Majority of Americans favor wealth tax on very rich: Reuters/Ipsos poll

[Markle]

But unless we did it my way, not everybody will pay. It would be politics as usual. Our tax system only taxes most of the people. Other people get away scott free for all cash transactions.

A VAT is a terrible idea. Before you could blink your eye it would be at 20% PLUS we'd still have all the other taxes.

The tax code needs to be changed so that there no longer is 47% of workers paying no Federal Income Tax at all. If you earn $5,000 you pay a portion in Federal Income Tax. If you earn $10,000 you pay a portion in Federal Income Tax and so on. EVERYONE needs to have skin in the game. That's the way our tax code operated for many decades.

Another thing we need to do is repeal the 17th Amendment. The states need to be represented.

 

[jc456]

Why? Because then they'd lose their job.

It's not so much government is bloated, it's that the citizens are too comfortable to make any changes. If politicians start cutting this and cutting that to reduce the deficit, and eventually the debt, it means we all will have to do with less things from the government. People would get pissed, hold their representatives responsible, and then get voted out next election.

While I can agree with you Ray that 'we the people' have gotten used to voting ourselves largesse from the treasury, our politicians who make the laws have to be accountable...That is why the Penny Plan makes so much sense...Only in DC is not approving an increase in spending marketed to the people as a cut. What I am saying is that if every budget stays the same except for .01 cent per dollar is cut, the programs will continue on while we balance our budget, and at some point start paying down debt...I see that as a win, win....

It still would require major spending cuts. To put it better, let me reiterate something economist Walter E Williams came up with:

"I am running for an office in Congress. My platform is, I will not bring any money back to my state. I will vote against all spending bills. Would you vote for me?"

We are going to get there sooner or later are we not? Now I love Mr. Williams...he is spot on with everything he says...But we have to change attitudes, and we don't do that by saying 'it's not possible', and giving up.

Agreed. That's why I wrote the solution in my response to Gator. A consumption tax to eliminate the deficit and reduce the debt would make everybody aware. Currently, only a small part of our country is aware of the problem, and a smaller amount even care. Hell, I'm almost 60 now. I'll likely be long off this earth when our country collapses. Why should I care? But if I had to pay for this debt every time I make a purchase, and pay even more for new social spending, you bet I'd care. You bet I would be going to the polls to make sure new spending politicians don't get into power.

Congress would play the same games with a federal sales tax that they do with the income tax. Special interest lobbyists would be lined up around the block, angling for exemptions, credits and "incentives".

How, offer your explanation

 

[Weatherman2020]

WASHINGTON/NEW YORK (Reuters) - The idea of imposing a wealth tax on the richest Americans has elicited sharply divergent views across a spectrum of politicians, with President Donald Trump branding it socialist and progressive Democratic presidential contenders Senators Elizabeth Warren and Bernie Sanders prominently endorsing it.

snip

Among the 4,441 respondents to the poll, 64% strongly or somewhat agreed that “the very rich should contribute an extra share of their total wealth each year to support public programs” - the essence of a wealth tax. Results were similar across gender, race and household income. While support among Democrats was stronger, at 77%, a majority of Republicans, 53%, also agreed with the idea.

Majority of Americans favor wealth tax on very rich: Reuters/Ipsos poll

If this is true, then the experiment called the United States of America as we know it is done....

Bullshit poll. Watch how many votes Bernie gets to support such stupidity.

 

[jc456]

But unless we did it my way, not everybody will pay. It would be politics as usual. Our tax system only taxes most of the people. Other people get away scott free for all cash transactions.

A VAT is a terrible idea. Before you could blink your eye it would be at 20% PLUS we'd still have all the other taxes.

The tax code needs to be changed so that there no longer is 47% of workers paying no Federal Income Tax at all. If you earn $5,000 you pay a portion in Federal Income Tax. If you earn $10,000 you pay a portion in Federal Income Tax and so on. EVERYONE needs to have skin in the game. That's the way our tax code operated for many decades.

Another thing we need to do is repeal the 17th Amendment. The states need to be represented.

Well that’s why demofks get the non payers vote. Duh everyone should pay taxes, that’s fair

 

[Weatherman2020]

But unless we did it my way, not everybody will pay. It would be politics as usual. Our tax system only taxes most of the people. Other people get away scott free for all cash transactions.

A VAT is a terrible idea. Before you could blink your eye it would be at 20% PLUS we'd still have all the other taxes.

