"Unearned Income": AOC and Mandani Object

Both Representative Ocasio-Cortexz and Mayor Mondani object to the concept of "unearned income". They talk about out billionaires among us because they want to access more of their wealth through taxes.

But there are plenty of folks whose net worth is much below a billion or even a million, but have an income stream that is not based on salary or wages. Where they draw the line is unclear to me. the billionaires and multimillionaires do have a lot of money, but what of that? Why does it matter that they have built a business and that they themselves do not punch a clock or submit billable hours? Why is that objectionable?

there are folks whop have a vacation home that they rent out from time to time. There are folks who own tow or more houses that they rent out . . .Not billionaires or millionaires.

will guess that there are folks on this forum who don't get a paycheck every two weeks in the traditional sense, but are comennsted in some way for the use of property they own.

What is the big deal about n ot getting a salary or wage?


https://www.foxnews.com/media/aoc-ca...s-down-remarks

Ok ICU,

If Ocasio-Cortexz and Mondani are proponents of the following, what type of social system are they endorsing?

Universal Employment: Guarantee jobs for all, but in turn, require everyone to participate in labor to receive pay and benefits.
Collective Ownership: Some political models often eliminate private ownership of production, making citizens part of a collective "shareholder" system.
Mandatory Contribution: Work is viewed as a duty to society, with the goal of creating a "classless, stateless, and moneyless" society in theory.
Worker State: The system is built around the proletariat, or wage-earners who possess only their capacity to work.

You get one guess.

Misspelling AOC's name was unintentional. I did not mean to disrespect her by butchering her name.

That is a typo. I blame fat fingers and age related eyesight issues. that and a hurried post.

Stuff like this is why I'd never vote for AOC. I did type out a lot of shit in detail as to why I think her argument is severely flawed (to put it nicely) but decided to not post it when the CPA inner geek came out of me when I was even complaining about the misuse of a GAAP recognized revenue recognition term that is considered a current liability on a company's balance sheet, "unearned income."

For those who don't know, unearned income to keep it remedial means paying up front before work has been completed. I think hookers call it YMMV though and consider it a current asset on their balance sheet. Haha

^^++

What are your thoughts on Mayor Mondani's diatribe against unearned income?

My remedial understanding of "unearned income" is that it refers to investment income or income derived from real estate . . . .as opposed to income from a salary or wages paid for work done or service=s rendered.. This understanding comes from contact with European socialists my nieghbors) while working abroad in the 1980s,

Ok ICU,

If Ocasio-Cortexz and Mondani are proponents of the following, what type of social system are they endorsing?

Universal Employment: Guarantee jobs for all, but in turn, require everyone to participate in labor to receive pay and benefits.
Collective Ownership: Some political models often eliminate private ownership of production, making citizens part of a collective "shareholder" system.
Mandatory Contribution: Work is viewed as a duty to society, with the goal of creating a "classless, stateless, and moneyless" society in theory.
Worker State: The system is built around the proletariat, or wage-earners who possess only their capacity to work.

You get one guess. Originally Posted by Unique_Carpenter

It's called Theft of other people's money, lol.

Misspelling AOC's name was unintentional. I did not mean to disrespect her by butchering her name.

That is a typo. I blame fat fingers and age related eyesight issues. that and a hurried post. Originally Posted by ICU 812

What about the other name?

You butchered it twice.

And yeah, it matters.

the game is rigged in favor of billionaires and unearned income. otherwise, capital gains would be taxed at the same rate as ordinary income from working. you are literally penalized for working for a living instead of just making the right investments. is that the lesson we want to teach our youth?

is AOC exaggerating? yup.

is a wealth tax on billionaires and trillionaires-Elon Musk-advisable? i say no until we get our fiscal house in order. then my answer switches to maybe..

if we did it now, it's the same as throwing good money at bad money..

the federal deficit is a financial black hole right now, and Trump is probably the worst offender..

Unearned Income == Generational Wealth.

I don’t have a problem with the idea of investment income but at a certain point when wealth is passed from one generation to the next it becomes unearned income.

Unearned Income == Generational Wealth.

I don’t have a problem with the idea of investment income but at a certain point when wealth is passed from one generation to the next it becomes unearned income. Originally Posted by txdot-guy

Unearned Income == Organized Religion.


We wouldn't need to have these tax arguments if we taxed religious organizations. Sadly, it doesn't sound like even progressives have the courage to open that box.

What about the other name?

You butchered it twice.

And yeah, it matters. Originally Posted by Yssup Rider

My sincere apologies to all who were offended by my typo(s). As I stated, I did not intend to disrespect either of these folks by mocking their name through misspelling them.

We can go back and forth forever on policy and its implementation. I do not feel that name calling makes any argument stronger.

Unearned Income == Generational Wealth.

I don’t have a problem with the idea of investment income but at a certain point when wealth is passed from one generation to the next it becomes unearned income. Originally Posted by txdot-guy

Interesting: There must be some dollar amount that triggers this tax, right? I am pretty sure that we already have something like that in the so-called death tax.

So, how do you feel about the concept of private property in the general sense?

Can someone pass on the family farm to their offspring?

What about the family owned business? Can the kids get a chain of restaurants?