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nytimes.com/2024/12/05/bus…
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Brad Dillon
99 posts
Brad Dillon
@itsbraddillon
Head of Tax & Estate Strategy @ a16z Perennial, a wealth management division of Andreessen Horowitz Creating structural alpha for founders and entrepreneurs.
New York, NY Katılım Ocak 2016
200 Takip Edilen59 Takipçiler
@MomAngtrades It turns out that nearly all the loopholes apply almost exclusively to the wealthy.
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Tax the rich is such a dumb argument. The argument is fix the tax loopholes. Stop vilifying the man who allows me to get my toilet paper delivered to my house.
Bernie Sanders@BernieSanders
Mr. Bezos: Let's have that debate. Under my 5% billionaires wealth tax, we'd: -Give $12K to a working family of 4 -Expand Medicare for dental, vision, hearing -Guarantee universal childcare -Raise starting teacher pay to $60K And you'd still be worth $269 billion after taxes.
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Brad Dillon retweetledi
The math here doesn't add up.
$75k is not in the bottom half of the individual income distribution, it's ~65th percentile.
They do not pay $12k in federal income tax, more like $7,900.
He acts like it would only cost 3% of income tax revenues, but it would actually cost *16%*
Shay Boloor@StockSavvyShay
Jeff Bezos said the bottom half of Americans should pay zero federal income tax. He cited a nurse in Queens making ~$75K and paying ~$12K in taxes saying “we shouldn’t be asking this nurse in Queens to send money to Washington.”
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Anthropic is in talks at a $950B valuation. $380B in February. 2.5x in 100 days.
The OpenAI $852B March mark is already last quarter's number.
A trust funded against the Feb mark captured 60% of the appreciation since.
Every quarter you wait costs another doubling and another 40%+...
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Marc Andreessen on a Wealth Tax: "Nice Farm You Have Here"
"Nice farm you have here. We're gonna take 6% a year until it's all gone. What what's the endgame? Fairness? What actually happens is everybody gets poor."
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@pmarca 100%. This was the first year I designed my final assuming my students will all be using AI. All the problems had to be edge cases. It was far more challenging and interesting than any of my prior final exams. There is a way forward without banning this inevitable technology.
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@geraldposner Sure, but given where our deficit stands today, we really do need more money to keep throwing at the growing interest rate problem. Can't really reform our way out of being on the hook for a trillion bucks of interest every year.
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What Bezos says makes a lot of politicians uncomfortable.
America’s leaders have convinced themselves that throwing more money at broken systems will fix them. It hasn’t, it simply entrenches them.
The federal government is running a $2 trillion annual deficit and carrying $39 trillion in debt. That’s not a revenue problem. That’s a spending problem.
Maybe @NYCMayor should look closer to home: New York City spends 130% more per student than the national average — and still ranks below 70% of the country in reading outcomes.
More money. Worse results.
Doubling taxes on billionaires may be politically satisfying and it is certainly a pillar of progressive Democrats. But it doesn’t guarantee better outcomes for working Americans. It just gives government more to spend — often in the same inefficient ways.
The hard truth: reforming how money is disbursed matters far more than how much is collected. Balanced budgets? That is kryptonite to American politicians.
Mayor Zohran Kwame Mamdani@NYCMayor
I know a few teachers in Queens who would beg to differ.
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Treasury is coming for QSBS stacking strategies.
Acting IRS chief counsel to a room of tax lawyers yesterday: "We don't like stacking, OK? Just want to give you a little tip. Keep an eye out for that."
When the IRS gives you a tip, it's really a warning shot. Very curious what their angle will be!
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@rcbregman Don't tax the billionaires. Don't tax the bottom 50%. Don't tax retirees. Don't tax tips. Don't tax businesses. Who is left to bear the burden besides the deficit?
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This sounds nice, but it's a great way to undermine the welfare state.
The strongest welfare states in the world (the Nordics) tax everyone, including nurses. And they give everyone universal healthcare, childcare, pensions, education in return.
When the middle class has skin in the game, they defend the system. When welfare is 'just for the poor', it becomes a poor program: stigmatized, underfunded, easy to gut.
That's why billionaires keep pushing this idea. The real scandal isn't that this nurse pays $12k.
It's that Jeff Bezos pays $0.
Shay Boloor@StockSavvyShay
Jeff Bezos said the bottom half of Americans should pay zero federal income tax. He cited a nurse in Queens making ~$75K and paying ~$12K in taxes saying “we shouldn’t be asking this nurse in Queens to send money to Washington.”
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@wolfejosh Don't tax the bottom half. Don't tax billionaires. Don't tax tips. Don't tax retirees. Don't tax businesses. Have we just decided that no one should be paying taxes anymore? No such thing as civic duty anymore?
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Jeff Bezos with straightforward simple logic.
Bottom 50% pay no taxes + costs government 3%.
Yet 100% life changing for this bottom half of America
A smart and simple approach worth doing.
Jeff Bezos@JeffBezos
Thank you. The important part is zeroing out taxes on the bottom half. Best way to put money in someone’s pocket is to not take it out in the first place. Bottom half is only 3% of total tax revenue. But it’s very meaningful to that person. Zero it out.
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@chamath Taxes are a civic duty and make people feel part of a society, especially a democracy. If we keep excluding constituents from the tax base (bottom 50%, billionaires, no tax on tips, etc), we're not going to be able to look to anyone to raise revenue.
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this is a simple, elegant and very effective idea. take the taxes of the bottom 50% to zero.
