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

[DGS49]

The main Senator pushing a wealth tax - Sanders - is saying that it MUST be used for safety-net spending. That won't reduce the deficit.

Democrats ALWAYS spend any increase in tax revenues on buying votes, never using it to fight the deficit/debt.

 

[SeaMajor7]

With all the freaking billions, if not TRILLIONS in unaccountable THEFT of our tax $$$, I don't want to hear SHIT about raising taxes. SCREW THAT.

 

[Lisa558]

The bottom 50% of wage earners essentially pay no taxes. You’re saying 50% of the US population is so poor they don’t have a fair share to pay?

Even the POOREST - those on welfare, being supported by Americans - still have money for Fritos, soda, and candy.

If welfare recipients are given the equivalent of $30,000 in benefits, they can pitch in and give up some of the junk food to help support the very government that is feeding their children and providing free health care.

 

[AntonToo]

Luxury taxes kill entire industries. Many years ago, I lived in Rhode Island. Congress passed a luxury tax at one time on the yachts bought by the rich and famous. The tax was high

Well then don't make it high.

.08 x 2% = ~0.16% off GDP, not a major hit to reduce the $40T debt.

Not true. The BBB only adds $240b a year to the debt. The 2026 deficit is from Biden's last budget.

H.R. 1, One Big Beautiful Bill Act (Dynamic Estimate)

As passed by the House of Representatives on May 22, 2025

www.cbo.gov

The Congressional Budget Office and the staff of the Joint Committee on Taxation (JCT) previously reported that H.R. 1, the One Big Beautiful Bill Act, as passed by the House of Representatives on May 22, would increase the primary deficit by $2.4 trillion over the 2025-2034 period.

You would also need to add in new revenue, such as tariffs, DOGE, Fed rate cuts, and if the GDP exceeds the assumed 1.8%

what the ****?

BBB is just one component of budget deficit (about 0.5T out of 1.9T)

2.5T is 8% of a 30T economy.

That implies huge reduction in GDP and a big recession as far as the eye can see.

Put away your Mikey Mouse math and listen to someone actually capable of basic macroeconomic analysis.

 

[Nostra]

I would rather see the implementation of various luxury taxes, myself.

Been tried. There used to be a 10% luxury tax on boats and planes over a certain dollar figure. The rich bought their yachts and planes overseas, and people here building them lost their jobs. Ended up being repealed.

 

[Nostra]

Bottom Line.
Those worth over 100 Billion, should have a MORAL thought, like Buffett, to help the rest.

Buffet? All talk. Sets his pay up so he pays the lowest % possible, then bitches that he doesn't pay enough.

Just write a check for your whole fortune to the gubmint, Warren. Then sit down and STFU.

 

[Nostra]

.08 x 2% = ~0.16% off GDP, not a major hit to reduce the $40T debt.

Not true. The BBB only adds $240b a year to the debt. The 2026 deficit is from Biden's last budget.

H.R. 1, One Big Beautiful Bill Act (Dynamic Estimate)

As passed by the House of Representatives on May 22, 2025

www.cbo.gov

The Congressional Budget Office and the staff of the Joint Committee on Taxation (JCT) previously reported that H.R. 1, the One Big Beautiful Bill Act, as passed by the House of Representatives on May 22, would increase the primary deficit by $2.4 trillion over the 2025-2034 period.

You would also need to add in new revenue, such as tariffs, DOGE, Fed rate cuts, and if the GDP exceeds the assumed 1.8%

The CBO has never been right on their predictions. Not once.

 

[Nostra]

The main Senator pushing a wealth tax - Sanders - is saying that it MUST be used for safety-net spending. That won't reduce the deficit.

Democrats ALWAYS spend any increase in tax revenues on buying votes, never using it to fight the deficit/debt.

Commie Bernie used to wail about MILLIONAIRES AND BILLIONAIRES..........................until he became a millionaire. Now it's just the EVIL BILLIONAIRES and OLIGARCHS. Millionaires are OK all the sudden.

