3% wealth tax on billionaires

[TurtleDude]

Don't people already sell things they cannot afford to hold? Once again, you are ignoring the fact that WE. ALREADY. HAVE. PROPERTY. TAXES.

yet you want to jack up the taxes on the wealthy yet again. You want to make them sell the property. Do you want to get rid of the income taxes and death taxes as a trade?

 

[distraff]

Absolutely!!!!

But tax increases at this stage of the recovery is just bad economics.

It is bad economics, but its is good politics. Democrats may not have another opportunity to raise taxes for another decade or more. A couple other examples of poorly timed bills were Obamacare, Dodd Frank, and Trump's tax cuts. But its understandable because they had a narrow window to fulfill their promises.

 

[Kushinator]

@TurtleDude

Tax increases during the Trump administration would have been preferable. During economic expansion you grow your tax base and during economic contraction it should be cut.

I have used normative language to express my opinion on the statement above.

 

[TurtleDude]

@TurtleDude

Tax increases during the Trump administration would have been preferable. During economic expansion you grow your tax base and during economic contraction it should be cut.

I have used normative language to express my opinion on the statement above.

I don't have a real issue with that though I believe the tax increases should have been more targeted at the middle class than the top one percent.

 

[Geoist]

Sure..I mean it would so easy for my parents to account for a tremendous increase in property tax in their retirement plan..now that they are retired...

I swear to god, do you guys even read posts? Do you know what revenue neutral means? Did you not read where I said most homeowners would benefit from the transition???

And sure going forward it would be so simple for people to plan their retirement around property taxes..
Okay kids..remember that over the next 58 years of work..please be sure to plan for property taxes in your retirement.
Because of course you are all are capable of estimating the value of property you haven't bought yet.. in 58 years from now...!!!!

Your 'argument' is completely incoherent. What person does not account for taxes when determining where they want to live and/or retire?

 

[jaeger19]

the rich are already paying far more for government services than they use. They subsidize many others who are under paying , Fairness suggests either that those being subsidized pay more or use less

Yeah thats not even close to true. First the money spent on government services for the poor..end up in a wealthy person pocket.
Second..the money spent on civil courts.. business protections..infrastructure like roads etc all benefits the wealthy far more.

 

[TurtleDude]

Yeah thats not even close to true. First the money spent on government services for the poor..end up in a wealthy person pocket.
Second..the money spent on civil courts.. business protections..infrastructure like roads etc all benefits the wealthy far more.

I deny your argument. The top one percent pay 40% of the FIT. the bottom 50 percent pay less than 5%. Do you really want to claim that the top one percent are using at least 40% of the government services while the bottom 50% are using less than 5% of those services?

 

[jaeger19]

It is bad economics, but its is good politics. Democrats may not have another opportunity to raise taxes for another decade or more. A couple other examples of poorly timed bills were Obamacare, Dodd Frank, and Trump's tax cuts. But its understandable because they had a narrow window to fulfill their promises.

Now is not the time to increase taxes. The tail end of obamas tenure was the time to raise taxes.which happened.and trumps tenure was the time to raise taxes as well. Which he flubbed

 

[Kushinator]

It is bad economics, but its is good politics.

Bad economics is bad politics.

Democrats may not have another opportunity to raise taxes for another decade or more. A couple other examples of poorly timed bills were Obamacare, Dodd Frank, and Trump's tax cuts. But its understandable because they had a narrow window to fulfill their promises.

Tax the rich on their gains. Taxing wealth is not only unfeasible, but will **** up the recovery.

 

[distraff]

Now is not the time to increase taxes. The tail end of obamas tenure was the time to raise taxes.which happened.and trumps tenure was the time to raise taxes as well. Which he flubbed

I suggest that they pass a tax increase that takes effect in a few years.

 

[distraff]

Bad economics is bad politics.



Tax the rich on their gains. Taxing wealth is not only unfeasible, but will **** up the recovery.

One compromise is to enact a tax increase that takes effect in a few years. I'd support that. I agree that a wealth tax is a bad idea. Income taxes work pretty well.

 

[Geoist]

yet you want to jack up the taxes on the wealthy yet again.

I do not target the wealthy. The upper class just happen to be the class that holds the most valuable real estate.

You want to make them sell the property.

If they're actually wealthy then they can pay it. And if they sell they most likely make a profit. They win either way.

Do you want to get rid of the income taxes and death taxes as a trade?