The tax code needs to be changed so that there no longer is 47% of workers paying no Federal Income Tax at all. If you earn $5,000 you pay a portion in Federal Income Tax. If you earn $10,000 you pay a portion in Federal Income Tax and so on. EVERYONE needs to have skin in the game. That's the way our tax code operated for many decades.

Another thing we need to do is repeal the 17th Amendment. The states need to be represented.

California tried that once. So everything that had a VAT moved to Mexico or another State and suddenly not only the VAT lost but the sales tax that would have been collected.

 

[Markle]

It still would require major spending cuts. To put it better, let me reiterate something economist Walter E Williams came up with:

"I am running for an office in Congress. My platform is, I will not bring any money back to my state. I will vote against all spending bills. Would you vote for me?"

We are going to get there sooner or later are we not? Now I love Mr. Williams...he is spot on with everything he says...But we have to change attitudes, and we don't do that by saying 'it's not possible', and giving up.

Agreed. That's why I wrote the solution in my response to Gator. A consumption tax to eliminate the deficit and reduce the debt would make everybody aware. Currently, only a small part of our country is aware of the problem, and a smaller amount even care. Hell, I'm almost 60 now. I'll likely be long off this earth when our country collapses. Why should I care? But if I had to pay for this debt every time I make a purchase, and pay even more for new social spending, you bet I'd care. You bet I would be going to the polls to make sure new spending politicians don't get into power.

fk dude, 47% of the country pays no money to the debt. how fking stupid is that? We have the stupidest folks representing our districts. By the way, we took in around 3.4 trillion in revenue last year, the spending is more than that amount. I'm not claiming to be a rocket scientist, but, anything over that amount means deficit. How about fking saying to the folks in congress, fk off and balance the budget?

So look at our spending and tell me what you would cut. Social Security? Medicare? Welfare? What?

Tell me what could be cut that would satisfy both parties enough to pass it.

Let's get in the way back machine all the way to the end of this past November....From The Hill:

"As Congress deals with yet another manufactured year end spending “crisis” that will result in more spending of money our country does not have, a new poll highlights a potential effective solution to the national spending problem that enjoys shockingly high levels of public support across all party lines. That solution is known as the penny plan, which simply requires the federal government to reduce the budget by one penny for every dollar it spends annually over a period of five years.

The new poll, commissioned by Club for Growth, found support for the penny plan runs wide as 76 percent of Republicans, 68 percent of Independents, and 63 percent of Democrats surveyed said they back it. Why not? The penny plan is not some radical policy. It simply requires a spending cut of 1 percent in the next year. The penny plan is not new. Neither is its strong level of support across party lines. This new poll tracks what Tea Party Patriots found three years ago. In that survey, 82 percent said they would support reducing spending “by just one penny out of every dollar spent” over the next five years to balance the budget.

Why does the penny plan have such strong support? Because Americans have come to realize that the deficit problem in Washington is caused by spending too much rather than taxing too little."

Congress must pass the penny plan

Now, I believe that those kinds of numbers mean it could pass in a bipartisan fashion....

Unless we did away with Base Line budgeting, the penny plan would have no effect. None whatsoever.

 

[Markle]

Well...if that employer is unwilling to share his wealth with employees, the taxpayer has to

If you can’t afford to support your family on what you are paid....the taxpayer has to

So why exactly are we cutting taxes on employers at the same time we have to pay for those who create his wealth?

No, the taxpayer does not have to share their wealth with the worker. You failed to agree that if the employee wants to share in the wealth, they must also agree to share in the losses. You don't seem interested in sharing the risk, why?

IF you can't afford to support your family on what you are paid, you need to (a) get a part-time job, (b) quit and get a better paying job, (c) go to school at night, then get a better job.

If you cannot support your family on what you are paid, wasn't it your. bad choices that made that happen?

99.999 percent of people are exactly where they want to be and are paid exactly what they are worth.

 

[rightwinger]

Problem with the super wealthy is that we have an income tax

The super wealthy don’t need income.....they are freakin* rich. They hide their wealth overseas where we can’t touch it

That is why we need to tax their transactions

I buy a truck for $50,000 and I pay $3,000 tax on it
If the wealthy buy stock for $50,000....let them pay tax on it

 

[Markle]

I said something to that two years ago, cut across the board 1%. Everything. do it until the budget is balanced.

Without eliminating baseline budgeting, a cut across the board of 1% would accomplish nothing, zip, zero, nada.

