Elon Musk gets singled out to surrender $50 billion in taxes on gains he has not realized despite founding companies that build rockets, EVs and neural technology. Laurene Powell Jobs sits on $15 billion inherited, Nancy Walton on $20 billion inherited and MacKenzie Scott on $40 billion from divorce, none of them having built or shipped products that changed industries, yet they face zero scrutiny because their politics match the approved side. The same crowd stays silent that roughly a quarter of Walmart employees rely on government benefits. The pattern is simple: contribution draws the bill, alignment buys the exemption.
It is ridiculous on its face, to tax unrealized gains. Will they pay back for unrealized losses?!? Unrealized gains are just numbers which could change to unrealized losses at the whim of the markets.
BTW this is what property tax does too, taxing for some presumed resale value that the homeowner has not can cannot realize, UNLESS said homeowner is FORCED by property taxes out of his OWN HOME that he has paid for and paid taxes on for decades!! The home of persons, is deemed subject to taxation to the extent that the homeowner has to forfeit his own very HOME to satisfy the calculations of its unrealized value. FIE upon them, FIE!
It is a grand larceny scheme. The extra tax revenues goes into the pockets of scammers. The whole system needs to be gutted and reset for maximum efficiency and minimal scamming.
Agreed. If they are to have a property tax at all it should be based upon the price that the home was originally purchased at, not some arbitrary later valuation yet unrealized. Retired seniors get hit the hardest by the current system. They paid for a home almost their entire working life only to lose that life's work because of ever rising property taxes due to market forces driven by property speculation.
One of the few things CA actually did right was Prop 13. My aunt, a young widow at the time, was able to keep the home she and her husband had built and not have it stripped from her and her children because of property taxes. She lived in that home until she died a few months ago at 95. Without Prop 13 that would not have been possible. We need to do a much better job of protecting our seniors instead of focusing on those that should not be in this country to begin with.
At the voting place, outside, a couple women were lobbying for ANOTHER school property tax! Of course it passed . . .
After I voted I talked to them. I was very upset so I had a hesitating voice. I said I paid for my OWN kid's education. Now, property taxes for other people's kids are trying to force me out of MY OWN HOME! You will see me back out of the parking lot in an SUV. It is a 2006 that I paid $7,500 for some years ago. This outfit I am wearing I bought in 2011 to visit my Dad in the hospital. And you think I should be taxed MORE on my HOME?? When is it enough??
Not that it changed anything, but at least they had to listen to the harm caused seniors by their evermore gold-plated schools.
They want more taxes because of open immigration that flooded the schools and overwhelmed them with students they had to absorb. They do not even consider the dire consequences of what they propose. They are narrowly focused on what they think is a solution for a small piece of a much larger picture they fail to take into consideration. So, they go after the one easy target to raise funds - property. I don't know what the answer is, but it is certainly not taking away the one major piece of security that most seniors have, their homes. That is absolute cruelty and serves no one in the end. I have a suggestion for them: get rid of the weight at the top that receive such outrageous salaries compared to average people.
We had a Jeep about that age. But it was very unreliable. I told my husband, when I turn the steering wheel on my 1986 Saab, it is tight, and goes where I want it to go. When I turn the steering wheel on the Jeep, it is too loosey-goosey for me to have confidence when the action will respond! Of course we loved the Jeep.
"taking away the one major piece of security that most seniors have, their homes. " Exactly! But they will do that! to pay outrageous salaries, and stuff like sex ed, lgb, dei etc. And I am forced to pay for that?? Just bring back the 1880 curriculum.
I have had few problems with my Jeep beyond normal wear and tear. I like the steering on mine. In fact, I prefer it to other vehicles I have driven due to the response. I understand that some of the Jeep's that came later had problems with the steering and the front end. A 2006 would fall into that category. Mine has been a pretty reliable vehicle for me so far. I have put a lot of miles on it. The only issue I had with it was at around 50K miles the transmission threw a barring. It was still under extended warranty so it cost me about $100 dollars for a new transmission. The guy that repaired it said it was a fluke that happens across all car models and not something just in Jeeps.
The education bureaucracy in this country is broken. Trying to put putty and duct tape on that broken system will not fix the underlying rot nor will simply throwing more money at it will either. There needs to be a viable alternative spring up in its place. Home schooling and co-ops are the closest thing we have to such an alternative that is directly supported by those that use it thus allowing more local parental control over both what is being taught and the finances involved.
HA! I have spent thousands for transmission and/or transfer case! (for the 2004 transmission and then the 2006 transfer case). Still less than the price of replacing the vehicle . . . and getting a used one for a reasonable price who knows when those would fail? Bottom line, during Covid there were no affordable used ones!
The miles on my 2004, well it could have made it to the moon! But not back again. HA!
I loved my 2004, and wanted one just like it, so the 2006 was perfect! Still is, but it is getting problems ...
The teacher colleges, teacher unions, have made SURE that there IS no local control of schools! It is a travesty. I inherited textbooks from the late 1880s and early 1900s. They taught Lain in public schools, to rural kids!
Cool about the books. I learned Latin in High School with a little bit of Greek to boot. My teacher was fluent in several languages. I am pretty sure no schools offer Latin as a language any more. Most kids now don't even write cursive any longer. If they try to use the cursive they learned at home they get in trouble at school. We don't teach kids shit any more. Just how to be activists.
