The Argument for A Wealth Tax

[Slyhunter]

Americans don't have any savings. I think the average American savings is less than a hundred dollars. The Keynesian monetary policy does not allow for savings. Nor does the inflation tax.

Saving is losing money. People are better off spending it before the value drops out on it.

It is criminal how government is allowed to rip people off thus.

It is not realistic to be able to tax wealth not kept in the US. Unspent wealth can be kept offshore where it can't be taxed. We want to give incentive to move wealth to America not take it away. That's why the corporate tax cuts are a necessary ingredient in increasing the us's tax revenue.

 

[Slyhunter]

Interesting idea. It would end a lot of debt and funding issues

Consider

US wealth inequality - top 0.1% worth as much as the bottom 90%

The top 1/10 of one per cent own almost 25% of the nation's wealth

That's the same amount of wealth as the bottom NINETY PER CENT of the county

In that light a 2% wealth tax isn't that outrageous

I haven't checked the numbers but I have read that it could provide 30 trillion dollars over 10 years.


Health care

Education

Green New Deal

The problem is, like other taxes, it may start at 2% for the top 10%, but will grow to 14% for the top 50%. Our government will always outspend what they collect in taxes. Did you know that social security started as a 1% tax and has grown to 7.6% and now includes something called hospital insurance. Yeah, over 7 times as high. If you happen to be self employed (like me) you pay 15.3%.

In 1913, the top tax bracket was 7 percent on all income over $500,000 ($11 million in today’s dollars1); and the lowest tax bracket was 1 percent.

Social Security wouldn't be insolvent if they hadn't spent it on previous budgets vs saving it for what it was collected for.

 

[BuckToothMoron]

Interesting idea. It would end a lot of debt and funding issues

Consider

US wealth inequality - top 0.1% worth as much as the bottom 90%

The top 1/10 of one per cent own almost 25% of the nation's wealth

That's the same amount of wealth as the bottom NINETY PER CENT of the county

In that light a 2% wealth tax isn't that outrageous

I haven't checked the numbers but I have read that it could provide 30 trillion dollars over 10 years.


Health care

Education

Green New Deal

What percent of taxes do the .1% pay?

Where does “wealth” start?




Sent from my iPhone using USMessageBoard.com

The top 3% pay 51% of tax revenue. I couldn’t find info for top .1%.

 

[BuckToothMoron]

How about spending less than what you have?

And if you have almost nothing?

Work!

 

[Slyhunter]

How about spending less than what you have?

And if you have almost nothing?

Work!

for less than minimum wage in some slave labor job, is that really your answer?
If you want personal responsibility you need to insure that jobs are available that pay living wages for people who want to work.

 

[Mikeoxenormous]

How about spending less than what you have?

And if you have almost nothing?

Work!

for less than minimum wage in some slave labor job, is that really your answer?
If you want personal responsibility you need to insure that jobs are available that pay living wages for people who want to work.

Why should a burger flipper where there isnt much talent needed be paid the same as a brick layer or carpenter which those jobs are rarer, but are now being given to illegal aliens? If you want to have a living wage, then you need to use your God given talents to find your ultimate working skills, that make you a valuable asset to the company. But no, that requires work, and a lazy ass liberal will avoid work, like a vampire avoids garlic. Cut off welfare and soon everyone will be working, or in jail, because they tried to take something from someone else.

The new face of SNAP? Food stamps buy lobster for surfer and his buddies [VIDEO]

Greenslate, a 29-year-old La Jolla California surfer and musician who sings that he does not want a “motherfucking job” and has “**** no” guilt about living on $200 of what he calls “free money ” — or what the government called Supplemental Nutrition Assistance Benefits — while he avoids a job to hang out on the beach, sing and chase women.

 

[Toddsterpatriot]

You have gold certificates dated after 1933? I think you're mistaken.

Don't twist my words, boy.

Here's what I said...

And stacks of Gold and Silver Certificates dated decades later than 1933.

I'm not even gonna bother with you any more this evening. You're a wasted load, dude.

You're spinning harder than a top.

Who gives a shit about silver, you were getting all twatty about gold.
Which FDR outlawed private ownership of in 1933, as I said.
Now you run away, again.
I'll be happy to smack you around some more later.

 

[BuckToothMoron]

How about spending less than what you have?

And if you have almost nothing?

Work!

for less than minimum wage in some slave labor job, is that really your answer?
If you want personal responsibility you need to insure that jobs are available that pay living wages for people who want to work.

Other than waiters and migrant farm workers which is less than a few million people, nobody works for less than minimum wage.

