We Probably Will Have a Wealth Tax

[Parrish]

why are you posting about me, yet again. And you have no answer for my posts. it is a bald faced lie to claim most millionaires inherited their wealth.

Why are you lying about my posts?

 

[TurtleDude]

Why are you lying about my posts?

what did I lie about? you didn't answer the first question I put to you. And you have a habit of trying to make personal comments about me.

and yes, it is a lie to claim most wealthy people inherited their wealth-a lie wealth vandals try to perpetrate in order to justify demanding government take the wealth of others

How Do Millionaires Get Their Money?

Millionaires don’t always receive their wealth from family. Some are self-made and earn their fortune through hard work and ingenuity.

www.businessnewsdaily.com

A 2019 study published by Wealth-X found that around 68% of those with a net worth of $30 million or more made it themselves.

Further, a second study by Fidelity Investments found that 88% of all millionaires are self-made, meaning they did not inherit their wealth.

 

[Geoist]

that's a constant mantra from the wealth vandals and the redistributionists but it is not something they have ever been able to prove. People who are alive because of the government handouts are the ones who benefit the most from government. Not those who have skills or lots of stock in trade

Considering how millionaires and billionaires have more assets and wealth to protect, along with the fact that they benefit more than anyone from infrastructure (e.g. roads, internet, energy, plumbing, etc) to run their businesses and allow their workers to commute, they are no doubt the group that benefits the most overall. Without the system they cannot be a fraction as wealthy as they are.

 

[iguanaman]

that's bullshit-you ought to study the legislative history of the income tax and the arguments made in favor of it-instead of a national sales tax. the other big lie is pretending that those who make more are spending less. those who are at the bottom are not spending money they earned, but rather moneys others earned that was given to them

We tax things we want less of so a national sales tax is the worst tax idea in history. If you spend less than 100% of your income every year then you are spending less than the majority of Americans and that is the problem. When 1% of the country is making 40% of the income we have a demand problem. As far as job growth and economic growth is does not matter where the money came from either. What matters is that it is SPENT.

 

[TurtleDude]

Considering how millionaires and billionaires have more assets and wealth to protect, along with the fact that they benefit more than anyone from infrastructure (e.g. roads, energy, plumbing, etc) to run their businesses and allow their workers to commute, they are no doubt the group that benefits the most overall.

rich people have the resources to protect their wealth. My brother lives in perhaps the wealthiest part of Ohio. The police department there is top flight. People keep an eye out for each other. They have almost no crime. The over the rhine neighborhood in the same county )just north of the main part of downtown Cincinnati-was once the most violent neighborhood in the USA. The number of police and ambulance calls to that area, are many times more than the percentage of the population is to Cincinnati proper.

 

[Parrish]

what did I lie about? you didn't answer the first question I put to you. And you have a habit of trying to make personal comments about me.

and yes, it is a lie to claim most wealthy people inherited their wealth-a lie wealth vandals try to perpetrate in order to justify demanding government take the wealth of others

How Do Millionaires Get Their Money?

Millionaires don’t always receive their wealth from family. Some are self-made and earn their fortune through hard work and ingenuity.

www.businessnewsdaily.com

A 2019 study published by Wealth-X found that around 68% of those with a net worth of $30 million or more made it themselves.

Further, a second study by Fidelity Investments found that 88% of all millionaires are self-made, meaning they did not inherit their wealth.

Your wealth came from taxpayers. Less than $200k/y. And you are welcome.

 

[Geoist]

rich people have the resources to protect their wealth.

And they have those resources because they benefitted from what society provided them, particularly the infrastructure to run their businesses.

 

[newpublius]

No, it will negatively affect everyone, because these 1000 people are going to rearrange their affairs to avoid the tax. Liquid assets can be moved abroad with the click of a mouse. It's the same old story where Dumbocrats assume no one will change their behavior to avoid the central plan. This tax will result in less investment in the US, less jobs, etc.

Well, moving assets around isn't going to help US citizens altogether that much since US citizens are subject to tax on worldwide income. Still, it likely will impact behavior and the most predictable way is relatively obvious. Right now the best and most legal way to legally avoid taxes on the individual is for the individual not to sell shares or for the corporation not to pay the dividend, the corporation retains earnings and reinvests them. Amazon and Tesla are reknowned for this.

In the face of a wealth tax, the incentive to do that is greatly reduced because the wealth tax will exceed income, many times shares will have to be sold or the owner will start having the corporation straight up pay dividends.

It will absolutely have a scale effect.

