3% wealth tax on billionaires (1 Viewer)

[jaeger19]

Are you saying our government's policies should be shaped based on the desires of the billionaire class?

Well why should it be based solely on your desires?

 

[Geoist]

do you think your butt hurt envy of the wealthy and your desire of the government to punish them should be the law of the land?

Paying taxes is not punishment anymore than jury duty. It is the duty of every citizen.

 

[Geoist]

Well why should it be based solely on your desires?

I never said it should be based solely on my desires.

 

[Geoist]

I really love this attitude. It really justifies the rich banding together and engaging in some eco-destruction of those who believe that way.

Eco-destruction? What the hell are you talking about?

 

[jaeger19]

If your father and mother failed to invest for retirement then that's on them. Good thing we have socialist policies like welfare and social security.

Sure..shame on them for spending their time teaching children to read..and for paying income taxes their whole working life.
I mean why weren't they smart enough to realize that after decades having their income taxed..and purchasing their home with after taxed money..suddenly there should be a new tax system that taxes their savings as well...
Yep..you got me there..

 

[jaeger19]

I never said it should be based solely on my desires.

Sure you didnt......

 

[Geoist]

Sure..shame on them for spending their time teaching children to read..and for paying income taxes their whole working life.
I mean why weren't they smart enough to realize that after decades having their income taxed..and purchasing their home with after taxed money..suddenly there should be a new tax system that taxes their savings as well...
Yep..you got me there..

The tax policy I advocate is a revenue-neutral transition from property tax to land value tax. Most homeowners would actually benefit. So long as they accounted for property taxes in their retirement plans then they likely have nothing to worry about.

 

[Geoist]

Sure you didnt......

Quote?

 

[TurtleDude]

Eco-destruction? What the hell are you talking about?

do you work for someone?

 

[Geoist]

do you work for someone?

I see you have nothing to contribute TD. Have a good night.

 

[Kushinator]

Well okay..but thats a nuanced argument.
Saving money on crypto currency etc..isn't taking from the economy etc..
Now being ineffective as stimulus as opposed to going toward education..or healthcare ? Sure.

It won't count towards production. Same with stock purchases or what not. However, gains from trades that are transfered into personal accounts will become consumption.

 

[TurtleDude]

I see you have nothing to contribute TD. Have a good night.

you like the idea of using the government to punish and loot the wealth of others. I like the idea of those with wealth using their power to punish those who want to engage in wealth destruction.

 

[Kushinator]

you like the idea of using the government to punish and loot the wealth of others. I like the idea of those with wealth using their power to punish those who want to engage in wealth destruction.

Get off it already. Using wealth to grow wealth doesn't necessarily add to production. At a different time... sure. But now we live in a era where Microsoft is worth $1.8 trillion and pays a dividend.

It's not 1840.

 

[distraff]

I think taxing the wealthy is counterintuitive. It seems like a good way to reduce the disparity but only causes the rich to use loopholes, overseas accounts and dummy shell companies to hide more of their income and assets.

Rather than have the gov attempt to collect and distribute the money (wasteful), it needs to be spread around before corporations earn it in the way of higher income for employees. Healthcare, childcare, housing, utilities, food costs, etc are all too high. The retired elderly, disabled, and less fortunate need to be raised above the poverty line. This would be far more beneficial than letting the investor class continue to absorb and create wealth out of nothing.

---
Sen. Elizabeth Warren, Sen. Bernie Sanders and other Democrats on Monday proposed a 2% annual tax on wealth over $50 million, rising to 3% for wealth over $1 billion.
The Ultra-Millionaire Tax Act would aim to close the U.S. wealth gap, which has grown wider during the Covid pandemic.

“The ultra-rich and powerful have rigged the rules in their favor so much that the top 0.1% pay a lower effective tax rate than the bottom 99%, and billionaire wealth is 40% higher than before the Covid crisis began,” Warren said Monday in a statement.

Elizabeth Warren, Bernie Sanders propose 3% wealth tax on billionaires

Sen. Elizabeth Warren, Sen. Bernie Sanders and a slew of other Democrats proposed a 2% tax on wealth above $50 million and a 3% tax on wealth over $1 billion.

www.cnbc.com

Other developed nations like France have tried a wealth tax and it has failed to generate sufficient revenue and resulted in 42,000 millionaires leaving the country. European countries later cancelled their wealth taxes. I think we should just keep the progressive income taxes we already have, and raise them a bit on the wealthy.

