Zohran Mamdani - Democratic Socialist Mayor of NYC

[Moliere]

Apparently.

Mitt is right that in his hypothetical, Elon's heirs wouldn't have to pay income tax on their new fortune. Not sure why he ignored the estate tax that Elon's estate would have to pay, which would be significant. To the extent the estate has over $1,000,000 in taxable assets, the federal estate tax rate on those assets is 40%. And the estate could also be subject to estate taxes at the state level.

So Mitt appears to be in favor of double taxation

[Pelado]

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

Apparently.

Mitt is right that in his hypothetical, Elon's heirs wouldn't have to pay income tax on their new fortune. Not sure why he ignored the estate tax that Elon's estate would have to pay, which would be significant. To the extent the estate has over $1,000,000 in taxable assets, the federal estate tax rate on those assets is 40%. And the estate could also be subject to estate taxes at the state level.

[USUC]

Better policies than anything this admin has to offer.

You aren't lying.

[frank ryan]

Mitt is a great guy with some bad policy positions.

Better policies than anything this admin has to offer.

[Bo Diddley]

Mitt is a great guy with some bad policy positions.

[USUC]

Mitt is a great guy with some bad policy positions.

[Bo Diddley]

You were talking about taxing unrealized capital gains. Entirely different animal.

I talked about a lot of things including passing on assets using a step up in basis.

[Jeff Lebowski]

Mitt agrees with me.

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

You were talking about taxing unrealized capital gains. Entirely different animal.

[Moliere]

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

[Northwestcoug]

Mitt agrees with me.

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

Run again Mitt!

[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

[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."

[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.

[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.

[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.