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

[Turtlesoup]

We will need to pay off debt somehow.

We need to stop spending---------making billionaires and politicians richer.

I would argue we need to stop cutting taxes and require a tax increase for any spending. We keep cutting taxes so nobody cares about debt. They will care when taxes increase.

You obviously don't pay taxes----

CUT SPENDING --the government steals more than enough of my money. They are just robbing taxpayers and fyi ONCE AGAIN..you are completely ignorant if you think the billionaires don't have loopholes to get out of paying taxes leaving the middle class and lower upper class to pay for all of this graft and corruption. This is why billionaires donate aka BUY politicians-----

CUT spending----------make every dime be accounted for..........

I pay a shit ton of taxes. Increase taxes and spending will be cut. Until then people don’t care and debt will grow.

Increase TAXES and revenue will drop as fewer people will work and more spending as our courrpt are ALWAYS pushing for will occur pushing us further into debt you dip. Don't you ever read the history?

 

[Cellblock2429]

We will need to pay off debt somehow.

/——-/ Then send them your life savings.

 

[Andylusion]

We will need to pay off debt somehow.

We need to stop spending---------making billionaires and politicians richer.

I would argue we need to stop cutting taxes and require a tax increase for any spending. We keep cutting taxes so nobody cares about debt. They will care when taxes increase.

You obviously don't pay taxes----

CUT SPENDING --the government steals more than enough of my money. They are just robbing taxpayers and fyi ONCE AGAIN..you are completely ignorant if you think the billionaires don't have loopholes to get out of paying taxes leaving the middle class and lower upper class to pay for all of this graft and corruption. This is why billionaires donate aka BUY politicians-----

CUT spending----------make every dime be accounted for..........

I pay a shit ton of taxes. Increase taxes and spending will be cut. Until then people don’t care and debt will grow.

Increase taxes and spending will be cut?

That's not true. Never has been true.

Why didn't that work in Greece? If you made just $48,000 a year, you were subjected to a 44% tax rate, plus your social security tax of 25%, plus the 24% VAT sales tax.

Why did Greece go broke? Why did they end up in a crisis, default on their bonds, and have people burning wood to keep warm, because they couldn't even afford natural gas?

Explain?

 

[FA_Q2]

We will need to pay off debt somehow.

We need to stop spending---------making billionaires and politicians richer.

I would argue we need to stop cutting taxes and require a tax increase for any spending. We keep cutting taxes so nobody cares about debt. They will care when taxes increase.

We should stop making employers send in their employee's taxes and people should have to write a check and pay quarterly taxes.

After that we should make tax day the day before election day so people will still be sore from the big wet bite the fucking government just took out of their asses.

That is a fun idea. We probably would have too many people owing however...

That's the point. Make people realize exactly how much the government is taking from them.

The corrupt politicians know that the middle class is where the money is. Why do you think the income tax is the tax of choice for the bulk of government revenue?

I understand the point and agree me with it. But if everyone’s money is spent come tax time we have created a whole new problem. And believe me it will be spent for many.

That's their problem. People need to learn how to handle their own money.

I always managed to pay my quarterly taxes on time so can everyone else.

I do too. But I think it would be a huge hit to revenue. And then do we jail lots of people? Too many new problems.

Gee imagine forcing people to actually be responsible for themselves

That's horrible.

If it leads to less revenue and more people in jail you have made problem worse.

That conjecture is based on the idea that you think the average person cannot be responsible.

That is a rather arrogant view of people in general.

I think the facts support it.

Average Credit Card Debt in America: 2021 - ValuePenguin

That does not support the claim that people will not pay their taxes.

They don't do that well with the current system.

Why Do So Many People Fall Behind On Their Taxes? (investopedia.com)

According to the most recent data from the U.S. Internal Revenue Service, Americans owed over $131 billion in back taxes, penalties, and interest in 2018.

That does not support much either, just gives a large dollar figure. Nothing about who owes or how that breaks down.

Personally, I see a great advantage in empowering people in general. Sure, more may fall behind but even more will have an actual understanding of what the government is taking and have some concern with where the majority of their money is going. The importance of that cannot be understated.

So you have no evidence to suggest I’m wrong?

Am I supposed to prove your point wrong?

 

[jc456]

A wealth tax would raise 4.35 TRILLION over a ten year period and the uber-wealthy wouldn't even notice it.
Great idea - DO IT!

How Much Revenue Would a Wealth Tax Raise?

