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[W:28] Wealth Tax, good idea?

So do you support the rich paying their fair share of taxes?

  • Yes, the rich should pay their fair share

    Votes: 32 55.2%

  • No, the rich should pay less taxes

    Votes: 7 12.1%

  • Other, specify below

    Votes: 19 32.8%
  • Total voters
    58
swing_voter

swing_voter

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The wealth tax would apply a 2 percent tax to individual net worth — including the value of stocks, houses, boats and anything else a person owns, after subtracting out any debts — above $50 million. It would add an additional 1 percent surcharge for net worth above $1 billion.

Warren Revives Wealth Tax, Citing Pandemic Inequalities – DNyuz



trump's only accomplishment is tax cuts for rich people. Under the trump tax cuts for the rich, a man making a million dollars a year saw $69,900 a year in tax savings, every year, forever.

The tax shortfall will be passed onto the backs of working people, it always is.

Warren Buffet is famous for pointing out that his house keeper pays 16% in taxes while he pays 22%. He's one of the riches men in the world.

So do you support the rich paying their fair share of taxes?



.
 
swing_voter said:
The wealth tax would apply a 2 percent tax to individual net worth — including the value of stocks, houses, boats and anything else a person owns, after subtracting out any debts — above $50 million. It would add an additional 1 percent surcharge for net worth above $1 billion.

Warren Revives Wealth Tax, Citing Pandemic Inequalities – DNyuz



trump's only accomplishment is tax cuts for rich people. Under the trump tax cuts for the rich, a man making a million dollars a year saw $69,900 a year in tax savings, every year, forever.

The tax shortfall will be passed onto the backs of working people, it always is.

Warren Buffet is famous for pointing out that his house keeper pays 16% in taxes while he pays 22%. He's one of the riches men in the world.

So do you support the rich paying their fair share of taxes?
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I support a flat tax rate and a complete elimination of all credits.
 
swing_voter said:
The wealth tax would apply a 2 percent tax to individual net worth — including the value of stocks, houses, boats and anything else a person owns, after subtracting out any debts — above $50 million. It would add an additional 1 percent surcharge for net worth above $1 billion.

Warren Revives Wealth Tax, Citing Pandemic Inequalities – DNyuz



trump's only accomplishment is tax cuts for rich people. Under the trump tax cuts for the rich, a man making a million dollars a year saw $69,900 a year in tax savings, every year, forever.

The tax shortfall will be passed onto the backs of working people, it always is.

Warren Buffet is famous for pointing out that his house keeper pays 16% in taxes while he pays 22%. He's one of the riches men in the world.

So do you support the rich paying their fair share of taxes?



.
Click to expand...
I think a one-time wealth tax might be necessary in emergency situations every now and then. I don't think an annual wealth tax is appropriate.
 
ttwtt78640 said:
WTF? How much tax would one pay if they owned a house worth $70K?
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Not sure. How much tax does someone pay that doesn’t own a home?
 
Overitall said:
Not sure. How much tax does someone pay that doesn’t own a home?
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Plenty, if we are talking about a state, county or school district property tax - tenants just pay it on behalf of their landlord, but can’t deduct it from their income tax.
 
ttwtt78640 said:
Plenty, if we are talking about a state, county or school district property tax - tenants just pay it on behalf of their landlord, but can’t deduct it from their income tax.
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We’re taxed on many different things but I thought we were speaking of just the federal level in this thread. The landlord is getting an added benefit by having their tenants pay the taxes on their property.
 
ttwtt78640 said:
Plenty, if we are talking about a state, county or school district property tax - tenants just pay it on behalf of their landlord, but can’t deduct it from their income tax.
Click to expand...


You have to have over $50 million for this tax to affect you. It's in the OP. First sentence.
 
Warren Buffet is famous for advocating taxes he will never have to pay. The rich already pay the majority of income taxes. Top 10% pay around 70% of taxes collected. So on that score they are paying their "fair share" and more, actually. And if you want them to pay more a wealth tax would be an option. But be aware that it will probably follow the pattern of other taxes; at first it will be a 2% tax only on incomes above $50 million. That 2% won't last long; a fight to increase it will begin immediately, and a fight to lower that $50 mil threshold will also begin. Eventually most Americans will be paying this tax. When the federal income tax was introduced, it was promised that it would only ever be a tax only on the wealthy. Now half of Americans pay federal income taxes. The original "trickle down" in operation...

