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

[struth]

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

"Wouldn't even notice it"? Get real, they didn't get rich by ignoring things like a 2% reduction in net worth. They would not only notice it, they would immediately make it disappear, along with the jobs they create and the money they spend in this country. They can afford to hire the armies of tax attorneys all the rich liberals use to avoid taxes while complaining they don't pay enough.

Like fuck they are going to just close shop because of it. Your a fucking moron.

Some would close up, others would simply move. What, do you actually believe the wealthy would just sit still and agree to lose 2% of their wealth every year without taking steps to avoid it as much as possible? It is to laugh politely, then return to adult conversation.

Bull shit.. They should pay their fair fucking share. Not one fucking job would be lost. Go suck a billionaires dick.

• In 2017, the top 50 percent of all taxpayers paid 97 percent of all individual income taxes, while the bottom 50 percent paid the remaining 3 percent.
• The top 1 percent paid a greater share of individual income taxes (38.5 percent) than the bottom 90 percent combined (29.9 percent).

Summary of the Latest Federal Income Tax Data, 2020 Update

The top 1 percent of taxpayers pay a 26.8 percent average individual income tax rate, which is more than six times higher than taxpayers in the bottom 50 percent (4.0 percent).

taxfoundation.org

.

Just how much is a "fair" share? Sounds like they are already paying overwhelmingly the most. Maybe we should focus on getting more people paying more taxes, then less people paying more.....that would seem fair.

 

[CrusaderFrank]

I'll bet Paul "Wrong in the Trillions column" supports the wealth tax!

 

[initforme]

To answer the question? Because they worship the $ more than God.

 

[struth]

To answer the question....I don't know, nor care...my case is the same reason I want money in my accounts....because I earned it.

Why does Sanders and Warren want someone else's money so badly?

 

[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.

 

[Brain357]

We will need to pay off debt somehow.

You tax the so called rich at 100% and still not pay off the debt.

Sooner or later people who make 100K a year will be called "The Rich"

If people start paying more in taxes it becomes political suicide to increase spending. People hate taxes. Cutting taxes fuels spending.

When did we ever cut spending and raise taxes?

The reality is that after every tax cut, we have seen increases in tax revenue. Spending, and frankly medicare and medicaid....are the largest drivers of Debt....the only people willing to try and reform those programs are Republicans....anytime it's brought up the leftist and their propaganda machine claims the GOP wants to kill Grandma....(which is ironic given what the left did in NY during Covid)

The reality is that tax cuts always lead to spenanding increases.

not always, the GOP was able to cut spending in the 90s and do massive entitlement reform which lead to a "balanced" budget.

When have tax increases ever lead to spending cuts? That was your claim.....you said it would be political sucide to raise taxes and spending....when has anyone cut spending after raising taxes?

Yes after the first Bush increased taxes. Deficits have never decreased after tax cuts. Well not in the last 40 years since deficits have exploded.

He signed that tax increase in 90, the next year the deficit increased over 4percent, then we went into a Recession.

Yes, in the 90s during Clinton, after the GOP took Congress, they cut taxes, and the deficit decreased, we actually had a budget surplus.

Deficits have increased, after Kennedy, Bush Jr, and Trump's tax cuts, but revenue exploded.....spending, mainly entitlement spending, which is the largest driver of debt, goes unreformed despite the numerous warning and attempts by the GOP

Which taxes were cut? I don't recall any. Link?

 

[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

 

[FA_Q2]

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

"Wouldn't even notice it"? Get real, they didn't get rich by ignoring things like a 2% reduction in net worth. They would not only notice it, they would immediately make it disappear, along with the jobs they create and the money they spend in this country. They can afford to hire the armies of tax attorneys all the rich liberals use to avoid taxes while complaining they don't pay enough.

This, and the fact it is outright unconstitutional, is the problem.

Wealth taxes like this have been tried all over the place. They fail almost every time and never result in the supposed income they were advertised as being able to bring in. AFAIK, only 4 nations have actually kept their wealth taxes in place, they target wealth with a much lower mark than what they are supposed to be targeting here and bring in a minute amount of taxes.

 

[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.

 

[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.

People deeply in credit card debt are going to be good at keeping tax money handy? No chance.

 

[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.

 

[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.

 

[Andylusion]

We will need to pay off debt somehow.

Worked so well in France.

France's Reckoning: Rich, Young Flee Welfare State

PARIS -- France's day of reckoning has arrived: Its wealthy, best and brightest are saying goodbye to a nation they believe doesn't want them to succeed or become affluent. According to one poll in L

www1.cbn.com

"The entrepreneurial young people, they're going to London," Paris economist Jacob Arfwedson said. "They're going to Asia; they're going to the United States because they want to achieve something that is not automatically taken away by a state that says, 'You have, therefore I take it.'"

Yeah, that was a brilliant policy. By all means try it here, and see what happens. I'll be begging for Trump to be President again in a few years.

Where is there lower taxes our rich would go to?

A wealth tax, is a tax on what you own, independent of your income.

Mark Zuckerberg has a salary of one dollar a year.