Former Democratic presidential candidates Sen. Bernie Sanders, I-Vt., and Sen. Elizabeth Warren, D-Mass., have proposed progressive annual wealth taxes. Warren’s proposal would enact a wealth tax with a rate of 2 percent per year on net worth between $50 million and $1 billion and 6 percent per...

www.aei.org

You're demented it would raise $43 Trillion! Pay for the Green New Deal and the New Green Deal!!

Eat the rich!!!

Tax the rich, feed the poor
'Til there are no rich no more!! Yes!! Alvin Lee, economic genius!

If we have rich and poor and we tax the rich out of existence, what are we left with??? That's right! Venezuela!

So far the rich keep getting tax cuts. I think they will be ok.

Why does Gates NEED $50 Billion? Can you think of single reason?

Cause he can

 

[Jim H - VA USA]

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?

I have never understood why some people who pay less income taxes than their neighbor, would demand that the neighbor pay more.

About half of Americans pay no federal income tax at all; the rest of us pay it for them.

The richest among us tend to pay the most taxes, generally about 27% for the top 1%. They pay so much more than most of us do. Personally, I am thankful and wish them even greater future success, but I do pay a tidy sum of taxes myself.

This wealthiest among us owe us squat. They can take their money and run after firing everyone.

But instead, they make more money by continuing to employ people who buy homes and other things, paying property, sales, social security and other taxes, while these employers are paying similar taxes themselves.

The wealthiest among us pay most of the taxes, and that pays for most of the operations of the government, including schools, roads, law and order, defense, energy, etc.

Demonizing the successful has to stop. We need to encourage success. Everyone would love to be successful. Everyone can be, if they strive to do so, every day.

 

[Brain357]

We will need to pay off debt somehow.

We need to stop spending---------making billionaires and politicians richer.

I would argue we need to stop cutting taxes and require a tax increase for any spending. We keep cutting taxes so nobody cares about debt. They will care when taxes increase.

You obviously don't pay taxes----

CUT SPENDING --the government steals more than enough of my money. They are just robbing taxpayers and fyi ONCE AGAIN..you are completely ignorant if you think the billionaires don't have loopholes to get out of paying taxes leaving the middle class and lower upper class to pay for all of this graft and corruption. This is why billionaires donate aka BUY politicians-----

CUT spending----------make every dime be accounted for..........

I pay a shit ton of taxes. Increase taxes and spending will be cut. Until then people don’t care and debt will grow.

Increase TAXES and revenue will drop as fewer people will work and more spending as our courrpt are ALWAYS pushing for will occur pushing us further into debt you dip. Don't you ever read the history?

Increase taxes and tax payers will care about debt, making spending increases political suicide.

 

[Brain357]

We will need to pay off debt somehow.

We need to stop spending---------making billionaires and politicians richer.

I would argue we need to stop cutting taxes and require a tax increase for any spending. We keep cutting taxes so nobody cares about debt. They will care when taxes increase.

You obviously don't pay taxes----

CUT SPENDING --the government steals more than enough of my money. They are just robbing taxpayers and fyi ONCE AGAIN..you are completely ignorant if you think the billionaires don't have loopholes to get out of paying taxes leaving the middle class and lower upper class to pay for all of this graft and corruption. This is why billionaires donate aka BUY politicians-----

CUT spending----------make every dime be accounted for..........

I pay a shit ton of taxes. Increase taxes and spending will be cut. Until then people don’t care and debt will grow.

Increase taxes and spending will be cut?

That's not true. Never has been true.

Why didn't that work in Greece? If you made just $48,000 a year, you were subjected to a 44% tax rate, plus your social security tax of 25%, plus the 24% VAT sales tax.

Why did Greece go broke? Why did they end up in a crisis, default on their bonds, and have people burning wood to keep warm, because they couldn't even afford natural gas?

Explain?

The first bush increased taxes and that made people care about debt. Clinton then decreased deficits.

 

[Brain357]

We will need to pay off debt somehow.

We need to stop spending---------making billionaires and politicians richer.

I would argue we need to stop cutting taxes and require a tax increase for any spending. We keep cutting taxes so nobody cares about debt. They will care when taxes increase.

We should stop making employers send in their employee's taxes and people should have to write a check and pay quarterly taxes.

After that we should make tax day the day before election day so people will still be sore from the big wet bite the fucking government just took out of their asses.

That is a fun idea. We probably would have too many people owing however...

That's the point. Make people realize exactly how much the government is taking from them.