 

[BlindBoo]

Interesting idea. It would end a lot of debt and funding issues

Consider

US wealth inequality - top 0.1% worth as much as the bottom 90%

The top 1/10 of one per cent own almost 25% of the nation's wealth

That's the same amount of wealth as the bottom NINETY PER CENT of the county

In that light a 2% wealth tax isn't that outrageous

I haven't checked the numbers but I have read that it could provide 30 trillion dollars over 10 years.


Health care

Education

Green New Deal

The problem is, like other taxes, it may start at 2% for the top 10%, but will grow to 14% for the top 50%. Our government will always outspend what they collect in taxes. Did you know that social security started as a 1% tax and has grown to 7.6% and now includes something called hospital insurance. Yeah, over 7 times as high. If you happen to be self employed (like me) you pay 15.3%.

In 1913, the top tax bracket was 7 percent on all income over $500,000 ($11 million in today’s dollars1); and the lowest tax bracket was 1 percent.

Social Security wouldn't be insolvent if they hadn't spent it on previous budgets vs saving it for what it was collected for.

Didn't they purchased treasury notes with the excess and are just now beginning to cash them in because of all the Baby Boomers who are beginning to retire in numbers now? It is projected to run out in a decade or so I think, unless we fix it. But running out of a surplus means not being able to pay full benefits. Probably happen right before I retire too. Bastards!

 

[BlindBoo]

How about spending less than what you have?

And if you have almost nothing?

Work!

for less than minimum wage in some slave labor job, is that really your answer?
If you want personal responsibility you need to insure that jobs are available that pay living wages for people who want to work.

Other than waiters and migrant farm workers which is less than a few million people, nobody works for less than minimum wage.

Waiter's do not work for less that minimum wage. Restaurants are allowed to pay their wait staff less than minimum wage. They are also required to pay a % of their sales to the house too!

 

[Bootney Lee Farnsworth]

Who gives a shit about silver, you were getting all twatty about gold.
Which FDR outlawed private ownership of in 1933, as I said.
Now you run away, again.
I'll be happy to smack you around some more later.

You can still find a job after we shut down the fed.

 

[Lesh]

Interesting idea. It would end a lot of debt and funding issues

Consider

US wealth inequality - top 0.1% worth as much as the bottom 90%

The top 1/10 of one per cent own almost 25% of the nation's wealth

That's the same amount of wealth as the bottom NINETY PER CENT of the county

In that light a 2% wealth tax isn't that outrageous

I haven't checked the numbers but I have read that it could provide 30 trillion dollars over 10 years.


Health care

Education

Green New Deal

The problem is, like other taxes, it may start at 2% for the top 10%, but will grow to 14% for the top 50%. Our government will always outspend what they collect in taxes. Did you know that social security started as a 1% tax and has grown to 7.6% and now includes something called hospital insurance. Yeah, over 7 times as high. If you happen to be self employed (like me) you pay 15.3%.

In 1913, the top tax bracket was 7 percent on all income over $500,000 ($11 million in today’s dollars1); and the lowest tax bracket was 1 percent.

Social Security wouldn't be insolvent if they hadn't spent it on previous budgets vs saving it for what it was collected for.

Didn't they purchased treasury notes with the excess and are just now beginning to cash them in because of all the Baby Boomers who are beginning to retire in numbers now? It is projected to run out in a decade or so I think, unless we fix it. But running out of a surplus means not being able to pay full benefits. Probably happen right before I retire too. Bastards!

The Trust Fund will allow for full benefits until about 2035 (depending on GDP...3% GDP growth would extend that several years). At that point payroll taxes are projected to cover 75% of benefits as they stand now.

Raising the payroll cap (currently no money over $110K is taxed for Social Security) would solve that problem easily

 

[Toddsterpatriot]

Who gives a shit about silver, you were getting all twatty about gold.
Which FDR outlawed private ownership of in 1933, as I said.
Now you run away, again.
I'll be happy to smack you around some more later.

You can still find a job after we shut down the fed.

Fed, no Fed, doesn't impact my job either way.

 

[BuckToothMoron]

Interesting idea. It would end a lot of debt and funding issues

Consider

US wealth inequality - top 0.1% worth as much as the bottom 90%

The top 1/10 of one per cent own almost 25% of the nation's wealth

That's the same amount of wealth as the bottom NINETY PER CENT of the county

In that light a 2% wealth tax isn't that outrageous

I haven't checked the numbers but I have read that it could provide 30 trillion dollars over 10 years.


Health care

Education

Green New Deal

The problem is, like other taxes, it may start at 2% for the top 10%, but will grow to 14% for the top 50%. Our government will always outspend what they collect in taxes. Did you know that social security started as a 1% tax and has grown to 7.6% and now includes something called hospital insurance. Yeah, over 7 times as high. If you happen to be self employed (like me) you pay 15.3%.