And Americans do pay wealth taxes already, but they just aren't federal. You pay property taxes on homes, cars, and other "property". In Missouri you have to register and pay taxes even on a little trolling motor you use on your fishing boat. You also pay taxes on that old boat, and it's trailer. So it's not like there are no wealth taxes, it already exists to some extent. And I now pay just over 10% in sales tax. For people who spend all of their income and live week to week, that is a pretty high tax right there. Back when I was raising a big family sales tax was about half that. I don't know how young people make it anymore.

So I would support a wealth tax if other taxes were reduced at the same time, in the same legislation. None of this pass the wealth tax now, and the reduce the other taxes on the next bill. That "next bill" never shows up.

Besides, we have already passed a huge tax on all the citizens. Borrowing such huge sums has caused massive inflation in major asset prices; like home prices and the stock market. Cheap money pushes up asset prices. Food prices are at an all time high. But even if a wealth tax is passed, the borrowing won't stop. No matter how much Congress takes in, they spend .50 cents on the dollar more. A wealth tax won't get spending under control.
 
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Overitall said:
We’re taxed on many different things but I thought we were speaking of just the federal level in this thread. The landlord is getting an added benefit by having their tenants pay the taxes on their property.
Click to expand...

There is no constitutional basis for a federal wealth (or property) tax.
 
Cameron said:
I think a one-time wealth tax might be necessary in emergency situations every now and then. I don't think an annual wealth tax is appropriate.
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If history is an indicator, that "one time" wealth tax will eventually become an annual tax paid by at least half of all Americans.
 
ttwtt78640 said:
There is no constitutional basis for a federal wealth (or property) tax.
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I’m not disagreeing with you. Is that what you think I’m doing by supporting a flat tax rate?
 
swing_voter said:
The wealth tax would apply a 2 percent tax to individual net worth — including the value of stocks, houses, boats and anything else a person owns, after subtracting out any debts — above $50 million. It would add an additional 1 percent surcharge for net worth above $1 billion.

Warren Revives Wealth Tax, Citing Pandemic Inequalities – DNyuz



trump's only accomplishment is tax cuts for rich people. Under the trump tax cuts for the rich, a man making a million dollars a year saw $69,900 a year in tax savings, every year, forever.

The tax shortfall will be passed onto the backs of working people, it always is.

Warren Buffet is famous for pointing out that his house keeper pays 16% in taxes while he pays 22%. He's one of the riches men in the world.

So do you support the rich paying their fair share of taxes?



.
Click to expand...

Yup. And no more billionaires. Any system that produces billionaires is inherently broken and rigged.
 
swing_voter said:
The wealth tax would apply a 2 percent tax to individual net worth — including the value of stocks, houses, boats and anything else a person owns, after subtracting out any debts — above $50 million. It would add an additional 1 percent surcharge for net worth above $1 billion.

Warren Revives Wealth Tax, Citing Pandemic Inequalities – DNyuz



trump's only accomplishment is tax cuts for rich people. Under the trump tax cuts for the rich, a man making a million dollars a year saw $69,900 a year in tax savings, every year, forever.

The tax shortfall will be passed onto the backs of working people, it always is.

Warren Buffet is famous for pointing out that his house keeper pays 16% in taxes while he pays 22%. He's one of the riches men in the world.

So do you support the rich paying their fair share of taxes?



.
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Why do you keep lying?
 
Waddy said:
If you rent you pay property tax right now. Your landlord passes it down to you.
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I know. But the tenant doesn’t get the tax credit.
 
ttwtt78640 said:
Yep, in order to have a tax rate you need to have the tax.
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In order to support the infrastructure of the country the money has to come from somewhere. What are you suggesting?
 
trixare4kids said:
You appear to be proud of repeating this lie...
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Oh right, you’re a Trump voter - you probably don’t even believe covid is real. My bad.
 
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