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

[CrusaderFrank]

A Federal Wealth Tax on financial assets might be one way to pay down the $39T National Debt.
Another would be to eliminate all "tax deductions".
A "sweetener" could be to couple the increase in "wealth" taxes with a "Balanced Budget" Law to forbid future Federal borrowing.

Wealth Tax 2025 Debate: U.S. Legal and Constitutional Challenges

Wealth Tax 2025 debate in the U.S. explores constitutional limits, federal authority, and potential court challenges.

lawdropusa.com

Q: What is a wealth tax?
A: A levy on net assets such as stocks, and cash holdings, rather than annual income.

Q: Is a wealth tax constitutional?
A: Opponents argue it violates apportionment rules; supporters claim the Sixteenth Amendment provides sufficient authority.

Q: Has the U.S. ever had a wealth tax?
A: No comprehensive federal wealth tax has been enacted, though estate and property taxes function similarly in scope.

Q: Why is the wealth tax 2025 debate significant?
A: It tests the balance between government taxing power and constitutional limits, with potential Supreme Court involvement.

Just doing some simple math.
If there is approximately $269T of "financial" wealth in the US, and the current Debt is $40T, and we want to pay that debt off in 8-years, that means a $5T tax or a ~2% wealth tax on all financial assets, but only for 8-years.
(it could be 1% over 16-years, if that is easier to sell)

View attachment 1228771

Problem solved. No debt, and no more borrowing.

You have to be a CFI where C is for Complete and I for Idiot to believe that we need more taxes to pay down the debt

 

[midcan5]

Yes, but the rich etc don't pay their fair share, that is the way life works in America and in much of the world. 'Money talks...'

How the Richest People in America Avoid Paying Taxes

A clever new paper puts concrete numbers to the taxes paid by members of the Forbes 400.

www.theatlantic.com

 

[kyzr]

A "wealth tax" as suggested would be a disaster, as it would force selling of assets which would assure that the assets would tumble in price.

A 1% wealth tax is not that significant. Most investors have "tactical cash" available more then 1%.
Also, most financial assets appreciate more than 1% a year.

 

[kyzr]

You have to be a CFI where C is for Complete and I for Idiot to believe that we need more taxes to pay down the debt

So show us how we pay it down without new taxes, considering that "discretionary spending" isn't discretionary.

 

[kyzr]

Why not just divy up the debt and give everyone a bill.
Hi there, Mr. Family of four. You just got handed a bill for half a million.
And guess what. The government still won't stop spending.
So we'll be back for your next round long before you get this one paid off.
After all, Somalians need their Lexus'

That won't work.

 

[kyzr]

Ok, the poll says 'no' to a new wealth tax. We'll soon see how the "bond vigilantes" treat US debt.

If/when the dollar crashes, then its too late. I tried. Ride the dollar all they way down....

 

[leftwinger]

I want to say no until spending is fixed Fraud free.

Why should we give lazy useless corrupt Congress a get out of jail free card. Many of them need to be in Gitmo along with State players that took advantage of "the system" (Walz, Gov of Maine, Newscum etc.)

 

[leftwinger]

If any company found out ~1/7 of revenue was being Stolen, lost carelessly or wasted, there would be NO employee "chip in fund" to pay it off.

Without stopping the fraud? Revamping all programs right now DOGE style? They have 2 million employees for the love of GOD!!! Fix it!!!

 

[CrusaderFrank]

So show us how we pay it down without new taxes, considering that "discretionary spending" isn't discretionary.

Drastically downsize the military, biggest waste of taxpayer dollars. Only Congress can declare war

Social Security and Medicare/Medicaid for fraud, since 2003 it would appear that almost $3T of improper payments were made

No more Continuing Resolutions - Ever. Pass individual budgets

Congressmen trading stocks in businesses that are before them should be jailed for Insider trading. Break the connection between Government Spending and Congressional compensation

Eliminate the Income Tax. Each State must pay its ratable share of spending based upon their EC votes. Repeal the 17th Amendment

 

[Cellblock2429]

Why not just divy up the debt and give everyone a bill.

Hi there, Mr. Family of four. You just got handed a bill for half a million.

And guess what. The government still won't stop spending.

So we'll be back for your next round long before you get this one paid off.

After all, Somalians need their Lexus'

/—-/ A concept lost on every tax the rich socialist.

 

[CrusaderFrank]

If any company found out ~1/7 of revenue was being Stolen, lost carelessly or wasted, there would be NO employee "chip in fund" to pay it off.

Without stopping the fraud? Revamping all programs right now DOGE style? They have 2 million employees for the love of GOD!!! Fix it!!!

Make this a campaign motto!

 

[CrusaderFrank]

I want to say no until spending is fixed Fraud free.

Why should we give lazy useless corrupt Congress a get out of jail free card. Many of them need to be in Gitmo along with State players that took advantage of "the system" (Walz, Gov of Maine, Newscum etc.)

Congress can't trade stocks as long as we have a deficit

 

[1srelluc]

LOL....This thread should have been titled....The Thread of Pipe Dreams.

 

[Clipper]

People living off savings have investment income, which is taxable.

The ones living off of OTHER people’s earnings (the ones on government charity programs) should have 3% of their benefits withheld and the value sent to the IRS. One less candy bar and soda can a week won’t kill them.

Yea, we'd hate to see some kid get a candy bar & a soda as a treat once a week.

Typical attitude of a right wing straight up asshole.

 

[22lcidw]

Yea, we'd hate to see some kid get a candy bar & a soda as a treat once a week.

Typical attitude of a right wing straight up asshole.

That is not the truth. If empowered, I would take much of the wealth from all Progs to prove you right.

 

[CrusaderFrank]

People living off savings have investment income, which is taxable.

The ones living off of OTHER people’s earnings (the ones on government charity programs) should have 3% of their benefits withheld and the value sent to the IRS. One less candy bar and soda can a week won’t kill them.

On the other hand, if we hadn't wasted $25Trillion pursuing regime change in the Middle East, we'd all be much better off

 

[Lisa558]

On the other hand, if we hadn't wasted $25Trillion pursuing regime change in the Middle East, we'd all be much better off

Not sure where you got the $25 T from, but you’re OK with another Holocaust wiping out 7 million Jews? Because that’s what the Islamic sub-humans would do if they got nukes.

 

[kyzr]

Drastically downsize the military, biggest waste of taxpayer dollars. Only Congress can declare war
Social Security and Medicare/Medicaid for fraud, since 2003 it would appear that almost $3T of improper payments were made
No more Continuing Resolutions - Ever. Pass individual budgets
Congressmen trading stocks in businesses that are before them should be jailed for Insider trading. Break the connection between Government Spending and Congressional compensation
Eliminate the Income Tax. Each State must pay its ratable share of spending based upon their EC votes. Repeal the 17th Amendment

1. I'm with you on downsizing the military. Say $800b, period.
2. Send Medicaid to the states, along with Welfare, SNAP, etc.
3. CRs beat shutdowns. Most times.
4. Congress' pay is not an issue, subsidies and corporate welfare are.
5. States can't do the job of the Federal government

 

[kyzr]

LOL....This thread should have been titled....The Thread of Pipe Dreams.

Why? Its simple math.

 

[Clipper]

Not sure where you got the $25 T from, but you’re OK with another Holocaust wiping out 7 million Jews? Because that’s what the Islamic sub-humans would do if they got nukes.

Maybe Trump should have thought of that before he got a bug up his ass over Obama signing the JCPOA & tore it up.

Bet the farm that your boy never even read a paragraph of it.