https://en.m.wikipedia.org/wiki/Principality_of_Sealand
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https://boingboing.net/2021/09/14/di...an-cruise.html
"Discover the hilariously epic failure of a crypto-fueled libertarian cruise
The Guardian has a wonderful chronicle of the rise and fall of an experimental libertarian society built on a cruise ship armed with little more than crypto-mining rigs. Yes really. Did I mention one of the founders was Milton Friedman's grandson? Here's how the journey began…"
Working on it. Congress openly insider trading in our faces while Biden is recommending insane new taxes is pretty fucked. Is it not?Quote:
Originally Posted by CarlMega
Tell me about new insane taxes? I'll make a judgement.
Which points do you take exception to:Quote:
Originally Posted by stalefish3169
https://www.whitehouse.gov/briefing-...ir-fair-share/
I suspect he takes umbrage with the "the Wealthy Pay Their Fair Share" portion, since he is *surely* wealthy given all that Bitcoin.Quote:
Originally Posted by J. Barron DeJong
I think I know your issue with the second one, but what’s your specific issue with #1 and #3?Quote:
Originally Posted by stalefish3169
I'm particularly concerned for Blue Benny as him and his wifey are both pulling down 400k and could be hit with higher capital gains taxes from all the BTC they may or may not have and sell.Quote:
Originally Posted by J. Barron DeJong
Also, there should be explicit new rules to stop congress from insider trading and profiting off of their positions.
Finally, there should be restrictions on how our tax dollars will not be given to war mongers including belligerent nations and "defense" companies.
The USA knows it's in an unsustainable debt spiral and is about to do some really fucked up shit. We're on fire and they are blocking the exits.Quote:
Originally Posted by J. Barron DeJong
So, just so I understand. Having reaped the benefits of USA privilege including lower taxes while the liabilities were incurred, and now you are upset that there are efforts to align the tax base to be more realistic and friction in hiding wealth in questionable assets.Quote:
Originally Posted by stalefish3169
As you like to write.. curious. or is it.. interesting.
Ok, so you don’t have a specific issue you’re just paranoid.Quote:
Originally Posted by stalefish3169
Definitely should have insider trading rules, but I feel like I was clearly addressing the tax question.Quote:
Originally Posted by stalefish3169
Restrictions on not giving money to warmongers and defense companies? Ok, but that’s not tax policy is it?
So WTF are you on about when you say insane new taxes? Which ones in the proposal do you take exception to?
tAxEs sHoUlD Be vOlUnTaRy!!Quote:
Originally Posted by J. Barron DeJong
:rolleyes:
The unrealized gains tax seems insane.Quote:
Originally Posted by J. Barron DeJong
Their gonna inflate away the debt and absolutely fuck us. There is no way tax revenue makes a real dent in the debt.Quote:
Originally Posted by CarlMega
I've never said anything even remotely like that. I just don't want our tax dollars getting funneled to the war machine while our public infrastructure is in shambles.Quote:
Originally Posted by skaredshtles
Living in a society is a real bummer, man. You don’t get to make all the decisions! So lame, brah.
Have you at least tried to understand the arguments in favor of such a policy?Quote:
Originally Posted by stalefish3169
But from what I see in the tax plan, it’s only taxing the gains when they’re passed on to heirs, which seems entirely reasonable to me.
Seems reasonable to me as well.Quote:
Originally Posted by J. Barron DeJong
Not with that attitude it won't! :DQuote:
Originally Posted by stalefish3169
It’s obviously possible to pay down the debt through taxation if the will is there:Quote:
Originally Posted by skaredshtles
https://en.m.wikipedia.org/wiki/List...e_to_GDP_ratio
Found an explanation of the ‘25% tax on unrealized capital gains’, which actually isn’t quite that, and seems pretty reasonable to me:
”Most people think of a capital gain as the profit one receives when selling an asset for more than it cost to acquire it. But when an asset becomes more valuable, that asset appreciation can also be thought of as income for its owner, even if they do not sell the asset. Economists consider these “unrealized capital gains” to be income, but the tax code usually does not.
As a result, wealthy people can defer paying income taxes on gains until they sell assets, and this is a major tax break for capital gains. The President’s proposed Billionaire Minimum Income Tax would limit this tax break and would be phased in for taxpayers with a net worth between $100 million and $200 million.
Those wealthy enough to be subject to the proposal would generally be required to pay at least 25 percent of their total income, including unrealized capital gains, each year.
When this equals more than they owe under the regular tax rules, affected taxpayers would have five years to pay the difference (nine years for the tax assessed in the first year the proposal is in effect). This gradual payment would smooth out long-term calculations of the tax for someone whose assets fluctuate dramatically in value. If unrealized gains in one year are followed by unrealized losses in another year, only a portion of the minimum tax is paid for the first year and then potentially refunded in the following year. Payments of the minimum tax would also serve as prepayments of the tax that would otherwise be due later when a taxpayer sells an asset or passes it to an heir.”
https://itep.org/revenue-raising-pro...r-2025-budget/
Yep. It ain't rocket surgery.Quote:
Originally Posted by J. Barron DeJong
Didn't Clinton get us moving towards paydown of debt?
More proof that people are stupid
https://www.coindesk.com/business/20...t-auction/amp/
Yes. At the end of Clinton’s term they were starting to worry about what you’d do with a surplus if the debt was totally paid off.Quote:
Originally Posted by Vt-Freeheel
https://fred.stlouisfed.org/series/GFDGDPA188S