The corrupt politicians know that the middle class is where the money is. Why do you think the income tax is the tax of choice for the bulk of government revenue?

I understand the point and agree me with it. But if everyone’s money is spent come tax time we have created a whole new problem. And believe me it will be spent for many.

That's their problem. People need to learn how to handle their own money.

I always managed to pay my quarterly taxes on time so can everyone else.

I do too. But I think it would be a huge hit to revenue. And then do we jail lots of people? Too many new problems.

Gee imagine forcing people to actually be responsible for themselves

That's horrible.

If it leads to less revenue and more people in jail you have made problem worse.

That conjecture is based on the idea that you think the average person cannot be responsible.

That is a rather arrogant view of people in general.

I think the facts support it.

Average Credit Card Debt in America: 2021 - ValuePenguin

That does not support the claim that people will not pay their taxes.

They don't do that well with the current system.

Why Do So Many People Fall Behind On Their Taxes? (investopedia.com)

According to the most recent data from the U.S. Internal Revenue Service, Americans owed over $131 billion in back taxes, penalties, and interest in 2018.

That does not support much either, just gives a large dollar figure. Nothing about who owes or how that breaks down.

Personally, I see a great advantage in empowering people in general. Sure, more may fall behind but even more will have an actual understanding of what the government is taking and have some concern with where the majority of their money is going. The importance of that cannot be understated.

So you have no evidence to suggest I’m wrong?

Am I supposed to prove your point wrong?

I provided evidence why I'm right. Just curious if you had anything. If not I obviously will continue thinking i'm right.

 

[jc456]

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?

I have never understood why some people who pay less income taxes than their neighbor, would demand that the neighbor pay more.

About half of Americans pay no federal income tax at all; the rest of us pay it for them.

The richest among us tend to pay the most taxes, generally about 27% for the top 1%. They pay so much more than most of us do. Personally, I am thankful and wish them even greater future success, but I do pay a tidy sum of taxes myself.

This wealthiest among us owe us squat. They can take their money and run after firing everyone.

But instead, they make more money by continuing to employ people who buy homes and other things, paying property, sales, social security and other taxes, while these employers are paying similar taxes themselves.

The wealthiest among us pay most of the taxes, and that pays for most of the operations of the government, including schools, roads, law and order, defense, energy, etc.

Demonizing the successful has to stop. We need to encourage success. Everyone would love to be successful. Everyone can be, if they strive to do so, every day.

Brainwash

 

[Dana7360]

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?

Why not raise the minimum wage instead so even the Poor can pay their share of the tax burden? We subscribe to Capitalism and have a Commerce Clause to faithfully execute. There should be no theoretical upward limit to markets under Capitalism. Besides, simply taxing the rich more does not solve for income or wealth inequality, like simply raising the minimum wage can.

No the tax that is being discussed in this thread won't do much about the income/wealth gap.

What will is returning to high taxes on high income and unearned income.

When a greedy person knows that 70% of income over 3 million dollars a year will be lost to taxes, that greedy person won't take wages or income above that 3 million dollars.

When a greedy person knows that 70% of unearned income above 250 grand a year will be lost to taxes, that greedy person doesn't take unearned income above that cap.

We did that before Reagan. It worked well.

When the greed factor is taken out of the equation many good things happen like the following:

1. Jobs won't leave America.
2. Prices for consumers can decrease.
3. Workers are paid a living wage with proper benefits.
4. The business invests in R&D and can buy new equipment.
5. Workers aren't laid off just in time for stock price evaluation for executive bonuses so the bonuses are higher.
6. More money is in circulation not concentrated in the hands of a small group of people.
7. Since more people have more money in their hands business is making more money from more sales from more people.
9. We can stop having a large group of people who need pubic assistance to live. We subsidize wages for many filthy rich companies because they don't pay their employees a living wage. Less people on public assistance.

When a company doesn't have to constantly generate higher and higher profits, that company doesn't have to go looking in other nations for the cheapest labor. The jobs stay here. They did until reagan lowered taxes. All of a sudden, our jobs were leaving. In those years the jobs went to Japan.

When a company doesn't have to generate those high profits, they can keep the price of their goods or services lower to the consumer.

Those are just some of the benefits of removing unchecked greed from business.

Business won't leave America. The rich won't leave America. They have no place to go. Either they go to another first world nation and pay higher taxes than here or go to an undeveloped nation. Which they aren't going to do either. They didn't do it when we had that system before reagan. It didn't harm business. They still got rich but there wasn't a big wage gap and business paid much more in taxes. So did the rich.

