Wealth Tax

[Vol8188]

This is one of the more disgusting things I’ve seen. She seems to want his wealth treated as income and taxed as high as 37%.

To put this in perspective if you own a small business making 60k a year, I could reasonably claim that business is worth as much 1.2 million dollars (as high as 20x earnings). Let’s be more conservative and call it 1 million since it’s easy to work with.

Does anyone think 370k (37%) of 1 million is the proper tax rate for a business earning 60k a year?

How about the 10% number she gave. Is 100k the proper tax rate for a business owner making 60k a year?

 

[ButchPlz]

This is one of the more disgusting things I’ve seen. She seems to want his wealth treated as income and taxed as high as 37%.

To put this in perspective if you own a small business making 60k a year, I could reasonably claim that business is worth as much 1.2 million dollars (as high as 20x earnings). Let’s be more conservative and call it 1 million since it’s easy to work with.

Does anyone think 370k (37%) of 1 million is the proper tax rate for a business earning 60k a year?

How about the 10% number she gave. Is 100k the proper tax rate for a business owner making 60% a year?

Your problem is assuming anyone on the left understands "net worth", cash, assets, etc. Their horrific journalism degrees don't teach any of that.

 

[AshG]

Your problem is assuming anyone on the left understands "net worth", cash, assets, etc. Their horrific journalism degrees don't teach any of that.

And Economics degree don't teach journalism. Your point?

 

[Vol8188]

And Economics degree don't teach journalism. Your point?

As a journalist no one expects them to have a degree in economics, but part of the excitement of journalism is supposed to be learning about these different fields. Similar to politics.

The people pushing wealth taxes (this one person particularly) don’t seem to be doing that

 

[SpaceCoastVol]

As a journalist no one expects them to have a degree in economics, but part of the excitement of journalism is supposed to be learning about these different fields. Similar to politics.

The people pushing wealth taxes (this one person particularly) don’t seem to be doing that

Liz Warren is a scum sucking thief.

 

[hog88]

Your problem is assuming anyone on the left understands "net worth", cash, assets, etc. Their horrific journalism degrees don't teach any of that.

Plus they are greedy, jealous little succubusses.

 

[NorthDallas40]

Plus they are greedy, jealous little succubusses.

You don’t NEED all that money hogg pay your fair share!

 

[NorthDallas40]

The concept of a “wealth tax” is borderline communism. The state has no entitlement to your personal assets.

 

[Vol8188]

The concept of a “wealth tax” is borderline communism. The state has no entitlement to your personal assets.

The only thing more communist is the 100% death tax so many seem to want. The idea that if you die all your assets belong to the government

 

[hog88]

You don’t NEED all that money hogg pay your fair share!

I don’t have any money, I have grandchildren.

 

[SpaceCoastVol]

The concept of a “wealth tax” is borderline communism. The state has no entitlement to your personal assets.

borderline?

 

[NorthDallas40]

borderline?

I was trying to be nice. Under actual communism the concept of a tax is moot since there is no personal property anyway it all belongs to the state

 

[NorthDallas40]

I don’t have any money, I have grandchildren.

Or a wife. Both I’d guess are money sponges.

 

[LouderVol]

The concept of a “wealth tax” is borderline communism. The state has no entitlement to your personal assets.

And there is a 0.0000000% chance it stays a tax on the wealthy.

Especially once they come after 401ks.

All it is is a tax on savers. It would be real easy to get to mid 6 figures worth of assets for most 30 somethings. 40 somethings plus is probably close to 7 figures. And that doesnt require much income to get to that level.

 

[05_never_again]

This is one of the more disgusting things I’ve seen. She seems to want his wealth treated as income and taxed as high as 37%.

To put this in perspective if you own a small business making 60k a year, I could reasonably claim that business is worth as much 1.2 million dollars (as high as 20x earnings). Let’s be more conservative and call it 1 million since it’s easy to work with.

Does anyone think 370k (37%) of 1 million is the proper tax rate for a business earning 60k a year?

How about the 10% number she gave. Is 100k the proper tax rate for a business owner making 60% a year?

The tweet you referenced uses the same rationale that a ProPublica piece used earlier this year. It said that the tax system didn't work correctly because folks like Musk, Bezos, etc., were paying very small percentages of their wealth in income tax. It was either written by somebody with the tax knowledge of a middle schooler, or was being intentionally misleading.

And Economics degree don't teach journalism. Your point?

But if you are going to opine on this topic, it seems like a baseline expectation is knowing the difference between wealth and income. This is like writing an article about a football game but not knowing what a touchdown is.

 

[NorthDallas40]

And there is a 0.0000000% chance it stays a tax on the wealthy.

Especially once they come after 401ks.

All it is is a tax on savers. It would be real easy to get to mid 6 figures worth of assets for most 30 somethings. 40 somethings plus is probably close to 7 figures. And that doesnt require much income to get to that level.

Yep and IRAs too. The bastards already covet all that pretax money that they can’t get their grifting hands on.

 

[hog88]

Or a wife. Both I’d guess are money sponges.

The wife thinks it’s her god given duty to spoil those kids rotten. She’s doing a bang up job at it.

 

[NorthDallas40]

The wife thinks it’s her god given duty to spoil those kids rotten. She’s doing a bang up job at it.

And you best not interfere if you know what’s good for you.

 

[85SugarVol]

The only thing more communist is the 100% death tax so many seem to want. The idea that if you die all your assets belong to the government

100%?
I hadn’t seen that yet.

 

[Vol8188]

To show you how fair I was being with a P/E of 20 on the business I cited, the P/E she’s using on tesla to make her absurd claim is over 350x earnings.

So to get a the same valuation of a company earning 60k a year, if you multipled it by 350x you’d get 21million instead of the 1 million valuation I used.

That’s how insane these people are. They want to tax him based on 350x the earnings of his company

 

[Vol8188]

100%?
I hadn’t seen that yet.

Many claim we should eliminate inheritance. That would require a 100% death tax

 

[85SugarVol]

Yep and IRAs too. The bastards already covet all that pretax money that they can’t get their grifting hands on.

Could probably fill a small pool with all the drool dripping from their chins over that roughly $40 Trillion just sitting there…

 

[NorthDallas40]

Could probably fill a small pool with all the drool dripping from their chins over that roughly $40 Trillion just sitting there…

We are not far from them making a grab for it. With all the debt the asshats have racked up we will be called upon to do our “patriotic duty” and bail the feckless idiots out.

 

[85SugarVol]

Many claim we should eliminate inheritance. That would require a 100% death tax

I understand the concept. Not a fan of the estate/death tax.

I had not seen anyone propose a 100% rate.

 

[SpaceCoastVol]

Many claim we should eliminate inheritance. That would require a 100% death tax

So you give your stuff away when you get to a certain age with the proviso that you are cared for by those that received it. Or any of thousands of other ways around this nonsense. I'd convert it all into cash and set it on fire before I'd give it to the .gov, then make THEM take care of ME.

What was it in Brewster's MIllions? He bought a rare stamp and used it to mail a letter which made it worthless when it was cancelled? **** 'em.