The Motley Fool Discussion Boards

Previous Page

Politics & Current Events / Retire Early CampFIRE


Subject:  Re: Repubs vs Dems Date:  10/8/2003  10:46 AM
Author:  intercst Number:  126682 of 882494

telegraph writes,

<<Cheeze: That is quite the point. Bill Gates doesn't pay $1.5 billion in taxes he earns, because he hasn't paid a dime in taxes on the Microsoft stock he holds. Those are unrealized capital gains, and they aren't subject to taxes of any kind unless he sells them. Warren Buffett has never paid a dime in taxes on his tens of billions in Berkshire Hathaway wealth, and likely never will.>>

And, believe it or not, MOST Americans who own a house will never pay any taxes on their 'unrealized gains'. Yet, I don't see you going after them!!!!!

THe average American buys a house, lives in it for years and years....until recently, one could 'roll over' the gains and never pay, you have a $250,000/$500,000 gain exemption, for which I doubt Bill GAtes qualifies, but MOST homeowners do. And since only 2% of folks pay 'estate taxes', that means that 98% of folks don't.

Most Americans pay property taxes on their home each year. In most jurisdictions, property taxes are assessed based on the value of the home which makes it basically a "wealth tax". Bill Gates isn't paying a "wealth tax" on the value of his MSFT shares.

