Time to stop taxing work and profits which are good for the country and start taxing entrenched and generational wealth which are bad.

[craig]

We want people to work. Don't tax work or profits. Tax what is not good for the country like entrenched and generation wealth. If you didn't earn it you don't deserve it. Use it to fund our government and the welfare of the country.

Their wealth is in real property assets in the United States. They can't flee with it and if they sell it to move the wealth the capital gains can be taxed and that includes equities. As Buffett said the very rich don't sell equities, they just borrow money on them so they never pay taxes. The assets can't be moved out of the United States and will always be owned by someone that can pay taxes. It is the top 1% that need to be taxed.

And that is how we fund the government. Of course we first must adjust the tax laws.

Great wealth is as dangerous to democracy as large corporate monopolies are to the free market.

In 2007, the top 20% wealthiest Americans possessed 80% of all financial assets. In 2007 the richest 1% of the American population owned 35% of the country's total wealth, and the next 19% owned 51%. The top 20% of Americans owned 86% of the country's wealth and the bottom 80% of the population owned 14%.

Who owns the most land in America? Jeff Bezos and John Malone are among them

The 50 individuals, families, and heirs on this list, compiled by 24/7 Wall St., own about 1.4% of the total landmass of the US.

www.usatoday.com

Bill Gates is now the largest farmland owner in America

Bill Gates may no longer be the world’s richest man, but he can claim a new title: America’s farmland king.

www.marketwatch.com

 

[aociswundumho]

Wealth taxes are even worse than taxing work and profits.

The only answer is to drastically cut spending and that will never happen.

 

[craig]

Wealth taxes are even worse than taxing work and profits.

The only answer is to drastically cut spending and that will never happen.

Do have a soft spot for trust fund drones? I think our country believes that wealth should be earned. Generational wealth just clogs up the economy and creates an hereditary class that corrupts are democracy.

 

[Wayne Jr]

.

Or...don't tax. The government can generate revenue by investing, just like everyone else.

 

[craig]

Or...don't tax. The government can generate revenue by investing, just like everyone else.

And totally safe by only investing in government bonds.

 

[VanceMack]

Hey...heres a thought. Rather than living your life roiling in fiscal penis envy on what others have managed to earn, maybe you should give some thought to working and providing for yourself. Of course, then you would have to be responsible for yourself, but think how good it would feel as opposd to spending your whole life demanding someone else take care of you and carry your worthless existence through the years.

Wealth is not a zero sum game. Regardless of how much wealth the top1% has, it doesnt stop others from gaining their own wealth.

 

[craig]

Hey...heres a thought. Rather than living your life roiling in fiscal penis envy on what others have managed to earn, maybe you should give some thought to working and providing for yourself. Of course, then you would have to be responsible for yourself, but think how good it would feel as opposd to spending your whole life demanding someone else take care of you and carry your worthless existence through the years.

Wealth is not a zero sum game. Regardless of how much wealth the top1% has, it doesnt stop others from gaining their own wealth.

A primary purpose of government is to protect private property. Like insurance the more property you have the bigger the premium. If you work full time and have saved $20000 how much is the premium? If you have a 2 billion dollar trust fund that your grandpa left you how much is the premium? I'm a retired engineer with my own home and about a million in a retirement account, what is my premium? (and a supporting member)

 

[joko104]

Not a chance in hell Beijing Biden will pursue ANY taxes against the richest people on earth. They are his employer.

 

[holbritter]

We want people to work. Don't tax work or profits. Tax what is not good for the country like entrenched and generation wealth. If you didn't earn it you don't deserve it. Use it to fund our government and the welfare of the country.

Their wealth is in real property assets in the United States. They can't flee with it and if they sell it to move the wealth the capital gains can be taxed and that includes equities. As Buffett said the very rich don't sell equities, they just borrow money on them so they never pay taxes. The assets can't be moved out of the United States and will always be owned by someone that can pay taxes. It is the top 1% that need to be taxed.

And that is how we fund the government. Of course we first must adjust the tax laws.

Great wealth is as dangerous to democracy as large corporate monopolies are to the free market.