 

[TurtleDude]

We tax things we want less of so a national sales tax is the worst tax idea in history. If you spend less than 100% of your income every year then you are spending less than the majority of Americans and that is the problem. When 1% of the country is making 40% of the income we have a demand problem. As far as job growth and economic growth is does not matter where the money came from either. What matters is that it is SPENT.

a national sales tax would do this

1) eliminate millions of hours spent by americans figuring out their taxes
2) eliminate the almost constant violations of the fourth amendment by the government
3) eliminate much of the IRS and the massive power congress gets by pitting tax payers who pay most of the taxes against voters who do not
4) eliminate millions of dollars spent on tax avoidance and tax compliance
5) will prevent the government from pretending that handouts are going to be paid for by someone "else"

 

[TurtleDude]

And they have those resources because they benefitted from what society provided them, particularly the infrastructure to run their businesses.

what did say society give Jimmy Page or Robert Plant that they didn't give you?

 

[Geoist]

what did say society give Jimmy Page or Robert Plant that they didn't give you?

Seriously, Jimmy Page and Robert Plant? Are you just trying to shoehorn your favorite band into this conversation?

They've probably traveled more than 99% of people. So they for sure can tie their wealth back to the benefits of infrastructure.

 

[TurtleDude]

Seriously, Jimmy Page and Robert Plant? Are you just trying to shoehorn your favorite band into this conversation?

They've probably traveled more than 99% of people. So they for sure can tie their wealth back to the benefits of infrastructure.

and they paid millions in taxes. they have something many people are willing to spend money on. you all seem to think society gives people like that all their wealth and they never gave anything in return

 

[Geoist]

and they paid millions in taxes.

And you think they should pay... no taxes?

they have something many people are willing to spend money on. you all seem to think society gives people like that all their wealth and they never gave anything in return

Where did I say they never give anything in return? Also, no one said they shouldn't be wealthy. You are missing the point.

 

[TurtleDude]

And you think they should pay... no taxes?


Where did I say they never give anything in return? Also, no one said they shouldn't be wealthy. You are missing the point.

I don't think that one percent of the population uses anywhere NEAR the % of services that the income tax and the death tax funds, yet they pay over 40% of those tax shares

 

[Geoist]

I don't think that one percent of the population uses anywhere NEAR the % of services that the income tax and the death tax funds, yet they pay over 40% of those tax shares

They don't need to use it directly to benefit. For example, if Led Zeppelin played at an arena they did not directly use all of the electricity, plumbing, etc. But without those things they couldn't have their show and make money.

What is a fair percentage is debatable and definitely subjective. But I would never go with a flat tax.

 

[TurtleDude]

They don't need to use it directly to benefit. For example, if Led Zeppelin played at an arena they did not directly use all of the electricity, plumbing, etc. But without those things they couldn't have their show and make money.

What is a fair share is debatable and definitely subjective. But I would never go with a flat tax.

they pay a hefty fee for that arena rental.

 

[vesper]

say your grandfather bought a piece of art that has appreciated heavily in the last 80 years. Say a Monet that he bought for 50,000 right after WWII, that was worth a million when he died, and now your parents have died and it is worth 7 million. The wealth vandals want you to yearly pay thousands of dollars merely to maintain ownership of that piece of art even though it doesn't bring in any income and your parents' estate already paid death taxes on it.

But the cost of possessing an item you inherited that is valuable, you continue to pay to keep it insured. Most do not have a 7 million Monet hanging in their home but they do have valuables they have been gifted and had to get appraised and insured leaving a record of what is considered to have worth in their possession adds to their net worth.

While the lefties think that a wealth tax is a great idea, they also think it is a great idea for the IRS going after our bank transactions. The threshold was first set at $600, which could be subject to an IRS review of that transaction. But because there was such blow back over that idea the Biden Administration and the Left in Congress backpedaled and put forth a new proposal increasing it to $10,000. That is not any better. In fact, it’s worse. Now, it’s not a one time transaction but this number is cumulative of $10,000 over the course of a year. Think about what you spend on food, groceries, bills, mortgage or rent, insurance etc. For most Americans, this will add up to much more than $10,000 a year. Heck a family of 4 puts out over 1200 a month on food alone which means the IRS would then have unfettered access to rifle through their bank account looking for whatever it wants. Keep in mind, the IRS would be doing this without a warrant or probable cause. Why are we giving the IRS this authority? I don’t care if it’s 1 buck, the IRS has no business looking in our bank account. It’s our money.

So to the lefties I say be careful what you ask for.

 

[Geoist]

they pay a hefty fee for that arena rental.

And they still profited millions for those shows thanks to infrastructure. Btw, arenas are usually privately owned.

 

[TurtleDude]

But the cost of possessing an item you inherited that is valuable, you continue to pay to keep it insured. Most do not have a 7 million Monet hanging in their home but they do have valuables they have been gifted and had to get appraised and insured leaving a record of what is considered to have worth in their possession adds to their net worth.

