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

[Mac-7]

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.

Tax everyone

and no more unEarned Income Tax Credit that pays lazy welfare bums $5,200 a year free money

 

[Natural Citizen]

Firs thing is first. Balanced budget. If we dont do that, everything else is moot.

It's impossible now.

The monetary system itself is debt based.

The monetary system is designed to require ever-increasing levels of debt just to continue.

That's what the general public doesn't seem to grasp.

And that's why politicians will always kick the can down the road and raise the so-called debt ceiling over and over again until the whole system finally collapses under its own weight.

They just don't want it to collapse under their own watches but couldn't care less about it after their time becoming multi-millionaires in government has passed, mirroring the way that the boomers, collectively speaking, who normalized that sort of ''designed to fail'' system sold out future generations, putting them on the hook.

Now, as a consequence, we must constantly pay more and more tax just to even have a monetary system.

Which is why these same wingnuts are screaming about ''tax everybody'' now.

End of the day Keynesians gonna Keynes...

 

[EdwinAMartin]

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,

And again you're ignorant or you're lying by omission again. There are other taxes, but your ideological tree house would toss you out if you go against the herd.

 

[EdwinAMartin]

Of course, I dont believe in income taxes. We shouldnt have them.

Correct, at least not on wages. Wages are not income.

 

[Missouri_Mike]

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.

Remember way back when wage taxes were never going to be over 1%, then it was passed and is now out of control?

No tax is ever temporary and beyond that the money will never be applied to the debt. They’ll find new ways to spend twice what they collect.

 

[task0778]

A Federal Wealth Tax on financial assets might be one way to pay down the $39T National Debt.

Financial assets are also known by another name: investments. You know what happens when you raise taxes on something? You get less of it, and less investing is counterproductive to economic growth. Consider:

Among the countries that had a wealth tax in the past but have abolished it, Germany, France and Sweden are particularly instructive. Everywhere, this tax was abolished because it caused more harm than good. The rich, who were to be fleeced, voted with their feet. Even without including emigration, wealth tax on working capital damaged the government’s income base. The wealth tax discourages investment and growth also in many companies with owners who do not move and thus reduces other more important tax revenues such as corporation tax.

 

[Nostra]

And again you're ignorant or you're lying by omission again. There are other taxes, but your ideological tree house would toss you out if you go against the herd.

Read the numbers. Ask for help if you need it, Window Licker.


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,

 

[Nostra]

. Wages are not income.

What are they?

 

[EdwinAMartin]

Read the numbers. Ask for help if you need it, Window Licker.


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,

I've been reading them for decades. You just don't like them and prefer lying about the govt.s sources of revenue is all. They don't fit your fantasy ideology.

 

[EdwinAMartin]

What are they?

Barter. No profit for the wage earner at all, they are an even trade. You need to take an economics course.

 

[EdwinAMartin]

You know what happens when you raise taxes on something?

Do you know what happens when you don't have taxes and there is no govt., hence no courts, no police, no military?

 

[M14 Shooter]

A Federal Wealth Tax on financial assets....

Violates the constitution.
The federal government only has the power to tax income.

 

[leftwinger]

/* from BRAVE AI*/

income taxes accounted for 48.7% of total federal government revenue in fiscal year 2023, making it the largest single source of federal revenue.

In fiscal year 2024, individual income taxes contributed approximately 49% ($2.4 trillion) of the federal government’s total revenue of about $5 trillion

*********

The federal corporate income tax accounted for 11% of total federal revenue in fiscal year 2024, according to the Bipartisan Policy Center. This represents a decline from earlier decades, as the share of corporate income taxes in federal revenue has steadily decreased since the 1960s.
.

 

[leftwinger]

/* from BRAVE AI*/

Payroll taxes are the second-largest source of federal government revenue after individual and business income taxes. These include Social Security and Medicare taxes, which are collected from both employees and employers.

Payroll taxes accounted for 33.6% of federal revenue in FY 2025, totaling $1.77 trillion.
They are dedicated to funding Social Security and Medicare through trust funds.


Other notable revenue sources include:
Corporate income taxes: $467 billion projected for FY 2025 (about 11% of total revenue).
Excise taxes: Levied on specific goods like fuel, alcohol, and tobacco.
Customs duties and tariffs: Revenue from imported goods.
Estate and gift taxes: Taxes on transfers of wealth after death or during life.
Non-tax revenue: Includes interest from Federal Reserve holdings, fees for services (e.g., national park entry), and leasing of natural resources.

 

[leftwinger]

/* from BRAVE AI*/

Purpose:
Payroll taxes fund specific social programs like Social Security, Medicare, and unemployment benefits.
Income taxes fund general government operations, including defense, education, infrastructure, and public services.

Who Pays:
Payroll taxes are split between employers and employees (e.g., each pays 6.2% for Social Security and 1.45% for Medicare).
Income taxes are paid solely by individuals, though employers withhold them from paychecks.

Tax Rates:
Payroll taxes have fixed rates (e.g., 15.3% total for Social Security and Medicare) and apply only up to income caps (e.g., Social Security tax stops at $176,100 in 2025).
Income taxes use a progressive rate system, ranging from 10% to 37%, based on income level and filing status.

Income Base:
Payroll taxes apply only to wages and salaries.
Income taxes apply to all sources of income, including wages, investments, and rental income.

Calculation Method:
Payroll taxes are calculated based only on gross income.
Income taxes consider filing status, deductions, credits, and exemptions.

 

[task0778]

Do you know what happens when you don't have taxes and there is no govt., hence no courts, no police, no military?

WTF are you talking about? Nobody said anything about ending all taxes.

 

[citygator]

The top 50% of Americans own $150-160 Trillion in assets.

1% would only be $1.5-1.6T which is a drop in the bucket for a $40T debt.

Not sure this remedy has the uuumph.

If I had $10M in assets... Id' owe only $100K. I wouldnt need to liquidate anything to pay that.

 

[Couchpotato]

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

Income taxes are 50 and payroll (ss which is just another income tax) is 30. So it is basically 80.

Do you really want to eliminate the Standard Deduction, so you can tax the poorest, which would raise your taxes too?

Isnt Norway always put up as the standard of what a good tax system looks like?

 

[BS Filter]

Stop the billions in government welfare fraud.

 

[Couchpotato]

The top 50% of Americans own $150-160 Trillion in assets.

1% would only be $1.5-1.6T which is a drop in the bucket for a $40T debt.

Not sure this remedy has the uuumph.

If I had $10M in assets... Id' owe only $100K. I wouldnt need to liquidate anything to pay that.

You would if they weren't liquid assets. And people already pay taxes on assets. Property, sales, etc. Those are taxes you pay on an asset. Property taxes you pay forever, because apparently there's a fee that needs to be paid to the Government for the privilege of owning property, though it's closer to rent since if you dont pay your "Government property rent" they will evict you and find someone who's willing to pay it.

What this is asking to do is tax things again that have already been taxed, or tax an unrealized asset (stocks). If you want to tax stocks which are paid as compensation at the value of that stock at the time it was paid then you might have an argument but taxing a stock's value over and over would be ridiculous, would kill all private investment through the stock market and probably wildly unconstitutional. Is the Government going to issue a tax credit or refund on a stock that goes down in value?