this post was submitted on 19 Sep 2024
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Let's play the rich get everything. The rules are the rich get everything. participation is mandatory. (lemmy.world)
submitted 3 months ago* (last edited 3 months ago) by [email protected] to c/[email protected]
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Did I say mandatory? I meant optional! You're "free" to die in a cardboard box under a freeway as a market capitalist scarecrow warning to the other ants so they keep showing up to make us more!

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[–] [email protected] 0 points 3 months ago (4 children)

Okay but you can just apply the same logic to a HELOC. If you get a 30k HELOC for a bedroom renovation then it does not count towards capital gains tax.

Wouldn't this be a double standard if we're applying @[email protected] 's logic? The rich would get taxed on loaned money but the middle class wouldn't?

[–] [email protected] 4 points 3 months ago

That's generally how progressive tax brackets work, yes. Technically speaking if I rich person wants to take out a 30k HELOC they'd also not get taxed on it.

[–] [email protected] 4 points 3 months ago

that's like the point of the entire system? I mean, I don't want to go back to the 1800s corporate baronies that defined most industry at that point in time

[–] [email protected] 2 points 3 months ago

This is how... EVERYTHING works... Income tax brackets, 401k limits. I thought this was pretty obvious, from each according their ability and all.

[–] [email protected] 2 points 3 months ago

The rich would get taxed on loaned money but the middle class wouldn’t?

Oh no... Anyway.