the capital gains side. So the ability of hedge fund people, various people — they aren't paying that ordinary income rate."
Instead, he suggested, we should be more progressive with "the estate tax and the tax on capital, the way the FICA and Social Security taxes work. We can be more progressive without really threatening income generation." That idea might find favor with Sen. Elizabeth Warren, who has floated the idea of a wealth tax on households worth more than $50 million.
I still say, above a high threshold impose mark-to-market accounting to end the eternal deferral of unrealized capital gains taxes. But to avoid forced sales to pay the bill (and to create a buffer account against possible future losses) allow payment of the taxes over ten years.
Mark-to-market accounting is already part of the tax code (eg, futures and index options, not to mention the charitable deduction for appreciated assets with a long term gain.) This idea side-steps the Constitutional puzzle of Warren's wealth tax.
I should say a fairer world.
Posted by: Extraneus | February 16, 2019 at 06:24 PM
henry at 4 forty six, you left out the mattress chick at Columbia
Posted by: peter | February 16, 2019 at 06:24 PM
Peter, I try to forget Columbia exists... yet Holder, Maytress Girl, David Brooks, Obama... the roster of shame seems unending. / bulldog. :)
Posted by: henry | February 16, 2019 at 06:28 PM
Speaking of what I should say, I got an Alexa device for the car today.
Roav VIVA by Anker
Posted by: Extraneus | February 16, 2019 at 06:30 PM
Can it core a apple?
Posted by: peter | February 16, 2019 at 06:34 PM
"Alexa, will you keep track of my mileage for future distance taxes?"
"Alexa, please record my 'road rage' comments so I can lose my firearms."
Posted by: Threadkiller | February 16, 2019 at 06:35 PM
Extraneus's 5:45 link is wonderful.
Posted by: Account Deleted | February 16, 2019 at 06:37 PM
Henry they collect about 18.3% but spend more than 22%.
As you say, smooth out the curve and however you play with the regs, reality won't let them take much more than 17.9% for long because markets and taxpayers will respond in time to limit the actual take. So big new schemes or regs or tweaks never get more cash, but the really do change behaviors usually in ways not good for long term growth.
But for the Left it is often not for the money but for their own reward-punish matrix. Recall Obama to Joe the Plumber and ABC (?) that even if a higher Cap Gains Rate brought in less revenues, he would support it as more fair.
There you have
Posted by: Old Lurker | February 16, 2019 at 06:38 PM
This is a comment that was at TMZ when the Smollett story first came out:
"So here are my predictions:
1. Video will show that the whole story is a crock.
2. State's Attorney Kim Foxx won't charge Smollett for his lies, since he's a POC.
3. Smollett will check into rehab, and release a statement (written by PR people) talking about how he looks forward to addressing his addiction(s).
4. Left wing vermin media will write that, although Smollett made up a story, attacks by MAGA people on minorities still are a major problem. So the story, while false, isn't really false.
5. Crooked Hillary will continue to get drunk and mumble "I coulda been a contender!""
Posted by: Account Deleted | February 16, 2019 at 06:41 PM
NEW
Posted by: President-Elect Jim,SunnyvaleCA | February 16, 2019 at 06:51 PM
Janet:
Your last post is so true.
Ext:
That Mark Penn article is the best one I have read all day.He really nails the abuses and illustrates what was going on in their minds.
Posted by: D | February 16, 2019 at 06:54 PM
Extraneous,
We need more Mark Penn's. Actually, we need them in the media and in the major newspapers, not just on Fox. Penn's column echoes everything that has been shared by jom commenters -- day after day, month after month -- since Trump's election and inauguration. Our own book could have been compiled and published on Amazon. Wish we'd done it.
Posted by: joan | February 16, 2019 at 07:26 PM
>>>Anyone sense a theme?
Posted by: henry | February 16, 2019 at 04:46 PM<<<
the demand for racism far outstrips its supply.
Posted by: rich | February 16, 2019 at 08:07 PM
evening all.
Posted by: rich | February 16, 2019 at 08:08 PM
It sounds like in one respect Jussie Smollette was smarter than Mike Flynn.
Posted by: Pinandpuller | February 17, 2019 at 12:02 AM
Dude brought a gun to his termination meeting.
Posted by: henry | February 16, 2019 at 01:31 PM
On top of everything else, he was illiterate too?
Posted by: Pinandpuller | February 17, 2019 at 12:03 AM
Not a Hoax:
Paul Garcia, 39, of Barnhart has been arrested on a charge of felony animal abuse. He is accused of binding the dachshund with electrical and duct tape, driving him to Imperial and throwing him out of the window into a ditch. The dog is believed to have laid in the freezing cold for twelve hours before he was found.
Garcia is being held on $50,000 bond.
https://www.riverfronttimes.com/newsblog/2019/02/14/dog-found-bound-with-duct-tape-jefferson-county-sheriff-investigating
Posted by: Pinandpuller | February 17, 2019 at 12:21 AM
I don't think I've ever read about The Miracle Valley Shootout but it's reminiscent of the MOVE confrontation in Philly. A Black Chicago cult diversifies Cochise County, AZ in 1982:
https://youtu.be/57QrPKM1B7c
Posted by: Pinandpuller | February 17, 2019 at 12:28 AM
Political activist and reporter Laura Loomer was recently banned from Twitter, PayPal, Uber, Uber Eats, and Lyft"
Posted by: Jim,SunnyvaleCA,USA | February 16, 2019 at 04:14 PM
I think that explains why a gay jewish black guy was fetching his own dinner on foot in MAGA COUNTRY.
Posted by: Pinandpuller | February 17, 2019 at 12:51 AM
Residents of other states may transport firearms and ammo in IL for sporting use — aka national trap shooting tournament is now based on IL— or hunting given a non resident license. Law enforcement will try to ignore those conditions, I hate IL).
Posted by: henry | February 16, 2019 at 05:05 PM
Or the Deadliest Game.
Posted by: Pinandpuller | February 17, 2019 at 12:53 AM