A single worker for minimum wage paid more tax in 2018 than 60 Fortune 500 companies put together.

[Revoltingest]

I'm not sure either and I would support either of those two adjustments and see what happens. I do not expect the tax situation to be fixed in a single presidential term given how slow it moves. But a step in that direction would be something I support.

I don't expect taxation to ever be "fixed".
Those clamoring the loudest know the least.

One of the worst is taxing capital gains without adjusting for inflation.
You bought a commercial property in 1990 for $1,000,000.
You sold it in 2000 for $2,000,000.
Despite what government says about the CPI, inflation during
that period was 7.2% per year. This means that a dollar in 1990
is worth only $.50 in 2000. (1.072 to the 10th power = 2)

Simplifying assumptions:
Let's ignore expenses like commissions, transfer taxes, etc.
Let's also say that you never took any depreciation.

The IRS would say that you made a $1,000,000 profit.
But your $2,000,000 cash in 2000 is worth the same as
$1,000,000 in 1990. You made no economic profit.
But you're taxed upon the phantom profit (due to currency
devaluation) of the dollar difference in basis & sale price.

Why should you pay tax on the loss of value of the dollar?
Capital gains tax should be indexed for inflation.
Why should capital gains be taxed at different rates which
depend upon the kind of asset, eg, stocks vs coins?

 

[Shadow Wolf]

Ol' Warren was capitalizing on the ignorance of most of his audience and supporters. Buffet was referring to his capital gains tax rate as opposed to his secretary's income tax rate, not her actual pay out. Well, everybody knows that Capital Gains is a tax on earning a profit on money that you have invested. Of course, you had to earn this money in the first place to have it to invest, so it would have been subject to income taxes.

Of course, you know better than a high roller investor who understands what he's doing far better than any of us do.

 

[BSM1]

Of course, you know better than a high roller investor who understands what he's doing far better than any of us do.

Any idea what you're talking about? I surely haven't a clue. I wasn't making up the information, if you would drop your sheep role for just a moment and research for yourself you might be surprised how smart you really are.

 

[Shadow Wolf]

Any idea what you're talking about? I surely haven't a clue. I wasn't making up the information, if you would drop your sheep role for just a moment and research for yourself you might be surprised how smart you really are.

What I am talking about is you pretending to have greater knowledge about Warren Buffet's tax situation than Warren Buffet himself.
It's no different than some white liberal I met here trying to tell me how Mexican people define the term Hispanic, even though I just heard it from a few Mexicans/Mexican-Americans how the term is used and defined.