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You are here: Home / Economics / C.R.E.A.M. / Wednesday Evening Open Thread: Eat Audit the Rich!

Wednesday Evening Open Thread: Eat Audit the Rich!

by Anne Laurie|  March 3, 20216:15 pm| 184 Comments

This post is in: C.R.E.A.M., Education, Open Threads, Proud to Be A Democrat

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Elizabeth Warren's plan isn't just Tax the Rich.

It's also Audit the Rich.

She wants wealthiest ~100,000 to have an audit once every ~3 years, and to nearly double the budget for the IRS, she tells @kevcirilli https://t.co/1S0fXgAtc5

— Steven Dennis (@StevenTDennis) March 3, 2021

One of my senior Senator’s campaign proposals that I’m glad to see revived, because she’s proposing to spend those new taxes on educational services that really need to be implemented.

It will, doubters insist, lead to a proliferation of cryptocurrency and money-laundering schemes. On the other hand, I’m seeing a lot of stories about new & creative methods in grey-area finance already (GameStonks! Non-Fungible Tokens!), along with hand-wringing that such schemes usually indicate the end of a ‘bubble’, so…

Warren says she plans to talk to Yellen about how to implement a wealth tax; she discounts talk that it will be difficult to tally. Only assets worth more than $50,000 have to be counted and a lot of that is stock and real estate.

— Steven Dennis (@StevenTDennis) March 3, 2021

At about ~$22B a year, IRS would still be a very small % of federal spending. In ballpark of NASA.

— Steven Dennis (@StevenTDennis) March 3, 2021

To the moon, Alice!

Warren has a way to describe the difference in the wealth gap vs the income gap that's hard to describe in text alone:https://t.co/fdPa4V11Dt

— Steven Dennis (@StevenTDennis) March 3, 2021

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Next Post: Late Night Open Thread – H.R. 1 Passes The House »

Reader Interactions

184Comments

  1. 1.

    Baud

    March 3, 2021 at 6:21 pm

    Only assets worth more than $50,000 have to be counted and a lot of that is stock and real estate.

    I wonder who this is determined because it’s easy to subdivide both.

  2. 2.

    Anotherlurker

    March 3, 2021 at 6:21 pm

    More of this, please.

  3. 3.

    Baud

    March 3, 2021 at 6:23 pm

    @Baud:

    Who = how.

  4. 4.

    trollhattan

    March 3, 2021 at 6:23 pm

    The only thing that will freak rich Republicans out more than having E. Warren in charge is an IRS large enough to again be functional. Popcorn, Siri, lots.

  5. 5.

    guachi

    March 3, 2021 at 6:23 pm

    I’m all for giving more money to the IRS and auditing the wealthy. It’ll easily pay for itself

    Though I do think a wealth tax is a dumb idea. I think that capital gains should be taxed as regular income and there should be a tiny transaction tax on stock trades.

  6. 6.

    trollhattan

    March 3, 2021 at 6:24 pm

    @Baud:

    “Hoo” ?

  7. 7.

    Baud

    March 3, 2021 at 6:27 pm

    I would love to be a fly on the wall when Warren talks to Yellen about this.

  8. 8.

    Betty Cracker

    March 3, 2021 at 6:27 pm

    Have y’all ever seen that video where a guy uses rice to demonstrate the difference in scale between $100K, $1M, $1B and then the wealth of Jeff Bezos? If I were queen for a day, I’d make everyone watch it because I think our collective inability to wrap our minds around the enormity of the difference in scale results in insufficient outrage and bad policy decisions.

  9. 9.

    Spanky

    March 3, 2021 at 6:28 pm

    Not only am I wildly in favor of this, I’d also point out how criminally underfunded NASA is. So boost ’em both!

  10. 10.

    JMG

    March 3, 2021 at 6:30 pm

    The ultra rich are not gonna put their assets in cryptocurrency or any of those new dodges, because they offer no return on principle nor are they safe.

  11. 11.

    Jim, Foolish Literalist

    March 3, 2021 at 6:30 pm

    Is she gonna talk to John Roberts about how this will survive the court challenge? Cause that’s who’s gonna decide. If it ever gets that far.

    HR1.

  12. 12.

    schrodingers_cat

    March 3, 2021 at 6:30 pm

    @Betty Cracker: How much of it is the market valuation of Amazon stock?

  13. 13.

    RSA

    March 3, 2021 at 6:30 pm

    It will, doubters insist, lead to a proliferation of cryptocurrency and money-laundering schemes.

    Only if you assume a lot of rich people are crooks who don’t want to contribute to society. Oh, wait.

  14. 14.

    WaterGirl

    March 3, 2021 at 6:33 pm

    @Betty Cracker: I never got to the video.  I had to sit through a stupid ad, then i hit skip ads as soon as I could, then I had to sit through another LONG ad about a stupid podcast, then I got to a 54 minute video of Jeff Bezos, at which point i bailed.

    Can you describe the video?

  15. 15.

    Baud

    March 3, 2021 at 6:34 pm

    @schrodingers_cat:

    Isn’t it always stock with respect to the top people?

  16. 16.

    A Ghost to Most

    March 3, 2021 at 6:36 pm

    Cryptocurrency should be banned, because of its exorbitant energy use. Mining consumes more electricity than some countries.

  17. 17.

    Patricia Kayden

    March 3, 2021 at 6:38 pm

    Thank you President Biden!!

    Seven-day average of Covid-19 vaccines administered in the US has surpassed two million per day for the first time https://t.co/rstjc0tv4l— Laffy (@GottaLaff) March 3, 2021

  18. 18.

    Baud

    March 3, 2021 at 6:39 pm

    @A Ghost to Most:

    Right. If traditional banks used that much energy, people would be apoplectic.

     

    @Patricia Kayden:

    ?

  19. 19.

    PJ

    March 3, 2021 at 6:40 pm

    @WaterGirl: ​
      You have to go to the beginning of the video – Betty linked to an ad at the end of it.

    I have to say, it’s pretty poorly done – he needs to learn how to hold his phone horizontally, not just for aesthetics but so that we can actually see the different piles of rice all in the same frame.

  20. 20.

