Leftists are salivating - drooling - for a wealth tax

[The Sage of Main Street]

Must suck to not have any marketable skills, Trollwinger.

Generic Is Degenerate

When we have to buy them, they aren't skills at all.

 

[The Sage of Main Street]

that's good...beats "render unto Caesar"

That Proved That Jesus Was a Pacification Agent of the Roman Empire

 

[The Sage of Main Street]

"I have taught you well, comrade."

Conceited Academic Snob Who Never Worked a Proletarian Job

The Eweniversity is a mind-rape room run for the benefit of plutocratic parasites and their spoiled-putrid sons. QED about Left and Right being two wings of the same vulture.

 

[Frankeneinstein]

That Proved That Jesus Was a Pacification Agent of the Roman Empire

Fortune cookie erudition aside...You would be better served trying to explain that to the "pacification agents" we have here...
...it was a tongue in cheek quote to the left/white liberals who want to keep religion out of government [as do I] but tend to follow in its footsteps by following the teachings of Jesus when it comes to taxes that prop up that government.

 

[JohnDB]

 

[BluesLegend]

Those Who Run Businesses Aren't the Ones Who Make the Businesses Run. Employees Are.

The bosses and owners are only the ignition key, which is worth about five dollars in a car worth many thousands. Stock is static, work is dynamic.

Awesome, then the employees can start competing companies and take 100% of the wealth. Problem solved. No need to STEAL other peoples wealth when you can do that.

 

[hadit]

Outsourcing Is Treason

Who gave them the right to do that?

The better question is, who has the right to look at how someone else spends or invests their wealth and demand they do it a different way? Start with freedom.

 

[hadit]

Those Who Run Businesses Aren't the Ones Who Make the Businesses Run. Employees Are.

The bosses and owners are only the ignition key, which is worth about five dollars in a car worth many thousands. Stock is static, work is dynamic.

Without bosses and owners, labor has nothing to do. Take a construction crew. Where are they going to build? Someone else figures that out. What are they going to build with and how are they going to get hold of it? Someone else figures that out. How are they going to stop traffic in the streets so they can build? Someone else figures that out. Labor is but a small component of the total picture.

 

[The Sage of Main Street]

That’s already done .. it’s called capital gains. What are you planning to do next, tax them for getting a loan against their assets?

The envy is never ending and so funny that only Wall Street and similar individuals are called out instead of the whole including Hollywood actors, musicians, artists, politicians, porn stars, other investors, and sports stars (e.g., Lebrone James the Billionaire)

Inheritance Is the Third Rail of the Road to Serfdom

Did you know that HeirHeads don't have to pay capital gains on their Daddy's original purchase price, only on the gains they made after they mooched the stock out of his casket?

 

[The Sage of Main Street]

Without bosses and owners, labor has nothing to do. Take a construction crew. Where are they going to build? Someone else figures that out. What are they going to build with and how are they going to get hold of it? Someone else figures that out. How are they going to stop traffic in the streets so they can build? Someone else figures that out. Labor is but a small component of the total picture.

Rebutting the Bosses' Buttboys

Baseball managers only average $4 million a year, a lot less than many of the players. Why is it so different in business, with its unprecedented differential so lopsided on the top?

 

[The Sage of Main Street]

Fortune cookie erudition aside...You would be better served trying to explain that to the "pacification agents" we have here...
...it was a tongue in cheek quote to the left/white liberals who want to keep religion out of government [as do I] but tend to follow in its footsteps by following the teachings of Jesus when it comes to taxes that prop up that government.

He Who Owns the Goose That Lays the Golden Eggs Makes the Rules

The geese are the wimpy nerd pushover High IQs who create all the wealth and have it stolen from them by plutocratic predator apes.

 

[The Sage of Main Street]

Awesome, then the employees can start competing companies and take 100% of the wealth. Problem solved. No need to STEAL other peoples wealth when you can do that.

What Happens in Lost Wages Stays in Lost Wages

Because of jealousy within the plutocracy, its heirs' government steals from some of them. The employees who create their owners' wealth don't take it back from them.

