Wealth Tax

#51
#51
I heard someone make a comment the other day about if they taxed all of the Billionaires 100% of what they were worth, it wouldn't even be enough to pay for 3 years of medicare.
 
#52
#52
LouderVol said:
The government will calculate. It will be overly complicated, include tons of loop holes for the rich, and somehow not achieve what they set out for.
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I could even see them making investments in private companies exempt from the tax, citing the difficulties of the valuations, which would disproportionally benefit the wealthiest people (mom and pop investors don't own private placements, but they do own publicly-traded stocks).

Politicians in favor of the tax could still dress it up in terms of "Jeff Bezos is going to pay X amount on his AMZN stock."
 
#54
#54
Vol8188 said:
I used to think the problem was they didn’t understand their own policies and how they increase wealth gaps through inflation.

Now (and likely influenced by Atlas Shrugged) I believe they know their policies increase inflation which increases the wealth gap, and they do so, so they can proclaim capitalism has failed and then convince you that you need more of their policies. It’s so insane it has to be intentional
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Yes, and with the current news narrative of the day they are actually trying to claim that inflation helps poor people because it inflates their debt away.

You know who holds more debt than poor people? Rich people. Especially on an absolute basis. And rich people also don't spend 40% of their income on necessities like food, which become more expensive and pinch poor people more. Poor people also don't own assets but rich people do (particularly real estate), and the value of assets tends to increase in inflationary environments.
 
#55
#55
05_never_again said:
Yes, and with the current news narrative of the day they are actually trying to claim that inflation helps poor people because it inflates their debt away.

You know who holds more debt than poor people? Rich people. Especially on an absolute basis. And rich people also don't spend 40% of their income on necessities like food, which become more expensive and pinch poor people more. Poor people also don't own assets but rich people do (particularly real estate), and the value of assets tends to increase in inflationary environments.
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Exactly. Corporations have millions or billions in debt. If you live in public housing and use public transport you have little debt. So 5% inflation may give you back 5% of your 10k in credit card debt but the home owners and business owners will do far, far better with 5% of their hundreds of thousands to billions
 
#56
#56
Vol8188 said:
I semi agree with two caveats.

1. She’s espousing a view held by politicians and people of importance.

2. She’s a journalist and their views do help shape the views of the public
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1. She is. And we regularly blast the pols who espouse such garbage.
2. I disagree journalists have the influence to shape views on tax policy.
 
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#58
#58
McDad said:
1. She is. And we regularly blast the pols who espouse such garbage.
2. I disagree journalists have the influence to shape views on tax policy.
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If you don’t believe they shape tax policy, what creates the idea that the rich don’t pay their fair share? I’d argue a lot of that comes from news
 
#61
#61
McDad said:
1. She is. And we regularly blast the pols who espouse such garbage.
2. I disagree journalists have the influence to shape views on tax policy.
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I disagree with #2. Newstainers do have a lot of power to influence the masses which influence the policrooks.
 
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#62
#62
05_never_again said:
Derided by people on the right, sure. However folks on the left and their allies in the mainstream media are sympathetic to it, and there are moderates who could go either way.
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And there's nothing which will fix that. No discussion, protests, media coverage, or elected persons will ever eradicate the faction in America who covet their neighbors possessions.
 
#67
#67
McDad said:
And there's nothing which will fix that. No discussion, protests, media coverage, or elected persons will ever eradicate the faction in America who covet their neighbors possessions.
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We can start with getting capitalism some better branding. Socialism and leftist economic thought generally speaking have great branding right now. It used to not, especially in the waning days of the Soviet Union and for a little while after it collapsed.

But young people today think of Sweden, Denmark, and Norway when they hear "socialism" and the social media ecosystem they live in, given the political leanings of the cadre of people that created it and work for it, have sympathies.
 
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#68
#68
Vol8188 said:
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?
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If I had a hat on, I would doff it to you. You have come a long way from several years ago. The left is simply trying to tax economic gain without regard to the concept of wherewithal to pay. One can't pay a tax without the cash from the underlying transaction. There are occasional timing differences, but taxes follow the cash.
 
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#70
#70
05_never_again said:
We can start with getting capitalism some better branding. Socialism and leftist economic thought generally speaking have great branding right now. It used to not, especially in the waning days of the Soviet Union and for a little while after it collapsed.

But young people today think of Sweden, Denmark, and Norway when they hear "socialism" and the social media ecosystem they live in, given the political leanings of the cadre of people that created it and work for it, have sympathies.
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This country is stepping steadily to Democratic Socialism. It is inevitable. Branding cannot stop it.
 
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#71
#71
VolStrom said:
I heard someone make a comment the other day about if they taxed all of the Billionaires 100% of what they were worth, it wouldn't even be enough to pay for 3 years of medicare.
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Public school math won't allow them to believe that though.
 
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#72
#72
VolStrom said:
I heard someone make a comment the other day about if they taxed all of the Billionaires 100% of what they were worth, it wouldn't even be enough to pay for 3 years of medicare.
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You could take all the wealth of every billionaire in America and it wouldn’t fund our government for a year as is, let alone if you added Medicare for all
 
#73
#73
Elon has options. If the US government moves ahead with the theft of his wealth he’s also a citizen of South Africa and Canada. I’m sure he can figure out how to become a citizen of the Cayman Islands or some other nation that will welcome him and his riches without plans to confiscate it.

It seems like a no brainer to encourage those with lots of wealth to keep it in this country. The envious element would rather (pretend to) want to be neighbors with citizens that take ***** on sidewalks.
 
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#75
#75
Thunder Good-Oil said:
Elon has options. If the US government moves ahead with the theft of his wealth he’s also a citizen of South Africa and Canada. I’m sure he can figure out how to become a citizen of the Cayman Islands or some other nation that will welcome him and his riches without plans to confiscate it.

It seems like a no brainer to encourage those with lots of wealth to keep it in this country. The envious element would rather (pretend to) want to be neighbors with citizens that take ***** on sidewalks.
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Wonder what ever happened with that floater in France?
 
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