you just found this out now? didn't the nba channel do a documentary on this?

So we're all good with journalists getting their hands on individual tax records of Americans and publishing them?

So we're all good with journalists getting their hands on individual tax records of Americans and publishing them?

Taxing wealth is exceedingly stupid, but I don’t expect to be a billionaire any time soon, so fuck it. Reap what you sow and all that.

I think the stupid thing is having rules and loopholes in place that the ultra wealthy can exploit because they have the means to pay a team of accountants to save them every nickel possible.

Yay, Government!

So we're all good with journalists getting their hands on individual tax records of Americans and publishing them?

I agree. How many thousands of pages is the tax code? No one understands it. You should be able to figure out your taxes without a professional to navigate the goofy laws in the first place (personal taxes that is, not business taxes of course).

Wouldn’t that hurt retail traders, and the stock market at large when so much money is pulled out because no one wants to pay taxes on unrealized gains?

i learned that a happy couple should never get married. have 2 kids.

girlfriend/mom doesn't work - no income. raising 2 kids. gets $$ for welfare/housing vouchers as an 'unemployed' single mom. working boyfriend/father lives there, obviously his mailing address must be different. girlfriend/mom really does work - just gets paid in cash. grandparents also getting govt. $$..raising kids as the happy single parents work.

a friend of mine came to the usa from sicily when he was 20. told me that what he learned about the usa after 35 years: the govt. takes care of the poor and wealthy, everyone in the middle gets fucked.

plenty of scams going on. demand for identity theft has increased due to the generosity of uncle sam. love seeing medicare fraud assholes taken down..plenty of those too.

I will not have a comment until Deni$ tells of his personal struggles with this.

I don't really see how interesting this article really is though.

Let's say that someone wins the lottery and has 10 years to turn in the ticket worth $500 million. He can keep that ticket locked away for years and pay no tax on it. He owns the ticket. He's worth $500 million. Is he avoiding taxes by not cashing it in right away? Should his tax rate be defined based on what he could have right now? Should he be given a tax bill of $200 million the day after he gets the ticket even if he doesn't cash it?

When he cashes it, he will pay taxes on it just like a billionaire will.

You didn't read the article.

What part did I miss? I concentrated on the unrealized gains they were using to say that they were paying a tax rate of like .5%. There was a very generic analysis of "tax breaks" which included things like deducting interest payments but it really didn't seem to make a big difference either way.

Any answer to my lottery ticket question?

He would realize 500 million in income in ten years. MANY ensure that the vast majority of their income is never realized.

If I had billions of dollars I would simply borrow millions upon millions of dollars using my assets as collateral. That way I could have liquid cash but show now real income.

I inherited a big tall building worth a billion bucks free and clear.