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

[Thinker101]

What the hell, is the plan to get congress to pinky promise the money will only be used to pay down the National Debt?

 

[citygator]

How about cutting spending on unnecessary crap and fraud.

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

 

[EdwinAMartin]

What the hell, is the plan to get congress to pinky promise the money will only be used to pay down the National Debt?

Well, the right wing plan so far is to tax the shit out of people who don't have anything to tax. lol they're not any brighter than the left wing cultists.

At least they're patriots and don't wank off to sexually mutilating children, so they're still the best to vote for.

 

[task0778]

What the hell, is the plan to get congress to pinky promise the money will only be used to pay down the National Debt?

I remember when Congress pinky swore to Reagan that they would cut spending if he would sign their tax hikes. So, he signed their tax hikes but they never cut spending. Moral of the story: cut spending first and do not trust democrats.

 

[AZrailwhale]

Yes! We need to give politicians more money. I’m sure they’ll do the right thing with it.

You need a sarcasm button or emoji.

 

[Independent thinker]

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.

Someone has probably already mentioned it but your subject line says 1% and your OP says 2%, not that it really matters. Many countries in Europe already tried a wealth tax and in every one of those countries but one, they ended it because it didn't work. And, in the one country which still has it, it's not working either. They just haven't ended it yet. So, it doesn't work. I don't know what it takes to get the left to understand that. They seem to always believe that if something sounds good then surely it will work.

 

[EdwinAMartin]

I remember when Congress pinky swore to Reagan that they would cut spending if he would sign their tax hikes. So, he signed their tax hikes but they never cut spending. Moral of the story: cut spending first and do not trust democrats.

Reagan raised taxes 8 times, but since they were on working people it doesn't count with some Republicans, as long as he cut taxes for the S&L swindlers and stock market fraudsters. He was another phony con artist.

 

[AZrailwhale]

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.

It essentially gutted the recreational boat industry in the USA. The rich could still afford to buy yachts, either here or overseas, the middle class couldn't afford to buy boats anymore. Only large companies like Catalina managed to stay in business.

 

[Winston]

A 1% 'wealth tax' is also just stupid and won't make a dent in deficits, it's just idiot feel good nonsense.

Actually, 300 billion a year would put a pretty good dent in the deficit. But that is a two percent wealth tax on net worth above 50 million with an additional one percent surcharge on net worth over a billion.

And come on, even at the three percent level for billionaires, there is no way anyone can convince me that would somehow be a burden on those billionaires, that it would force them to sell assets.

 

[kyzr]

A wealth tax will destroy the stock market and have no effect on the national debt. Only spending cuts can reduce the debt

So what do yo cut? Welfare? Medicaid? SNAP? Defense? Corporate Subsidies?

Can't cut Medicare or SS

 

[kyzr]

Asinine. A great way to drive successful people to other countries. Has never worked when tried in other countries. Confiscation has no history of good results.

So wat do you do with the $39T debt and $1.2T annual interest payment? when the dollar collapses you'll see who is asinine.

 

[kyzr]

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.

Which is why I'm saying to pass a balanced budget law so no future borrowing if this happens.

 

[AZrailwhale]

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

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.

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

Everyone should have skin in the taxation game. Rich, middle class, poor, I don't give a damn. Get $800.00 in welfare benefits, pay eighty dollars in income tax. Get $100,000.00 in wages, pay $10,000.00 in taxes, make $10,000,000.00 pay $1,000,000.00 in taxes. WITH a constitutional amendment forbidding congress from raising taxes above that ten percent mark except in a declared war and mandating a balanced budget. NO MORE DEFIT SPENDING except in a declared war.

 

[task0778]

AI Summary:

Billionaires typically have very low liquidity compared to their total wealth. Most of their assets are tied up in investments rather than cash.

Cash Holdings

• On average, billionaires hold about 1% of their net worth in liquid assets like cash.
• Wealthy individuals with over $3 million often keep around 15% of their assets in cash.

Investment Focus

• The majority of their wealth is invested in business interests, stocks, bonds, and other financial assets.
• This strategy is considered more efficient than holding large amounts of cash, which does not generate returns

Let's say you hit them with a wealth tax on their financial assets. What're they gonna do about it? They're doing to move as much that is practical to non-financial assets that will still appreciate. That means a drop in financial investments, which means a drop in economic growth. Fewer startups, fewer business expansions, and fewer jobs. Some of them are gonna move their assets and businesses overseas; do we have an exit tax? I dunno.

 

[kyzr]

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

Depends how its set up. A financial transaction tax could work just as well.
Unrealized gains is income if you need to pay tax on it.

 

[task0778]

So what do yo cut? Welfare? Medicaid? SNAP? Defense? Corporate Subsidies?

Can't cut Medicare or SS

They're going to have to, sooner or later Congress will have to restructure those programs to become more sustainable. Cuz right now they ain't.

 

[kyzr]

What the hell, is the plan to get congress to pinky promise the money will only be used to pay down the National Debt?

Ironclad law to that effect including no more borrowing.

 

[kyzr]

They're going to have to, sooner or later Congress will have to restructure those programs to become more sustainable. Cuz right now they ain't.

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.

 

[AZrailwhale]

Ironclad law to that effect including no more borrowing.

Any law that congress passes can be removed by a future congress. To work, that needs a Constitutional Amendment that the politician won't pass.

 

[Marener]

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.

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

Outside things would really be crazy!