These companies paid their employees a median wage of $31,672 in 2022, while their CEOs took home an average $15.3m
When your comment backed me up, I didn’t find any reason to respond. Capital gains tax isn’t income tax. You admitted it by typing it out. You’re just showing that “wealth tax” is just a tax on various means of wealth. I don’t know if English isn’t your first language, but you’re literally agreeing with everyone but saying you don’t.
No one owes you anything, nor do they owe you a response. Especially when it didn’t back up your own point.
Thanks for typing out a lot of words to say “you want taxes other than income.”
You never even offered a rebuttal to what I said. You’re a fucking joke.
Don’t talk to me again. You’re so unhinged you came back 6 days because someone decided you weren’t worth the fucking time to respond to due to your shitty ass logic and poor understanding of language. So again, capital gains tax is not income tax. You agree. Thanks. You understand that “wealth tax” is just a broad term that means taxes on things other than their income (which in many cases is $1, such as Zuckerberg).
You’re not a CPA. If you are? I feel bad for your clients as they’re gonna get fucked in audits.
So again, capital gains tax is not income tax.
https://www.irs.gov/pub/irs-pdf/f1040.pdf
Line 7: Capital gain or (loss)
Cant possibly get more clear than that.
Confidently incorrect as they say. The hubris of talking shit about technical subjects to an sme is just staggering.
That’s only short term capital gains tax. Long term capital gains is taxed at a different rate than short term. I literally already mentioned that.
Edit: to be clear, Schedule D would include sales of assets that aren’t required to be reported on 1040. https://www.irs.gov/instructions/i1040gi you can follow the instructions there and specifically where it tells you how to choose different tax rates than, you know, the income tax rate.
Double edit: and id still argue you want the same as everyone. Changing the income tax rate wouldn’t do anything. You have to understand that by this point. You’d need to account for things like capital gains tax and what not. Wealth tax is simply asking for higher tax rates on things like income or capital gains, etc. If you’re a CPA, you have to know that if you’re going to limit what can be taxed to simply and only the income tax rate, it’s easy to hide income in things that are taxed differently. Things like foreign assets, etc. Again. “wealth tax” is not antithetical to what you want. But your claim (which you explicitly gave an income tax rate as your example for income tax) that everything goes through that income tax rate is absolutely false. I think you’re just getting confused because these values get combined on one form in the end. But there’s a reason there’s a Schedule D. Because it’s more complicated than just being subject to income tax.
All capital gains and losses foot on schedule D line 16 and flows into 1040 line 7. The worksheet below breaks out items treated differently like section 1250 recapture, qualified dividends and LTCG:
https://apps.irs.gov/app/vita/content/globalmedia/capital_gain_tax_worksheet_1040i.pdf
It’s all income, just different tax rates and rules.If you want higher LTCG tax rates sure, crank it up I don’t care.
Wealth tax is NOT simply asking for higher tax rates.
Wealth tax typically includes unrealized capital gains. All unrealized gains eventually become realized one way or another. At that point LTCG tax or estate tax applies.
Taxing unrealized capital gains is a terrible idea. Wealth tax is a terrible idea. Income tax is just fine. Income tax includes realized capital gains. Crank that rate up if you want. Just no wealth tax. These are completely separate concepts.
Understand now?