We already have the map to the solutions to the problems we face today.

The greatest generation gave it to us. It's proven to work too. In fact, America became a super power when we had that system. We also built the largest middle class in the world.

 

[jc456]

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?

I have never understood why some people who pay less income taxes than their neighbor, would demand that the neighbor pay more.

About half of Americans pay no federal income tax at all; the rest of us pay it for them.

The richest among us tend to pay the most taxes, generally about 27% for the top 1%. They pay so much more than most of us do. Personally, I am thankful and wish them even greater future success, but I do pay a tidy sum of taxes myself.

This wealthiest among us owe us squat. They can take their money and run after firing everyone.

But instead, they make more money by continuing to employ people who buy homes and other things, paying property, sales, social security and other taxes, while these employers are paying similar taxes themselves.

The wealthiest among us pay most of the taxes, and that pays for most of the operations of the government, including schools, roads, law and order, defense, energy, etc.

Demonizing the successful has to stop. We need to encourage success. Everyone would love to be successful. Everyone can be, if they strive to do so, every day.

Brainwash

Jim H - VA USA the ones complaining are brainwashed. If they were successful they’d want to keep all their money like everyone else.

 

[ThisIsMe]

We will need to pay off debt somehow.

We need to stop spending---------making billionaires and politicians richer.

I would argue we need to stop cutting taxes and require a tax increase for any spending. We keep cutting taxes so nobody cares about debt. They will care when taxes increase.

Why is it always increase taxes rather than cut spending? If we cut out all the frivolous spending, we wouldn't need to keep raising taxes.

Also, its impossible to pay off the debt as there is more money owed than there is in existence. Every dollar borrowed is borrowed with interest, even if you gave back every dollar that was ever borrowed, you'd still owe the interest, which can only be paid by borrowing more money.

Its an endless cycle that can only be slowed by decreasing the rate of spending.

 

[Brain357]

We will need to pay off debt somehow.

We need to stop spending---------making billionaires and politicians richer.

I would argue we need to stop cutting taxes and require a tax increase for any spending. We keep cutting taxes so nobody cares about debt. They will care when taxes increase.

Why is it always increase taxes rather than cut spending? If we cut out all the frivolous spending, we wouldn't need to keep raising taxes.

Also, its impossible to pay off the debt as there is more money owed than there is in existence. Every dollar borrowed is borrowed with interest, even if you gave back every dollar that was ever borrowed, you'd still owe the interest, which can only be paid by borrowing more money.

Its an endless cycle that can only be slowed by decreasing the rate of spending.

Because nobody cares about debt without a tax increase. Remember the tea party? They complained and complained about debt until they got tax cuts and then they disappeared. Meanwhile deficits increased drastically. The only way spending cuts will happen is if we get a tax increase and make people care about debt. Nobody cares about debt, they care about taxes.

 

[jc456]

A wealth tax would raise 4.35 TRILLION over a ten year period and the uber-wealthy wouldn't even notice it.
Great idea - DO IT!

How Much Revenue Would a Wealth Tax Raise?

Former Democratic presidential candidates Sen. Bernie Sanders, I-Vt., and Sen. Elizabeth Warren, D-Mass., have proposed progressive annual wealth taxes. Warren’s proposal would enact a wealth tax with a rate of 2 percent per year on net worth between $50 million and $1 billion and 6 percent per...

www.aei.org

You're demented it would raise $43 Trillion! Pay for the Green New Deal and the New Green Deal!!

Eat the rich!!!

Tax the rich, feed the poor
'Til there are no rich no more!! Yes!! Alvin Lee, economic genius!

If we have rich and poor and we tax the rich out of existence, what are we left with??? That's right! Venezuela!

So far the rich keep getting tax cuts. I think they will be ok.

No they don’t, but your massers told you that!

nor do you know who the job creators are master told you to shut up

Yes they have actually.

Oh, I know

 

[yidnar]

We will need to pay off debt somehow.

3 cent on the dollar ? lol !

 

[jc456]

We will need to pay off debt somehow.

We need to stop spending---------making billionaires and politicians richer.

I would argue we need to stop cutting taxes and require a tax increase for any spending. We keep cutting taxes so nobody cares about debt. They will care when taxes increase.

Why is it always increase taxes rather than cut spending? If we cut out all the frivolous spending, we wouldn't need to keep raising taxes.

