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California's Wealth Tax Proposal Would Likely Backfire

Glitch said:
I went silent because I'm tired of educating you leftists. You obviously have utterly no clue whatsoever. A common state of mind for leftist scum. Buy a damn dictionary and look up the meaning of "dividend" and get a clue. I'm done trying to educate the terminally stupid.
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The dividend comes from a state owned corporation, funded by leases, etc...
 
Glitch said:
Only leftists seek to redistribute wealth. Do you not understand how capitalism works?
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Capitalism does not involve redistributing wealth to socialists like you.
 
99percenter said:
Capitalism does not involve redistributing wealth to socialists like you.
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You are at least half right, capitalism does not involve redistribution of wealth. Since all the PFD checks are the result of capital investments made over the years it cannot be construed as socialism. Unless you are a complete idiot of course. Are you?
 
Glitch said:
You are at least half right, capitalism does not involve redistribution of wealth. Since all the PFD checks are the result of capital investments made over the years it cannot be construed as socialism. Unless you are a complete idiot of course. Are you?
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You can make that argument for any socialist program. What about social security? Sorry you are a socialist until you refuse govt handouts.
 
Glitch said:
Unable to distinguish between dividends from investments and government stealing money from others like leftist freaks. Why am I not surprised? This is why you will never amount to anything. You lack the intellectual ability to grasp reality, like all leftists.
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You got shown up. Don't take it so hard. Try getting rid of that puerile junior high school attitude and act like an adult.
 
Glitch said:
A word you are still not able to comprehend obviously. Leftist freaks have no clue how to invest and actually earn money. All leftists do is steal money from others. Perhaps that is why you are so confused. The PFD checks is not government theft and you are unable to wrap your uneducated mind around the concept.
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Ok I'll bite. How much did you invest to get those checks?
 
99percenter said:
Well, I hate to agree with trumpists, but someone who is for the wealth tax will need to explain how taxing unrealized gains works. I hope you know there is not a big wad of cash in the bank with jeff bezos name on it. Taxing unrealized wealth is a retarded concept. Now increasing capital gains tax I am for.
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why? do you have a pension? a 401K?
 
j brown's body said:
The Republican's tax cuts for the rich and corporations has backfired, so as far as backfiring proposals go, I'll take California's, but on a federal level.
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Who still pays the Majority of the Fed Income tax?
 
j brown's body said:
The Republican's tax cuts for the rich and corporations has backfired, so as far as backfiring proposals go, I'll take California's, but on a federal level.
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How have they backfired? US Treasury revenue has gone up every year Trump has been in office.

We already have a "wealth tax." It's called the estate tax. Why do we need another one?
 
Tlrmln said:
How have they backfired? US Treasury revenue has gone up every year Trump has been in office.

We already have a "wealth tax." It's called the estate tax. Why do we need another one?
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Gee i wonder if powell's reckless printing and devaluation of the dollar has anything to do with that?
 
99percenter said:
Well, I hate to agree with trumpists, but someone who is for the wealth tax will need to explain how taxing unrealized gains works. I hope you know there is not a big wad of cash in the bank with jeff bezos name on it. Taxing unrealized wealth is a retarded concept. Now increasing capital gains tax I am for.
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How is it any different then a property tax? I am serious here. Isn't a property tax the same as a wealth tax?
 
Vadinho said:
How is it any different then a property tax? I am serious here. Isn't a property tax the same as a wealth tax?
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I don't agree with property taxes either. I think there should only be income and sales tax. The thing that makes wealth tax complicated is that you will need to sell your assets just to pay the tax. Do you pay capital gains on that as well? How do you propose we do that?
 
99percenter said:
Gee i wonder if powell's reckless printing and devaluation of the dollar has anything to do with that?
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The value of the US Dollar against the Euro and the Chinese Yuan has increased since Powell took office.

But printing and devaluation is another form of wealth tax, so libs should love it.
 
Tlrmln said:
The value of the US Dollar against the Euro and the Chinese Yuan has increased since Powell took office.

But printing and devaluation is another form of wealth tax, so libs should love it.
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I am not a lib so I can't speak for them.
 
cpwill said:
"Backfire" generally means "you get the opposite of the results you wanted, because you produced this significant unintended consequence".

Cutting taxes on upper incomes was intended to increase the incentive for people to reach those upper incomes. That seems to be working generally okay.

However, this thread was about the stupid, stupid, (and authoritarian) wealth taxes California is considering, and their likely results.
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Are you seriously trying to claim people will be less motivated to get to the top if they have to pay even 60% tax?

The US has seen much higher tax rates in the past and yet somehow the top 1% earners managed to get out of bed and struggle into work even though they faced what I expect you'd claim are soul-destroying taxes. Somehow those absolute troopers managed to get into work and only earn 10 times more than the average worker rather than several hundred times more at the low end and with whopping bonuses on top.

Oh no the poor, poor top 1% might have to pay the same overall rate of tax as the cleaners they hire at minimum wage and below if they think they can get away with it.
Europe has much higher taxes than the US and the top people are still motivated. How do you explain that?
 
cpwill said:
In New York, Cuomo is so desperate to get wealthy former New Yorkers back that he's resorted to personally calling them and offering to cook for them.

California - famously - is already seeing a bit of an exodus. Will be interesting to watch the collapse if they really ramp it into high gear.
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I'm 100% totally behind letting the liberals dig their own graves at the state and local levels but we have to keep them out of the federal government. Meanwhile, I'd love to just pull up a chair and watch them dig their own graves and they do it willingly. Is New York starting to smarten up? It's their choice, prosper or lie in the graves they dug for themselves.
 
99percenter said:
I don't agree with property taxes either. I think there should only be income and sales tax. The thing that makes wealth tax complicated is that you will need to sell your assets just to pay the tax. Do you pay capital gains on that as well? How do you propose we do that?
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Well, property taxes dont force you to sell as long as you have the cash. A wealth tax might but so what? You could start it at assets over say, 10 million. Who cares about these people anyway?
 
Glitch said:
They should move to Alaska. We have no State sales or income taxes. :cool:
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I can handle the cold, the grizzly bears, the long drives between destinations on icy roads. But what I can't handle are the mosquitoes.

High desert for me.
 
Vadinho said:
Well, property taxes dont force you to sell as long as you have the cash. A wealth tax might but so what? You could start it at assets over say, 10 million. Who cares about these people anyway?
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And are you sure it will stay at 10 million? Once the rich get soaked with the wealth tax, they will started taxing people with less. I bet you that number would be something low like 100,000.
 
99percenter said:
And are you sure it will stay at 10 million? Once the rich get soaked with the wealth tax, they will started taxing people with less. I bet you that number would be something low like 100,000.
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no, houses are so expensive here that everyone has 100 grand in their house. Nope, its all about the ultra wealthy.
 
Drawdown said:
Wealth taxes are a ridiculous concept that do little more than destroy "wealth". Those states dilute the purchasing power of dollars to create the illusion of wealth to begin with. "Stimulus" does the same thing. Money is all but worthless. People just haven't figured it out yet. When they do, that "wealth" becomes non-existent.
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Wake me up when it happens
 
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99percenter said:
And are you sure it will stay at 10 million? Once the rich get soaked with the wealth tax, they will started taxing people with less. I bet you that number would be something low like 100,000.
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10 million is still a lot of dough here but most everyone has at least a couple hundred thousand in equity if you live anywhere near the coasts. Just to give you an idea of how much dough is in real estate, the house my parents bought in 68 for 28 grand is worth over 800 grand right now. It was a track home.
 
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