    PaulB

    March 3, 2021 at 6:41 pm

    @WaterGirl: Here’s the link: https://www.youtube.com/watch?v=qSOVBiEotaw

  21. 21.

    JaneE

    March 3, 2021 at 6:42 pm

    A major point of the estate tax was capturing untaxed capital gains that had accrued on assets held till death.  That is something else that should be brought back.  Either tax it every year for a small amount like Warren’s proposal, or go for a much much higher rate at death.  Every year is probably better from a planning/funding standpoint.

  22. 22.

    PJ

    March 3, 2021 at 6:43 pm

    @Baud: There’s only so much real estate to invest in (though new super tall buildings in places like NYC and Vancouver increase the investment/money laundering opportunities while driving up existing real estate prices), so, yeah, securities are where the really wealthy are going to put the bulk of their wealth.

  23. 23.

    Patricia Kayden

    March 3, 2021 at 6:44 pm

    @Jim, Foolish Literalist: That is true for all of President Biden’s agenda. Will his policies survive SCOTUS?

  24. 24.

    Baud

    March 3, 2021 at 6:45 pm

    @JaneE: 

    That might be a way to get this done. As an offset to a high estate tax. Pay less now or pay more later.

  25. 25.

    laura

    March 3, 2021 at 6:46 pm

    Dang, and right when favs beans are showing up at the farmer’s market.

    Also, what A Ghost To Most said.

  26. 26.

    Goku (aka Amerikan Baka)

    March 3, 2021 at 6:47 pm

    @Jim, Foolish Literalist:

    I guess we shouldn’t try then

  27. 27.

    burnspbesq

    March 3, 2021 at 6:52 pm

    @Baud:

    Isn’t it always stock with respect to the top people?

    Nope. The very rich have access to non-publicly held, difficult-to-value assets that the merely well off don’t—hedge fund and private-equity interests, professional sports teams, art, big-ass boats, commercial real estate, etc.

    Sen. Warren has consistently refused to acknowledge the administrative problems inherent in her wealth-tax proposals. There’s a reason why virtually every industrialized country that once had a wealth tax gave up on it. It’s difficult enough to deal with these issues once a generation, in the context of estate or inheritance taxes. Making it an annual exercise just doesn’t work.

  28. 28.

    PJ

    March 3, 2021 at 6:52 pm

    @PJ: ​
      I mean, they could invest it in opening businesses that employ a lot of people, and in paying employees more, but what would be the point of that?

  29. 29.

    mrmoshpotato

    March 3, 2021 at 6:55 pm

    @Betty Cracker: ​
     

    Have y’all ever seen that video where a guy uses rice to demonstrate the difference in scale between $100K, $1M, $1B and then the wealth of Jeff Bezos?

    And isn’t Bezos worth much more than the $122 billion now that’s noted in the video?

    Yeah, it’s insane. So much concentrated wealth that they decide to go into the rocketry as a hobby.

  30. 30.

    Baud

    March 3, 2021 at 6:55 pm

    @burnspbesq:

    Have you seen her proposal? I’m interested in how she attempts to deal with that problem.

  31. 31.

    Cheryl Rofer

    March 3, 2021 at 6:56 pm

    If you made a million dollars a year, it would take a thousand years to make a billion.

  32. 32.

    debbie

    March 3, 2021 at 6:57 pm

    I suppose it’s past the time when a flat tax could be proposed or supported?

  33. 33.

    Omnes Omnibus

    March 3, 2021 at 6:57 pm

    @Cheryl Rofer:  I’d take that deal.

  34. 34.

    Omnes Omnibus

    March 3, 2021 at 6:58 pm

    @debbie: ​
      A flat tax? Are you kidding?

  35. 35.

    Baud

    March 3, 2021 at 6:59 pm

    @Cheryl Rofer:

    I don’t know what the solution is to rapid increases in stock valuation.

  36. 36.

    burnspbesq

    March 3, 2021 at 7:02 pm

    @debbie:

    Regressive as hell, and our tax system already has too many regressive features (sales and use taxes, OASDI)

  37. 37.

    Martin

    March 3, 2021 at 7:03 pm

    @burnspbesq: but all of that stuff is either insured, and therefore has a valuation, or can be assessed.

    I mean, we’ve been doing it for property taxes for 200+ years. Its inconceivable that it was easier to assess property value in 1796 than to assess the value of the Golden State Warriors today.

  38. 38.

    germy

    March 3, 2021 at 7:04 pm

    @Martin:

    Good point.

  39. 39.

    mrmoshpotato

    March 3, 2021 at 7:05 pm

    @A Ghost to Most: Cryptocurrency should be banned, because of its exorbitant energy use. Mining consumes more electricity than some countries.

    Something that’s always confused me about cryptocurency is the calculating/mining.  What’s the point of the calculations that are being done?  I understand the computing power behind protein folding for example; it has a medical and useful purpose.  But all the calculations for “mining” cryptocurrency are just for the hell of it?

  40. 40.

    Baud

    March 3, 2021 at 7:08 pm

    @mrmoshpotato:

    My understanding is that it’s to limit how quickly cryptocurrency units can increase.

  41. 41.

    mrmoshpotato

    March 3, 2021 at 7:09 pm

    @Baud: So all the number crunching has no useful real-world purpose then?

  42. 42.

    burnspbesq

    March 3, 2021 at 7:10 pm

    @Baud:

    She talks right on by it.

    And why does she want to talk to Yellen about it? Yellen has neither background nor experience in tax administration. If she talks to Chuck Rettig or Mike Desmond (the Commissioner and Chief Counsel of the IRS), both of whom are experienced tax litigators, she’ll get an earful about how difficult it is to resolve valuation issues.

    I love Sen. Warren, but she has one huge blind spot, and this is it.

  43. 43.

    Baud

    March 3, 2021 at 7:10 pm

    @mrmoshpotato:

    It makes the currency viable. One can debate whether that’s a useful real world purpose.

  44. 44.

    Baud

    March 3, 2021 at 7:12 pm

    @burnspbesq:

    Yellen has raised administration concerns. She’s ultimately in charge of the IRS, so I’d I’ll imagine the conversation would include having experts in the room.

  45. 45.

