Zohran Mamdani - Democratic Socialist Mayor of NYC

[frank ryan]

Nobody is disputing that that was Bezos.

They didn’t endorse a candidate in 2020 either. That decision was made by the paper and then supported by Bezos. In 2024 Bezos directed them not to endorse anyone then or at any point going forward. For the record, prior to 1976 they didn’t endorse candidates either.

I think that is good policy for a large newspaper.

Thanks. I did not have all the information on this. Thanks for explaining more

[Bo Diddley]

Lots to unpack here:

What are you talking about? There has always been a cap on how much you can pass down without estate tax. Current cap = $14M.

How does that change them being born into obscene amounts of money?

I know this is a popular Bernie/AOC/Warren/Mamdami talking point, but can you back that up? The top federal tax rate is 37% More like 50% when you throw in state and local taxes.

The top 5% of earners in the US pay 61% of all taxes. Top 1% pays 25% of all taxes.

The bottom 50% of earners in the US pay 3% of all taxes.

Please tell me more about the wealthy avoiding taxes disproportionately.

Factor in their unrealized capital gains and tell me what their effective tax rate is? Then they just pass it on to the next generation with their step up in basis.

Why is that? The economy is steadily growing so more revenue is coming in. The population is not growing. Why not just control spending?

Why does the portion of our budget servicing debt payments keep going up? Why has our credit rating been downgraded? Why is our debt to GDP so high? After WWII we had to raise taxes to address the debt and our economy was booming. But no need to raise taxes? I am not as optimistic as you are on this, but I hope you are right and I am wrong in this.

[Jeff Lebowski]

How does that change them being born into obscene amounts of money?

Most billionaires don't leave the bulk of their estate to their children because so much of it would be lost to estate taxes. Bill Gates' kids will inherit less than 1% of his fortune. Warren Buffet has a similar plan. This is not as big an issue as you think.

Factor in their unrealized capital gains and tell me what their effective tax rate is? Then they just pass it on to the next generation with their step up in basis.

**Unrealized** capital gains? Are you kidding me? Nobody pays tax on unrealized gains because that would be an incredibly stupid and counterproductive way to tax people. That is not a tax, that would be a straight up confiscation of property by the government.

Why does the portion of our budget servicing debt payments keep going up? Why has our credit rating been downgraded? Why is our debt to GDP so high? After WWII we had to raise taxes to address the debt and our economy was booming. But no need to raise taxes? I am not as optimistic as you are on this, but I hope you are right and I am wrong in this.

Because we keep spending too much. Both parties are guilty.

[Maximus]

Lots to unpack here:



Top 1% pays 25% of all taxes.

what % of money does the 1% earn a year, and have?

[USUC]

what % of money does the 1% earn a year, and have?

Why is this important?

[Maximus]

Why is this important?

if they pay 25% of the tax or whatever but make 60% of the money, seems like they dont pay enough

if elon can get interest free loans from his own stock as his income and pay normal tax on his stated salary from tesla which is close to 0 then it is a tax loophole IMO

[YOhio]

if they pay 25% of the tax or whatever but make 60% of the money, seems like they dont pay enough

if elon can get interest free loans from his own stock as his income and pay normal tax on his stated salary from tesla which is close to 0 then it is a tax loophole IMO

As of 2022 the 1% paid 40% of the income tax and made 23% of the money.

New Internal Revenue Service data for tax year 2022 shows the US federal income tax system continues to be progressive as high-income taxpayers pay the highest average income tax rates. Average tax rates for all income groups remained lower in 2022, five years after the Tax Cuts and Jobs Act (TCJA), than they were in 2017 prior to the reform.

• In 2022, taxpayers filed 153.8 million tax returns, reported earning nearly $14.8 trillion in adjusted gross income(AGI), and paid $2.1 trillion in individual income taxes.
• The average income tax rate in 2022 was 14.5 percent. The top 1 percent of taxpayers paid a 23.1 percent average rate, six times higher than the 3.7 percent average rate paid by the bottom half of taxpayers.
• The top 1 percent’s income share fell from 26.3 percent in 2021 to 22.4 percent in 2022, and its share of federal income taxes paid fell from 45.8 percent to 40.4 percent.
• The top 50 percent of all taxpayers paid 97 percent of all federal individual income taxes, while the bottom 50 percent paid the remaining 3 percent.

https://taxfoundation.org/data/all/f...tax-data-2025/

[Moliere]

As of 2022 the 1% paid 40% of the income tax and made 23% of the money.

Maximusyohio

[Bo Diddley]

There are financial advisors out there who preach the buy borrow die strategy, and it's not just the ultra rich who have access to it, though they no doubt practice it more than the average stock holding household because a larger portfolio enables you to gain more advantage with it.

That said, I would favor a consumption tax model. Of course this will never happen here. Those with money have an outsized influence on politics here in the US.

I would also favor campaign finance laws that reduce the influence of lobbies. I doubt that or term limits will ever happen now.

[Maximus]

As of 2022 the 1% paid 40% of the income tax and made 23% of the money.



https://taxfoundation.org/data/all/f...tax-data-2025/

Does that only include income or include investments etc.

[Moliere]

Does that only include income or include investments etc.

Looks like it’s adjusted gross income. That’s a defined term in the IRC. It would include any income realized from investments, but not the basis in the investments since that isn’t income, it’s wealth.

[Bo Diddley]

Mitt agrees with me.

https://www.ksl.com/article/51421661...o-tax-the-rich

For instance, large capital gains are not taxed upon death, meaning inheritors of wealth don't have to pay taxes on wealth earned after an initial investment. Romney outlined a hypothetical scenario where entrepreneur Elon Musk bought his original Tesla stock for $1 billion and held it until his death, when it was worth $500 billion.

Under a tax provision called step-up in basis, that money would be treated as if Musk's heirs purchased it for $500 billion.

"So no one pays taxes on the $499 billion capital gain. Ever," Romney wrote. "This unusual provision makes sense when you're talking about helping families keep their family farms. But it's used by billionaires to avoid capital gains taxes."

[frank ryan]

I thought Christians believed the love of money is the root of all evil. Not immigrants or trans kids or childless couples or DEI.
But Elon and Trump have the best memes and trigger the libs

[Northwestcoug]

Mitt agrees with me.

https://www.ksl.com/article/51421661...o-tax-the-rich

Run again Mitt!

[Moliere]

Are we just going to ignore the estate tax???