Also, its impossible to pay off the debt as there is more money owed than there is in existence. Every dollar borrowed is borrowed with interest, even if you gave back every dollar that was ever borrowed, you'd still owe the interest, which can only be paid by borrowing more money.

Its an endless cycle that can only be slowed by decreasing the rate of spending.

Because nobody cares about debt without a tax increase. Remember the tea party? They complained and complained about debt until they got tax cuts and then they disappeared. Meanwhile deficits increased drastically. The only way spending cuts will happen is if we get a tax increase and make people care about debt. Nobody cares about debt, they care about taxes.

Spending never stops, it is the cause of debt, anywhere. Not tax cuts or tax increases. We want spending cuts. Not one politician will ever run on that . Why term limits is the only debt relief

 

[yidnar]

We will need to pay off debt somehow.

We need to stop spending---------making billionaires and politicians richer.

I would argue we need to stop cutting taxes and require a tax increase for any spending. We keep cutting taxes so nobody cares about debt. They will care when taxes increase.

Why is it always increase taxes rather than cut spending? If we cut out all the frivolous spending, we wouldn't need to keep raising taxes.

Also, its impossible to pay off the debt as there is more money owed than there is in existence. Every dollar borrowed is borrowed with interest, even if you gave back every dollar that was ever borrowed, you'd still owe the interest, which can only be paid by borrowing more money.

Its an endless cycle that can only be slowed by decreasing the rate of spending.

Because nobody cares about debt without a tax increase. Remember the tea party? They complained and complained about debt until they got tax cuts and then they disappeared. Meanwhile deficits increased drastically. The only way spending cuts will happen is if we get a tax increase and make people care about debt. Nobody cares about debt, they care about taxes.

increasing taxes has never paid down the deficit ....when DC gets more money they spend it and enrich their family friends and allies . the more they get the more they spend the more they spend the more they steal.

 

[Brain357]

We will need to pay off debt somehow.

We need to stop spending---------making billionaires and politicians richer.

I would argue we need to stop cutting taxes and require a tax increase for any spending. We keep cutting taxes so nobody cares about debt. They will care when taxes increase.

Why is it always increase taxes rather than cut spending? If we cut out all the frivolous spending, we wouldn't need to keep raising taxes.

Also, its impossible to pay off the debt as there is more money owed than there is in existence. Every dollar borrowed is borrowed with interest, even if you gave back every dollar that was ever borrowed, you'd still owe the interest, which can only be paid by borrowing more money.

Its an endless cycle that can only be slowed by decreasing the rate of spending.

Because nobody cares about debt without a tax increase. Remember the tea party? They complained and complained about debt until they got tax cuts and then they disappeared. Meanwhile deficits increased drastically. The only way spending cuts will happen is if we get a tax increase and make people care about debt. Nobody cares about debt, they care about taxes.

Spending never stops, it is the cause of debt, anywhere. Not tax cuts or tax increases. We want spending cuts. Not one politician will ever run on that . Why term limits is the only debt relief

But you don't want spending cuts. When repubs had full control they passed tax cuts and a huge military spending INCREASE! And all the repubs rejoiced. Now if there had been a tax increase associated with that spending increase you'd not be so happy.

 

[Brain357]

We will need to pay off debt somehow.

We need to stop spending---------making billionaires and politicians richer.

I would argue we need to stop cutting taxes and require a tax increase for any spending. We keep cutting taxes so nobody cares about debt. They will care when taxes increase.

Why is it always increase taxes rather than cut spending? If we cut out all the frivolous spending, we wouldn't need to keep raising taxes.

Also, its impossible to pay off the debt as there is more money owed than there is in existence. Every dollar borrowed is borrowed with interest, even if you gave back every dollar that was ever borrowed, you'd still owe the interest, which can only be paid by borrowing more money.

Its an endless cycle that can only be slowed by decreasing the rate of spending.

Because nobody cares about debt without a tax increase. Remember the tea party? They complained and complained about debt until they got tax cuts and then they disappeared. Meanwhile deficits increased drastically. The only way spending cuts will happen is if we get a tax increase and make people care about debt. Nobody cares about debt, they care about taxes.

increasing taxes has never paid down the deficit ....when DC gets more money they spend it and enrich their family friends and allies . the more they get the more they spend the more they spend the more they steal.

But it has. The first Bush increased taxes and that made people care about debt. Deficits drastically increased under Clinton due to this.