Wealth Tax: Yeah! Why do Warren Buffett and Bill gates need so much money in their Trust?

[Blues Man]

Why do you think I don’t? Did you do my work?

Do you have a moral or legal right to your pre-tax income?

No it’s not your money: why taxation isn’t theft - Tax Justice Network

"So if there is a general right to one’s pre-tax income, then it must be a moral right.

"But it is implausible to suppose that each person has a moral right to his or her pre-tax income, for that would imply that the distribution of pre-tax incomes the market happens to throw up is perfectly just, and this is clearly not the case.

"There is no justice in the fact that the pre-tax income of a City banker is many hundreds of times the pre-tax income of scientist working on a cure for cancer."

Justice has nothing to do with what people earn.

 

[georgephillip]

The government gets a cut of all the profits made on the sale of stocks and bonds already there is no need for more.

The government also gets a cut of the rental income a landlord earns, yet that landlord also pays property taxes. Why shouldn't those who "earn" income from capital gains also pay a similar tax on the underlying assets?

 

[georgephillip]

Justice has nothing to do with what people earn.

That's true in a capitalist economy.
There are alternatives.

 

[Blues Man]

The government gets a cut of all the profits made on the sale of stocks and bonds already there is no need for more.

The government also gets a cut of the rental income a landlord earns, yet that landlord also pays property taxes. Why shouldn't those who "earn" income from capital gains also pay a similar tax on the underlying assets?

Those property taxes are levied by the state not the federal government and that landlord gets to take a deduction on his federal taxes for his state real estate taxes.

And why do you want people to pay property taxes on their IRAs and 401Ks?

 

[Blues Man]

Justice has nothing to do with what people earn.

That's true in a capitalist economy.
There are alternatives.

Like what?

Socialism? Communism?

We all know how well those work don't we?

There is nothing stopping you or anyone else from improving their financial situation.

 

[Concerned American]

Lizzy Cheekbones teamed up with Bernie "Please may I have another screwing over at the voting Booth" Sanders to propose a "wealth tax"

It's slated to be only 2% annual tax on wealth over $50MM, but why stop there?

Are CCPdemocrats aiming too low? I mean the Gate Trust alone must have $50 BILLION!!! Why aren't dems targeting that idle wealth?

Yeah, great commie idea. No single person should control more than a million, the rest should go into the federal treasury. Watch how many billionaire ex pats you'll see.

 

[georgephillip]

And why would you want people to pay property taxes on their IRAs, 401ks and college savings plans?

There's no reason why a wealth tax would apply to the middle and working class, and even if it did, what savings on health care or higher education would those taxpayers receive in exchange from trillions of additional tax dollars going to government?

MARCH 3, 2021
Time for the Warren-Jayapal Wealth Tax

"Over the next ten years, U.S. billionaires would pay an estimated $1.4 trillion of the over a third of the estimated $3 trillion in new revenue that would be raised by the wealth tax."

"Under the Warren-Jayapal-Boyle legislation, the wealth tax would only be levied on people with wealth over $50 million, roughly 100,000 taxpayers.

"The annual tax rate would be just two cents on the dollar (2 percent) for people with wealth between $50 million and $1 billion and just three cents on the dollar (a total of 3 percent) for wealth above $1 billion threshold.

"There are only about 650 billionaires in the country that would pay the 3 percent rate."

 

[Concerned American]

We will need to pay off debt somehow.

Yet we need $2 Trillion "stimulus"?

It all goes to China anyway. Democrats will run right down to Walmart and buy a brand new big screen TV or the latest Iphone. The US economy will not be stimulated beyond more sales for Wallyworld.

 

[Concerned American]

And why would you want people to pay property taxes on their IRAs, 401ks and college savings plans?

There's no reason why a wealth tax would apply to the middle and working class, and even if it did, what savings on health care or higher education would those taxpayers receive in exchange from trillions of additional tax dollars going to government?

MARCH 3, 2021
Time for the Warren-Jayapal Wealth Tax

"Over the next ten years, U.S. billionaires would pay an estimated $1.4 trillion of the over a third of the estimated $3 trillion in new revenue that would be raised by the wealth tax."

"Under the Warren-Jayapal-Boyle legislation, the wealth tax would only be levied on people with wealth over $50 million, roughly 100,000 taxpayers.

"The annual tax rate would be just two cents on the dollar (2 percent) for people with wealth between $50 million and $1 billion and just three cents on the dollar (a total of 3 percent) for wealth above $1 billion threshold.

"There are only about 650 billionaires in the country that would pay the 3 percent rate."

Those 650 billionaires would become expats overnight.

 

[georgephillip]

he entire premise of that article is bullshit.

Income is not wealth it never was and never will be.

Income determines wealth for most people.

 

[Blues Man]

And why would you want people to pay property taxes on their IRAs, 401ks and college savings plans?

There's no reason why a wealth tax would apply to the middle and working class, and even if it did, what savings on health care or higher education would those taxpayers receive in exchange from trillions of additional tax dollars going to government?

MARCH 3, 2021
Time for the Warren-Jayapal Wealth Tax

"Over the next ten years, U.S. billionaires would pay an estimated $1.4 trillion of the over a third of the estimated $3 trillion in new revenue that would be raised by the wealth tax."

"Under the Warren-Jayapal-Boyle legislation, the wealth tax would only be levied on people with wealth over $50 million, roughly 100,000 taxpayers.