In 1913, the top tax bracket was 7 percent on all income over $500,000 ($11 million in today’s dollars1); and the lowest tax bracket was 1 percent.

Social Security wouldn't be insolvent if they hadn't spent it on previous budgets vs saving it for what it was collected for.

Didn't they purchased treasury notes with the excess and are just now beginning to cash them in because of all the Baby Boomers who are beginning to retire in numbers now? It is projected to run out in a decade or so I think, unless we fix it. But running out of a surplus means not being able to pay full benefits. Probably happen right before I retire too. Bastards!

They borrowed the money from Social Security. That’s why if we have a debt ceiling fight it will impede the Social Security checks being sent out. They have to borrow the money to pay the benefits.

 

[Toddsterpatriot]

Interesting idea. It would end a lot of debt and funding issues

Consider

US wealth inequality - top 0.1% worth as much as the bottom 90%

The top 1/10 of one per cent own almost 25% of the nation's wealth

That's the same amount of wealth as the bottom NINETY PER CENT of the county

In that light a 2% wealth tax isn't that outrageous

I haven't checked the numbers but I have read that it could provide 30 trillion dollars over 10 years.


Health care

Education

Green New Deal

The problem is, like other taxes, it may start at 2% for the top 10%, but will grow to 14% for the top 50%. Our government will always outspend what they collect in taxes. Did you know that social security started as a 1% tax and has grown to 7.6% and now includes something called hospital insurance. Yeah, over 7 times as high. If you happen to be self employed (like me) you pay 15.3%.

In 1913, the top tax bracket was 7 percent on all income over $500,000 ($11 million in today’s dollars1); and the lowest tax bracket was 1 percent.

Social Security wouldn't be insolvent if they hadn't spent it on previous budgets vs saving it for what it was collected for.

Didn't they purchased treasury notes with the excess and are just now beginning to cash them in because of all the Baby Boomers who are beginning to retire in numbers now? It is projected to run out in a decade or so I think, unless we fix it. But running out of a surplus means not being able to pay full benefits. Probably happen right before I retire too. Bastards!

The Trust Fund will allow for full benefits until about 2035 (depending on GDP...3% GDP growth would extend that several years). At that point payroll taxes are projected to cover 75% of benefits as they stand now.

Raising the payroll cap (currently no money over $110K is taxed for Social Security) would solve that problem easily

Raising the payroll cap (currently no money over $110K is taxed for Social Security) would solve that problem easily

No it wouldn't. A rich person paying twice as much as they do now would get (almost) double the benefit.
The current cap is $132,900.

 

[Toddsterpatriot]

Interesting idea. It would end a lot of debt and funding issues

Consider

US wealth inequality - top 0.1% worth as much as the bottom 90%

The top 1/10 of one per cent own almost 25% of the nation's wealth

That's the same amount of wealth as the bottom NINETY PER CENT of the county

In that light a 2% wealth tax isn't that outrageous

I haven't checked the numbers but I have read that it could provide 30 trillion dollars over 10 years.


Health care

Education

Green New Deal

The problem is, like other taxes, it may start at 2% for the top 10%, but will grow to 14% for the top 50%. Our government will always outspend what they collect in taxes. Did you know that social security started as a 1% tax and has grown to 7.6% and now includes something called hospital insurance. Yeah, over 7 times as high. If you happen to be self employed (like me) you pay 15.3%.

In 1913, the top tax bracket was 7 percent on all income over $500,000 ($11 million in today’s dollars1); and the lowest tax bracket was 1 percent.

Social Security wouldn't be insolvent if they hadn't spent it on previous budgets vs saving it for what it was collected for.

Didn't they purchased treasury notes with the excess and are just now beginning to cash them in because of all the Baby Boomers who are beginning to retire in numbers now? It is projected to run out in a decade or so I think, unless we fix it. But running out of a surplus means not being able to pay full benefits. Probably happen right before I retire too. Bastards!

They borrowed the money from Social Security. That’s why if we have a debt ceiling fight it will impede the Social Security checks being sent out. They have to borrow the money to pay the benefits.

They borrowed the money from Social Security.

It's always been that way. You think they had a vault full of $100s until Congress "borrowed it"?

 

[BuckToothMoron]

Interesting idea. It would end a lot of debt and funding issues

Consider

US wealth inequality - top 0.1% worth as much as the bottom 90%

The top 1/10 of one per cent own almost 25% of the nation's wealth

That's the same amount of wealth as the bottom NINETY PER CENT of the county

In that light a 2% wealth tax isn't that outrageous

I haven't checked the numbers but I have read that it could provide 30 trillion dollars over 10 years.


