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

[egp320i]

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.

if you make over 1M or 1B that is pocket change, they won't miss it, maybe won't be able to buy another mercedes or home

the question is the government is really bad at handling money, would this solve anything or give them more money
to blow?
I venture our government is and has been like some kid with his first big paycheck.......they can't help to blow it all

 

[Dorian Mode]

I have an innovative idea. The middle class has tapped out and is engulfed in an affordability crisis. If we attempt to tax the elite class any more they will offshore their assets, investments and industries, creating a bigger deficit that will require more taxes on the middle class. Here's something no one ever thinks about: Why don't we tax the government? Why don't we tax those elite MFs instead? Let's tax them 5% every year and that money comes out of their budgets for Learing Centers and all the other corruption the government is involved in. Of course, we also have to prohibit them from ever borrowing money again. Maybe we don't need more taxes, we need much less corruption.

 

[kyzr]

if you make over 1M or 1B that is pocket change, they won't miss it, maybe won't be able to buy another Mercedes or home
the question is the government is really bad at handling money, would this solve anything or give them more money. to blow?
I venture our government is and has been like some kid with his first big paycheck.......they can't help to blow it all

Yes, when we had a small surplus the first thing the morons did was cut taxes to get back to a deficit.

 

[iamwhatiseem]

Create a 1% wealth tax - and Congress will spend 3x more than that would add.
That is how it works.

 

[Dorian Mode]

Create a 1% wealth tax - and Congress will spend 3x more than that would add.
That is how it works.

People have to realize that the government is not there to protect us from the predatory elite rich, it is there to protect the predatory elite rich from us. Even if they created a wealth tax, it would contain so many loopholes that actually make them richer, and the middle class poorer.

 

[Hafar1014]

People have to realize that the government is not there to protect us from the predatory elite rich, it is there to protect the predatory elite rich from us. Even if they created a wealth tax, it would contain so many loopholes that actually make them richer, and the middle class poorer.

The government is the predatory elite rich

 

[iamwhatiseem]

People have to realize that the government is not there to protect us from the predatory elite rich, it is there to protect the predatory elite rich from us. Even if they created a wealth tax, it would contain so many loopholes that actually make them richer, and the middle class poorer.

No President in history showed that truth more than Obama.
It isn't even close.

 

[Dorian Mode]

No President in history showed that truth more than Obama.
It isn't even close.

The crowning achievement of Obama was Obamacare, which quickly raised the costs of medical care in this country for the middle class, made the BIG Money elite of the Insurance Industry much richer, and opened the door for enormous fraud in the healthcare industry. One of my biggest regrets in life was that I voted for Obama in 2008. I didn't even bother voting in 2012. Obama almost ruined it for me as a democrat, and when Hillary Clinton stole the 2016 primary from Bernie Sanders I left the new dumocrap party for good. One of the best decisions I ever made.

 

[EdwinAMartin]

The crowning achievement of Obama was Obamacare, which quickly raised the costs of medical care in this country for the middle class, made the BIG Money elite of the Insurance Industry much richer, and opened the door for enormous fraud in the healthcare industry. One of my biggest regrets in life was that I voted for Obama in 2008. I didn't even bother voting in 2012. Obama almost ruined it for me as a democrat, and when Hillary Clinton stole the 2016 primary from Bernie Sanders I left the new dumocrap party for good. One of the best decisions I ever made.

For me it was the Watergate Babies, and the 'Super-Delegate Rule'.

 

[Nostra]

Yes, when we had a small surplus the first thing the morons did was cut taxes to get back to a deficit.

Revenues went up after the tax cuts, so what do you think caused deficits to go up, Math Whiz?

 

[kyzr]

Revenues went up after the tax cuts, so what do you think caused deficits to go up, Math Whiz?

More spending and more borrowing.
Tax revenue goes up slightly after tax cuts because the economy has more cash to spend, but the deficit also goes up because more spending also spurs the economy.
Saying "tax cuts" generate more tax revenue is slight of hand, when more spending is the real reason.

 

[Dorian Mode]

More spending and more borrowing.
Tax revenue goes up slightly after tax cuts because the economy has more cash to spend, but the deficit also goes up because more spending also spurs the economy.
Saying "tax cuts" generate more tax revenue is slight of hand, when more spending is the real reason.

Sooner or later everyone will realize that tax cuts AND increased government spending really don't solve any problems. Our problems aren't about money, they're about management. Congress does not know how to manage this country. Moreover, congress is really good at creating problems that they will never be able to solve. If we substituted all the lawyers in congress with engineers, then maybe we can start resolving problems.

 

[EdwinAMartin]

Yes, when we had a small surplus the first thing the morons did was cut taxes to get back to a deficit.

