- Aug 4, 2009
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Problem with the super wealthy is that we have an income tax
The super wealthy don’t need income.....they are freakin* rich. They hide their wealth overseas where we can’t touch it
That is why we need to tax their transactions
I buy a truck for $50,000 and I pay $3,000 tax on it
If the wealthy buy stock for $50,000....let them pay tax on it
Why would anyone hide their wealth? With all this talk of an illegal wealth tax, what do you think everyone with a substantial net worth is doing with that wealth today?
If you're buying a $50,000 truck, you're doing pretty well and are using it for business.
When the person who bought those stocks for $50,000 sells them for $150,000 in five years, what do they pay on that $100,000 profit?
If you use that $50,000 truck for business, don't you get to deduct $0.58 per mile from your income? You drive 25,000 miles you deduct $14,500 from you gross income from that business, right? If the buyer of that $50,000 in stock has it drop to $35,500 would he get anything back?
Taxation occurs when money is transferred
When an employer makes a profit he pays a tax on it
When he pays you, you pay a tax on it
When you spend the money you earn, you pay a sales tax
Taxing stock and business transactions would prevent the wealthy from hiding their wealth
No, it would discourage them from investing.
Do brokerage fees discourage them from investing?
It will just be the cost of doing business