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3% wealth tax on billionaires

TurtleDude said:
He tried to buy Florida for Biden. He's a hard core gun banners. He's leftwing
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Biden isn't leftwing either. Your political worldview is completely twisted.
 
jaeger19 said:
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)
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is that partially due to military spending and retirees? I know lots of NY and Ohio residents who retire to Florida-mainly for tax reasons. Its sort of a wash-they paid taxes for years in Ohio and NY and then they move to Florida and start drawing SS
 
Geoist said:
Biden isn't leftwing either. Your political worldview is completely twisted.
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He is in the American spectrum. I really don't care about post-czarist Russia or Maoist china
 
TurtleDude said:
He is in the American spectrum. I really don't care about post-czarist Russia or Maoist china
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Not even on the American spectrum. Biden is quite centrist.
 
TurtleDude said:
do you really support a 40% tax on capital gains?
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Better would be a ten percent increase on capital gains..to pay for Medicare and social security..that anyone that has worked pretty much gets..
And a ten percent decrease on earned income.
I invest 200, 000 into my business ..with all the hiring..building and economic activity..
And the income on that investment can be taxed at 37 percent..
When you can stuck it into a fund in the market and that same income amount only gets taxed 20%
 
jaeger19 said:
Better would be a ten percent increase on capital gains..to pay for Medicare and social security..that anyone that has worked pretty much gets..
And a ten percent decrease on earned income.
I invest 200, 000 into my business ..with all the hiring..building and economic activity..
And the income on that investment can be taxed at 37 percent..
When you can stuck it into a fund in the market and that same income amount only gets taxed 20%
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I'd like a flat rate -on all income and everyone pays the same rate. Destroys congressional power
 
Peter said:
For some odd reason people seem to like having a government that can actually get things done.
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Nonsense. If that were true, people would fund the state voluntarily, and you wouldn't need the threat of a long prison sentence to get them to pay up.

What people "like" is living at the expense of other people, and the state facilitates that for its own benefit.
 
distraff said:
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?
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There is no point taxing the poor at all. All it would do would be to hurt the economy.
I mean tax the same whether earned income vs capital gains.
If I invest 100000 dollars in my business..it creates jobs..econo.ic activity etc.
The money I make off that investment is earned income and can be taxed at 37 percent
If instead..I took that money and instead bought a stock with it..which benefits the economy very little.. and held that stock for one year and sold it..making the same income?
It's a capital gain and taxed at 20%
 
TurtleDude said:
I'd like a flat rate -on all income and everyone pays the same rate. Destroys congressional power
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Yes except there would have to be a large standard deduction like 50,000
It makes no fiscal sense to tax the poor..then turn around and have to give them welfare to make up what you took. The " skin in the game" argument is bunk.
 
jaeger19 said:
There is no point taxing the poor at all. All it would do would be to hurt the economy.
I mean tax the same whether earned income vs capital gains.
If I invest 100000 dollars in my business..it creates jobs..econo.ic activity etc.
The money I make off that investment is earned income and can be taxed at 37 percent
If instead..I took that money and instead bought a stock with it..which benefits the economy very little.. and held that stock for one year and sold it..making the same income?
It's a capital gain and taxed at 20%
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Yes, actually taking capital gains and income at the same rate sounds reasonable to me. In addition to closing loopholes for the wealthy, that might help close the deficit a bit.
 
jaeger19 said:
Yes except there would have to be a large standard deduction like 50,000
It makes no fiscal sense to tax the poor..then turn around and have to give them welfare to make up what you took. The " skin in the game" argument is bunk.
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why give them all that welfare?
 
Geoist said:
Don't people already sell things they cannot afford to hold? Once again, you are ignoring the fact that WE. ALREADY. HAVE. PROPERTY. TAXES.
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We have property taxes at the local and state level, not federal, and because they are at the state level, you can escape them, as I intend to in the near future.
 
aociswundumho said:
Nonsense. If that were true, people would fund the state voluntarily, and you wouldn't need the threat of a long prison sentence to get them to pay up.

What people "like" is living at the expense of other people, and the state facilitates that for its own benefit.
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People fund the government voluntarily. They create the government and taxation we have.
 
distraff said:
Yes, actually taking capital gains and income at the same rate sounds reasonable to me. In addition to closing loopholes for the wealthy, that might help close the deficit a bit.
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yet with those loopholes the rich are paying twice their share of the income in terms of the tax. Hardly a loophole. A loophole is a group making 12 % of the income yet only paying 5% of the income tax. Not making 20% of the income and paying 40% of the tax
 
TurtleDude said:
why give them all that welfare?
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What welfare? No one gets taxed on the first 50000.
Why tax some guy making 13000 dollars only to have to give him it back in welfare..which would cost us more since you have to pay government to process the welfare.
 
TurtleDude said:
yet with those loopholes the rich are paying twice their share of the income in terms of the tax. Hardly a loophole. A loophole is a group making 12 % of the income yet only paying 5% of the income tax. Not making 20% of the income and paying 40% of the tax
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Remember what I said about taxes individually being unfair but thats ok. The income tax does hit the rich a lot harder, but other taxes tend to hit poor people a lot harder, so it all balances out. Another point is that income inequality has grown a lot so the rich are paying a lot more of the taxes because they have a lot more money.

I'm ok with closing those loopholes because we need the revenue and the rich are the group who are struggling the least and have done the best.
 
TurtleDude said:
is that partially due to military spending and retirees? I know lots of NY and Ohio residents who retire to Florida-mainly for tax reasons. Its sort of a wash-they paid taxes for years in Ohio and NY and then they move to Florida and start drawing SS
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And a lot more stay in NY and Ohio and continue.
Medicaid and other welfare/subsidies makes up the bigger portion.
 
I'd have to double check, but I'm pretty sure capital gains are already taxed at same percentage as income.
 
jaeger19 said:
And a lot more stay in NY and Ohio and continue.
Medicaid and other welfare/subsidies makes up the bigger portion.
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military spending is rather large. Red states tend to have a bit more of that IIRC
 
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