    Ohio Mom

    March 3, 2021 at 7:12 pm

    My favorite illustration of how wealthy the wealthy are is this:
    https://mkorostoff.github.io/1-pixel-wealth/

    Be forewarned, there is a lot of scrolling involved.

    I like it because it compares amounts of money we recognize and think in terms of “If I had that much, I’d be set” — for example, how much money a doctor or Beyoncé has (I think I remember Queen Bey included) — and they are such small amounts compared to Bezo’s wealth, that you can miss the little boxes symbolizing those amounts as you scroll and scroll and scroll through Jeff’s fortune.

    Another interesting feature are the boxes indicating how much it would cost to do things like House every homeless veteran, and again, while that is a good amount of money, it’s nothing compared to Bezo’s wealth.

  46. 46.

    burnspbesq

    March 3, 2021 at 7:20 pm

    @Martin:

    Ok, I’ll play. Tell me what you think the Warriors are worth. Any competent valuation professional can come back tomorrow with a 20-page analysis explaining why you’re way off. And they can come back on Friday with another 20-page analysis explaining why you’re exactly right. And they can do that for ANY number you propose.

    Can you say “inherently imprecise?”

  47. 47.

    topclimber

    March 3, 2021 at 7:20 pm

    @JaneE: Perhaps more important than taxing unrealized capital gains at time of death is insisting that those who inherit have the same “cost” (basis) as the deceased.

    Dad buys $1K GM stock back in the day and never sells it. No realized gain = no tax.

    Daughter inherits it at a fair market value of $1 Million and sells a year later for $1.5 million. Her tax is on $500K of gain, not $1.5 M.

    The original owner pays no tax on gains during his lifetime, the beneficiary pays only on gains over $1 million.

    Republicans muddied the water with their “death tax” BS when what they really want is the “no-tax.”

    In historical terms, the Tea Party position is:

    1776: “No taxation without representation!”

    2021: “No taxation No Way No How.”

  48. 48.

    Steve in the ATL

    March 3, 2021 at 7:22 pm

    @Baud: have you never heard of fine art?

    Ugh-so many proles on this blog….

  49. 49.

    Kent

    March 3, 2021 at 7:23 pm

    @JMG:The ultra rich are not gonna put their assets in cryptocurrency or any of those new dodges, because they offer no return on principle nor are they safe.

    Nope, they are going to invest in Republican politicians.  Much better return on investment.

  50. 50.

    Baud

    March 3, 2021 at 7:23 pm

    @topclimber:

    The original owner pays no tax on gains during his lifetime, the beneficiary pays only on gains over $1 million

     
    Are you sure that’s how it works? I think the daughter pays on $1.5 million. But I’m not sure.

  51. 51.

    Steve in the ATL

    March 3, 2021 at 7:24 pm

    @Cheryl Rofer: only if you’re an idiot!

  52. 52.

    Steve in the ATL

    March 3, 2021 at 7:24 pm

    @Baud: elect republicans so that the market tanks with the economy?

  53. 53.

    Martin

    March 3, 2021 at 7:25 pm

    @mrmoshpotato: Correct.

  54. 54.

    Steve in the ATL

    March 3, 2021 at 7:26 pm

    @topclimber: stepped up basis for the win!

  55. 55.

    Omnes Omnibus

    March 3, 2021 at 7:26 pm

    @Steve in the ATL: It is also difficult to divide a DB4GT Zagato.

  56. 56.

    burnspbesq

    March 3, 2021 at 7:27 pm

    @topclimber:

    No estate tax + carryover basis at death works arithmetically, but you may never get to tax the appreciation if the asset keeps passing from generation to generation.

    I like estate and gift taxes. We just need to make them bite a little harder than they do now.

  57. 57.

    Steve in the ATL

    March 3, 2021 at 7:27 pm

    @Kent: on a related note, I’m drinking a Quilceda Creek blend from the Columbia Valley.  Is that your neck of the woods?

  58. 58.

    JMG

    March 3, 2021 at 7:28 pm

    If the Supreme Court denies the Congress the power to tax, the government ceases to function, and Congress’s only reaction is to zero fund the Court.

  59. 59.

    topclimber

    March 3, 2021 at 7:29 pm

    @Baud: True for income tax, not estate tax.

  60. 60.

    Baud

    March 3, 2021 at 7:30 pm

    @JMG:

    Congress can tax.  The question is whether Congress can tax wealth directly.  No question we can tax income and a lot of other things.

  61. 61.

    Kent

    March 3, 2021 at 7:30 pm

    @Baud:Are you sure that’s how it works? I think the daughter pays on $1.5 million. But I’m not sure.

    Nope, that is how it works.

    Daughter inherits father’s estate tax-free up to the estate tax limit which is $11.7 million.  She gets the stepped up basis upon inheritance.

    If you inherited $100 million worth of stock you’d owe estate tax on it, but would still get the stepped up basis

    Put another way, the clock starts when you receive your inheritance, not when your father/grandfather/great grandfather first acquired the asset.

  62. 62.

    Baud

    March 3, 2021 at 7:31 pm

    @Kent: ok thanks.

  63. 63.

    Keith P.

    March 3, 2021 at 7:31 pm

    @Kent: Unless they can figure out how to make cryptocurrency options work.

  64. 64.

    NotMax

    March 3, 2021 at 7:32 pm

    a proliferation of cryptocurrency

    NotMaxerrands.

    Coming NotSoon.

    :)

  65. 65.

    Old School

    March 3, 2021 at 7:34 pm

    @Ohio Mom: Good grief that’s a lot of scrolling!

  66. 66.

    Kent

    March 3, 2021 at 7:36 pm

    @Keith P.:@Kent: Unless they can figure out how to make cryptocurrency options work.

    Crypto is a way to hide assets so they are more difficult for the IRS to find.  But they aren’t a legal tax shelter in any way, shape, or form.  You still owe taxes on your cryptocurrency.

  67. 67.

    Kent

    March 3, 2021 at 7:38 pm

    @NotMax: Cryptocurrency will be a real currency when you can buy 10 year bonds denominated in bitcoin, or take out a 30-year mortgage denominated in bitcoin.  That’s what a real currency looks like.

    Until then it is just a speculative investment like buying art or race horses.

  68. 68.

