The wealth tax

[alan1]

I often hear people make the statement that the rich don't pay enough in taxes.
Here in the USA we tax income (and a lot of other things), but what about the wealthy people that have no income? Suppose you were lucky enough to win the sperm lottery and be born into wealth. Perhaps you are a trust-fund baby that has no income, but shit-tons of wealth.
If you are one of the people that snivels about the wealthy not "paying their fair share", do you think wealth should be taxed? Should the simple fact that one has millions of dollars without earning a single damn dime of it be reason to tax them?

 

[KittenKoder]

Taxing something twice is wrong, no matter who is responsible for paying it the first time.

 

[RetiredGySgt]

Taxing something twice is wrong, no matter who is responsible for paying it the first time.

And yet we do JUST that when someone dies.

 

[skookerasbil]

Europe’s tax cuts a model for the United States


Since 2007, the majory European nations have been cutting corporate taxes by 5% to 10%!!! Why? Because the social welfare state is an abject failure with economic growth rates that have been historically a joke. Progressive tax rates as public policy are moving in a down direction..........because they dont workl!!!!

 

[code1211]

I often hear people make the statement that the rich don't pay enough in taxes.
Here in the USA we tax income (and a lot of other things), but what about the wealthy people that have no income? Suppose you were lucky enough to win the sperm lottery and be born into wealth. Perhaps you are a trust-fund baby that has no income, but shit-tons of wealth.
If you are one of the people that snivels about the wealthy not "paying their fair share", do you think wealth should be taxed? Should the simple fact that one has millions of dollars without earning a single damn dime of it be reason to tax them?

"Wealth" is a very relative concept. I know many peopole who have more wealth than i and many who have less.

To me, I am the median. To those with less, I am probably rich and to those with more, I am probably poor.

I was having a discussion with a guy about health care and he defined a man with a 20K annual income who has a child and said that government healthcare is needed. The fact that I was talking to the demographic that he described helped to guide my comments.

To him, I posess wealth and lots of it. In his eyes, under your guidelines, my wealth should be taxed. Nobody gave it to me. All of it was earned. I have been very fortunate starting with the place and time in which I was born and proceeding on from there. Given those good circumstances, though, which he also has enjoyed but only for about half as long, I have earned those dollars and posessions.

Is it your stance that Net Worth needs to be taxed? How long must wealth be posessed by an individual before part or all of it needs to be taxed for someone else's pleasure? Is it one day? One year? One decade?

It is already taxed as it is earned. It is taxed if it property just because it exists. If it produces any income, that new income is taxed. If it is given to anyone, that gift is taxed.

If you think the government should just take the money of private citizens for no good reason except that the government needs more money to spend, why the ruse? Just take it. Make everyone homeless and take over all of the businesses.

That would make the country absolutely great!

 

[chanel]

Not only wrong but illegal. We have accumulated "wealth" through hard earned income and wise investments. No lucky sperm here. I'll be damned if the govt. says that because we made some lucrative real estate deals, we should be punished. We also lost a ton in the market last year. But guess what? We can't write off the losses. You can't have it both ways.

 

[alan1]

I often hear people make the statement that the rich don't pay enough in taxes.
Here in the USA we tax income (and a lot of other things), but what about the wealthy people that have no income? Suppose you were lucky enough to win the sperm lottery and be born into wealth. Perhaps you are a trust-fund baby that has no income, but shit-tons of wealth.
If you are one of the people that snivels about the wealthy not "paying their fair share", do you think wealth should be taxed? Should the simple fact that one has millions of dollars without earning a single damn dime of it be reason to tax them?

"Wealth" is a very relative concept. I know many peopole who have more wealth than i and many who have less.

To me, I am the median. To those with less, I am probably rich and to those with more, I am probably poor.

I was having a discussion with a guy about health care and he defined a man with a 20K annual income who has a child and said that government healthcare is needed. The fact that I was talking to the demographic that he described helped to guide my comments.

To him, I posess wealth and lots of it. In his eyes, under your guidelines, my wealth should be taxed. Nobody gave it to me. All of it was earned. I have been very fortunate starting with the place and time in which I was born and proceeding on from there. Given those good circumstances, though, which he also has enjoyed but only for about half as long, I have earned those dollars and posessions.

Is it your stance that Net Worth needs to be taxed? How long must wealth be posessed by an individual before part or all of it needs to be taxed for someone else's pleasure? Is it one day? One year? One decade?

It is already taxed as it is earned. It is taxed if it property just because it exists. If it produces any income, that new income is taxed. If it is given to anyone, that gift is taxed.

If you think the government should just take the money of private citizens for no good reason except that the government needs more money to spend, why the ruse? Just take it. Make everyone homeless and take over all of the businesses.

That would make the country absolutely great!

I'm not advocating a wealth tax. I'm just wondering how long it will be before somebody does and the government acts on it.

 

[alan1]

Not only wrong but illegal. We have accumulated "wealth" through hard earned income and wise investments. No lucky sperm here. I'll be damned if the govt. says that because we made some lucrative real estate deals, we should be punished. We also lost a ton in the market last year. But guess what? We can't write off the losses. You can't have it both ways.

The legality isn't the question, laws change.

 

[editec]

I often hear people make the statement that the rich don't pay enough in taxes.

In relation to the benefits they gain from being members of this society?

Damned right they don't.

