maybe it's ok to raise taxes for the millennials...

[Crnr2Crnr]

https://fortune.com/2023/08/04/billionaire-ray-dalio-great-wealth-transfer-boomers-millennials-economy/

to get back what the boomers didn't contribute.  💡

[Voodoo]

How much is your estate tax, in general terms?

We pay tax on income for mortgages and interest.

So we pay up front, not at the end, on a primary residence.

 

[Crnr2Crnr]

22 minutes ago, Voodoo said:

How much is your estate tax, in general terms?

We pay tax on income for mortgages and interest.

So we pay up front, not at the end, on a primary residence.

 

currently, this sums it up well enough. 

https://www.nerdwallet.com/article/taxes/estate-tax#:~:text=The estate tax%2C sometimes also,states also have estate taxes.

there's a bevy of different ways to transfer wealth... the wealthiest have it properly dialed in.  

 

[Voodoo]

1 hour ago, Crnr2Crnr said:

currently, this sums it up well enough. 

https://www.nerdwallet.com/article/taxes/estate-tax#:~:text=The estate tax%2C sometimes also,states also have estate taxes.

there's a bevy of different ways to transfer wealth... the wealthiest have it properly dialed in.  

 

So it's zero, under a million bucks it appears, zero on far more in most states.

Not that a million bucks is all that much now. 

Average house in Toronto, not that I want one, is 1.18 Million.

We get fucked.

You pay income tax on the mortgage payment of any value.

I've think the tax man should have to come calling at the end of the year and collect a cheque.

One cheque, that would include every tax, fee and the like at every level of government.

Peoples heads would explode.

Edited August 5, 2023 by Voodoo

[Not greg b]

8 hours ago, Voodoo said:

How much is your estate tax, in general terms?

We pay tax on income for mortgages and interest.

So we pay up front, not at the end, on a primary residence.

 

He has nothing. He spent it all on Sno pro engines and ice cream 

[racinfarmer]

14 hours ago, Voodoo said:

So it's zero, under a million bucks it appears, zero on far more in most states.

Not that a million bucks is all that much now. 

Average house in Toronto, not that I want one, is 1.18 Million.

We get fucked.

You pay income tax on the mortgage payment of any value.

I've think the tax man should have to come calling at the end of the year and collect a cheque.

One cheque, that would include every tax, fee and the like at every level of government.

Peoples heads would explode.

In addition to that, with your receipt, you get handed a jump drive with a .PDF of how your tax money gets spent in a easy to read format.  I'm certain it would be tens of thousands, if not hundreds of thousands of pages long in the US.

[racer254]

16 hours ago, Voodoo said:

So it's zero, under a million bucks it appears, zero on far more in most states.

Not that a million bucks is all that much now. 

Average house in Toronto, not that I want one, is 1.18 Million.

We get fucked.

You pay income tax on the mortgage payment of any value.

I've think the tax man should have to come calling at the end of the year and collect a cheque.

One cheque, that would include every tax, fee and the like at every level of government.

Peoples heads would explode.

Maybe that would get people's attention.  Nah, c2c thinks we should pay more.

[Crnr2Crnr]

4 minutes ago, racer254 said:

Maybe that would get people's attention.  Nah, c2c thinks we should pay more.

Racer thinks paying all this interest on our debt is perfectly acceptable, as long he gets a tax break.  

 

The Congressional Budget Office (CBO) projects that interest payments will total $663 billion in fiscal year 2023 and rise rapidly throughout the next decade — climbing from $745 billion in 2024 to $1.4 trillion in 2033. In total, net interest payments will total nearly $10.6 trillion over the next decade. Relative to the size of the economy, interest will rise from 2.7 percent of GDP in fiscal year 2024 to 3.7 percent in 2033. The previous high for interest relative to GDP in the post-World War II era was 3.2 percent in 1991 — that ratio would now be exceeded in 2029.

 

https://www.pgpf.org/blog/2023/05/what-is-the-national-debt-costing-us#:~:text=The Congressional Budget Office (CBO,trillion over the next decade.

[SnowRider]

Repeal tax cuts for wealthy elites and billion dollar corporations.  Let’s get back to a more progressive tax code