Do you support a 1% Federal Wealth Tax to pay down the $39T National Debt? (Poll)

[EdwinAMartin]

It’s a good thing we arent kicking out millions of working age people.

Outside things would really be crazy!

So you tax automation and outsourcing. Want to build your plant where the slaves are plentiful and cheap? Fine, just keep paying SS and withholding into the treasury as if those jobs are still here.

 

[kyzr]

Yes. Cut the hell out of welfare, Medicaid, and snap.

Stop insuring morbidly obese people until they lose weight.
Stop paying for soft drinks and Little Debbies with SNAP.
Stop insuring smokers.
Stop insuring drug users.
Stop paying for abortion and birth control.
Stop paying for trans garbage.
Stop paying for birth control.
Stop insuring alcohol abusers.
Turn welfare over to private enterprises based on the model of Samaritan Ministries health co-op.

Welfare used to have a 2-year lifetime limit. Not sure why that ended???

Health insurance is a mess. No one can afford it.

 

[Couchpotato]

Who doesnt have 1% in liquid assets? I wouldnt advocate this for people who werent wealthy.

I would guess someone like Bezos or Musk likely doesn't have 1% of their assets liquid. Why on earth would they? A liquid asset is a losing and depreciating asset.

You have to get taxes somehow so I dont care if it was taxed once or twice or three times already. Most righties think there is a treasure trove of money that poor people have and they should give more in taxes. That is crazy.

Or we could get the spending under control which is where the actual problem is. 7 years ago (pre COVID) we were spending 4.1 trillion dollars a year we are not spending close to 7 trillion. Have our costs really increases almost 100% since 2018? It increased because of COVID and never came back down. COVID's been over for years now. Why didnt our budget shrink?

Only way to pay the debt is from people who have money. Like it or not.

But youre advocating for taxing something that has already been taxed or something is an unrealized asset. If I make 100 million dollars next year and put that money in the bank. How many times do you want to tax that same 100 million? Because that's what your wealth tax is doing taxing the same dollar again and again because you've decided that I have too many dollars. At what point does the money I've made stop being raided by people like you?

 

[M14 Shooter]

Supreme Court Rulings​

The Supreme Court has indicated that taxes on investments, including unrealized gains, can be constitutional. In the case of Moore v. U.S.,....

You ought to learn something about your responses before you blindly copy-paste them from AI.

Moore v US:
Held: The MRT—which attributes the realized and undistributed income
of an American-controlled foreign corporation to the entity’s American
shareholders, and then taxes the American shareholders on their
portions of that income—does not exceed Congress’s constitutional
authority.

So much for that.

I have $1,000,000,000,000 in my safe.
Congress has exactly ZERO constitutional authority to tax it.

 

[task0778]

Raising or removing the cap fixes SS. Medicare can be fixed as well. Long term demographics looks scary, young folks are not starting families or having kids.

There have been a number of proposals to increase, eliminate, or otherwise adjust the payroll tax cap as a way to shore up Social Security’s finances. Simply eliminating the tax cap would significantly improve the solvency of the Social Security trust funds, decreasing the programs’ long-range funding shortfall by 73 percent.

Should We Eliminate the Social Security Tax Cap?

There have been a number of proposals to increase, eliminate, or otherwise adjust the payroll tax cap as a way to shore up Social Security’s finances.

www.pgpf.org

This does not fix SS. The Social Security trustees project that, even if the tax cap is eliminated, the system would fall back into deficit by 2029—just five years from now.

Fixing Medicare is a real problem; it needs to be addressed, but in today's political climate that ain't likely. I can't even imagine how that could work.

 

[EdwinAMartin]

This does not fix SS. The Social Security trustees project that, even if the tax cap is eliminated, the system would fall back into deficit by 2029—just five years from now.

When wages, and hence the payroll levies, fail to keep up with inflation, then yes, you're heading for a deficit. Add automation in and you further reduce the payroll levees.