 

[Markle]

Problem with the super wealthy is that we have an income tax

The super wealthy don’t need income.....they are freakin* rich. They hide their wealth overseas where we can’t touch it

That is why we need to tax their transactions

I buy a truck for $50,000 and I pay $3,000 tax on it
If the wealthy buy stock for $50,000....let them pay tax on it

Why would anyone hide their wealth? With all this talk of an illegal wealth tax, what do you think everyone with a substantial net worth is doing with that wealth today?

If you're buying a $50,000 truck, you're doing pretty well and are using it for business.

When the person who bought those stocks for $50,000 sells them for $150,000 in five years, what do they pay on that $100,000 profit?

If you use that $50,000 truck for business, don't you get to deduct $0.58 per mile from your income? You drive 25,000 miles you deduct $14,500 from you gross income from that business, right? If the buyer of that $50,000 in stock has it drop to $35,500 would he get anything back?

 

[jc456]

I said something to that two years ago, cut across the board 1%. Everything. do it until the budget is balanced.

Without eliminating baseline budgeting, a cut across the board of 1% would accomplish nothing, zip, zero, nada.

It would take many years but, it would

 

[rightwinger]

Problem with the super wealthy is that we have an income tax

The super wealthy don’t need income.....they are freakin* rich. They hide their wealth overseas where we can’t touch it

That is why we need to tax their transactions

I buy a truck for $50,000 and I pay $3,000 tax on it
If the wealthy buy stock for $50,000....let them pay tax on it

Why would anyone hide their wealth? With all this talk of an illegal wealth tax, what do you think everyone with a substantial net worth is doing with that wealth today?

If you're buying a $50,000 truck, you're doing pretty well and are using it for business.

When the person who bought those stocks for $50,000 sells them for $150,000 in five years, what do they pay on that $100,000 profit?

If you use that $50,000 truck for business, don't you get to deduct $0.58 per mile from your income? You drive 25,000 miles you deduct $14,500 from you gross income from that business, right? If the buyer of that $50,000 in stock has it drop to $35,500 would he get anything back?

Taxation occurs when money is transferred
When an employer makes a profit he pays a tax on it
When he pays you, you pay a tax on it
When you spend the money you earn, you pay a sales tax

Taxing stock and business transactions would prevent the wealthy from hiding their wealth

 

[Markle]

Thank you for your service...if you served. I did mine in the mid-60s in the Army.

I'm sorry but I do not believe you. Someone with a Master of Science would not use this language "so I went and got me a MS after my name and got me a job".

I was mimicking your post dumbass. Do try and keep up.

I'm sorry too that you did not like your various jobs. I have LOVED my work. I do not like golf, but if I did, I would still prefer time at work than being on the golf course more than a couple times a month.

I have liked all of my jobs, I just happen to like my family and other things more. I hope you do not have a family, nothing worse for a kid or a spouse than being second to someone's job.

I do sort of pity you though, one day you will be too old to work and you will find you have nothing else in your life.

You say you were mimicking me by writing stupid? Exactly how does that work?

I'm glad you liked your jobs. I LOVED mine and my family too.

I retired about eight years ago and life is good. I did buy another new Harley. My family is fairly far flung so I do get to travel and visit them frequently. I did contract cancer a few years back so that has put a crimp in my style but it is in remission. Life is good!

 

[Markle]

I said something to that two years ago, cut across the board 1%. Everything. do it until the budget is balanced.

Without eliminating baseline budgeting, a cut across the board of 1% would accomplish nothing, zip, zero, nada.

It would take many years but, it would

Nope, baseline budgeting makes that unworkable.

"Baseline budgeting is an accounting method the United States Federal Government uses to develop a budget for future years. Baseline budgeting uses current spending levels as the "baseline" for establishing future funding requirements and assumes future budgets will equal the current budget times the inflation rate times the population growth rate."

 

[Harpy Eagle]

You say you were mimicking me by writing stupid? Exactly how does that work?

by mimicking your words.

I'm glad you liked your jobs. I LOVED mine and my family too.

Either you lied about how much you worked or you lied about loving your family...which is it?

The amount of time you claimed to have worked left no time for them.

 

[Markle]

Problem with the super wealthy is that we have an income tax

The super wealthy don’t need income.....they are freakin* rich. They hide their wealth overseas where we can’t touch it

That is why we need to tax their transactions

I buy a truck for $50,000 and I pay $3,000 tax on it
If the wealthy buy stock for $50,000....let them pay tax on it

Why would anyone hide their wealth? With all this talk of an illegal wealth tax, what do you think everyone with a substantial net worth is doing with that wealth today?

If you're buying a $50,000 truck, you're doing pretty well and are using it for business.

When the person who bought those stocks for $50,000 sells them for $150,000 in five years, what do they pay on that $100,000 profit?