While the lefties think that a wealth tax is a great idea, they also think it is a great idea for the IRS going after our bank transactions. The threshold was first set at $600, which could be subject to an IRS review of that transaction. But because there was such blow back over that idea the Biden Administration and the Left in Congress backpedaled and put forth a new proposal increasing it to $10,000. That is not any better. In fact, it’s worse. Now, it’s not a one time transaction but this number is cumulative of $10,000 over the course of a year. Think about what you spend on food, groceries, bills, mortgage or rent, insurance etc. For most Americans, this will add up to much more than $10,000 a year. Heck a family of 4 puts out over 1200 a month on food alone which means the IRS would then have unfettered access to rifle through their bank account looking for whatever it wants. Keep in mind, the IRS would be doing this without a warrant or probable cause. Why are we giving the IRS this authority? I don’t care if it’s 1 buck, the IRS has no business looking in our bank account. It’s our money.

So to the lefties I say be careful what you ask for.

I want the IRS to be eliminated. The constitution never contemplated this much control over the US citizenry

 

[TurtleDude]

And they still profited millions for those shows thanks to infrastructure.

wrong-they profited because thousands of fans willingly buy tickets to see them. You want to do everything possible to pretend that you have some sort of claim to the wealth of others. You don't.

 

[The Stars Tremble]

what did I lie about? you didn't answer the first question I put to you. And you have a habit of trying to make personal comments about me.

and yes, it is a lie to claim most wealthy people inherited their wealth-a lie wealth vandals try to perpetrate in order to justify demanding government take the wealth of others

How Do Millionaires Get Their Money?

Millionaires don’t always receive their wealth from family. Some are self-made and earn their fortune through hard work and ingenuity.

www.businessnewsdaily.com

A 2019 study published by Wealth-X found that around 68% of those with a net worth of $30 million or more made it themselves.

Further, a second study by Fidelity Investments found that 88% of all millionaires are self-made, meaning they did not inherit their wealth.

THREE sources, and none of them deals with billionaires. There's a big difference between $30 million and a billion: 33 times in fact.

 

[Geoist]

wrong-they profited because thousands of fans willingly buy tickets to see them.

And how did those fans congregate to see them? They needed to drive on public roads. If they didn't drive their own vehicles then they used public transportation.

You want to do everything possible to pretend that you have some sort of claim to the wealth of others. You don't.

This isn't about me. This is about paying one's fair share to society. We can disagree on a percentage, that's fine. But to deny the wealthy benefitted the most is denying reality.

 

[The Stars Tremble]

But the cost of possessing an item you inherited that is valuable, you continue to pay to keep it insured. Most do not have a 7 million Monet hanging in their home but they do have valuables they have been gifted and had to get appraised and insured leaving a record of what is considered to have worth in their possession adds to their net worth.

While the lefties think that a wealth tax is a great idea, they also think it is a great idea for the IRS going after our bank transactions. The threshold was first set at $600, which could be subject to an IRS review of that transaction. But because there was such blow back over that idea the Biden Administration and the Left in Congress backpedaled and put forth a new proposal increasing it to $10,000. That is not any better. In fact, it’s worse. Now, it’s not a one time transaction but this number is cumulative of $10,000 over the course of a year. Think about what you spend on food, groceries, bills, mortgage or rent, insurance etc. For most Americans, this will add up to much more than $10,000 a year. Heck a family of 4 puts out over 1200 a month on food alone which means the IRS would then have unfettered access to rifle through their bank account looking for whatever it wants. Keep in mind, the IRS would be doing this without a warrant or probable cause. Why are we giving the IRS this authority? I don’t care if it’s 1 buck, the IRS has no business looking in our bank account. It’s our money.

So to the lefties I say be careful what you ask for.

Next you'll be saying that banks have no 'probable cause' to look at bank accounts either.

 

[TurtleDude]

THREE sources, and none of them deals with billionaires. There's a big difference between $30 million and a billion: 33 times in fact.

well do some research because the wealth vandals don't limit their schemes to billionaires. How many billionaires are there? Did Oprah inherit her wealth? Jeff Bezos? Bloomberg? Musk? I really don't care.

 

[TurtleDude]

And how did those fans congregate to see them? They needed to drive on public roads. If they didn't drive their own vehicles then they used public transportation.



This isn't about me. This is about paying one's fair share to society. We can disagree on a percentage, that's fine. But to deny the wealthy benefitted the most is denying reality.

everyone gets one vote-based on that, everyone should pay the same amount of tax. you think government and society is the same thing and that those who are valuable to society-and thus have been able to achieve lots of value for the value they provide, somehow have benefited more from the government. The wealthy "pay" society by doing things that society values with money. Big difference