In 2007, the top 20% wealthiest Americans possessed 80% of all financial assets. In 2007 the richest 1% of the American population owned 35% of the country's total wealth, and the next 19% owned 51%. The top 20% of Americans owned 86% of the country's wealth and the bottom 80% of the population owned 14%.

Who owns the most land in America? Jeff Bezos and John Malone are among them

The 50 individuals, families, and heirs on this list, compiled by 24/7 Wall St., own about 1.4% of the total landmass of the US.

www.usatoday.com

Bill Gates is now the largest farmland owner in America

Bill Gates may no longer be the world’s richest man, but he can claim a new title: America’s farmland king.

www.marketwatch.com

Jealousy over someone else's inheritance is not a good look.

 

[holbritter]

A primary purpose of government is to protect private property. Like insurance the more property you have the bigger the premium. If you work full time and have saved $20000 how much is the premium? If you have a 2 billion dollar trust fund that your grandpa left you how much is the premium? I'm a retired engineer with my own home and about a million in a retirement account, what is my premium? (and a supporting member)

Wait, what? I don't remember ever hearing that before.

 

[joko104]

Astronomical wealth is not capitalism, but rather is an economic weapon that obliterated capitalism, severely damages the economy and corrupts government.

 

[VySky]

We want people to work. Don't tax work or profits. Tax what is not good for the country like entrenched and generation wealth. If you didn't earn it you don't deserve it. Use it to fund our government and the welfare of the country.

Their wealth is in real property assets in the United States. They can't flee with it and if they sell it to move the wealth the capital gains can be taxed and that includes equities. As Buffett said the very rich don't sell equities, they just borrow money on them so they never pay taxes. The assets can't be moved out of the United States and will always be owned by someone that can pay taxes. It is the top 1% that need to be taxed.

And that is how we fund the government. Of course we first must adjust the tax laws.

Great wealth is as dangerous to democracy as large corporate monopolies are to the free market.

In 2007, the top 20% wealthiest Americans possessed 80% of all financial assets. In 2007 the richest 1% of the American population owned 35% of the country's total wealth, and the next 19% owned 51%. The top 20% of Americans owned 86% of the country's wealth and the bottom 80% of the population owned 14%.

Who owns the most land in America? Jeff Bezos and John Malone are among them

The 50 individuals, families, and heirs on this list, compiled by 24/7 Wall St., own about 1.4% of the total landmass of the US.

www.usatoday.com

Bill Gates is now the largest farmland owner in America

Bill Gates may no longer be the world’s richest man, but he can claim a new title: America’s farmland king.

www.marketwatch.com

Thanks but no thanks.

 

[VySky]

The Bible is quite clear on how God viewed tax collectors and harlots. Our neighbors are not to be coveted

• But the tenth Commandment is specific: “Thou shalt not covet thy neighbour’s house, thou shalt not covet thy neighbour’s wife, nor his manservant, nor his maidservant, nor his ox, nor his ass, not anything that is thy neighbour’s. At the end you are advised: “Do not envy your friend’s cow.” That is your neighbour’s wealth.

 

[Luther]

We want people to work. Don't tax work or profits. Tax what is not good for the country like entrenched and generation wealth. If you didn't earn it you don't deserve it. Use it to fund our government and the welfare of the country.

Their wealth is in real property assets in the United States. They can't flee with it and if they sell it to move the wealth the capital gains can be taxed and that includes equities. As Buffett said the very rich don't sell equities, they just borrow money on them so they never pay taxes. The assets can't be moved out of the United States and will always be owned by someone that can pay taxes. It is the top 1% that need to be taxed.

And that is how we fund the government. Of course we first must adjust the tax laws.

Great wealth is as dangerous to democracy as large corporate monopolies are to the free market.

In 2007, the top 20% wealthiest Americans possessed 80% of all financial assets. In 2007 the richest 1% of the American population owned 35% of the country's total wealth, and the next 19% owned 51%. The top 20% of Americans owned 86% of the country's wealth and the bottom 80% of the population owned 14%.

