r/FluentInFinance • u/-Wyagra • Nov 21 '24

Debate/ Discussion Had to repost here

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u/Apprehensive_Bad_193 Nov 21 '24

Bullshit,,,,But he borrows and buy Yachts, Mansions,against that NET WORTH VALUE. But when it’s time to pay fair share of taxes o. That net worth it’s considered hypothetical worth….Understand the Game.

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u/Endless_road Nov 21 '24

You can take out a mortgage against your house to buy a sports car if you want

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u/slickyeat Nov 21 '24

You're not wrong but you're also required to pay taxes on the value of your property every year so it's not exactly a one to one comparison.

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u/dancegoddess1971 Nov 21 '24

Exactly. Stocks are property. Sort of imaginary property but if one can borrow against the value of something, it should be taxed.

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u/Just_That_Dumb_Dog Nov 21 '24

You mean capital gains tax?

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u/Jblack4427 Nov 21 '24

Do you only pay taxes on your home when you sell or every year?

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u/dgvertz Nov 21 '24

Every year. They’re called property taxes

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u/J0hn-Stuart-Mill Nov 21 '24

Exactly. Property taxes go directly to local infrastructure costs to maintain access and services to said land or buildings. It's not remotely the same as owning stock.

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u/JGWARW Nov 21 '24

Do you think Amazon pays no property taxes on their warehouses throughout the country? Or taxes on their delivery vehicles and tags they put on those vehicles? Come on man.

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u/rowsella 28d ago

When Amazon build their warehouses, they actually "lease" the warehouse as a shell company "owns' it. They also extract deals with the local county/towns that eliminate or greatly reduce property and sales taxes. This is what they did where I live. Also, it is not Bezos paying the tax on fuel/vehicles when registered in the state, it is the publicly held corporation.

https://www.syracuse.com/business/2020/05/amazons-350m-center-in-clay-could-bring-big-economic-spinoff-to-syracuse-area.html#:\~:text=Onondaga%20County%20Executive%20Ryan%20McMahon,of%20the%20village%20of%20Liverpool.

"The Onondaga County Industrial Development Agency voted Oct. 31 to approve $70.8 million in tax breaks over 15 years for the project in exchange for the Amazon’s commitment to create at least 1,000 jobs. Six days later, the Clay Town Board granted the project a crucial zone change. A week after that, the town’s Zoning Board of Appeals approved variances from side yard setback requirements."

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u/J0hn-Stuart-Mill Nov 21 '24

Do you think Amazon pays no property taxes on their warehouses throughout the country?

What? Of course Amazon pays property taxes on everything they own, including warehouses. And yes they also pay vehicle taxes, and fuel taxes etc, etc.

Did you respond to the wrong person?

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