[W:28] Wealth Tax, good idea?

[Overitall]

Yep, because congress critters have decided that is “fair”.

I wonder how many of them are landlords.

 

[Mycroft]

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?.

Sorry, but this is an extremely stupid idea...and it's been proven stupid all over the world.

Wealth Tax: There's little doubt that the political flavor of the day is what the left calls "democratic socialism." And one of this movement's more recent ideas, from Sen. Elizabeth Warren, is to impose a "wealth tax" on the wealthy. Sorry, senator, it's an old idea — one that's thoroughly discredited.

To begin with, the wealth tax is nothing new. It's been tried by many nations, but most who've tried it have dropped it. As recently as 1990, according to the Organization for Economic Cooperation and Development, 12 of its member countries imposed a wealth tax on citizens. Today, it's just four.

The irony is that those who ended their failed experiments with the wealth tax are those that America's "democratic socialists" say they most admire. That includes Denmark and Sweden, nations often cited by people like Warren, Sen. Bernie Sanders, and Rep. Alexandria Ocasio-Cortez as worthy of emulation by the American left.

Why did those countries drop wealth taxes? As The Tax Foundation noted, "Countries have dropped the taxes due to the challenges they pose." Among others, those challenges include wealthy people fleeing the country to avoid taxes, and declines in investment and jobs.

Wealth Tax Fails The Test Around The World

Far-left Democrats have fallen in love with the idea of a wealth tax on the rich. But it's been tried before and failed nearly everywhere it was tried.

www.investors.com

 

[RedAkston]

Moderator's Warning:

Let's stick to the topic mmmkay

 

[ttwtt78640]

In order to support the infrastructure of the country the money has to come from somewhere. What are you suggesting?

A two number federal (personal/household) income tax code - a generous, yet truly standard deduction (say the FPL for a 3 person household) and a flat rate (say 20%) for any income (from all sources) above that amount.

Such a system would be effectively quite progressive up to annual income amounts of over triple the median household income. No more nonsense of basing one’s tax bill on how, or upon who, their income was later spent or treating capital gains income differently than wage income.

 

[swing_voter]

Yep, because congress critters have decided that is “fair”.

Well, let's give the rich another tax cut then.

And raise the taxes of working people.

Would that make you happy?

 

[ttwtt78640]

I wonder how many of them are landlords.

Far more than are renters.

 

[ttwtt78640]

Well, let's give the rich another tax cut then.

And raise the taxes of working people.

Would that make you happy?

Nope, see post #29.

 

[Overitall]

A two number federal (personal/household) income tax code - a generous, yet truly standard deduction (say the FPL for a 3 person household) and a flat rate (say 20%) for any income (from all sources) above that amount.

Such a system would be effectively quite progressive up to annual income amounts of over triple the median household income. No more nonsense of basing one’s tax bill on how, or upon who, their income was later spent or treating capital gains income differently than wage income.

That sounds reasonable. Clearly you’ve given this more thought than I. The term “fair share” as it is used by a certain political slant is bs when it doesn’t address how the wealthy can shelter their wealth. Something your average taxpayers can’t do to the same level.

 

[Overitall]

Far more than are renters.

I don’t know for sure but I imagine any home they rent in D.C. is a tax deduction as a work related expense.

 

[ttwtt78640]

That sounds reasonable. Clearly you’ve given this more thought than I. The term “fair share” as it is used by a certain political slant is bs when it doesn’t address how the wealthy can shelter their wealth. Something your average taxpayers can’t do to the same level.

Yep, especially since many can’t beat the standard deduction by itemizing their deductions. To add insult to injury, a $10K deduction is worth only $1,500 to someone in the 15% bracket, but is worth $2,500 to someone in the 25% bracket - the opposite effect to having progressive tax bracket rates.

 

[Robertinfremont]

If history is an indicator, that "one time" wealth tax will eventually become an annual tax paid by at least half of all Americans.

There is a maximum Democrats follow, promise only to tax the rich and pow, hit the rest of the suckers with high taxes just to live in America.

 

[Overitall]

Yep, especially since many can’t beat the standard deduction by itemizing their deductions. To add insult to injury, a $10K deduction is worth only $1,500 to someone in the 15% bracket, but is worth $2,500 to someone in the 25% bracket - the opposite effect to having progressive tax bracket rates.

I wish I could tap you for some personal tax advise.

 

[swing_voter]

There is a maximum Democrats follow, promise only to tax the rich and pow, hit the rest of the suckers with high taxes just to live in America.

There is a maximum Republicans follow, promise only to cut taxes for the rich and pow, and then hit the rest of the suckers with high taxes.


Somebody has to pay. Is the working man paying enough in taxes? Are the rich paying too much in taxes?

Why not cut taxes for the rich more and increase taxes for working people? It's what republicans have done under trump.



.

 

[ttwtt78640]

I wish I could tap you for some personal tax advise.