    Steve in the ATL

    March 3, 2021 at 7:39 pm

    @NotMax:

     

    a proliferation of cryptocurrency

    Huh. I thought it was “a pod of cryptocurrency”

  69. 69.

    WaterGirl

    March 3, 2021 at 7:41 pm

    @PJ: @PaulB:   Thank you!

  70. 70.

    MisterForkbeard

    March 3, 2021 at 7:42 pm

    @Kent: Most cryptocurrencies are speculation or pyramid schemes at this point.

    There’s been some really interesting analysis from crypto traders that makes it look like the crypto markets have basically been suborned for massive theft and money laundering purposes. Like, stealing from normal traders and so on through manipulation and asset swaps, not just ‘criminals buying crypto’

    ETA: This medium article is pretty fantastic and talks about why the trader thinks bitcoin in particular is just fucked. https://crypto-anonymous-2021.medium.com/the-bit-short-inside-cryptos-doomsday-machine-f8dcf78a64d3

  71. 71.

    Baud

    March 3, 2021 at 7:42 pm

    @Steve in the ATL: 

    It should be a “graveyard of cryptocurrency.”

  72. 72.

    topclimber

    March 3, 2021 at 7:42 pm

    @burnspbesq: I will take imprecise. Like getting it half-right. That’s still a lot of money.

    My 1 cent’s worth. (h/t Scott).

  73. 73.

    Martin

    March 3, 2021 at 7:43 pm

    @burnspbesq: How is that in any way different from property valuation? Black couple has their home assessed at $900K, gets white woman to act as owner and is assessed at $1.4M.

    And it’s not like we need to be perfect about this. Have a variety of assessments done, and use the lowest one. Want to know the value of Brad Pitt’s possessions  – my wife has it. It’s what he submitted to his insurer. Use that value.

    Isn’t the whole point of Trumps tax return issue that he valued his assets at one level for the IRS and another for his insurers?  For one, don’t allow this. Have one accepted valuation. Make the valuation process part of the audit.

  74. 74.

    Baud

    March 3, 2021 at 7:44 pm

    @Martin: 

    Want to know the value of Brad Pitt’s possessions  – my wife has it. 

    I’m kind of curious. What is it?

  75. 75.

    Martin

    March 3, 2021 at 7:45 pm

    @Kent: It can’t be currency if it costs $8 to complete a transaction.

  76. 76.

    Omnes Omnibus

    March 3, 2021 at 7:47 pm

    @Baud: ​
      42.

  77. 77.

    Wapiti

    March 3, 2021 at 7:49 pm

    @topclimber:  I hear you, but… the daughter doesn’t have the records to show what the original cost basis is; that’s why we start the clock again for when she receives the item. (We did this in the last year for my FIL’s estate)

    On the other hand, if the executor doesn’t record the value at death, then the daughter owns it all. That’s the problem we have on the shares of a family farm; there was no appraisal done when shares were inherited, so the basis is zero – all gains are taxable.

  78. 78.

    NotMax

    March 3, 2021 at 7:49 pm

    @Martin

    What if it is denominated in Fiats?

    //

  79. 79.

    Gravenstone

    March 3, 2021 at 7:50 pm

    Just fucking around with numbers, if we start with the average weight of a grain of rice (20 mg) and convert that to english units: 100k would be about the weight of a car; 1 million would be 10 cars; 1 billion would be 10,000 cars – roughly 60% of the parking capacity of Dodger stadium. Just as a rough visual comparison I think most people could mentally picture.

  80. 80.

    Wapiti

    March 3, 2021 at 7:50 pm

    @Martin: this, and change the appraiser periodically to prevent collusion.

  81. 81.

    JanieM

    March 3, 2021 at 7:50 pm

    @Ohio Mom:  Thanks for that link.

  82. 82.

    James E Powell

    March 3, 2021 at 7:52 pm

    @burnspbesq:

    I like estate and gift taxes. We just need to make them bite a little harder than they do now.

    But what about all those family farms?!?!

  83. 83.

    Martin

    March 3, 2021 at 7:56 pm

    @Baud: Not saying. Not saying what he owns either. They’re all done under aliases but celebs own such well known things that it’s pretty obvious who it is.

  84. 84.

    Goku (aka Amerikan Baka)

    March 3, 2021 at 7:57 pm

    Are we all ready for Ultimate MAGA tomorrow when Trump will be inaugurated for his second term as the 19th president and all the deep state traitors such as Biden and Harris will be arrested?

    JFK Jr will materialize at the tip of the Washington Monument and shoot eye lasers at pedophiles while Donald Trump and Jesus walk hand-in-hand to the White House as prophesied by Q! //

    Stole that second paragraph from reddit lol

  85. 85.

    Steve in the ATL

    March 3, 2021 at 7:58 pm

    @Baud: “a fraud of cryptocurrencies”

  86. 86.

    Cheryl from Maryland

    March 3, 2021 at 8:02 pm

    @Steve in the ATL: Not to mention jewelry, coins, classic cars, etc.

  87. 87.

    NotMax

    March 3, 2021 at 8:04 pm

    @Baud

    A bogosity of cryptocurrencies.

  88. 88.

    Jim, Foolish Literalist

    March 3, 2021 at 8:05 pm

    turned on the Hayes program…. I already sense I’m gonna have to turn it off

  89. 89.

    Baud

    March 3, 2021 at 8:07 pm

    “The last thing — the last thing we need is Neanderthal thinking that in the meantime, everything’s fine, take off your mask, forget it. It still matters,” Biden said, referencing a card he keeps in his pocket with the daily death toll of the virus amid his administration’s push to get vaccines into arms.

    Hillary smiles in Deplorable.

  90. 90.

    Sebastian

    March 3, 2021 at 8:07 pm

    Kelly Loeffler Just Lost Her WNBA Team to a Player She Refused to Meet via @thenation https://t.co/tFbw8xEjsn
    — Joan Walsh (@joanwalsh) March 4, 2021

  91. 91.

    Geminid

    March 3, 2021 at 8:09 pm

    @Goku (aka Amerikan Baka): Wait a minute. They’re saying trump will be sworn in tomorrow? As the 19th President?

    Oh my goodness…this could be the CRAPTURE!

  92. 92.