 

[citygator]

If everybody paid taxes, there would be far fewer idiots like you advocating for ever larger amounts of "free" stuff paid for by taxpayers.

Bottom 50% earn $2.5T per year
Top 50% earn $22T per year.

Those arent typos.

So how the hell are you raising money from the bottom 50%? They pay about $100B today in taxes or about 4% of their income. Your 10% raises their taxes by 150% up to $250B and all you did was raise $150B.

You could raise that same amount by tweaking the top 50% to 10.5% in your plan and not tax the bottom and you raise the same as taxing everyone at 10%.

Are you able to follow that math?

 

[Winston]

They don't have billions in cash laying around, so you're not going to get '$300 billion'. Being worth $q58 billion like Musk in no way means you have billions in cash lying around, and it's certainly not liquid. If he were to dump it on the markets it would drop in value like a rock.
'.

As if he would sell assets to cover the cost of the taxes. You people are so naive. If necessary, he would borrow the money and maybe, just maybe, sell some assets to cover the interest. But highly unlikely. They can cover that with cash flow.

Trillions of dollars, trillions of dollars of wealth are transferred in which no tax was ever paid on the capital gains. And I know, it is great when it is the old Home place that you get and you don't pay taxes on it. But what if it is a million acres in Montana. What if it is a majority holding in a major corporation. Or my personal favorite, a professional sports team.

The reality is, what you fear, dumping on the market and values dropping, is unlikely to happen, and even if it does, that is not a bad thing. Too many assets in this country are tied up in inheritances and not producing.

 

[citygator]

I would guess someone like Bezos or Musk likely doesn't have 1% of their assets liquid. Why on earth would they? A liquid asset is a losing and depreciating asset.

Or we could get the spending under control which is where the actual problem is. 7 years ago (pre COVID) we were spending 4.1 trillion dollars a year we are not spending close to 7 trillion. Have our costs really increases almost 100% since 2018? It increased because of COVID and never came back down. COVID's been over for years now. Why didnt our budget shrink?

Every plan has to include increasing taxes and lowering spending. I listed my plan above.

But youre advocating for taxing something that has already been taxed or something is an unrealized asset. If I make 100 million dollars next year and put that money in the bank. How many times do you want to tax that same 100 million? Because that's what your wealth tax is doing taxing the same dollar again and again because you've decided that I have too many dollars. At what point does the money I've made stop being raided by people like you?

I am a corporate C-suite executive making 7 figures in the top 0.3% of income. I could care less about your income. Anyone making what I make wont miss money that is taxed at 37% vs 35%. That is about $30k in tax difference to me. Its nothing.

 

[Couchpotato]

Every plan has to include increasing taxes and lowering spending. I listed my plan above.

The spending is THE problem. We dont have a revenue problem. If we rolled back spending levels to the dark ages of 2020 we would be running a surplus.

I am a corporate C-suite executive making 7 figures in the top 0.3% of income. I could care less about your income. Anyone making what I make wont miss money that is taxed at 37% vs 35%. That is about $30k in tax difference to me. Its nothing.

Cool story. I own and run my business. More than one actually. I'll keep all the money I earn.

When is the last time you paid more in taxes than you were required? Nothing is stopping you from adding up the value of all your assets and cutting a check to the IRS for whatever % of that number you think is fair. They will gladly cash it. Meanwhile get your hand out of my pocket and stop spending my money.

I hope you aren't the CFO of this company you work for....

 

[BS Filter]

You cant cut money you already spent. I have a thread around here pointing out how the Boomer Generation raked us over the coals but whoever you blame.... its spent AND we are spending way more than we are collecting. We need to do both:

• Stop spending on wars
• Cut military budget in half
• Means test SS and Medicare
• Raise taxes on those who have money to pay it (wealthy and corps)
• Nationalize Healthcare
• Eliminate al tax deductions and just go to straight percentages withheld up front based on prior year

Stop spending on wars. Do you want to speak Chinese or Russian?

 

[Couchpotato]

Raising or removing the cap fixes SS. Medicare can be fixed as well. Long term demographics looks scary, young folks are not starting families or having kids.

