easyt65
Diamond Member
- Aug 4, 2015
- 90,307
- 61,081
- 2,645
Fully Embracing 'Class Warfare', Biden and the Democrats insist that their new $5.5 TRILLION dollar spending Bill costs NOTHING - ZERO - based on their intent to impose a 'WEALTH TAX'.
'The lessons from other countries’ experiences with wealth taxes should inform policymakers in the U.S. as they consider such a proposal. With so many countries having adopted and then abandoned a wealth tax, perhaps the U.S. should avoid adopting one in the first place.'
'According to these data, the number of current OECD members that have collected revenue from net wealth taxes has grown from eight in 1965 to a peak of 12 in 1996 to just five in 2019.'
taxfoundation.org
www.ocregister.com
"The Tax Foundation and the Tax Policy Center project that his tax plan would generate somewhere between $3.2 to $4 trillion over the next ten years.
However, that tax increase does not come close to paying for the $6 trillion in new spending he has proposed as well, let alone the billions of dollars of new debt we will likely add in future years to combat the economic effect of the pandemic. We’ve added nearly $3 trillion to the deficit just this year because of it.
a wealth tax would do nothing to help low-income earners while hurting the rest of the economy. Wealth taxes are difficult to administer and—more importantly—invariably reduce savings, investment, productivity, and economic growth."
Wealth Taxes aren't based on annual income but instead on total assets.
- When you buy that boat you pay a sales tax. Each year a wealth tax looks at that boat and says if you sell that boat you could get $XX fot it and counts that amount into your total assets to be taxed.
A wealth tax short-circuits that process by merely reducing income at the very top of the distribution. While doing such a thing will, in fact, allow inequality measures to report significant progress, doing so would do nothing by itself to improve living standards of people at the bottom of the distribution, or make it easier for people to climb up the income ladder. It’s akin to losing weight by lopping off body parts—it achieves a numeric goal but is counterproductive for the overarching goal.
Many European countries—including Sweden, Germany, France, and Austria—implemented and then scrapped a wealth tax because it is difficult to implement and can chase wealthy entrepreneurs out of the country.
www.forbes.com
'The lessons from other countries’ experiences with wealth taxes should inform policymakers in the U.S. as they consider such a proposal. With so many countries having adopted and then abandoned a wealth tax, perhaps the U.S. should avoid adopting one in the first place.'
'According to these data, the number of current OECD members that have collected revenue from net wealth taxes has grown from eight in 1965 to a peak of 12 in 1996 to just five in 2019.'
What the U.S. Can Learn from the Adoption (and Repeal) of Wealth Taxes in the OECD
Recent discussions of a proposed wealth tax for the United States have included little information about trends in wealth taxation among other developed nations. However, those trends and the current state of wealth taxes in OECD countries can provide context for U.S. proposals.
taxfoundation.org
History shows us that wealth taxes don’t work
These taxes don’t rake in the revenue or solve the supposed problem of inequality.
www.ocregister.com
"The Tax Foundation and the Tax Policy Center project that his tax plan would generate somewhere between $3.2 to $4 trillion over the next ten years.
However, that tax increase does not come close to paying for the $6 trillion in new spending he has proposed as well, let alone the billions of dollars of new debt we will likely add in future years to combat the economic effect of the pandemic. We’ve added nearly $3 trillion to the deficit just this year because of it.
a wealth tax would do nothing to help low-income earners while hurting the rest of the economy. Wealth taxes are difficult to administer and—more importantly—invariably reduce savings, investment, productivity, and economic growth."
Wealth Taxes aren't based on annual income but instead on total assets.
- When you buy that boat you pay a sales tax. Each year a wealth tax looks at that boat and says if you sell that boat you could get $XX fot it and counts that amount into your total assets to be taxed.
A wealth tax short-circuits that process by merely reducing income at the very top of the distribution. While doing such a thing will, in fact, allow inequality measures to report significant progress, doing so would do nothing by itself to improve living standards of people at the bottom of the distribution, or make it easier for people to climb up the income ladder. It’s akin to losing weight by lopping off body parts—it achieves a numeric goal but is counterproductive for the overarching goal.
Many European countries—including Sweden, Germany, France, and Austria—implemented and then scrapped a wealth tax because it is difficult to implement and can chase wealthy entrepreneurs out of the country.
A Wealth Tax Is Not A Solution For Income Inequality
However, a wealth tax would do nothing to help low-income earners while hurting the rest of the economy. Wealth taxes are difficult to administer and--more importantly--invariably reduce savings, investment, productivity, and economic growth.
www.forbes.com