    MisterForkbeard

    March 3, 2021 at 8:11 pm

    @Baud: I do really like Biden. I mean, this is what “telling it like it is” actually looks like.

  93. 93.

    burnspbesq

    March 3, 2021 at 8:11 pm

    @Martin:

    Make the valuation process part of the audit.

    It already is, at least for estate and gift tax purposes. But if the IRS determines a deficiency based on challenging the valuation reported on the taxpayer’s return, due process requires, and the Code provides, that the taxpayer can challenge that determination. In practice, valuation litigation becomes a battle of expert witnesses, and in most cases taxpayers have better experts. Been there, done that.

  94. 94.

    beef

    March 3, 2021 at 8:11 pm

    Cryptocurrency is a cheap form of money laundering.  It’s not a very good form of money laundering, because the transactions are recorded where everyone can see them.   But the asset can be transferred across borders and currencies very easily.  Criminals can buy crypto in a jurisdiction that makes it hard to tie the tainted money to the purchase, then use the crypto buy real assets in a different jurisdiction.   Beats paying some dirtballs 20% to run a chain of pizzerias and hair salons.

  95. 95.

    ?BillinGlendaleCA

    March 3, 2021 at 8:11 pm

    @Geminid: Either tomorrow or the 20th.

  96. 96.

    burnspbesq

    March 3, 2021 at 8:12 pm

    @James E Powell:

    And closely held businesses.

    ‘Yeah, like Cargill and King Ranch.

  97. 97.

    Baud

    March 3, 2021 at 8:13 pm

    @Jim, Foolish Literalist:

    I agree with the general point they are making so far when it comes to the inscrutability of the political motivation for the change.

  98. 98.

    Goku (aka Amerikan Baka)

    March 3, 2021 at 8:15 pm

    @Baud:

    Good response by Biden. I remember not wanting him to be the nominee during the primaries but he’s greatly impressed me

    @Geminid:

    Yup! As BillinGlendale mentions below, it’s been moved to the 20th now. Just like religious doomsday prophesies, the goalposts are always being moved further into the future

  99. 99.

    debbie

    March 3, 2021 at 8:16 pm

    @Goku (aka Amerikan Baka):

    Did you know Congress will not be open tomorrow? Apparently there’s chatter about another attempt to take over the Capitol.

  100. 100.

    Jim, Foolish Literalist

    March 3, 2021 at 8:17 pm

    @Baud: right, in the lead-in it sounded like Hayes was going to go after Biden. I think he and Heather McGee– and I think they’re both very smart– are refusing to take Manchin at his word. He genuinely believes all that debt and deficit crap. Kind of surprised at Shaheen, but maybe that will come out later. I did see something earlier that she wants money redirected to broadband.

  101. 101.

    Baud

    March 3, 2021 at 8:17 pm

    @debbie: Senate will be open.

  102. 102.

    Baud

    March 3, 2021 at 8:18 pm

    @Jim, Foolish Literalist:

    Right.  Some of this is Senators wanting to find money for their pet issues.

    ETA: The problem is that this change doesn’t affect the debt or deficit, because the money will still be spent.

  103. 103.

    NotMax

    March 3, 2021 at 8:21 pm

    @Goku (aka Amerikan Baka)

    Already being floated in the cesspits of Qdom is sometime in May, when the military will summarily swoop down, take over and install the “rightful” president.

  104. 104.

    dmsilev

    March 3, 2021 at 8:21 pm

    @?BillinGlendaleCA: I’m going to regret asking this, but what is the logic, so to speak, behind March 20th? March 4 I can understand; assuming you believe the nonsense about the ‘corporate America’ blah blah blah, using the original start of term date has at least a certain level of perverse sense to it, but why the 20th? ‘Beware the Fifth Day After the Ides of March’ doesn’t scan well, nor does ‘keep holy the first Saturday After Saint Patrick’s Day’.

    Edit: Maybe the Qnuts really hate the spring equinox?

  105. 105.

    Steve in the ATL

    March 3, 2021 at 8:21 pm

    @beef: 20%—Seriously?  I’ve been paying 30.  Damn ripoff money launderers.  That’s the last time I use Omnes’ guys.

  106. 106.

    Baud

    March 3, 2021 at 8:22 pm

    @dmsilev:

    Wasn’t that the old inauguration day?

  107. 107.

    dmsilev

    March 3, 2021 at 8:24 pm

    @Baud: That’s March 4th, which is why the various security agencies are worried about the possibility of problems tomorrow.

  108. 108.

    beef

    March 3, 2021 at 8:24 pm

    @Steve in the ATL:
    I’m pretty sure Omnes’ guys are just buying pet calendars and Gamestop.

  109. 109.

    Omnes Omnibus

    March 3, 2021 at 8:25 pm

    @Steve in the ATL: ​  I get a rake off.​
     

    @beef: ​
      Never. Not pet calendars.

  110. 110.

    NotMax

    March 3, 2021 at 8:25 pm

    @dmsilev

    It’s the grift that keeps on giving. Harold Camping to the Qᵗʰ power.

    //

  111. 111.

    A Ghost to Most

    March 3, 2021 at 8:26 pm

    @mrmoshpotato: All the calculations are to verify, and extend, a blockchain (verified chain of transactions). The longer all mining goes on, the more burdensome the calculations become, and the power demand rises. This is happening all over the world.

  112. 112.

    Steve in the ATL

    March 3, 2021 at 8:29 pm

    @beef: and forever stamps!

  113. 113.

    Goku (aka Amerikan Baka)

    March 3, 2021 at 8:30 pm

    @debbie:

    I hadn’t, no. Crazy.

    @NotMax:

    Oh, so it’s being moved to May now. Any “logic” behind that?

  114. 114.

    Kayla Rudbek

    March 3, 2021 at 8:30 pm

    @MisterForkbeard:  not to mention that cryptocurrency is burning more electricity/fossil fuels than some countries now…

    ETA as Baud and others were saying above.

  115. 115.

    Omnes Omnibus

    March 3, 2021 at 8:32 pm

    @Goku (aka Amerikan Baka): Oh, so it’s being moved to May now. Any “logic” behind that?

    Mother of all insurrections on Mothers’ Day.

  116. 116.