I've already brought up my trade: land value tax in exchange for property tax. I'd be all for discussing an end to the income tax once the land and resources are no longer treated as privatized commodities.

 

[TurtleDude]

I do not target the wealthy. The upper class just happen to be the class that holds the most valuable real estate.




If they're actually wealthy then they can pay it. And if they sell they most likely make a profit. They win either way.



I've already brought up my trade: land value tax in exchange for property tax. I'd be all for discussing an end to the income tax once the land and resources are no longer treated as privatized commodities.

property tax is state, this thread is about a federal surcharge on the wealthy designed to force them to give up some of their wealth each year.

 

[Kushinator]

I deny your argument. The top one percent pay 40% of the FIT.

High income earners make most of the money.

the bottom 50 percent pay less than 5%. Do you really want to claim that the top one percent are using at least 40% of the government services while the bottom 50% are using less than 5% of those services?

The bottom 50% are just getting by. Why do you want to make people who have little if any consume less?

 

[jaeger19]

I deny your argument. The top one percent pay 40% of the FIT. the bottom 50 percent pay less than 5%. Do you really want to claim that the top one percent are using at least 40% of the government services while the bottom 50% are using less than 5% of those services?

Yes..I will ABSOLUTELY CLAIM THAT
where does all that money from government services go?
Medicare..medical businesses.and companies that provide services for them
Social security? Any business that services seniors.
Medicaid? Healthcare businesses
Housing? Contractores that build low income housing..companies that own them
Roads? A poor person benefits from the roads they travel ..a rich person benefits from every road that carries supplies for the companies they invest in. That carries the customers..that carries the products that their companies produce.
Need I go on?

 

[Geoist]

property tax is state, this thread is about a federal surcharge on the wealthy designed to force them to give up some of their wealth each year.

Whether it be local, state, or federal... it doesn't matter much to me how LVT is implemented.

 

[jaeger19]

Bad economics is bad politics.



Tax the rich on their gains. Taxing wealth is not only unfeasible, but will **** up the recovery.

Unfortunately lately poor economics has been good politics.
Take a look at how we republicans..( we meaning me in this) have been lambasting the covid relief bill...and in all likelihood after lambasting the covid bill...they all let out a collective " thank Jesus it passed" so that their red states can get the econo.ic help their struggling state needs.

 

[Kushinator]

Unfortunately lately poor economics has been good politics.
Take a look at how we republicans..( we meaning me in this) have been lambasting the covid relief bill...and in all likelihood after lambasting the covid bill...they all let out a collective " thank Jesus it passed" so that their red states can get the econo.ic help their struggling state needs.

All states are struggling. It went from being Illinois to Kentucky... And it's not done yet!

 

[jaeger19]

One compromise is to enact a tax increase that takes effect in a few years. I'd support that. I agree that a wealth tax is a bad idea. Income taxes work pretty well.

It would be better by closing specialty tax breaks and by taxing income equally rather than punishing those with earned income

 

[TurtleDude]

It would be better by closing specialty tax breaks and by taxing income equally rather than punishing those with earned income

do you really support a 40% tax on capital gains?

 

[Geoist]

well if you think Trotsky is a moderate and the Sendero Luminoso is a slightly leftwing movement you have a point. If you look at the US political spectrum many of the most wealthy citizens are leftwing. Like Bloomberg

F***ing Bloomberg is leftwing?! C'mon TD, you cannot be serious?? Trotsky was certainly leftwing, but I don't know what that has to do with the billionaires you speak of...

 

[jaeger19]

All states are struggling. It went from being Illinois to Kentucky... And it's not done yet!

Yes..but red stares in general were already relying on federal income which in part came from blue states taxes. ( since blue states are net tax payers versus most red states)

 

[distraff]

It would be better by closing specialty tax breaks and by taxing income equally rather than punishing those with earned income

I support closing tax breaks for the wealthy. But working class people need those tax decisions to make ends meet.

When you say taxing income equally are you planning to raise taxes on the poor, to lower them on the rich, or lower taxes for the rich to the level the poor pay?

 

[TurtleDude]

F***ing Bloomberg is leftwing?! C'mon TD, you cannot be serious?? Trotsky was certainly leftwing, but I don't know what that has to do with the billionaires you speak of...

He tried to buy Florida for Biden. He's a hard core gun banners. He's leftwing

 

[Geoist]

Welcome to the wonderful world of Georgisim.

What about it, Kush?