You tax his wealth, that's millions.

Anywhere would be lower than a wealth tax. Canada would be lower. Ireland would be lower. Even France today, now that they have repealed the wealth tax, would be lower than a US wealth tax.

Anywhere. Panama, Singapore, Japan even. Anywhere.

 

[hjmick]

Lemme guess... the tax starts once you are worth more than the richest member of Congress...

 

[Andylusion]

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

Liz and Bernie should argue in favor of extending our existing wealth (property) tax beyond land to include the category of wealth than makes up the bulk of the one percent's net worth:

"We call this already existing levy the 'property tax,' and almost all Americans feel its pinch — with one exception.

"The rich.

"America’s current 'wealth tax' only taxes the category of wealth that makes up the bulk of the net worth of average Americans.

"The financial assets that make up the bulk of wealthy people’s net worth — stocks and bonds, for instance — face no wealth tax.

"MARCH 2, 2021
The Average American Pay Tax on Half of Their Wealth, Shouldn’t Rich Americans?"

See it's ironic really, because you come to the exact opposite conclusion that any normal person would

You see something that is bad, and say let's make it bad for everyone.

I see something bad, and say let's end the bad thing.

First, the rich are paying the same property taxes as everyone else. They paying that "wealth tax" as you put it.

Second, most stocks are owned by us the public. When you say you want a wealth tax on stocks... that's us. 401K, IRAs, pension funds, government funds, non-profits, life insurance and so on.

You are going to destroy the wealth of the public, by claiming to attack the rich? That's dumb.

 

[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?

 

[Brain357]

We will need to pay off debt somehow.

Worked so well in France.

France's Reckoning: Rich, Young Flee Welfare State

PARIS -- France's day of reckoning has arrived: Its wealthy, best and brightest are saying goodbye to a nation they believe doesn't want them to succeed or become affluent. According to one poll in L

www1.cbn.com

"The entrepreneurial young people, they're going to London," Paris economist Jacob Arfwedson said. "They're going to Asia; they're going to the United States because they want to achieve something that is not automatically taken away by a state that says, 'You have, therefore I take it.'"

Yeah, that was a brilliant policy. By all means try it here, and see what happens. I'll be begging for Trump to be President again in a few years.

Where is there lower taxes our rich would go to?

A wealth tax, is a tax on what you own, independent of your income.

Mark Zuckerberg has a salary of one dollar a year.

You tax his wealth, that's millions.

Anywhere would be lower than a wealth tax. Canada would be lower. Ireland would be lower. Even France today, now that they have repealed the wealth tax, would be lower than a US wealth tax.

Anywhere. Panama, Singapore, Japan even. Anywhere.

I don’t think they will be rushing to Panama...

 

[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..........

 

[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.

 

[task0778]

“Warren's wealth tax proposal has a dismal track record in other countries that have attempted wealth taxation,” Senior Research Fellow at the American Institute for Economic Research and economic historian Phil Magness warned. “It simply encourages the wealthy to relocate abroad, taking their businesses with them.”

Economists say that’s why the global trend has not been passing wealth taxes, but repealing them. Edwards pointed out that in 1990, 12 European countries had wealth taxes. Now? Just three still do.

“Even most of the leftist welfare states in Europe have repealed their wealth taxes because of the complex administration, the negative impacts on growth, and the encouragement of avoidance and evasion,” Cato’s Edwards concurred.

With the economy still struggling to rebound from COVID-19 and crushing government lockdowns, the timing for such a proposal couldn’t be worse, some warned.

“Wealth taxation would only exacerbate [ongoing economic turmoil] by creating an overtly hostile business climate and hampering economic recovery, which translates into persistent unemployment for those already reeling from the punitive effects of lockdowns on the job market,” Magness concluded.

“On the unlikely chance that Warren's proposal survived a constitutional challenge,” Magness said, noting the tax’s likely unconstitutionality, “we may reasonably expect to see a similar outcome to what several European countries experienced under their own wealth tax experiments in the last few decades: an exodus of wealthy residents who often take their assets and businesses with them, resulting in a revenue stream that consistently falls short of projections.”

“The wealth tax won’t come close to paying for the promises of the progressive agenda,” Griffith added. “Even the more than $4 trillion in capital over 10 years estimated to be confiscated under one version of the plan covers less than ten percent of the estimated costs of a variety of the big-government proposals of the 2020 presidential campaign.”

Elizabeth Warren’s wealth tax might play well with the progressive base and successfully tap into rising populist sentiment. But economists know it’s a severely misguided proposal rife with unintended consequences that would hurt all Americans—not just the wealthy.

‘Terrible Idea’ with ‘Dismal Track Record’: Top Economists Blast Elizabeth Warren’s Latest Proposal

Economists warn that it would hurt all Americans—not just the wealthy.

fee.org

Note that the proposed wealth tax may not be constitutional anyway.


struth: " Why does Sanders and Warren want someone else's money so badly? "

So they can spend it on whatever they think will get them re-elected. Don't be fooled, they don;t give a fuck about the national debt.