Here in the USA we tax income (and a lot of other things), but what about the wealthy people that have no income?

Describes damed few of the master class, but go ahead...

Suppose you were lucky enough to win the sperm lottery and be born into wealth. Perhaps you are a trust-fund baby that has no income, but shit-tons of wealth.

No wealthy person I know fits that description, amigo. Their incomes is typically stemming from investments. They don't do doodlesquat for it, but the checks keep coming in ayway.

If you are one of the people that snivels about the wealthy not "paying their fair share", do you think wealth should be taxed?

That kind of wealth is locally taxed if it's real estate.

But if you're asking us if they should have a tax levied on their personal possessions (like jewels or fine art or something?)

No, I don't think that that should be taxed.

Should the simple fact that one has millions of dollars without earning a single damn dime of it be reason to tax them?

No.

 

[chanel]

Of course they do. Just like the death tax. There are hard core lefties that believe that the govt. should be able to seize all wealth and property after a person dies. Bullshit. Everything we do is for our kids. Too bad those robber barons don't care about kids.

 

[ba1614]

Taxing something twice is wrong, no matter who is responsible for paying it the first time.

I agree.

It's time people people fuckoff and look after themselves and stop worrying about everyone else, what they have, how they got it, and how to get it from them. If these same people put the effort into bettering themselves, that they do complaining about what others have and scheming how to get it from them, they might just enjoy a better life.

Get the spending, fraud, and corruption under control before going to the people for even more tax revenue. It wouldn't be such a bitter pill to swallow if the waste wasn't so blatantly obvious.

Not to mention the inheritance tax going back up to 55% of everything over a million is more than enough to eventually take from the estates anyway.

 

[PeterS]

I often hear people make the statement that the rich don't pay enough in taxes.
Here in the USA we tax income (and a lot of other things), but what about the wealthy people that have no income? Suppose you were lucky enough to win the sperm lottery and be born into wealth. Perhaps you are a trust-fund baby that has no income, but shit-tons of wealth.
If you are one of the people that snivels about the wealthy not "paying their fair share", do you think wealth should be taxed? Should the simple fact that one has millions of dollars without earning a single damn dime of it be reason to tax them?

If you are trying to get money do you tax those who don't have it or those who do? Isn't that why the wealthy are taxed more than others...

 

[PeterS]

I often hear people make the statement that the rich don't pay enough in taxes.
Here in the USA we tax income (and a lot of other things), but what about the wealthy people that have no income? Suppose you were lucky enough to win the sperm lottery and be born into wealth. Perhaps you are a trust-fund baby that has no income, but shit-tons of wealth.
If you are one of the people that snivels about the wealthy not "paying their fair share", do you think wealth should be taxed? Should the simple fact that one has millions of dollars without earning a single damn dime of it be reason to tax them?

"Wealth" is a very relative concept. I know many peopole who have more wealth than i and many who have less.

To me, I am the median. To those with less, I am probably rich and to those with more, I am probably poor.

I was having a discussion with a guy about health care and he defined a man with a 20K annual income who has a child and said that government healthcare is needed. The fact that I was talking to the demographic that he described helped to guide my comments.

To him, I posess wealth and lots of it. In his eyes, under your guidelines, my wealth should be taxed. Nobody gave it to me. All of it was earned. I have been very fortunate starting with the place and time in which I was born and proceeding on from there. Given those good circumstances, though, which he also has enjoyed but only for about half as long, I have earned those dollars and posessions.

Is it your stance that Net Worth needs to be taxed? How long must wealth be posessed by an individual before part or all of it needs to be taxed for someone else's pleasure? Is it one day? One year? One decade?

It is already taxed as it is earned. It is taxed if it property just because it exists. If it produces any income, that new income is taxed. If it is given to anyone, that gift is taxed.

If you think the government should just take the money of private citizens for no good reason except that the government needs more money to spend, why the ruse? Just take it. Make everyone homeless and take over all of the businesses.

That would make the country absolutely great!

I'm not advocating a wealth tax. I'm just wondering how long it will be before somebody does and the government acts on it.

We have a progressive tax system. Isn't that a wealth tax?

 

[Xenophon]

Flat tax on the dollar with NO exceptions should have been the way to go from the start.

Nobody really understands the current tax code completly.

 

[Oddball]

We have a progressive tax system. Isn't that a wealth tax?

No.

The income tax is a tax on labor, not the wealth created by it.

 

[Oddball]

Flat tax on the dollar with NO exceptions should have been the way to go from the start.

Nobody really understands the current tax code completly.

The income tax stared out as a flat tax and look at it now.

What America needs is no tax on incomes and greatly reduced fedseral spending.

 

[Xenophon]

Flat tax on the dollar with NO exceptions should have been the way to go from the start.

Nobody really understands the current tax code completly.

The income tax stared out as a flat tax and look at it now.

What America needs is no tax on incomes and greatly reduced fedseral spending.

Spock could not calculate the odds on that ever happening they are so high.

 

[Oddball]

Why is Spock using a two-dimensional flight computer in three-dimensional space?

 

[Oddball]

ASA E6B Metal Flight Computer at Ace's Pilot Shop Aviation Pilot Supplies

 

[code1211]

We have a progressive tax system. Isn't that a wealth tax?

No.

The income tax is a tax on labor, not the wealth created by it.

Both the quote and the response are excellent points.