Strong Economic Growth

This is often the most powerful driver of increased revenue. When the economy is expanding robustly, several things happen automatically to boost government receipts without any change in tax law.

As businesses thrive, corporate profits increase, leading to higher corporate income tax payments. As employment rises and wages grow, individuals earn more, leading to higher individual income and payroll tax collections.

A booming stock market can lead to a surge in capital gains when investors sell assets for a profit. These gains are taxed, providing an additional stream of revenue to the Treasury. This happened during the “dot-com” era of the late 1990s.
Beyond passive economic effects, the government can actively engineer a surplus by changing the law. Congress can pass legislation that directly increases tax rates, broadens the tax base by eliminating deductions and loopholes, or creates entirely new taxes.

The budget surpluses of fiscal years 1998-2001 were partly attributed to the Omnibus Budget Reconciliation Act of 1993, which increased the top marginal income tax rates. This policy decision directly increased the amount of revenue collected from higher-income taxpayers.

Understanding the U.S. Government Budget Surplus

Words like surplus, deficit, and debt get thrown around in political debates. ContentsWhat Is a Budget Surplus?Surplus vs. National DebtHow a Surplus HappensWhy the Government Isn’t Like a HouseholdThe Economic Consequences of a SurplusCase Study: The U.S. Budget Surpluses of 1998-2001Finding...

govfacts.org

We can add the ongoing revenues from Reagan's 8 tax increases on working people to why the Fed ran a surplus.

Federal spending as a percentage of the economy also fell because of the other bubble, the real estate bubble, like the dot.com bubble it was also rife with fraud and later had to be bailed out by the Federal govt. under both Bush and Obama, same as with Enron, bailed out by Bush.. Both Parties like to lie about their roles in the deficits and corruption.

 

[Nostra]

More spending and more borrowing.
Tax revenue goes up slightly after tax cuts because the economy has more cash to spend, but the deficit also goes up because more spending also spurs the economy.
Saying "tax cuts" generate more tax revenue is slight of hand, when more spending is the real reason.

Ok, so revenue isn’t the problem.

Can you figure out what is?

 

[Stann]

if you make over 1M or 1B that is pocket change, they won't miss it, maybe won't be able to buy another mercedes or home

the question is the government is really bad at handling money, would this solve anything or give them more money
to blow?
I venture our government is and has been like some kid with his first big paycheck.......they can't help to blow it all

In other words they need to be regulated.

 

[kyzr]

Ok, so revenue isn’t the problem.
Can you figure out what is?

Fraud and spending.
Welfare is too expensive, so is Medicaid, we spend too much on Defense, now interest on the debt is $1.2T a year which is consuming the $5T budget.
We need to cut spending, raise revenue, put every new dollar on paying down the debt, no new spending or borrowing.
I'd even go for the "penny solution", every line item in the budget gets cut by 1% every year for 10 years.

 

[Dorian Mode]

Ok, so revenue isn’t the problem.

Can you figure out what is?

Getting people out of congress who are experts at creating problems and electing people to congress who are experts at solving problems would be a great start. Over time not so many problems will persist and there will be no need to raise taxes ever again, and we can start reducing them without any need to borrow money ever again. I know, both sides of the aisle will find that suggestion absolutely unacceptable and send the CIA out to kill me.

 

[Stann]

Fraud and spending.
Welfare is too expensive, so is Medicaid, we spend too much on Defense, now interest on the debt is $1.2T a year which is consuming the $5T budget.
We need to cut spending, raise revenue, put every new dollar on paying down the debt, no new spending or borrowing.
I'd even go for the "penny solution", every line item in the budget gets cut by 1% every year for 10 years.

Still won't work , inflation is working against US too and Trump's new administration will end up costing US more than the first one did in the end.

 

[kyzr]

Still won't work , inflation is working against US too and Trump's new administration will end up costing US more than the first one did in the end.

Not true. Inflation is coming down after the Biden disaster.
Deportations are removing millions of grocery consumers which will make groceries more affordable.
If congress approves the DOGE recommendations that will save $213b.
If congress fixes SS and Medicare that will lower borrowing
Tariffs are a new revenue stream of about $250b
Kevin Warsh will be a better Fed chair than Jerome Powell, interest rates will be lower.
GDP should be in the 3% range after the $18T in new plant commitments come online

 

[Stann]

Not true. Inflation is coming down after the Biden disaster.
Deportations are removing millions of grocery consumers which will make groceries more affordable.
If congress approves the DOGE recommendations that will save $213b.
If congress fixes SS and Medicare that will lower borrowing
Tariffs are a new revenue stream of about $250b
Kevin Warsh will be a better Fed chair than Jerome Powell, interest rates will be lower.
GDP should be in the 3% range after the $18T in new plant commitments come online

You have to be kidding. This war alone cost US 6.1 billion in the first week. Everything adds up against US all.