 

[Geoist]

you like the idea of using the government to punish and loot the wealth of others. I like the idea of those with wealth using their power to punish those who want to engage in wealth destruction.

Do you consider jury duty 'punishment?' If we are to have a democracy then we all have to play a role in it. That includes paying taxes and serving on juries. Taxation should be implemented in a fair manner and I believe land value tax is the fairest tax of all. But keep falling on the sword for those poor poor billionaires. Pathetic.

 

[TurtleDude]

Get off it already. Using wealth to grow wealth doesn't necessarily add to production. At a different time... sure. But now we live in a era where Microsoft is worth $1.8 trillion and pays a dividend.

It's not 1840.

and?? why should someone have to sell real estate to pay a wealth tax? or art work. If you all keep pushing for class warfare, I suspect you all will lose if you piss off the leftwing billionaires

 

[Geoist]

leftwing billionaires

Lol, 'leftwing' billionaries.

 

[TurtleDude]

Do you consider jury duty 'punishment?' If we are to have a democracy then we all have to play a role in it. That includes paying taxes and serving on juries. Taxation should be implemented in a fair manner and I believe land value tax is the fairest tax of all. But keep falling on the sword for those poor poor billionaires. Pathetic.

stupid analogy. why should those who pay the most income taxes be attacked with a wealth tax? some of the parasite advocates have already admitted they want to destroy the wealth of those who have more than 50 million. Then it will be 25 million, then ten million

 

[distraff]

A friendly reminder on who bears the tax burden and how that burden has shifted over the last 40 years.

View attachment 67321039

Who Pays Income Taxes?

(pdf) It is a common refrain from some politicians that the rich are not paying their fair share of income taxes. This sentiment is echoed by findings from a Pew Research poll conducted last April, which indicated that a significant portion of respondents feel that wealthy individuals do not...

www.ntu.org

The reason this happened is because of rising income inequality. The rich have more money, and therefore pay more of the taxes.

 

[Kushinator]

I think we should just keep the progressive income taxes we already have, and raise them a bit on the wealthy.

Or just make it actually progressive and borrow the shortfall.

 

[Geoist]

Other developed nations like France have tried a wealth tax and it has failed to generate sufficient revenue and resulted in 42,000 millionaires leaving the country. European countries later cancelled their wealth taxes. I think we should just keep the progressive income taxes we already have, and raise them a bit on the wealthy.

Implement a land value tax and watch all the millionaires and billionaires leave the country... and watch housing suddenly become affordable.

 

[distraff]

Or just make it actually progressive and borrow the shortfall.

The income tax is already very progressive. However most of our other taxes are regressive.

 

[iguanaman]

Exactly..marginal tax rates which are largely meaningless.
Actually effective rates have become much more progressive as the wealthy have paid a larger percentage of tax while the poor now can have taxes be a source of net INCOME.
Inequity is not due to taxes. Thats a read herring. We have been over this. How does taxing me more increase my employees wages?

I don't know. Ask the employers of the 1950's -70's who gave raises to their employees proportionate to their increased profits. They also did not take exorbitant salaries that would have been subject to very high rates. That all changed when Reagan slashed those rates by 70% suddenly high executive salaries were the rage and raises for workers disappeared. I wonder if those drastically lower income tax rates made employers decide to keep most of the profits instead of sharing them? It does seem logical doesn't it? This chart clearly shows how our growing economy "lifted all boats" until something of economic significance happened in the 80's. What could that be?

 

[TurtleDude]

Lol, 'leftwing' billionaries.

Many are.

 

[Geoist]

stupid analogy.

Interesting how you counter with a statement and fail to defend it.

why should those who pay the most income taxes be attacked with a wealth tax? some of the parasite advocates have already admitted they want to destroy the wealth of those who have more than 50 million. Then it will be 25 million, then ten million

Did I say a wealth tax? If you actually paid attention then you'd know I countered the OP's wealth tax with a land value tax. I'm all for gaining wealth through hard work and entrepreneurship.