Jeff Bezos@JeffBezos
Thank you. The important part is zeroing out taxes on the bottom half. Best way to put money in someone’s pocket is to not take it out in the first place. Bottom half is only 3% of total tax revenue. But it’s very meaningful to that person. Zero it out.
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@tunguz Every constituent has a solid reason why they shouldn't be taxed (working class, billionaires, and everyone in between). If we keep excluding whole classes of people from tax, what tax base will be left? What will happen to our deficit? Ouch.
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I appreciate this sentiment, but I strongly disagree with it. What all research has shown is that there is a *HUGE* psychological difference in people's minds between paying $0 and just a small nominal amount. When you don't pay anything for something, you end up not valuing it at all. As long as we collect revenue for the public services through individual taxation, paying even a small nominal amount by everyone gives everyone a sense of the stake in the system.
Lydia Moynihan@LydiaMoynihan
Jeff Bezos: The bottom half of tax payers pay 3% of all taxes, I think it should be zero.
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@MarcoFoster_ They already left, Fran. Florida picked up roughly a third of America's top wealth creators in the last decade. NY and NJ have hemorrhaged top earners since the SALT cap. The "go ahead, leave" line wasn't theoretical. It was tested. It wasn't a bluff.
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Fran Lebowitz on the billionaires: “Every time someone suggests [a wealth tax] they say I’m moving. Go! They add nothing to New York. In the 19th century, those robber barons, they employed people. All this money magic employs no one. Goodbye, go. We don’t need you”
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@KalanisCalves The problem is that you're saying don't tax businesses. Others are saying don't tax retirees, don't tax the working class, don't tax billionaires, don't tax tips and social security... the list goes on and on and the deficit keeps growing and growing.
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This is what our society fails to comprehend.
If I work as a physical therapist, and I’m good, I’ll make $100,000/yr. And pay $15,000 in taxes. I can see 60 patients per week. But that’s the end of it. No additional tax money, no more patients can get my services. I provide a living for myself and my family.
If I own a practice and employee 10 therapists that each make $100,000, now I’m providing a living for 10 families, and because of my efforts there is now $250,000 in tax revenue.
So why should businesses get taxed more? Why should they even have to pay payroll taxes? My value to society is way more than 10X at this point.
But the vast majority of Americans can’t comprehend that, neither do our congressional representatives.
CNBC@CNBC
Jeff Bezos: "If I do my job right, the value to society and civilization from my for-profit companies will be much, much larger than the good that I do with my charitable giving."
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This whole post, including O'Leary's, feels like a way for rich people to make poorer people feel bad about themselves. Maybe everyone should mind their own business about how much anyone spends on lunch? If $28 feels like too much for you, great, then don't spend $28! No need to tell others they're idiots if they don't feel the exact same way you do.
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I work in NYC and can't think of a single fast casual lunch that is $28. Even double protein Chipotle is under $20.
If you're making $70k a year and regularly spending $28 on lunch at work, you're financially irresponsible.
Mikli@CryptoMikli
Kevin O’Leary says Gen Z is financially cooked when people making $70K a year are spending $28 on lunch
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Every political coalition in America has carved out its protected tax class. Don't tax the working class (Dems). Don't tax billionaires (GOP). Don't tax retirees (both, they earned it). Don't tax businesses (both, jobs). Then we wonder why the deficit keeps growing. The math doesn't work when nobody's left to pay.
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JEFF BEZOS SAYS: "WE DON'T HAVE A REVENUE PROBLEM IN THIS COUNTRY. WE HAVE A SPENDING PROBLEM."
"A nurse in Queens who makes $75,000 a year pays more than $12,000 a year in taxes."
His suggestion:
"How about we start by having the nurse in Queens not pay taxes at all? We shouldn't be asking this nurse in Queens to send money to Washington. They should be sending her an apology."
The math behind it: "The bottom half of income earners in this country pay only 3% of the taxes."
He added the US already has "the most progressive tax system in the world. The top 1% of taxpayers pay 40% of all the tax revenue."
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@cptdankkk Tax lawyer here. O'Leary is directionally right, but substantively off. The tax code makes divorce tax-free. But wealth does plummet, not because of "divorce taxes." Instead, it's legal fees and forced sales. But if you plan in advance, you don't have to do all this math.
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Kevin O'Leary says getting divorced is the stupidest economic decision you can ever make
"If you're happy 51% of the day with your wife or husband, stay with them. Every time you get divorced, you pay the person you divorced and you pay the government a third"
"This is the stupidest thing you can ever do. It took your whole life to actually create this nest egg. Think about that for a while because you are going to wipe out up to two thirds of your wealth. You better really like somebody else a lot"
"And frankly, sometimes it's not the other person that you're divorcing. It's you. You're the problem and you should probably not get into another economic union. You should probably just date till you drop dead because it's stupid"
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QSBS state conformity is the next domino. Maine and Oregon fell in April. DC last year. NY tried and will try again. Several other states have the same budget math and the same politics. The $15M OBBBA exclusion is too rich for high-tax states to ignore. Which one falls next?
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Treasury said at the ABA Tax Section meeting that stacking QSBS strategies using nongrantor trusts is under review. The technique still works today. The guidance from Treasury will likely narrow it. The trust you set up now may land inside the rules. The one in December may not.
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@sola_chad Yeah but think of all the wars we would have avoided if Mary had aborted.
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This is what Jesus looked like on the first day in Mary’s womb. Life begins at conception. Abortion is wrong at any stage of life.
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