    David ? ☘The Establishment☘? Koch

    March 3, 2021 at 8:34 pm

    all this talk about rice is making me hungry

  117. 117.

    Ksmiami

    March 3, 2021 at 8:36 pm

    @burnspbesq: really just increase the estate tax rate on a sliding scale past 50 million. And make allowances for large charitable gifts to encourage billionaires to put the money back into society. The DeVos family has 5 yachts. It’s obscene.

  118. 118.

    Goku (aka Amerikan Baka)

    March 3, 2021 at 8:39 pm

    Y’know what’s scary about QAnon? It reminds me of a lot of online ARGs (alternate reality games) where there’s a mystery that needs to be solved and it appears “real”. ARGs (as well as trolling) can have the potential to be very dangerous, as we’ve witnessed with QAnon

  119. 119.

    dmsilev

    March 3, 2021 at 8:40 pm

    @Goku (aka Amerikan Baka):

    Oh, so it’s being moved to May now. Any “logic” behind that?

    May 4th, so they can cosplay as Imperial Stormtroopers.

  120. 120.

    Central Planning

    March 3, 2021 at 8:43 pm

    @Martin: I took your original comment as your wife bought a pair of Brad Pitt’s underwear or sunglasses or something, and that’s how she knew the value of his assets.
    NOW I realize she must be an appraiser or in insurance. I’m going to stick with my first impression.

  121. 121.

    ?BillinGlendaleCA

    March 3, 2021 at 8:44 pm

    @dmsilev: May 1st, “Nutcases of the World Unite!”.  In response to your query about the “logic” behind March 20th, I have no clue.

  122. 122.

    Ksmiami

    March 3, 2021 at 8:47 pm

    @Cheryl Rofer: not with compounding and investing… the velocity of money really starts to take on a force of it’s own especially if one doesn’t overspend…

  123. 123.

    Amir Khalid

    March 3, 2021 at 8:48 pm

    @Baud:
    I object to this characterisation. There is no evidence that Neanderthal people were generally stupid or reckless.

  124. 124.

    Omnes Omnibus

    March 3, 2021 at 8:52 pm

    @Amir Khalid: Were they human?

  125. 125.

    Goku (aka Amerikan Baka)

    March 3, 2021 at 8:52 pm

    @Omnes Omnibus:

    LOL. Hey, Zip Tie Guy did bring his mother on January 6th

    @dmsilev:

    They’re definitely the types who the Galactic Empire were the good guys. “They were just fighting for their Emperor and the right to oppress all non-human aliens, guys! The Rebel Alliance were race traitors!”

  126. 126.

    Jeffro

    March 3, 2021 at 8:52 pm

    @trollhattan: hellz yeah!

    every buck we invest in proper IRS enforcement yields 4-5 bucks back.

    it’s like “trickle-down”, only it’s “soak-up”, and better yet, it actually WORKS

  127. 127.

    Jeffro

    March 3, 2021 at 8:54 pm

    @Kent: win

    also, true

  128. 128.

    beef

    March 3, 2021 at 8:55 pm

    @Ksmiami:

    I’m sure Rofer knows this; she’s a chemist and they’re pretty good at exponentiating.  But it’s remarkable how much of a difference capital returns make .  1% returns on wealth cut that 1000 years down to ~250 years.   3% returns cut it to ~100 years.  (3% is roughly the long term growth rate Piketty found, so worth keeping in mind.)

  129. 129.

    Doug R

    March 3, 2021 at 9:00 pm

    Every three years sounds like a huge use of resources, maybe every 7 years to go with record keeping requirements.

  130. 130.

    Doug R

    March 3, 2021 at 9:01 pm

    @Omnes Omnibus: If there’s Neanderthal DNA in current humans, obviously they were human enough.

  131. 131.

    Omnes Omnibus

    March 3, 2021 at 9:05 pm

    @Doug R: Right, and, therefore, stupid and/or reckless is definitely on the cards.

  132. 132.

    Amir Khalid

    March 3, 2021 at 9:06 pm

    @Omnes Omnibus:
    They were of the genus Homo; so yes, they were humans. And most Homo sapiens alive today carry some Neanderthal genes.​

  133. 133.

    Kirk Spencer

    March 3, 2021 at 9:15 pm

    @burnspbesq:

    There’s a reason why virtually every industrialized country that once had a wealth tax gave up on it.

     
    Norway, Switzerland,and Spain still have net wealth taxes. Canada, France, and Italy have wealth taxes on certain assets – real estate for all three (Italy on property outside Italy), and Italy also taxes financial assets outside Italy.

    Im not an expert, but still wonder if the burden justifying the elimination was on the administration or the payees.

  134. 134.

    Ksmiami

    March 3, 2021 at 9:21 pm

    @beef: exactly- I guess I just wanted to point out that at a certain level of income, returns aren’t a static thing

  135. 135.

    Amir Khalid

    March 3, 2021 at 9:29 pm

    @Omnes Omnibus:
    Indeed, but then a Homo sapiens has no business denigrating the stupidity and recklessness of Neanderthals when his own kind are no better.
    (Indidentally, this Neanderthal-shaming business might make an interesting anti-Biden talking point at NewsMax or OAN. It would also be less likely to backfire than mocking his elderly dog.)  ​

  136. 136.

    Omnes Omnibus

    March 3, 2021 at 9:32 pm

    @Amir Khalid: Does this mean I should quit mocking the Belgians?

    They know what they did.

  137. 137.

    Uncle Cosmo

    March 3, 2021 at 9:32 pm

    @Geminid: Oh my goodness…this could be the CRAPTURE!

    You mean, as in when all the True Believers are raised up toward Heaven – but dropped face down into the nearest open septic tank?

    MAKE IT SO!! :^D

  138. 138.

    Brachiator

    March 3, 2021 at 9:33 pm

    @Kirk Spencer:

    Im not an expert, but still wonder if the burden justifying the elimination was on the administration or the payees.

    Wealth taxes were not found to be effective. The economists who advised Warren claimed that they had a solution for this.

    Also, some people have to liquidate assets in order to pay wealth taxes. This is counter-productive over time.

    It’s a bit like the medieval and Renaissance period when there were window taxes. The wealthy had more windows than other people. Still did not mean that you had the extra cash to pay the tax.

