[W:28] Wealth Tax, good idea?

[brianpatrick]

what happened in feudal times. The rich lived in castles and the poor wallowed in shit.

Great in a history book or a movie, but they’ve invented the internet now... and Ding-dongs. It’s sooo much easier now.

 

[TurtleDude]

Great in a history book or a movie, but they’ve invented the internet now... and Ding-dongs. It’s sooo much easier now.

the wealthy lived well, the poor starved. The wealthy had private armies.

 

[MrWonka]

what happened in feudal times. The rich lived in castles and the poor wallowed in shit.

In feudal times land was owned by nobility and that land ownership was still protected by the government.

 

[TurtleDude]

I think the dude said: the meek shall inherit the earth. I’ve heard the Joe Rogan twist on that phrase, but I’m pretty sure he’s wrong.

I don't believe in fairy tales. Do you?

 

[TurtleDude]

In feudal times land was owned by nobility and that land ownership was still protected by the government.

The rich were the government. They weren't voted into office

 

[post]

Democrats subsidize poverty and anything the government subsidizes, increases

You are describing ERW libertarians not democrats.

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[brianpatrick]

you assume those who are wealthy exploit others. that is class envious bullshit

I don’t assume anything. Another good thing about the internet and all that easy shit is it’s easy to find shit out and hard to hide it. We employ, or endorse the employment of slaves to make what we do. It’s everywhere. They don’t even really hide it. There’s probably a nice “business term” for it.

the wealthy lived well, the poor starved. The wealthy had private armies.

Yeah, but is that the kind of world you want to live in? Lot of nasty shit back then.

 

[TurtleDude]

I don’t assume anything. Another good thing about the internet and all that easy shit is it’s easy to find shit out and hard to hide it. We employ, or endorse the employment of slaves to make what we do. It’s everywhere. They don’t even really hide it. There’s probably a nice “business term” for it.



Yeah, but is that the kind of world you want to live in? Lot of nasty shit back then.

hysterical bullshit.

 

[brianpatrick]

hysterical bullshit.

grab a ding-dong and look it up.

 

[ttwtt78640]

Silly nonsense. We have a progressive income tax with different tax rates. That is no different. Millions of people pay no income tax at all because the standard deduction is higher than their tax burden.

Wrong, yet again - wealth and/or property is different from income. You continue to ignore the 16A which specifically granted the limited and additional federal power for a direct tax on income from all sources.

 

[TurtleDude]

grab a ding-dong and look it up.

I prefer Ho Ho's myself.

 

[Masterhawk]

I don't know if a wealth tax would be a good idea. An increase in capital gains tax probably would

 

[TurtleDude]

I don't know if a wealth tax would be a good idea. An increase in capital gains tax probably would

why?

 

[lemmiwinx]

Hell yes tax the beejeezus out of rich people. With reparations coming under Biden every black or brown person in America is going to be rich. I say they need to pay their fair share in taxes.

 

[MrWonka]

The rich were the government. They weren't voted into office

Irrelevant. A government still existed. And they paid a shit load to fund armies and build castles. I'd wager that a typical nobleman in feudal Europe paid a significant chunk of his wealth every year just to protect the remainder of it.
Warren Buffett only pays about 22% in tax. I'd wager that feudal nobleman paid more than that.

 

[BahamaBob]

The French tried imposing a wealth tax. To their great surprise, the wealthy moved out of France and overall tax revenue dropped. After a few years they wised up and repealed it.

Strange thing about wealthy people. They didn't get wealthy by letting others hose them.

 

[BahamaBob]

Irrelevant. A government still existed. And they paid a shit load to fund armies and build castles. I'd wager that a typical nobleman in feudal Europe paid a significant chunk of his wealth every year just to protect the remainder of it.
Warren Buffett only pays about 22% in tax. I'd wager that feudal nobleman paid more than that.

How much income do you think Buffett pays income tax on annually?

 

[ttwtt78640]

It would be constitutional (nothing in the constitution dictates what type of taxation is allowed or disallowed), but it would be a direct tax and would have to be apportioned by state.

It would be impractical to tax either wealth or property in a per capita manner.

 

[TurtleDude]

Irrelevant. A government still existed. And they paid a shit load to fund armies and build castles. I'd wager that a typical nobleman in feudal Europe paid a significant chunk of his wealth every year just to protect the remainder of it.
Warren Buffett only pays about 22% in tax. I'd wager that feudal nobleman paid more than that.

you're just guessing. and Buffett, unlike most rich people, is able to completely structure his income to minimize taxes.

 

[pinqy]

It would be impractical to tax either wealth or property in a per capita manner.

Perhaps, but it doesn't make it unconstitutional.

 

[ttwtt78640]

Perhaps, but it doesn't make it unconstitutional.

While it is true that a per capita federal tax would not be unconstitutional, it has nothing to do with the proposal being discussed in this thread.

 

[brianpatrick]

The French tried imposing a wealth tax. To their great surprise, the wealthy moved out of France and overall tax revenue dropped. After a few years they wised up and repealed it.

Strange thing about wealthy people. They didn't get wealthy by letting others hose them.

yes, that’s the reason a value added tax is better. Besides, a wealth tax is just a bad look. Too easy to demonize.

 

[BahamaBob]

yes, that’s the reason a value added tax is better. Besides, a wealth tax is just a bad look. Too easy to demonize.

Value taxes are a really stupid idea. People with mobile wealth simply move. Others tie their wealth up in an LLC or a trust so it is not personal wealth anymore. The only thing it serves is to stir up the morons with wealth envy complexes.
The problem with a value added tax is it skewed to penalize people with growing families. However, it does make it so everyone has skin in the game. Under the current system half the people pay nothing. Those people never have a problem spending someone else's money.

 

[brianpatrick]

Value taxes are a really stupid idea. People with mobile wealth simply move. Others tie their wealth up in an LLC or a trust so it is not personal wealth anymore. The only thing it serves is to stir up the morons with wealth envy complexes.
The problem with a value added tax is it skewed to penalize people with growing families. However, it does make it so everyone has skin in the game. Under the current system half the people pay nothing. Those people never have a problem spending someone else's money.

Depends on how many exemptions you put in, and where they’re targeted.

 

[Masterhawk]

why?

Why do is support it?
Because the wealthy have been able to obtain an obscene amount of wealth.

Why a capital gains tax and not a wealth tax?
A wealth tax is on all wealth, including capital (goods used to produce other goods). Capital gains tax is a tax on the profit made from selling stock, housing, and other assets. I'm somewhat skeptical of a wealth tax because I fear that it would have a distortionary effect on the economy.