 

[Nostra]

Well then don't make it high.

The yacht tax was the same 10% the idiot OP is proposing. Workers were the only people who suffered.

The idiot OP thinks nobody will change their behavior if this unconstitutional tax is enacted.

 

[EdwinAMartin]

So ... the most common snivel is that the poor aren't taxed enough? lol what is going to be taxed? Air?

The working poor pay almost all taxes; their productivity shows up in other pockets as profits, 'capital gains', dividends, interest, etc.. The wealthy and middle class are the most heavily subsidized, depending on what tax dodges and scams they're profiting from.

 

[Nostra]

So ... the most common snivel is that the poor aren't taxed enough? lol what is going to be taxed? Air?

The working poor pay almost all taxes; their productivity shows up in other pockets as profits, 'capital gains', dividends, interest, etc.. The wealthy and middle class are the most heavily subsidized, depending on what tax dodges and scams they're profiting from.

 

[EdwinAMartin]

Middle class receive about 15% of means tested bennies, about 40% and above of non-mean-tested bennies, and along with the wealthy get lots of deductions poor people don't get, mortgage deductions, health insurance deductions, and hundreds of others built into the tax code.

please, quit lying to yourselves. you're not going to get real reforms until you do.

 

[EdwinAMartin]

View attachment 1228917

lol 'income taxes ' aren't the only govt revenue, which is why the right wing propagandists always lie by omission about who pays most taxes..

 

[EdwinAMartin]

The main Senator pushing a wealth tax - Sanders - is saying that it MUST be used for safety-net spending. That won't reduce the deficit.

Democrats ALWAYS spend any increase in tax revenues on buying votes, never using it to fight the deficit/debt.

He knows it won't pass, he's just playing to the media. His audience is the Neiman Marxists.

 

[Nostra]

lol 'income taxes ' aren't the only govt revenue, which is why the right wing propagandists always lie by omission about who pays most taxes..

They account for over 80% of the total tax revenue, Short Bus.

Next?

 

[Seymour Flops]

Bottom Line.
Those worth over 100 Billion, should have a MORAL thought, like Buffett, to help the rest.

100 Billion. Someone said.......that's a lot.
Maybe math teacher Admiral Rockwell Tory or former teacher SweetSue92 or current teacher Unkotare or Seymour Flops could HELP with the math I propose.

100 Billion/10 years = well, that's easy, that is 10 Billion a Year. Nice.
10 Billion a Year/ 365 Days per YEAR = over 27 MILLION per DAY.

Sure, these guys are going to SUFFER big time, and will probably move to a RED STATE. I'm thinking the vast vacant boring land of Oklahoma or S/N Dakota.

The math is correct. The economics may need tweaking.

First, are you envisioning that these multi-billionaires have multi billions of dollars in cash sitting in bank accounts from which they could just write a check once a year to the government?

Or do you understand that the overwhelming majority of their billions in net worth is in the form of a successful companies that they own?

 

[EdwinAMartin]

They account for over 80% of the total tax revenue, Short Bus.

Next?

lol no they don't, tiny bus.

Next?

 

[Nostra]

lol no they don't, tiny bus.

Next?

Income taxes represented the largest portion of total tax revenue, accounting for roughly 80 percent of the total income tax take at the federal level,

 

[the watcher]

Commie Bernie used to wail about MILLIONAIRES AND BILLIONAIRES..........................until he became a millionaire. Now it's just the EVIL BILLIONAIRES and OLIGARCHS. Millionaires are OK all the sudden.

Bernie has a dream.

 

[TNHarley]

Firs thing is first. Balanced budget. If we dont do that, everything else is moot.
I also think the 50% that dont pay income taxes or gets more back than they pay in, should be changed. Everyone should be contributing. No one should get free money for spitting out children.

Of course, I dont believe in income taxes. We shouldnt have them. But I know they will never get rid of that now. Every inch we give them, results in them taking a foot.