  139. 139.

    ?BillinGlendaleCA

    March 3, 2021 at 9:36 pm

    @Omnes Omnibus: It’s the waffles, isn’t it?

  140. 140.

    James E Powell

    March 3, 2021 at 9:38 pm

    @Amir Khalid:

    And most Homo sapiens alive today carry some Neanderthal genes.​

    This might explain heavy metal.

  141. 141.

    Omnes Omnibus

    March 3, 2021 at 9:39 pm

    @?BillinGlendaleCA: Maybe.

  142. 142.

    Amir Khalid

    March 3, 2021 at 9:39 pm

    @?BillinGlendaleCA:It could also be the beer, the chocolates, or the pommes frites. ​Or even all of them.

  143. 143.

    Jay

    March 3, 2021 at 9:40 pm

    So you got that: A false idol, made in China, painted in Mexico, and U-hauled to Floriduh. It’s about as perfect a symbol of Lord Damp Nut’s America First grift as you can find.

    https://mockpaperscissors.com/2021/03/03/some-fries-with-your-stupid-134/

  144. 144.

    satby

    March 3, 2021 at 9:43 pm

    Glad this is an open thread because I just got a text from my boss doctor saying that one of our staff wants it in writing that they need to get immunized for Covid as a condition of employment. She’s now claiming, after two months of shilly-shallying about getting the shot that she “has bad reactions”, though she never mentioned that until I told the hold outs today that they’re off the schedule in April without the vaccine. They know the doctor is conflict averse and it’s an attempt to bully her into backing down. If it were up to me I’d drop all three of them from the schedule immediately, though it’s half the staff right now. I’m livid, needless to say.

  145. 145.

    ?BillinGlendaleCA

    March 3, 2021 at 9:43 pm

    @Amir Khalid: I’m sticking with the waffles.

  146. 146.

    Steve in the ATL

    March 3, 2021 at 9:46 pm

    @Omnes Omnibus: they invented French fries and make great beer!

  147. 147.

    Kayla Rudbek

    March 3, 2021 at 9:48 pm

    And in further news, I got my biopsy results from my primary care doctor today. :( on both sides. The good news is that it was caught so early that the odds are greatly in my favor.  So now it’s time to get the surgical consult…

  148. 148.

    Mike in NC

    March 3, 2021 at 9:50 pm

    @Jay: Waiting to see if the Nazi in Mar-A-Lago is going to unleash his goons tomorrow on the Capitol.

  149. 149.

    dmsilev

    March 3, 2021 at 9:51 pm

    @satby: Can she document, in writing, from an actual doctor, those ‘bad reactions’?

  150. 150.

    MomSense

    March 3, 2021 at 9:52 pm

    @Omnes Omnibus:

    Ha!

  151. 151.

    dmsilev

    March 3, 2021 at 9:53 pm

    @Kayla Rudbek: Good luck. Sucks to have to go through that, but finding out sooner is most definitely better than later.

  152. 152.

    debbie

    March 3, 2021 at 9:55 pm

    @satby:

    I hope she stands strong. I wonder if your coworker has thought about the “bad reaction” she would get from COVID…

  153. 153.

    Brachiator

    March 3, 2021 at 9:56 pm

    @Omnes Omnibus:

    Were they human?

    Depends on what you mean by human.

    The old notion that Neanderthals were brutish and less intelligent than early modern humans was discarded decades ago.

    This was old human exceptionalism.

  154. 154.

    debbie

    March 3, 2021 at 9:59 pm

    @Mike in NC:

    What platform is he on now?

  155. 155.

    ?BillinGlendaleCA

    March 3, 2021 at 9:59 pm

    @Kayla Rudbek: Best of luck with your treatment.

  156. 156.

    debbie

    March 3, 2021 at 10:01 pm

    @Kayla Rudbek:

    Jesus. Glad they caught it so early!

  157. 157.

    MomSense

    March 3, 2021 at 10:04 pm

    @Kayla Rudbek:

    I’m so sorry you have to go through this.  We are all rooting for you!!

  158. 158.

    Omnes Omnibus

    March 3, 2021 at 10:06 pm

    @Steve in the ATL: And they put fucking mayo on the fucking fries, don’t they?​
    ETA: Does no one here know me at all?​​

  159. 159.

    Omnes Omnibus

    March 3, 2021 at 10:09 pm

    @Kayla Rudbek: ​
      Good thoughts winging your way.

  160. 160.

    laura

    March 3, 2021 at 10:11 pm

    @Kayla Rudbek: {{{{{HUG}}}}}

    Sending you all the best wishes for a skilled surgeon and clear margins.

  161. 161.

    Brachiator

    March 3, 2021 at 10:11 pm

    @Kayla Rudbek:

    Good luck with your consult…

  162. 162.

    Steve in the ATL

    March 3, 2021 at 10:32 pm

    @Omnes Omnibus: sadly, we do know you!  But I know that you knew those things; my posts was for the less worldly readers who might not appreciate our Walloon speaking friends.

  163. 163.

    Omnes Omnibus

    March 3, 2021 at 10:35 pm

    @Steve in the ATL: I don’t really care for that Poirot fellow either.

  164. 164.

    Steve in the ATL

    March 3, 2021 at 10:37 pm

    @Omnes Omnibus: why kind of andouille misspells his own name?  “Hercules” has an “s” at the end of it, moron!

  165. 165.

    TomatoQueen

    March 3, 2021 at 10:39 pm

    @Kayla Rudbek: I’m sorry to see this outcome. As you say it’s in your favor that it was caught early, and I hope you get a good and kind surgeon to take care of you. And the jackaltariat  will be here.  Fuck cancer.

  166. 166.

    satby

    March 3, 2021 at 10:40 pm

    @Kayla Rudbek:  {{{Kayla}}}

  167. 167.

    SiubhanDuinne

    March 3, 2021 at 10:43 pm

    @Kayla Rudbek:

    You are in my heart. Sending you all the virtual {{{{{hugs}}}}}

  168. 168.