 

[jotathought]

Inheritance Is the Third Rail of the Road to Serfdom

Did you know that HeirHeads don't have to pay capital gains on their Daddy's original purchase price, only on the gains they made after they mooched the stock out of his casket?

Why is that a problem?

Death is a logical point to establish fair market value. Otherwise, heirs could be expected to reconstruct decades of purchase records, stock splits, dividend reinvestments, and other transactions to determine basis.

If the estate is large enough to be subject to estate taxes, there is a reasonable argument that the same appreciation is already being taxed.

The real question is: Why should unrealized gains suddenly become taxable because someone died? Why would death itself trigger a capital gains tax on assets that were never sold?

 

[M14 Shooter]

The real question is: Why should unrealized gains suddenly become taxable because someone died?

Unrealized gains aren't income. The federal government cannot tax them.

 

[jotathought]

Unrealized gains aren't income. The federal government cannot tax them.

100% agree — and I don’t understand the objection from another poster to the stepped-up basis upon inheritance because of this.

 

[The Sage of Main Street]

100% agree — and I don’t understand the objection from another poster to the stepped-up basis upon inheritance because of this.

The Princes' Pleasant Peasants Have No Principles

I call you a liar, Preppylover. You purposely twisted my post, which only implies that when the grave-robbing Daddymoocher sells the stock, the capital gains should be based on the HeirDad's original purchase price.

 

[jotathought]

The Princes' Pleasant Peasants Have No Principles

I call you a liar, Preppylover. You purposely twisted my post, which only implies that when the grave-robbing Daddymoocher sells the stock, the capital gains should be based on the HeirDad's original purchase price.

Why?

You’re objecting to the stepped-up basis—the practice of valuing inherited assets at their fair market value at the time of transfer.

I put the burden on you to explain how the beneficiary is supposed to determine the “original purchase price” in many real-world scenarios.

What happens when the investment was purchased 40 years ago? Or after multiple stock splits, mergers, acquisitions, spin-offs, dividend reinvestments, partial sales, transfers between brokerages, or inherited from a prior generation? What if the records no longer exist?

The stepped-up basis isn’t just a tax policy choice—it’s also an administrative solution. Death provides a clear, verifiable valuation date and a clean basis for the new owner.

If you want to replace that system, explain how heirs are supposed to reconstruct decades of transaction history accurately and consistently. Simply saying “use the original purchase price” sounds easy until you have to actually determine what that purchase price was.

 

[Captain Caveman]

Mr. Musk became a trillionaire (on paper) yesterday when his Space X company became public.

AOC, Bernie, and many lesser known socialists are just drooling for a wealth tax so they can swoop in and steal 5% of his wealth and redistribute it.



Now, I'm not going to tell you that the super rich don't need to pay more. THEY DO. Raise the freaking tax rates on the wealthy - but do it on earned income, capital gains, and so forth.... the way they have done it for a long time. Raise the rates.

What the left is proposing with these "wealth taxes" is theft. And rest assured, after they get their 5% this time, they will be back for more, soon enough.

Musk gets his pay in bank loans. A bank loan is a debt, and debt is not taxed. So to tax Musk, the US would have to tax debt. So everyone with a mortgage, loan, credit card etc.. would have to pay tax on the balance.

 

[ThisIsMe]

Because they are not stupid enough to claim taxable income

Tax every stock transaction they make

Again, you haven’t explained why. If money is sitting in investments and I am not receiving anything from them, why tax it?

If I have 100 million in stocks and other investments and the government taxes it, but then the next year the government does something that makes the economy tank, will the government pay me back for the losses?

 

[rightwinger]

Again, you haven’t explained why. If money is sitting in investments and I am not receiving anything from them, why tax it?

If I have 100 million in stocks and other investments and the government taxes it, but then the next year the government does something that makes the economy tank, will the government pay me back for the losses?

It is merely a sales tax on a transaction

Similar to if you buy a car or refrigerator