Health care

Education

Green New Deal

The problem is, like other taxes, it may start at 2% for the top 10%, but will grow to 14% for the top 50%. Our government will always outspend what they collect in taxes. Did you know that social security started as a 1% tax and has grown to 7.6% and now includes something called hospital insurance. Yeah, over 7 times as high. If you happen to be self employed (like me) you pay 15.3%.

In 1913, the top tax bracket was 7 percent on all income over $500,000 ($11 million in today’s dollars1); and the lowest tax bracket was 1 percent.

Social Security wouldn't be insolvent if they hadn't spent it on previous budgets vs saving it for what it was collected for.

Didn't they purchased treasury notes with the excess and are just now beginning to cash them in because of all the Baby Boomers who are beginning to retire in numbers now? It is projected to run out in a decade or so I think, unless we fix it. But running out of a surplus means not being able to pay full benefits. Probably happen right before I retire too. Bastards!

The Trust Fund will allow for full benefits until about 2035 (depending on GDP...3% GDP growth would extend that several years). At that point payroll taxes are projected to cover 75% of benefits as they stand now.

Raising the payroll cap (currently no money over $110K is taxed for Social Security) would solve that problem easily

That’s assuming the debt ceiling is increased, because the Social Security trust fund has nothing but IOU’s in it signed by the tax payers.

 

[BlindBoo]

Interesting idea. It would end a lot of debt and funding issues

Consider

US wealth inequality - top 0.1% worth as much as the bottom 90%

The top 1/10 of one per cent own almost 25% of the nation's wealth

That's the same amount of wealth as the bottom NINETY PER CENT of the county

In that light a 2% wealth tax isn't that outrageous

I haven't checked the numbers but I have read that it could provide 30 trillion dollars over 10 years.


Health care

Education

Green New Deal

The problem is, like other taxes, it may start at 2% for the top 10%, but will grow to 14% for the top 50%. Our government will always outspend what they collect in taxes. Did you know that social security started as a 1% tax and has grown to 7.6% and now includes something called hospital insurance. Yeah, over 7 times as high. If you happen to be self employed (like me) you pay 15.3%.

In 1913, the top tax bracket was 7 percent on all income over $500,000 ($11 million in today’s dollars1); and the lowest tax bracket was 1 percent.

Social Security wouldn't be insolvent if they hadn't spent it on previous budgets vs saving it for what it was collected for.

Didn't they purchased treasury notes with the excess and are just now beginning to cash them in because of all the Baby Boomers who are beginning to retire in numbers now? It is projected to run out in a decade or so I think, unless we fix it. But running out of a surplus means not being able to pay full benefits. Probably happen right before I retire too. Bastards!

They borrowed the money from Social Security. That’s why if we have a debt ceiling fight it will impede the Social Security checks being sent out. They have to borrow the money to pay the benefits.

We also borrow money from China, Japan, England....or rather they also invest by purchasing US Treasury Notes.

 

[leftwinger]

Rep AOC.

 

[leftwinger]

Interesting idea. It would end a lot of debt and funding issues

Consider

US wealth inequality - top 0.1% worth as much as the bottom 90%

The top 1/10 of one per cent own almost 25% of the nation's wealth

That's the same amount of wealth as the bottom NINETY PER CENT of the county

In that light a 2% wealth tax isn't that outrageous

I haven't checked the numbers but I have read that it could provide 30 trillion dollars over 10 years.


Health care

Education

Green New Deal

The problem is, like other taxes, it may start at 2% for the top 10%, but will grow to 14% for the top 50%. Our government will always outspend what they collect in taxes. Did you know that social security started as a 1% tax and has grown to 7.6% and now includes something called hospital insurance. Yeah, over 7 times as high. If you happen to be self employed (like me) you pay 15.3%.

In 1913, the top tax bracket was 7 percent on all income over $500,000 ($11 million in today’s dollars1); and the lowest tax bracket was 1 percent.

Social Security wouldn't be insolvent if they hadn't spent it on previous budgets vs saving it for what it was collected for.

Didn't they purchased treasury notes with the excess and are just now beginning to cash them in because of all the Baby Boomers who are beginning to retire in numbers now? It is projected to run out in a decade or so I think, unless we fix it. But running out of a surplus means not being able to pay full benefits. Probably happen right before I retire too. Bastards!

The Trust Fund will allow for full benefits until about 2035 (depending on GDP...3% GDP growth would extend that several years). At that point payroll taxes are projected to cover 75% of benefits as they stand now.

Raising the payroll cap (currently no money over $110K is taxed for Social Security) would solve that problem easily

Raising the payroll cap (currently no money over $110K is taxed for Social Security) would solve that problem easily

No it wouldn't. A rich person paying twice as much as they do now would get (almost) double the benefit.
The current cap is $132,900.

Not if they leave the payout cap where it is now but make them keep paying in. It would become additional SS"tax" so to speak on high incomes.