    Kattails

    March 3, 2021 at 10:47 pm

    Dead thread and I’m falling asleep but my math, according to Sen. Johnson, says that the average height of a stack of $1 bills for the top 651 billionaires in the US would be 416.9 miles (4 T. total net worth/651x .0043″ per $1/12″/foot/5280 feet per mile).  Average height of stack of $1 bills for bottom 165 million Americans @ total net worth of 2.1 T. = 4.56 ‘.

  169. 169.

    satby

    March 3, 2021 at 10:53 pm

    @dmsilev: @debbie: somehow those bad reactions haven’t come up in the multiple conversations about it, including when she was all excited about getting an incentive payment for getting the vaccine when I first posted that notice. Just got off the phone with the doctor; we have an interview with another candidate next week. If he’s hired and trained by the end of the month, I have enough staff to stick with the no vaccine, no hours on the schedule plan. They aren’t going to get fired, they’ll be reclassified from part time to casual employees. 

    They’ve forgotten that I’m descended from a tribe of people who kept a war going for a thousand years on an island about the size of Indiana. And now they’ve really pissed me off.

  170. 170.

    TriassicSands

    March 3, 2021 at 10:56 pm

    “Neanderthal thinking.” — President Joseph Biden

    Joe Biden must be impeached, tried, convicted, and removed from office. The 2-3% of my DNA that is Neanderthal DNA is outraged. OUTRAGED!

    When referring to stupid¹ Republican governors like Abbott and Reeves, it might be appropriate to specify “Australopithecine” thinking, although even that seems unfair. Shame on you, Joe. You can forget the Neanderthal vote.

    ¹ The word “stupid” is probably redundant when referring to Republicans.

  171. 171.

    zhena gogolia

    March 3, 2021 at 10:59 pm

    @Kayla Rudbek:

    Oh, all best wishes for a good process.

  172. 172.

    Jim, Foolish Literalist

    March 3, 2021 at 11:00 pm

    Whelp…. here’s a case for the hearings, and a couple of witnesses

    After his wealthy Florida Keys enclave got early vaccines, ex-Illinois Gov. Bruce Rauner gave $250,000 to Florida Gov. Ron DeSantis

  173. 173.

    Amir Khalid

    March 3, 2021 at 11:06 pm

    @Kayla Rudbek:
    It’s good news that they caught it early, and the odds are with you. we’re all sending the good thoughts, and hoping you get through this.  ​

  174. 174.

    JanieM

    March 3, 2021 at 11:12 pm

    @satby:

    They’ve forgotten that I’m descended from a tribe of people who kept a war going for a thousand years on an island about the size of Indiana. And now they’ve really pissed me off.

    LOL. Good on ya!

  175. 175.

    Brachiator

    March 3, 2021 at 11:18 pm

    I’m just catching up on some of the news of the day. I find it wild how the GOP gets on message no matter what. So, a mob said they wanted to murder former VP Pence, but he is now down with the voter fraud lies.

    So, he writes an op-ed piece attacking HR-1. He attacks Democrats, of course.

    But Pence also made claims about what happened in the 2020 election. Most notably, he began the article by claiming that the election involved “significant voting irregularities.”

    Unlike Trump, Pence did not say the election involved significant “fraud.” But he left his vaguer claim about “voting irregularities” wide open for readers to interpret as an endorsement of Trump’s fraud lie.

    Stone Cold Death Cult.

  176. 176.

    TriassicSands

    March 3, 2021 at 11:18 pm

    @satby:

    Bad reaction to what? I always have a “bad reaction” to a tetanus shot, but a 100°-101° F temperature and every muscle in my body aching for two or three days always seemed better than getting tetanus. And my bad reaction to tetanus shots was irrelevant when I got my first dose of COVID-19 vaccine. It’s as though people are looking for excuses to be really stupid.

    My neighbor thanked me today for getting vaccinated and making her a little safer. However, she doesn’t plan to make me any safer since she has no plans to get vaccinated herself. She’s 83 years old.

  177. 177.

    cain

    March 3, 2021 at 11:39 pm

    @Brachiator:

    We need to be super focused on getting this voting rights bill passed into law – we need to make sure we hold on to power. We have a lot of work to do in the next 18 months to make sure that we have majorities in the House and Senate so that we can continue to build a bulwark against fascism and racism.

  178. 178.

    Zelma

    March 4, 2021 at 12:01 am

    @Kayla Rudbek:

    Early is good.  Treatment has come a long way as I can attest.  Good luck and thinking of you.

  179. 179.

    Ruckus

    March 4, 2021 at 12:25 am

    @debbie:

    I’m going to tell a little story here that most will probably not believe.

    One of my neighbors in the seniors complex I live in is 95 or 96 yrs old, lives by herself. 3 or so weeks ago she fell in her apt and had to be taken to the hospital. They tested her and found out she had Covid. Treated – oxygen, she got better and is back home and is apparently just as ornery as ever. Which is to say not much.

  180. 180.

    Ruckus

    March 4, 2021 at 12:29 am

    @Kayla Rudbek:

    Early is always better. Always.

    Good luck with treatment, it’s not all fun and laughter but it is doable and well worth it. As someone who knows first hand…..

  181. 181.

    The Fat White Duchess

    March 4, 2021 at 8:45 am

    @satby:  So sorry that you have to deal with glassbowls.

  182. 182.

    Kayla Rudbek

    March 4, 2021 at 11:02 am

    Thanks to everyone for all the kind thoughts and encouragement! Now to wait for the new patient scheduler (or to call them back if I don’t hear by lunchtime….)

  183. 183.

    unique uid

    March 4, 2021 at 8:24 pm

     

    @Betty Cracker:

    Have y’all ever seen that video where a guy uses rice

    I hadn’t seen it. FYI, your link has a t=122s at the end, apparently that jumps 122 seconds into the video. That skips the rice and moves into an ad. So start it playing at the beginning to see the rice. (neat visual)

  184. 184.

    The Golux

    March 4, 2021 at 10:24 pm

    @Kent:

    Nope, that is how it works.

    Too late to this thread, but that’s not how it worked for me, at all.  When my mother died, the investments that her father put in trust came to me and my sisters,  A good chunk was General Electric stock bought in the Forties or Fifties.  The value on that had increased upwards of  90%, and I guarantee I paid capital gains taxes on every penny of that increase when our financial advisor rebalanced our portfolio.

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