CNBC at the JPMorgan India summit on Tuesday, when asked about whether he’d support such a proposal put forth by several prominent Democrats., “but I think that you do that through their income as opposed to, you know, calculat[ing] wealth which becomes extremely complicated.”
The rich should be taxed on their income instead, Dimon said, adding that it’s harder to cheat on such a tax because income is a “given.” Many U.S. billionaires have started preparing for likely tax increases in the coming years as government deficits at both the state and federal levels have soared due to increased spending during the coronavirus pandemic.
Implement Andrew Yang's Value-Added Tax (VAT).
He is not wrong. The ultra wealthy have many ways to shelter their money. It rings very hollow when Dems day they wanna tax the rich, because they really cannot effective tax them. They know that, see how many ultra rich people are endorsing Biden? Scranton vs Park Ave my ass
Great example of something that sounds good to the masses ('TAX THE RICH LOL') but, in reality, will be impossible to implement and will never happen. How do you value minority illiquid interests in companies? How do you do it *every year*? But sure... keep pushing it...
It proves how disconnected the Dems are from basic finance and economics
JAMIE DIMON: 'I GOT TO SAVE MY *SS' SOMEHOW IN THE GOP'S 1 % TAX SCAM WHICH I LOVED!
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Jamie Dimon says he's OK with higher taxes on the rich, but wealth tax is 'almost impossible'J.P. Morgan Chase's Chief Executive Jamie Dimon said calculating wealth can be 'extremely complicated,' so the rich should be taxed on their income. FinCENFiles Says the rich dude Of course, he already has his tax shelters, havens and affluent only accountants via his trust!!!
Source: CNBC - 🏆 12. / 72 Read more »
Here's what Trump's payroll tax plan may mean for the future of Social SecurityPresident Trump's temporary payroll tax holiday has Social Security advocates worried that he could try to put a permanent cut in place if he is re-elected. Such a move could hurt Social Security, which relies on those taxes for funding. Whoever is elected may have to address the program's funding shortfall in the next four years. Biden proposes to apply the Social Security payroll tax to income over $400,000. In 2020, the payroll tax is applied to income up to $137,700 only. This additional revenue should cover about 25-30% of the Social Security shortfall for 75 years. Biden's plan. Biden proposes to apply the Social Security payroll tax to income over $400,000 also. In 2020, the payroll tax is applied to income up to $137,700 only. This additional revenue should cover about 25-30% of the Social Security shortfall for 75 years.
Source: CNBC - 🏆 12. / 72 Read more »
Deloitte BrandVoice: An Accelerated Future For Tax LeadersCOVID-19 forced many companies to unexpectedly make fundamental shifts to their business models over a very short time period. Each of their pivots has downstream tax implications and increases the complexity and workload for tax departments.
Source: Forbes - 🏆 394. / 53 Read more »
Trump could be facing criminal tax probe, Manhattan DA suggests in new court filingPresident Donald Trump and his business could be facing a criminal tax probe by the Manhattan District Attorney's office, prosecutors suggested. His new Supreme Court appointee will fix that. Please please please
Source: CNBC - 🏆 12. / 72 Read more »
Manhattan District Attorney Says Trump Could Be Investigated for Tax FraudIn a filing on Monday, Cyrus Vance Jr. announced for the first time that his office had the grounds to investigate Trump and his businesses for tax fraud This exhaustive investigation has never been more relevant. Dive in, folks. DonTheCon from day 1. If he could and you swore an oath to uphold the law, he should be. Simple.
Source: NYMag - 🏆 111. / 63 Read more »