Ted Morris

[Ted Morris @detsirrom]

@ampersandohms @baparish @SethDillon I sort of agree with you there. Ideally there would be no income tax, therefore there would be no incentive to take a loan vs sell stock to live off of. However it will take a lot longer to unwind our societal structure from the current income tax structure.

[Ted Morris @detsirrom]

@baparish @ampersandohms @SethDillon You could easily put a cap on that exemption, but I don’t think that scenario is the much of a concern.

[Ted Morris @detsirrom]

@ampersandohms @baparish @SethDillon I’m sorry, but keeping a tax structure in place just to encourage people to take loans to the benefit of the banking industry doesn’t make sense. The Banking industry is a critical part of the economy, but we don’t need to artificially make business for them.

[Ted Morris @detsirrom]

We need a LOT less fraud, but unfortunately that’s not going to be enough to dig us out of the hole we are in. We will need more tax revenue less entitlements and less military spend (there’s definitely waste there). Everyone’s going to be at least a little unhappy with the required solution which is why it probably won’t happen until it’s too late.

[Ted Morris @detsirrom]

Not mad at anything. Our current tax laws do need overhauling. For example, corporate tax makes it so a domestically headquartered corporation cannot bring foreign earning back th the us without significant tax whereas a foreign headquartered corporation can. We should stop taxing foreign earnings by corporation so they can bring the money back to the us and reinvest locally. The alternative is one by one we lose corporate headquarters.

[Ted Morris @detsirrom]

@fool_roo @SethDillon Who says I haven’t. 😉

[Ted Morris @detsirrom]

@aldskule @SethDillon Only taxing borrowed money secured against an appreciated asset BTW. Maybe exclude loans against a primary residence. I’d also exclude money that is put directly back into the asset that was borrowed against so you wouldn’t hinder business reinvestment

[Ted Morris @detsirrom]

It’s well established that the wealthy borrow off their appreciated assets to avoid taxes. It still costs them loan interest (paid to a bank instead of the government) but nets significantly less than taxes over time.

To be clear, I don’t blame them. They’re just following our tax rules in a way that best benefits their finances. Would you voluntarily just pay more taxes than you have to? We just need you to adjust the rules so that they make better sense. Borrowing against an appreciated asset is just another way of realizing a capital gain.

[Ted Morris @detsirrom]

@baparish @SethDillon In so many words, yes. They are essentially converting their appreciated asset to cash. Likewise they should be able to deduct any financing cost. I also would not be against excluding loans secured by a primary residence.

[Ted Morris @detsirrom]

Yep, and the interest on loan revenue that is taxed should be tax deductible. The problem is that our current tax structure encourages the very wealthy to live off of loans secured against vast assets. The loan interest is less than the tax.

To be clear, I don’t blame them. They’re just following our tax rules in a way that best benefits their finances. Would you voluntarily just pay more taxes than you have to? We just need you adjust the rules so that they make better sense

[Ted Morris @detsirrom]

@SethDillon In so many words, yes. They are essentially converting their appreciated asset to cash. Likewise they should be able to deduct any financing cost. I also would not be against excluding loans secured by a primary residence.

[Ted Morris @detsirrom]

I 100% agree. I also think that we should tax loans secured by assets that have increased in value (proportional to their increase). This would close the loophole of borrowing against assets to avoid taxes. The only exception should be cases where funds are direct back into the assets like a mortgage used to build an addition on a house.

[Ted Morris @detsirrom]

@TeslaBoomerMama I got less tgan 14% of what I asked for

[Ted Morris @detsirrom]

@DirtyTesLa At my house it would back into my neighbors driveway

[Ted Morris @detsirrom]

@pardus87 @TRUZZZZZZZZZ @elonmusk The HOV lane issue is pretty annoying, but aside from parking it is pretty amazing and revolutionary for my commute

[Ted Morris @detsirrom]

@AMAZlNGNATURE Meanwhile its mom is saying “don’t put that in your mouth. You don’t know where it’s been”. Kids everywhere are the same.

[Ted Morris @detsirrom]

@SDembraski Learn/memorize my preferred parking spot at home/office

[Ted Morris @detsirrom]

@SDembraski Actually following HOV lane signs/markings. Pretty sure it relies almost exclusively on outdated map data in Sonoma/Marin counties

[Ted Morris @detsirrom]

@ResidentSponge Congrats by the way! All the stress is well worth it