Who owns the most land in America? Jeff Bezos and John Malone are among them

The 50 individuals, families, and heirs on this list, compiled by 24/7 Wall St., own about 1.4% of the total landmass of the US.

www.usatoday.com

Bill Gates is now the largest farmland owner in America

Bill Gates may no longer be the world’s richest man, but he can claim a new title: America’s farmland king.

www.marketwatch.com

We want people to work. Don't tax work or profits.

You can blame the progressives in the progressive era for that(wink)

If you didn't earn it you don't deserve it.

I't more to do with anyone can leave their $$$ to anyone they want(sigh)

 

[ttwtt78640]

We want people to work. Don't tax work or profits. Tax what is not good for the country like entrenched and generation wealth. If you didn't earn it you don't deserve it. Use it to fund our government and the welfare of the country.

Their wealth is in real property assets in the United States. They can't flee with it and if they sell it to move the wealth the capital gains can be taxed and that includes equities. As Buffett said the very rich don't sell equities, they just borrow money on them so they never pay taxes. The assets can't be moved out of the United States and will always be owned by someone that can pay taxes. It is the top 1% that need to be taxed.

And that is how we fund the government. Of course we first must adjust the tax laws.

Great wealth is as dangerous to democracy as large corporate monopolies are to the free market.

In 2007, the top 20% wealthiest Americans possessed 80% of all financial assets. In 2007 the richest 1% of the American population owned 35% of the country's total wealth, and the next 19% owned 51%. The top 20% of Americans owned 86% of the country's wealth and the bottom 80% of the population owned 14%.

Who owns the most land in America? Jeff Bezos and John Malone are among them

The 50 individuals, families, and heirs on this list, compiled by 24/7 Wall St., own about 1.4% of the total landmass of the US.

www.usatoday.com

Bill Gates is now the largest farmland owner in America

Bill Gates may no longer be the world’s richest man, but he can claim a new title: America’s farmland king.

www.marketwatch.com

What type of assets (wealth?) are you proposing be taxed and at what point? You refer to several facts (number of acres owned) and mentioned inheritance. Are you proposing that land not be inheritable or severely taxed upon the (original?) owner’s death?

 

[craig]

What type of assets (wealth?) are you proposing be taxed and at what point? You refer to several facts (number of acres owned) and mentioned inheritance. Are you proposing that land not be inheritable or severely taxed upon the (original?) owner’s death?

Severely taxed.

 

[ttwtt78640]

Severely taxed.

OK, when a farmer/rancher dies how much of their land (over 1 acre?) must be given (deeded?) to the taxing authority? What prevents them from transferring (deeding?) that land to someone else prior to their death to avoid that taxation?

 

[OrphanSlug]

Where the OP fails is where today's modern liberalism always fails.

Tax policy should not be about government weaponization against wealth, redistribution aspirations, and controls over who owns what. Historically proven, that always leads to wealth aristocracy replaced by government aristocracy. And consequently that results in systematic oppression from harsh models of government no matter which modern liberal today suggests it can all be done with a smile.

The other issue to consider is while trickle down economics and supply side economics is never realized well enough by most participants in an economy, neither is government redistribution plans. The evidence is obvious, no matter how much we tilt towards wealth or tilt towards government we still end up with way too many people on some form of long term government assistance and/or below the poverty line. As a nation we have been at social and economic engineering for years and we still do not have healthy economic participation across all income quintiles.

Government got bigger, and arguably more corrupt and self-serving, but we have not really elevated enough of the lowest income participants.

What we should be talking about is economic principles and the health of how monetary and fiscal policy reduces the amplification of the economic cycle, which is the real purpose of mixed model economics. (Said another way, combat bubble and pop economics.) Tax policy and spending policy should be going up and down as a means to keep and eye on the nation's aggregate demand. There are times taxes for everyone should be low to help with some economic fault, there are other times we should reign in by increasing taxes to avoid an economic bubble. Spending is the same idea but for slightly different reasons depending on where we are.

But it is political fantasy, "we are the 99%" bumper sticker thinking, and honestly complete ignorance of history to suggest that "taxing entrenched and generational wealth" somehow means more people end up with wealth. The empowerment by the thinking is government, which is still ran by people with their own motivations and aspirations that does not translate into more doing economically better.

