Confiscate Assets In Excess Of $20 Million?

[MikeK]

By what authority could the IRS claim such a right?

By the same authority which enables them to collect the existing income tax.

The need to impose such radical controls are comparable to the need to conduct the War On Drugs, the objective being control of the addiction to money (greed), which is destroying this Nation.

If government has the authority to prohibit the use of drugs it has the authority to prohibit the accumulation of excess wealth.

Collecting an income tax and confiscation of property and assets are not even in the same ballpark.

The income tax is confiscation of assets. It's taken out of your paycheck before you even see it. So what would you call that if not confiscation?

Take for one small example, ballparks. Pick your sport I don't think any franchise is worth less than $20 million. (an arbitrary number if there ever was one) How is a $20 million dollar "owner" supposed to pay a $20 million dollar athlete his due?

The confiscation would affect personal assets. Not corporate or business assets which are a separate category.

The only destructive greed is that of the government in it's lust for money and power and that includes the unnecessary war on drugs.

I agree the War On Drugs is unnecessay. But a war on greed isn't only necessary it's critical to the survival of American democracy.

"Free" education and "free" health care makes virtual slaves of teachers and doctors and creates a de-facto monopoly as well.

That's not the case in Denmark. The negative outcomes you've listed are the result of bad management.

Government greed is killing the economy and I'm sorry to add, they are not to big to fail.

The problem with our government is corruption, which is the consequence of greed and excess. Period. That problem can be solved, too. But, as with enhanced assets confiscation, it will require vigorous political activism.

 

[C_Clayton_Jones]

Any such effort would be subject to due process per the Takings Clause of the Fifth Amendment.

It’s a non-starter.

The hysterical fear of ‘the government’ is consequently unfounded, as usual.

 

[Quantum Windbag]

Who else thinks it would be a good idea for the IRS to confiscate all personal assets in excess of $20 million.

Intelligent responses are requested. Adolescents and mentally limited adults are asked to direct their schoolyard ad hominems and empty insults elsewhere.

Define personal assets. If it includes property, stocks, or possesions, which it would have to in order to be what you are contemplating, I oppose it. Or do you actually think Bill Gates has hundreds of billions laying around his house?

 

[Quantum Windbag]

A true Socialist, glad you can admit it....

I'm not a socialist in the literal sense of the word. I.e., I don't advocate centralized control of production and collectivist distribution. I believe in allowing the capitalist system to function but imposing certain socialistic controls to prevent the inevitable consequences of limitless acquisition and hoarding of wealth (toxic greed).

In stark contrast to the collectivist model I envision many more millionaires but no billionaires and such universal benefits as infrastructure restoration via massive work programs. That alone would give rise to many thriving industries.

Imagine free college educations for all qualified students, free medical care for all, free day-care centers for working and student mothers, massive public transportation facilities including inter-state bullet trains.

All of the above and much more is possible without eliminating affluence or compromising the ordinary wage-earner in any way.

How is your advocating for the government seizing all assets over an arbitrary threshold not advocating for centralized control of production and distribution? Do you think the government is just going to take that stuff and let it go to waste?

Just an FYI, me pointing out that you are completely incapable of seeing past the end of your nose is not an ad hominen, it is a statement of fact. You are a fucking blind partisan socialist idiot.

 

[Dont Taz Me Bro]

Who else thinks it would be a good idea for the IRS to confiscate all personal assets in excess of $20 million.

Intelligent responses are requested. Adolescents and mentally limited adults are asked to direct their schoolyard ad hominems and empty insults elsewhere.

How can you ask for an intelligent response to a stupid imbecilic question?

 

[HenryBHough]

Is some foundation handing out free copies of Karl Marx? I hate to think you paid out money to buy one; money that rightfully belongs to all of US.

 

[Ragnar]

The income tax is confiscation of assets. It's taken out of your paycheck before you even see it. So what would you call that if not confiscation?

That is a fair point and goes to show how quickly any contemplation of tax law can get ridiculously complex. Are you talking about new earners of $20+ million dollars once said law goes into effect or taking property/assets over that amount from people who have already earned it and paid high taxes on it to begin with?

The confiscation would affect personal assets. Not corporate or business assets which are a separate category.

Then what's to stop anyone with $20 million in personal assets from incorporating?

I agree the War On Drugs is unnecessay. But a war on greed isn't only necessary it's critical to the survival of American democracy.

Then I would say use of the War on Drugs analogy was a poor choice. I don't see how a "war on greed" could be any more successful. It's arbitrary and unnecessary.

That's not the case in Denmark. The negative outcomes you've listed are the result of bad management.

If "bad management" means State supported monopoly and over regulation I would agree. (not being familiar with politics in Denmark) Take for example two of the least regulated medical procedures in the U.S., abortion and laser eye surgery. One is not heavily regulated due to politics, the other due to science outpacing the law. However you feel about them both are widely available across the country and both are widely affordable.

The problem with our government is corruption, which is the consequence of greed and excess. Period. That problem can be solved, too. But, as with enhanced assets confiscation, it will require vigorous political activism.

Corruption in government is a problem here and everywhere. It's the governments greed for power and money that corrupts it not a handful of multimillionaires. Returning power back to the people will indeed require vigorous political action. It need be directed at limiting the governments power lust.