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

dblack

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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.
Exactly. But libs want something different. They want to use the taxation power to pursue social engineering goals.
 

jc456

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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.
Exactly. But libs want something different. They want to use the taxation power to pursue social engineering goals.
BTW, it doesn't matter how long it took me to cut it. No time constraints, and the mower I use can be a push mower, electric, gas, doesn't matter. The lawn got cut.
 

georgephillip

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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.
If it's true average Americans pay tax on half their wealth, Warren's proposal would require the one percent to pay taxes at closer to the same rate.

Warren Revives Wealth Tax, Citing Pandemic Inequalities

"Ms. Warren’s wealth tax would apply a 2 percent tax to individual net worth — including the value of stocks, houses, boats and anything else a person owns, after subtracting out any debts — above $50 million.

"It would add an additional 1 percent surcharge for net worth above $1 billion."
 

georgephillip

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Like what?

Socialism? Communism?

We all know how well those work don't we?
Capitalism isn't working for billions of people on this planet.
One of the big reasons for its failures is the way it divides society into two unequal classes: owners and workers. Feudalism and slavery divided their societies in a similar fashion: masters and slaver; lords and serfs. Socialism has the potential to bring democracy to the work place, something capitalism can never accomplish.
 

Concerned American

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hose 650 billionaires would become expats overnight.
Which economic sanctions could government inflict to discourage that? How would billionaires take their real estate with them? How about their other assets or access to the US banking system?
Ever hear of off shoring your assets. Can't talk to a moron. All they do is ask stupid, obvious questions. Democrats, pfffft.
 

georgephillip

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Many reasons, both moral and practical - yes.
Capitalism is a zero-sum game.
For every winner there are many losers.
Billionaires are at the apex of that contrived inequality.


No Billionaires

"No one needs a billion dollars.

"No one deserves a billion dollars.

"There is a widespread moral and conceptual error, in a society saturated in the ideology of competition and monetary success, that the property a person has gotten does not simply belong to that person but is, somehow, itself an embodiment of their personhood—that to separate a person from property is to attack their human existence."
 

Blues Man

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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.
If it's true average Americans pay tax on half their wealth, Warren's proposal would require the one percent to pay taxes at closer to the same rate.

Warren Revives Wealth Tax, Citing Pandemic Inequalities

"Ms. Warren’s wealth tax would apply a 2 percent tax to individual net worth — including the value of stocks, houses, boats and anything else a person owns, after subtracting out any debts — above $50 million.

"It would add an additional 1 percent surcharge for net worth above $1 billion."
How many times do you have to be told that the average American is NOT taxed on his wealth?

Income is not wealth.
 

Blues Man

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Blues Man

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Like what?

Socialism? Communism?

We all know how well those work don't we?
Capitalism isn't working for billions of people on this planet.
One of the big reasons for its failures is the way it divides society into two unequal classes: owners and workers. Feudalism and slavery divided their societies in a similar fashion: masters and slaver; lords and serfs. Socialism has the potential to bring democracy to the work place, something capitalism can never accomplish.
No thanks
 
OP
CrusaderFrank

CrusaderFrank

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Like what?

Socialism? Communism?

We all know how well those work don't we?
Capitalism isn't working for billions of people on this planet.
One of the big reasons for its failures is the way it divides society into two unequal classes: owners and workers. Feudalism and slavery divided their societies in a similar fashion: masters and slaver; lords and serfs. Socialism has the potential to bring democracy to the work place, something capitalism can never accomplish.
Communism have lifted more people into abject poverty than any other form of government ever!
 

Blues Man

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And why do you want people to pay property taxes on their IRAs and 401Ks?
A wealth tax could be written to target the one percent without affecting middle class retirements. Do you believe those who own IRAs and 401ks should be exempt from paying sales taxes?
Sales taxes are a completely different animal.

And a sales tax is one of the only fair taxes out there because everyone who buys something pays the same rate.
 

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