If you use that $50,000 truck for business, don't you get to deduct $0.58 per mile from your income? You drive 25,000 miles you deduct $14,500 from you gross income from that business, right? If the buyer of that $50,000 in stock has it drop to $35,500 would he get anything back?

Taxation occurs when money is transferred
When an employer makes a profit he pays a tax on it
When he pays you, you pay a tax on it
When you spend the money you earn, you pay a sales tax

Taxing stock and business transactions would prevent the wealthy from hiding their wealth

That's just silly and not thought out.

Do the uber-wealthy not pay sales tax on everything they buy? I buy a new Cadillac and they buy a new Bentley. Who pays the most in taxes?

If I am uber-wealthy, hiding my wealth overseas, would I be buying 100,000 shares of Amazon stock with that money?

 

[Markle]

You say you were mimicking me by writing stupid? Exactly how does that work?

by mimicking your words.

I'm glad you liked your jobs. I LOVED mine and my family too.

Either you lied about how much you worked or you lied about loving your family...which is it?

The amount of time you claimed to have worked left no time for them.

How were you mimicking my words? I didn't use poor English, grammar or punctuation. You just look foolish.

Sixty or seventy hours a week is not that much. We have 168 hours in the week. We sleep what, 45-50 hours a week? Perhaps it sounds a lot to you because of poor time management. Perhaps you also do not also realize that as a Realtor, we get to pick the hours we work.

 

[Ray From Cleveland]

Problem with the super wealthy is that we have an income tax

The super wealthy don’t need income.....they are freakin* rich. They hide their wealth overseas where we can’t touch it

That is why we need to tax their transactions

I buy a truck for $50,000 and I pay $3,000 tax on it
If the wealthy buy stock for $50,000....let them pay tax on it

So who says they don't if it's for private use?

 

[Ray From Cleveland]

Problem with the super wealthy is that we have an income tax

The super wealthy don’t need income.....they are freakin* rich. They hide their wealth overseas where we can’t touch it

That is why we need to tax their transactions

I buy a truck for $50,000 and I pay $3,000 tax on it
If the wealthy buy stock for $50,000....let them pay tax on it

Why would anyone hide their wealth? With all this talk of an illegal wealth tax, what do you think everyone with a substantial net worth is doing with that wealth today?

If you're buying a $50,000 truck, you're doing pretty well and are using it for business.

When the person who bought those stocks for $50,000 sells them for $150,000 in five years, what do they pay on that $100,000 profit?

If you use that $50,000 truck for business, don't you get to deduct $0.58 per mile from your income? You drive 25,000 miles you deduct $14,500 from you gross income from that business, right? If the buyer of that $50,000 in stock has it drop to $35,500 would he get anything back?

Taxation occurs when money is transferred
When an employer makes a profit he pays a tax on it
When he pays you, you pay a tax on it
When you spend the money you earn, you pay a sales tax

Taxing stock and business transactions would prevent the wealthy from hiding their wealth

No, it would discourage them from investing.

 

[rightwinger]

Problem with the super wealthy is that we have an income tax

The super wealthy don’t need income.....they are freakin* rich. They hide their wealth overseas where we can’t touch it

That is why we need to tax their transactions

I buy a truck for $50,000 and I pay $3,000 tax on it
If the wealthy buy stock for $50,000....let them pay tax on it

Why would anyone hide their wealth? With all this talk of an illegal wealth tax, what do you think everyone with a substantial net worth is doing with that wealth today?

If you're buying a $50,000 truck, you're doing pretty well and are using it for business.

When the person who bought those stocks for $50,000 sells them for $150,000 in five years, what do they pay on that $100,000 profit?

If you use that $50,000 truck for business, don't you get to deduct $0.58 per mile from your income? You drive 25,000 miles you deduct $14,500 from you gross income from that business, right? If the buyer of that $50,000 in stock has it drop to $35,500 would he get anything back?

Taxation occurs when money is transferred
When an employer makes a profit he pays a tax on it
When he pays you, you pay a tax on it
When you spend the money you earn, you pay a sales tax

Taxing stock and business transactions would prevent the wealthy from hiding their wealth

That's just silly and not thought out.

Do the uber-wealthy not pay sales tax on everything they buy? I buy a new Cadillac and they buy a new Bentley. Who pays the most in taxes?

If I am uber-wealthy, hiding my wealth overseas, would I be buying 100,000 shares of Amazon stock with that money?

It is well thought out

A consumption tax on the wealthy would keep them from hiding their emended wealth