Recent Comments

1. 28 days ago on Bottom Liners

   No, the point of VAT is to include it in the total. 2 + 2 = 5 is more like adding sales tax AFTER you’ve totaled the prices.

2. 2 months ago on Bottom Liners

   It’s not a matter of hating rich people.

3. 2 months ago on Bottom Liners

   Don’t know about you, but I don’t have anywhere near $100MM in net worth. Estimates are that the tax would affect about 11,000 people in the entire country.

4. 2 months ago on Bottom Liners

   The proposal would not tax unrealized gain on the value of real estate.

5. 2 months ago on Bottom Liners

   From axios:

   It applies only to individuals with at least $100 million in wealth who do not pay at least a 25% tax rate on their income (inclusive of unrealized capital gains). Payments can be spread out over subsequent years.

   Within that $100 million club, you’d only pay taxes on unrealized capital gains if at least 80% of your wealth is in tradeable assets (i.e., not shares of private startups or real estate). One caveat for this illiquid group is that there would be a deferred tax of up to 10% on unrealized capital gains upon exit.

   Wouldn’t tax the value of real estate. And I think it likely that, once you’d paid taxes on unrealized capital gains, the affected gains would be treated as “realized” for purposes of following years.

6. 2 months ago on Bottom Liners

   Moreover, the plan is limited to households worth more than $100 million (per the smartasset website):

   “One issue in this plan has captured specific attention: a new tax on unrealized capital gains. Biden, and now Harris, have proposed levying an annual tax on the static wealth of households worth more than $100 million. Specifically, households worth more than $100 million would pay an annual minimum tax worth 25% of their combined income and unrealized capital gains.”

7. 4 months ago on In the Bleachers

   “Pull back”?

8. 6 months ago on Jerry King Comics

   Someone misspelled “plagiarist.”

9. 6 months ago on Bottom Liners

   Not true. According to materials regarding the passage of the Federal minimum wage laws available at Cornell Law School’s website: “FLSA was a comprehensive federal scheme which provided for minimum wages, overtime pay, record keeping requirements, and child labor regulations. The purpose of the minimum wage was to stabilize the post-depression economy and protect the workers in the labor force. The minimum wage was designed to create a minimum standard of living to protect the health and well-being of employees.”

10. 8 months ago on F Minus

    Too accurate to be funny