"The annual tax rate would be just two cents on the dollar (2 percent) for people with wealth between $50 million and $1 billion and just three cents on the dollar (a total of 3 percent) for wealth above $1 billion threshold.

"There are only about 650 billionaires in the country that would pay the 3 percent rate."

Until the tax starts to creep to include more and more people. And it will.

 

[Blues Man]

he entire premise of that article is bullshit.

Income is not wealth it never was and never will be.

Income determines wealth for most people.

Wrong.

You are intentionally misusing a word.

The average person does not pay 40% of his "wealth" in taxes.

You're entire argument is based on a falsehood therefore your entire argument is invalid

 

[Blues Man]

And why would you want people to pay property taxes on their IRAs, 401ks and college savings plans?

There's no reason why a wealth tax would apply to the middle and working class, and even if it did, what savings on health care or higher education would those taxpayers receive in exchange from trillions of additional tax dollars going to government?

MARCH 3, 2021
Time for the Warren-Jayapal Wealth Tax

"Over the next ten years, U.S. billionaires would pay an estimated $1.4 trillion of the over a third of the estimated $3 trillion in new revenue that would be raised by the wealth tax."

"Under the Warren-Jayapal-Boyle legislation, the wealth tax would only be levied on people with wealth over $50 million, roughly 100,000 taxpayers.

"The annual tax rate would be just two cents on the dollar (2 percent) for people with wealth between $50 million and $1 billion and just three cents on the dollar (a total of 3 percent) for wealth above $1 billion threshold.

"There are only about 650 billionaires in the country that would pay the 3 percent rate."

Those 650 billionaires would become expats overnight.

Or they will cull their portfolios so they are only valued at $999,999,999

 

[jc456]

Because, fuck you.

without government

Nope, because of government. Restrictions.

 

[jc456]

he entire premise of that article is bullshit.

Income is not wealth it never was and never will be.

Income determines wealth for most people.

Wrong.

You are intentionally misusing a word.

The average person does not pay 40% of his "wealth" in taxes.

You're entire argument is based on a falsehood therefore your entire argument is invalid

it's 40% on money spent and earned.

 

[jc456]

Why do you think I don’t? Did you do my work?

Do you have a moral or legal right to your pre-tax income?

No it’s not your money: why taxation isn’t theft - Tax Justice Network

"So if there is a general right to one’s pre-tax income, then it must be a moral right.

"But it is implausible to suppose that each person has a moral right to his or her pre-tax income, for that would imply that the distribution of pre-tax incomes the market happens to throw up is perfectly just, and this is clearly not the case.

"There is no justice in the fact that the pre-tax income of a City banker is many hundreds of times the pre-tax income of scientist working on a cure for cancer."

dude, until someone does my job for me, I earned it. sorry. My time, my money. If I feel generous I give to charities and needs of the government. Taxes are volunteer. Look it up.

 

[dblack]

Why do you think I don’t? Did you do my work?

Do you have a moral or legal right to your pre-tax income?

No it’s not your money: why taxation isn’t theft - Tax Justice Network

"So if there is a general right to one’s pre-tax income, then it must be a moral right.

"But it is implausible to suppose that each person has a moral right to his or her pre-tax income, for that would imply that the distribution of pre-tax incomes the market happens to throw up is perfectly just, and this is clearly not the case.

"There is no justice in the fact that the pre-tax income of a City banker is many hundreds of times the pre-tax income of scientist working on a cure for cancer."

dude, until someone does my job for me, I earned it. sorry. My time, my money. If I feel generous I give to charities and needs of the government. Taxes are volunteer. Look it up.

Whether a third party thinks you've "earned" it or not is irrelevant. As long as your wealth was accrued through voluntary exchange (and not fraud or other coercion) the state has no justification for taking it.

 

[Blues Man]

he entire premise of that article is bullshit.

Income is not wealth it never was and never will be.

Income determines wealth for most people.

Wrong.

You are intentionally misusing a word.

The average person does not pay 40% of his "wealth" in taxes.

You're entire argument is based on a falsehood therefore your entire argument is invalid

it's 40% on money spent and earned.

The income tax was chosen as the revenue generator of choice because the government knows that the middle class is where the income is. 18.6 trillion dollars in wages were paid in 2019. There is no way any so called wealth tax will ever generate as much tax revenue as the middle class.

sales taxes are levied by states and vary so i don't usually include state taxes .

 

[jc456]

The income tax was chosen as the revenue generator of choice because the government knows that the middle class is where the income is. 18.6 trillion dollars in wages were paid in 2019. There is no way any so called wealth tax will ever generate as much tax revenue as the middle class.

sales taxes are levied by states and vary so i don't usually include state taxes .

EXACTLY. And it's why taxing the rich doesn't do jack shit. The volume comes from middle class. That's why when a tax cut occurs, more jobs are created, meaning more middle class people paying income tax, revenue therefore goes up. Economics 101

 

[jc456]

Whether a third party thinks you've "earned" it or not is irrelevant. As long as your wealth was accrued through voluntary exchange (and not fraud or other coercion) the state has no justification for taking it.

someone says hey I'll give you ten bucks to cut my lawn and I cut the lawn, it's my time for the service I provided that that person agreed to pay me. No fking third party. It's so simple is why a demofk will never understand.