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ChristopherGeorgeQuick

@ChristopherGeorgeQuick@indieauthors.social

https://www.goodreads.com/book/show/209076656-citrus-bravo

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ned , to random
@ned@mstdn.ca avatar

The whole model of taxing "income" is wrong. We need to tax Wealth, not Income. Because the ones who desperately need taxing aren't the working folk.

Incidentally, in Canada there is a tax rebate called the "Canada Workers Benefit" (previously "Working Income Tax Benefit") which returns several thousand dollars to those within the bracket. It's a tiny band-aid step in the right direction, to lighten the tax load on those who are working for it, but the whole system needs to change.

How Rich People Pay No Taxes Normal: $1 Million salary -> 40% income tax -> Keep $600K Less Tax: $1 Million worth of company stock -> Sell stocks -> 25% capital gains tax -> Keep $750 No Tax: $1 Million of company stock -> Uses his stocks as collateral to borrow money from the bank. -> He spends the borrowed money like it's his "income". -> But legally, debt is not treated as real income. On paper he has no income. His stocks continue to appreciate. He only pays capital gains tax if and when he sells his assets.
ALT
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    • + rodbotic, philip_cardella
    ChristopherGeorgeQuick ,
    @ChristopherGeorgeQuick@indieauthors.social avatar

    @ned

    Yeah, a relative explained to me how this offshore company he worked for did a similar thing with pay.

    They had a paltry salary, but they gave generous yearly "loans" at no interest for 99 years. There were no payments and the loan was forgiven after 99 years...

    scamming your way out of taxes is the barrier between the classes.

    We should just educate everyone how to do this (like your infographic) until the system breaks

    pluralistic , to random
    @pluralistic@mamot.fr avatar

    The foundational tenet of "the Cult of Mac" is that buying products from a $3t company makes you a member of an oppressed ethnic minority and therefore every criticism of that corporation is an ethnic slur:

    https://pluralistic.net/2024/01/12/youre-holding-it-wrong/#if-dishwashers-were-iphones

    --

    If you'd like an essay-formatted version of this thread to read or share, here's a link to it on pluralistic.net, my surveillance-free, ad-free, tracker-free blog:

    https://pluralistic.net/2024/03/22/reality-distortion-field/#three-trillion-here-three-trillion-there-pretty-soon-youre-talking-real-money

    1/

    An early 20th century trustbusting cartoon from Punch depicting the Standard Oil company as a world-girding, fanged octopus, its tentacles gripping the US Capitol, a generic statehouse, the White House, and a cluster of screaming, tuxedoed politicians. The Apple 'Think Different' wordmark has been placed in the background above the octopus. The top of the octopus's head bears an original Apple '6-color' logo.
    ALT
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    • ChristopherGeorgeQuick ,
    @ChristopherGeorgeQuick@indieauthors.social avatar

    @CptSuperlative @pluralistic

    I remember once bringing up a counterpoint to the lionization of Steve Jobs in a business class in college... I was told to not "Say things just for the sake of talking"

    It was akin to questioning the divinity of Christ. It was weird.

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