Property Tax Credit

[Allen]

So, asking for a friend here...but let's say one is a member of a partnership or LLC. Can that partnership or LLC pay its partners or shareholders in stock of some XYZ company? That way, they too can employ the rules of the very wealthy and just hold that stock for a year to avoid excessive income tax.

 

[Allen]

So, if I buy all the materials with after tax money, pay tax on the materials, build a house. Then I am at the mercy of the county to access the value and tax me every year regardless of what I invested to build it.All the while the state and county are jumping all over themselves to hand out exemptions and waive property taxes for years in the name of economic investment. Or grants for carbon education, presidential library, or funding overseas trips to have sex with kids?

When do we start investing in the people of ND? Or just let me keep some of my own money.

I am not sure why you are asking me these questions and/or how it relates to Musk.

It simply seems to me that Elon should pay income tax rates on the stock he is given for his labor, and capital gains taxes (or the deductions for any losses) on the money that stock is eventually sold for at some time in the future. I guess that's too complicated.

 

[Obi-Wan]

Yes I am ok with him paying a lower % than myself.

it is still compensation for your work, just on a smaller scale. You asked the question and I answered it.

he paid over 11 billion in taxes in 2021, how much is one man’s “ fair share “ to satisfy you liberals? Why not look at it as dollars instead of %.

studies show the average person will pay around $500,000 in income taxes in ones lifetime which is .000045% of what he paid in one year. He paid the equivalent of 22,000 people lifetime income tax in one year.

 

[Allen]

Yes I am ok with him paying a lower % than myself.

Enough said.

 

[Obi-Wan]

Enough said.

Are you not satisfied with him paying $11,000,000,000 in taxes 1 year ?

 

[Obi-Wan]

 

[Allen]

Are you not satisfied with him paying $11,000,000,000 in taxes 1 year ?

I am not satisfied with having people who earn less, or more, than me paying less of a percentage in income tax. I would be all for a flat tax (pick a rate, 15, 20, 25 percent) so we can all say we are equally shouldering the load.

For some reason, I find it strange that you are OK with people earning less, and people earning more, than I paying a lower income tax. I hope like hell you are in the same boat.

Oh, and BTW, he pays zero income tax in year #1 on that $59 billion if he doesn't sell any of the stock. You must have missed that part of the conversation, because he won't pay tax until he sells it and then it's at a substantially lower rate than either of us are probably in because he will only have to pay capital gains tax rates on it as opposed to income tax rates.

Again, someone who does taxes for a living, please feel free to correct me where I am wrong on this.

 

[NDSportsman]

Why should someone have to pay income tax on stock? It's not income until it's sold. You can't eat stock, you can't buy anything with stock, it's useless until you sell it.

 

[49994]

Right, but he gets that compensation at a Capital Gains tax rate of 20%, as opposed to the upper income tax rate of 37%. And that right there is BS.

I understand that, but there is nothing illegal about it. This falls under the loop hole category that politicians have talked about for decades and done nothing about. The benefit to the company is large as well. I sure as hell don't want the gov. increasing the capital gains tax. We don't have a tax collection problem we have a spending problem. I think people like Elon should be given more credit for their innovation and how many jobs they create in this country. Its always easier to criticize the guys with more then it is to expect the politicians to not spend our tax money on stupid shit. This last statement isn't directed at you, but a general statement.

 

[Reprobait]

So many guys on here arguing about a tax they will never have to pay.

Tell me how a town like Hazelton is going to fund what they have now or fund any needed improvements if this measure passes.

 

[Allen]

Why should someone have to pay income tax on stock? It's not income until it's sold. You can't eat stock, you can't buy anything with stock, it's useless until you sell it.

Do you eat dollar bills and coins?

That's akin to saying my paycheck isn't income either until I cash it. I could collect a stack of checks over the course of a year and leave them in my desk drawer, but at the end of the year the govt is going to want me to fill out a tax return on those uncashed checks.

 

[Allen]

I understand that, but there is nothing illegal about it. This falls under the loop hole category that politicians have talked about for decades and done nothing about. The benefit to the company is large as well. I sure as hell don't want the gov. increasing the capital gains tax. We don't have a tax collection problem we have a spending problem. I think people like Elon should be given more credit for their innovation and how many jobs they create in this country. Its always easier to criticize the guys with more then it is to expect the politicians to not spend our tax money on stupid shit. This last statement isn't directed at you, but a general statement.

To be honest, I don't want the capital gains tax increased either. My issue is with the loophole only.

 

[49994]

I like the flat tax rate idea as well. Maybe that should be applied to property tax as well.

 

[johnr]

It goes both ways Allen,
I worked with a fella, he has 4 kids, his wife is at home with zero income.
He gets back a tax return twice as big as he pays in.
That pisses me off more than a billionaire who creates wealth for hundreds of people who all pay in, and keep our system solvent.

 

[Fester]

I don't understand why all of us can't pay an equal share of taxes with no loopholes....I don't care how much a guy makes or billionaire has but get rid off all the loopholes make it equal for everybody..this includes the stock loophole..which it is.

 

[Obi-Wan]

I don't understand why all of us can't pay an equal share of taxes with no loopholes....I don't care how much a guy makes or billionaire has but get rid off all the loopholes make it equal for everybody..this includes the stock loophole..which it is.

Is your opion of " equal share " in actual dollars or is it % ? what is the definition of equal ?

The top 1% of taxpayers contribute significantly to federal income tax revenue. They pay 45.8% of income taxes. In 2021, their share of federal income taxes paid rose to 45.8%. The top 1% paid roughly $615 billion, or 40.1% of all income taxes. Their average individual income tax rate was 26.8%, more than six times higher than the bottom 50%.

 

[Colt45]

So many guys on here arguing about a tax they will never have to pay.

Tell me how a town like Hazelton is going to fund what they have now or fund any needed improvements if this measure passes.

The state legislature and governor will "figure it out" when Hazelton needs funding for improvements, so nothing to worry about.

And I agree with Allen, we need a flat tax on the federal level and get rid of all the loopholes, but that will never happen.
The system is rigged!

 

[Fester]

Is your opion of " equal share " in actual dollars or is it % ? what is the definition of equal ?

The top 1% of taxpayers contribute significantly to federal income tax revenue. They pay 45.8% of income taxes. In 2021, their share of federal income taxes paid rose to 45.8%. The top 1% paid roughly $615 billion, or 40.1% of all income taxes. Their average individual income tax rate was 26.8%, more than six times higher than the bottom 50%.

Equal according to financial intake including stock...a percent let's say. I don't care if the upper 1% pays for 90% of the income taxes as long as its according to the full financiel intake..no loopholes.. Your talking point is a republican talking point that had gone on for years...most people go meh..should check this book out Ben Shiparo has it memerized. I Bet that 26% would drastically change if you take into consideration everything. Dividends and interest are taxed at 15%...what do you think most of these billionaires/millionaires live off of. I believe Warren buffet had a .2% tax rate from all the loopholes in 2022...that was point 2% I don't support that. I am 100% conservative but I sure as hell am not gonna stick up for billionaires not paying a decent tax rate like the rest of us peons have to. What I can't understand is why anybody would stick up for them??

 

[hoythunter]

There is no loophole, stock is taxed the same as cash payroll when you take ownership. Capital gains are paid on anything it gained above the amount you already paid taxes on when you sell.

 

[wslayer]

F L A T T A X ✔
Should have been this way 30 yrs ago.