Create a healthy economic model, and more will have a chance to obtain a better participation (hence better life.) The government is still an active participant and even an economic barometer if you will.

Create a government aristocracy, and it tends to breed corruption and the worst chapters of human history in suffering under authoritarianism. That same authoritarianism that modern liberals pimp today will lead to power to confiscate under the asinine illusion they will see a little more. But modern liberals are not interested in discussions rooted in economics, they are interested in using government to an ends that will never be.

 

[craig]

OK, when a farmer/rancher dies how much of their land (over 1 acre?) must be given (deeded?) to the taxing authority? What prevents them from transferring (deeding?) that land to someone else prior to their death to avoid that taxation?

The same as a sale and capital gains. All inheritance should be treated like a sale. Why should it be different. But if done fairly, that is equally across all wealth only great wealth will be impacted very much.

 

[craig]

Where the OP fails is where today's modern liberalism always fails.

Tax policy should not be about government weaponization against wealth, redistribution aspirations, and controls over who owns what. Historically proven, that always leads to wealth aristocracy replaced by government aristocracy. And consequently that results in systematic oppression from harsh models of government no matter which modern liberal today suggests it can all be done with a smile.

The other issue to consider is while trickle down economics and supply side economics is never realized well enough by most participants in an economy, neither is government redistribution plans. The evidence is obvious, no matter how much we tilt towards wealth or tilt towards government we still end up with way too many people on some form of long term government assistance and/or below the poverty line. As a nation we have been at social and economic engineering for years and we still do not have healthy economic participation across all income quintiles.

Government got bigger, and arguably more corrupt and self-serving, but we have not really elevated enough of the lowest income participants.

What we should be talking about is economic principles and the health of how monetary and fiscal policy reduces the amplification of the economic cycle, which is the real purpose of mixed model economics. (Said another way, combat bubble and pop economics.) Tax policy and spending policy should be going up and down as a means to keep and eye on the nation's aggregate demand. There are times taxes for everyone should be low to help with some economic fault, there are other times we should reign in by increasing taxes to avoid an economic bubble. Spending is the same idea but for slightly different reasons depending on where we are.

But it is political fantasy, "we are the 99%" bumper sticker thinking, and honestly complete ignorance of history to suggest that "taxing entrenched and generational wealth" somehow means more people end up with wealth. The empowerment by the thinking is government, which is still ran by people with their own motivations and aspirations that does not translate into more doing economically better.

Create a healthy economic model, and more will have a chance to obtain a better participation (hence better life.) The government is still an active participant and even an economic barometer if you will.

Create a government aristocracy, and it tends to breed corruption and the worst chapters of human history in suffering under authoritarianism. That same authoritarianism that modern liberals pimp today will lead to power to confiscate under the asinine illusion they will see a little more. But modern liberals are not interested in discussions rooted in economics, they are interested in using government to an ends that will never be.

So tax the poor and middle class and not the rich is your plan. Why do you think the rich have all the power and makes government work for them? Hint "wealth".

 

[OrphanSlug]

So tax the poor and middle class and not the rich is your plan. Why do you think the rich have all the power and makes government work for them? Hint "wealth".

I did not say that at all, clearly economics or even reading are not your strong suits.

 

[Allan]

How does the math work on this idea? What is the size of generational wealth compared to taxing workers?

 

[craig]

Instead of taxing 10 to 40% of what people make every year, tax them 1% of what they own. That will raise way more money than current system and make those shirkers sitting on their inherited wealth pay for government too.

 

[Helix]

i'm not really into wealth taxes. i support taxing all income as income, with a cap for some of it so that people can invest in their retirements. however, taxing billionaires at a lower rate than i pay is ridiculous. i also think that we need to move the ceiling on SS and Medicare contributions.

 

[craig]

I did not say that at all, clearly economics or even reading are not your strong suits.

Instead of taxing 10 to 40% of what people make every year, tax them 1% of what they own. That will raise way more money than current system and make those shirkers sitting on their inherited wealth pay for government too.