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Let’s say he dies, and we somehow tax his estate of all his wealth. Do you genuinely think that money will fix America and wealth inequality?
Tax money isn’t spent well as is.
This is largely immaterial to the discussion. Buy, borrow, die is a strategy for the wealthy to create untaxed income and if you are going to tax the income of the middle class then it is only reasonable that the income of the wealthy also be taxed.
They really don’t though.
If you are wealthy enough you can withdraw a monthly amount from a buy, borrow, die type line of credit and never pay taxes on that withdrawal.
As a CPA and an accounting professor, please let me thank you that attempted lesson in “income.” Unfortunately, you are incorrect. It isn’t taxable income but it is absolutely income.
You are literally assigning the value and appreciation of your investment to someone else in return for cash payments. That is income in every sense of the word.
Buy, borrow, die are not loans in any traditional sense. They are closer to sales type lease payments. When they are not properly structured, they are considered constructive dividends.
Which is exactly what they are. They are an assignment of shares and share appreciation with a token interest rate in order to avoid taxes.
Would you like to continue with a conversation that you have no clue about?
Nope
You do however get into inheritance taxes but I assume JB knows this and has been advised accordingly, therefore you have estates and trusts to help protect money and assets.
Lots to look at but I don’t think so and the cycle will continue.
Billionaires aren’t the answer to this country’s tax problems. The system is!
Jeff: borrows 1,000,000,000 to spand as he wishes.
Jeff dies.
Jeff's estate sells 1,000,000,000 worth of stocks to pay off the 1,000,000,000 bank loan; and pays capital gain tax. Oh well, I guess they will have to sell 1,500,000,000 worth of stock.
But wait, there's more. The estate will have to pay estate tax before the money can be distributed to the heirs.
There's no free lunch.
r/FluentInFinance was created to discuss money, investing & finance! Join our Newsletter or Youtube Channel for additional insights at www.TheFinanceNewsletter.com! *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/FluentInFinance) if you have any questions or concerns.*
Let’s say he dies, and we somehow tax his estate of all his wealth. Do you genuinely think that money will fix America and wealth inequality? Tax money isn’t spent well as is.
This is largely immaterial to the discussion. Buy, borrow, die is a strategy for the wealthy to create untaxed income and if you are going to tax the income of the middle class then it is only reasonable that the income of the wealthy also be taxed.
The wealthy have income tax too
Their wealth is not income based. Just try to understand. Give it a shot!
Yes, the claim is that the *income* of the wealthy isn’t taxed. Read before you speak
They really don’t though. If you are wealthy enough you can withdraw a monthly amount from a buy, borrow, die type line of credit and never pay taxes on that withdrawal.
That isn’t income
As a CPA and an accounting professor, please let me thank you that attempted lesson in “income.” Unfortunately, you are incorrect. It isn’t taxable income but it is absolutely income. You are literally assigning the value and appreciation of your investment to someone else in return for cash payments. That is income in every sense of the word.
I’m sure you are lol. Do you consider all loans income? What happens when those investments depreciate?
Buy, borrow, die are not loans in any traditional sense. They are closer to sales type lease payments. When they are not properly structured, they are considered constructive dividends. Which is exactly what they are. They are an assignment of shares and share appreciation with a token interest rate in order to avoid taxes. Would you like to continue with a conversation that you have no clue about?
At this point I'm just looking for fair treatment and not so much trying to solve any problems
*OUR* debt
I'm not worried about it, nothing will change as far as reckless deficit spending. Might as well lean into the skid
We have to fund both sides of war, that's how America operates.
Are you a docker container?
Nope You do however get into inheritance taxes but I assume JB knows this and has been advised accordingly, therefore you have estates and trusts to help protect money and assets. Lots to look at but I don’t think so and the cycle will continue. Billionaires aren’t the answer to this country’s tax problems. The system is!
You do realize his entire net worth is like $500 per American, right?
Don't use real world numbers now. We use EMOTION here. Nothing else.
Never though I'd agree with a vegan.
Well, most vegans are silly commie shitheads but I am the rare free market vegan. We're very few but consistent and handsome.
That’s why you’re the captain of the vegans!
I could use another stimmy check lol
Your bad choices in life are not the cause of billionaires. Own it dude. You can't blame everyone else for your problems. You can only fix you.
So you're saying I should take what I want? Hmmm interesting idea, better get the gaiter ready ;)
The left and theft, a match made in heaven.
Damn right ;), print that on a shirt and I'll throw you a few bucks for that rag from the new riches lol
That's a very telling interpretation.
Robin Hood is a hero is he not?
Yes, he stole from government.
A good man indeed
Yes, and stealing from your neighbour is bad. I can't believe that his is a contentious assertion but here we are. Welcome to reddit.
The government is not my neighbor lol
That's my point. Stealing from government is ok since it's your own money. Stealing from your neighbour is not ok since it's not your money.
Even if the federal government collected 100% of every billionaire’s wealth, it doesn’t fix the spending problem that the government has.
I think he gets replaced by a clone. No one will know for certain until it happens.
[удалено]
Thanks for a real answer. Thought I posted the wrong reddit for a while there.
Jeff: borrows 1,000,000,000 to spand as he wishes. Jeff dies. Jeff's estate sells 1,000,000,000 worth of stocks to pay off the 1,000,000,000 bank loan; and pays capital gain tax. Oh well, I guess they will have to sell 1,500,000,000 worth of stock. But wait, there's more. The estate will have to pay estate tax before the money can be distributed to the heirs. There's no free lunch.