If you raise the cap on the tax dont you also have to raise the cap on the benefit? If not then it's just old people welfare (which is what it actually is anyway) and if that's the case why not just stop paying benefits to people who dont need it? It's far more cost effective to not collect additional taxes than it is to collect more and distribute them.

 

[kyzr]

There have been a number of proposals to increase, eliminate, or otherwise adjust the payroll tax cap as a way to shore up Social Security’s finances. Simply eliminating the tax cap would significantly improve the solvency of the Social Security trust funds, decreasing the programs’ long-range funding shortfall by 73 percent.

This does not fix SS. The Social Security trustees project that, even if the tax cap is eliminated, the system would fall back into deficit by 2029—just five years from now. Fixing Medicare is a real problem; it needs to be addressed, but in today's political climate that ain't likely. I can't even imagine how that could work.

The blue line fixes SS

Should We Eliminate the Social Security Tax Cap?

There have been a number of proposals to increase, eliminate, or otherwise adjust the payroll tax cap as a way to shore up Social Security’s finances.

www.pgpf.org

 

[M14 Shooter]

The blue line fixes SS

The blue line means some people will get SS benefits they did not pay for, and some people will not get SS benefits they did pay for.
It turns SS into a welfare program.

 

[kyzr]

If you raise the cap on the tax dont you also have to raise the cap on the benefit?

No.

If not then it's just old people welfare (which is what it actually is anyway) and if that's the case why not just stop paying benefits to people who dont need it? It's far more cost effective to not collect additional taxes than it is to collect more and distribute them.

We old people worked and paid into SS all our working lives.
SS is NOT old folks "welfare", we earned and paid for those benefits.
The government borrowed the SS surplus, and now its time they made us whole.

 

[kyzr]

The blue line means some people will get SS benefits they did not pay for,

BULLSHIT. WE PAID FOR THOSE BENEFITS, THE GOVERNMENT BORROWED/SPENT THE SURPLUS.

and some people will not get SS benefits they did pay for. It turns SS into a welfare program.

BULLSHIT.

 

[M14 Shooter]

BULLSHIT

Your yelling and screaming does not change the fact:

This means people will pay into SS beyond the cap, but their benefit will not increase past the cap.
This, necessarily, means some people will get SS benefits they did not pay for, and some people will not get SS benefits they did pay for.
That's welfare.

You can yell and scream, but this fact will not change.

 

[Couchpotato]

No.

Then it's welfare.

We old people worked and paid into SS all our working lives.

People on welfare did to.

SS is NOT old folks "welfare", we earned and paid for those benefits.

Sure it is. SS is just another tax. It all goes into the same bin and is then doled out to the recipients. They arent putting it into a savings account for you and then giving you your money back.

The government borrowed the SS surplus, and now its time they made us whole.

The Government has been spending the SS money since it's inception. It's just another tax. The "we paid in" is just a myth always has been.

 

[task0778]

The blue line fixes SS

Should We Eliminate the Social Security Tax Cap?

There have been a number of proposals to increase, eliminate, or otherwise adjust the payroll tax cap as a way to shore up Social Security’s finances.

www.pgpf.org

View attachment 1229038

Only until around 2055-2060, even then it's partly cuz benefits are not provided for the extra taxes the rich guys are paying. IOW, a spending cut/limit. That's called redistribution of wealth, which departs from the current understanding of how SS works. I don't personally have a problem with that, but I suspect there will be less revenue than anticipated cuz some small businesses might decide to put their money in other places.

But you did kick that can down the road, credit for that. Interesting to see how it plays out, which each party pointing fingers at the other. And what the consequences will be for whatever they do.

 

[M14 Shooter]

The Government has been spending the SS money since it's inception. It's just another tax. The "we paid in" is just a myth always has been.

That you paid into SS means only means you are eligible to receive whatever SS benefit the government says you can have.
Said benefit can be increased or reduced any time the government wants to change it.