Become self-employed, in a state with no state income tax, and work mostly for ‘off the books’ cash. Very little of my income is reported to IRS via a 1099.

 

[aociswundumho]

You have to have over $50 million for this tax to affect you. It's in the OP. First sentence.

Income taxes started the same way by being only for "the rich".

 

[Waddy]

I know. But the tenant doesn’t get the tax credit.

indirectly they do. The property owner gets the tax credit, and it is figured into the monthly rent, which reduces that rent some. If the landlord did not get that tax credit it would almost certainly mean an increase in the rent. EVERYTHING is figured into how much rent is charged. Some things, like location, have a drastic effect, other things like maintenance and taxes also have an effect.

 

[Overitall]

Become self-employed, in a state with no state income tax, and work mostly for ‘off the books’ cash. Very little of my income is reported to IRS via a 1099.

Where were you when I was still in the work market?

Not to detour too much off the topic but hopefully you’ve managed to stick some of that cash somewhere that it can help you when you’re no longer able to work.

Ok, what were we talking about? Oh yea, let’s make them bad wealthy people pay out their ass in taxes.

 

[ttwtt78640]

Income taxes started the same way by being only for "the rich".

Yep, amazing how that happened.

United State Tax Code History: See How Taxes Have Changed

What Was the First Tax? See How Tax History Evolved in the United States and How it Compares to Other Countries and the U.S. Tax Code Today.

www.efile.com

 

[trouble13]

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?



.

100% support the Democrats doing this and more. Let all the rich progressives put their money with their mouth is.

It should be a progressive tax that increases for each billion they are worth.

 

[ttwtt78640]

indirectly they do. The property owner gets the tax credit, and it is figured into the monthly rent, which reduces that rent some. If the landlord did not get that tax credit it would almost certainly mean an increase in the rent. EVERYTHING is figured into how much rent is charged. Some things, like location, have a drastic effect, other things like maintenance and taxes also have an effect.

Nope, the renter will generally pay more (net) than the owner or it would make no sense to have rental property.

 

[Overitall]

indirectly they do. The property owner gets the tax credit, and it is figured into the monthly rent, which reduces that rent some. If the landlord did not get that tax credit it would almost certainly mean an increase in the rent. EVERYTHING is figured into how much rent is charged. Some things, like location, have a drastic effect, other things like maintenance and taxes also have an effect.

I’ve never been a landlord so my knowledge of how this is done is limited but I always figured rent was based on the amount of mortgage due (which in most cases include taxes and insurance as escrow) plus maintenance costs. With a small amount being charged for profit. Any benefit of property ownership isn’t shared afaik.

 

[SNOWFLAKE]

I support a flat tax rate and a complete elimination of all credits.

I would agree with one consideration:
tax exemption for charitable donations that are actually going to legitimate charities (of course everyone has a different idea of what a legitimate charity is), so as example:
the rich used to, and not sure, maybe still do, build hospitals or contribute to the building of hospitals, use to fund research (maybe still do) into things like cancer cures, and I would hate to see them back off because they can't get a tax break on those contributions.
however, I would definitely eliminate any writeoffs to political parties or churches, those should be seen as not tax exempt.

 

[ttwtt78640]

Where were you when I was still in the work market?

Not to detour too much off the topic but hopefully you’ve managed to stick some of that cash somewhere that it can help you when you’re no longer able to work.

Ok, what were we talking about? Oh yea, let’s make them bad wealthy people pay out their ass in taxes.

Yep, my girlfriend and I own our manufactured home, SUV, lots of tools/equipment and three trailers outright and are able to survive on our (combined) SS retirement income alone.

 

[Overitall]

I would agree with one consideration:
tax exemption for charitable donations that are actually going to legitimate charities (of course everyone has a different idea of what a legitimate charity is), so as example:
the rich used to, and not sure, maybe still do, build hospitals or contribute to the building of hospitals, use to fund research (maybe still do) into things like cancer cures, and I would hate to see them back off because they can't get a tax break on those contributions.
however, I would definitely eliminate any writeoffs to political parties or churches, those should be seen as not tax exempt.

Well, I’ve always wondered how giving is really giving when you can write it off for tax purposes. Makes no difference who gets the money. I suppose if those running charitable foundations were giving their time freely instead of making huge sums of money I might have a different viewpoint on charities.

 

[SNOWFLAKE]

Well, I’ve always wondered how giving is really giving when you can write it off for tax purposes. Makes no difference who gets the money. I suppose if those running charitable foundations were giving their time freely instead of making huge sums of money I might have a different viewpoint on charities.

even giving has to have an incentive, no doubt SOME would give even without the incentive, but take me as example: I am hardly rich and I don't give to every charity, but I particularly like what the War Amps stand for, so give gladly and generously every year to them, but the tax right off is certainly a bonus, maybe I would still give without that write off, but would I give as much?
if some rich dude is doing something to further the wellbeing of other human beings, I would want to reward them and not hold my nose up just because I have a bone to pick with rich people.