Elon Musk gets singled out to surrender $50 billion in taxes on gains he has not realized despite founding companies that build rockets, EVs and neural technology. Laurene Powell Jobs sits on $15 billion inherited, Nancy Walton on $20 billion inherited and MacKenzie Scott on $40 billion from divorce, none of them having built or shipped products that changed industries, yet they face zero scrutiny because their politics match the approved side. The same crowd stays silent that roughly a quarter of Walmart employees rely on government benefits. The pattern is simple: contribution draws the bill, alignment buys the exemption.
SOURCE: https://x.com/JohnLeFevre/status/2071055675875090674 SOURCE (mirror): https://xcancel.com/JohnLeFevre/status/2071055675875090674
It is ridiculous on its face, to tax unrealized gains. Will they pay back for unrealized losses?!? Unrealized gains are just numbers which could change to unrealized losses at the whim of the markets.
BTW this is what property tax does too, taxing for some presumed resale value that the homeowner has not can cannot realize, UNLESS said homeowner is FORCED by property taxes out of his OWN HOME that he has paid for and paid taxes on for decades!! The home of persons, is deemed subject to taxation to the extent that the homeowner has to forfeit his own very HOME to satisfy the calculations of its unrealized value. FIE upon them, FIE!
It is a grand larceny scheme. The extra tax revenues goes into the pockets of scammers. The whole system needs to be gutted and reset for maximum efficiency and minimal scamming.
Is this why there was an income tax created out of whole cloth?
Agreed. If they are to have a property tax at all it should be based upon the price that the home was originally purchased at, not some arbitrary later valuation yet unrealized. Retired seniors get hit the hardest by the current system. They paid for a home almost their entire working life only to lose that life's work because of ever rising property taxes due to market forces driven by property speculation.
One of the few things CA actually did right was Prop 13. My aunt, a young widow at the time, was able to keep the home she and her husband had built and not have it stripped from her and her children because of property taxes. She lived in that home until she died a few months ago at 95. Without Prop 13 that would not have been possible. We need to do a much better job of protecting our seniors instead of focusing on those that should not be in this country to begin with.
YES!
At the voting place, outside, a couple women were lobbying for ANOTHER school property tax! Of course it passed . . .
After I voted I talked to them. I was very upset so I had a hesitating voice. I said I paid for my OWN kid's education. Now, property taxes for other people's kids are trying to force me out of MY OWN HOME! You will see me back out of the parking lot in an SUV. It is a 2006 that I paid $7,500 for some years ago. This outfit I am wearing I bought in 2011 to visit my Dad in the hospital. And you think I should be taxed MORE on my HOME?? When is it enough??
Not that it changed anything, but at least they had to listen to the harm caused seniors by their evermore gold-plated schools.
They want more taxes because of open immigration that flooded the schools and overwhelmed them with students they had to absorb. They do not even consider the dire consequences of what they propose. They are narrowly focused on what they think is a solution for a small piece of a much larger picture they fail to take into consideration. So, they go after the one easy target to raise funds - property. I don't know what the answer is, but it is certainly not taking away the one major piece of security that most seniors have, their homes. That is absolute cruelty and serves no one in the end. I have a suggestion for them: get rid of the weight at the top that receive such outrageous salaries compared to average people.
I have you beat. My Jeep is a 2002. ; )
"Jeep is a 2002" !! Keep it!
We had a Jeep about that age. But it was very unreliable. I told my husband, when I turn the steering wheel on my 1986 Saab, it is tight, and goes where I want it to go. When I turn the steering wheel on the Jeep, it is too loosey-goosey for me to have confidence when the action will respond! Of course we loved the Jeep.
"taking away the one major piece of security that most seniors have, their homes. " Exactly! But they will do that! to pay outrageous salaries, and stuff like sex ed, lgb, dei etc. And I am forced to pay for that?? Just bring back the 1880 curriculum.
I have had few problems with my Jeep beyond normal wear and tear. I like the steering on mine. In fact, I prefer it to other vehicles I have driven due to the response. I understand that some of the Jeep's that came later had problems with the steering and the front end. A 2006 would fall into that category. Mine has been a pretty reliable vehicle for me so far. I have put a lot of miles on it. The only issue I had with it was at around 50K miles the transmission threw a barring. It was still under extended warranty so it cost me about $100 dollars for a new transmission. The guy that repaired it said it was a fluke that happens across all car models and not something just in Jeeps.
The education bureaucracy in this country is broken. Trying to put putty and duct tape on that broken system will not fix the underlying rot nor will simply throwing more money at it will either. There needs to be a viable alternative spring up in its place. Home schooling and co-ops are the closest thing we have to such an alternative that is directly supported by those that use it thus allowing more local parental control over both what is being taught and the finances involved.
Yes keep the Jeep!
HA! I have spent thousands for transmission and/or transfer case! (for the 2004 transmission and then the 2006 transfer case). Still less than the price of replacing the vehicle . . . and getting a used one for a reasonable price who knows when those would fail? Bottom line, during Covid there were no affordable used ones!
The miles on my 2004, well it could have made it to the moon! But not back again. HA!
I loved my 2004, and wanted one just like it, so the 2006 was perfect! Still is, but it is getting problems ...
The teacher colleges, teacher unions, have made SURE that there IS no local control of schools! It is a travesty. I inherited textbooks from the late 1880s and early 1900s. They taught Lain in public schools, to rural kids!
Cool about the books. I learned Latin in High School with a little bit of Greek to boot. My teacher was fluent in several languages. I am pretty sure no schools offer Latin as a language any more. Most kids now don't even write cursive any longer. If they try to use the cursive they learned at home they get in trouble at school. We don't teach kids shit any more. Just how to be activists.
All of these taxes should be abolished. Unrealized gains, inheritance all of it.
Elon: Anyone want to buy my boat? No? Hey Captain commence with Operation Scuttle