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Thread: a new U.S. wealth tax - only on the ultra-wealthy?

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    Re: a new U.S. wealth tax - only on the ultra-wealthy?

    What percentage of federal wealth tax are you willing to pay on your savings account, retirement account, car, truck, jewelry, home, collectibles, life insurance policy cash value and all other personal property you own thereby establishing your "wealth?" 5%? 15% 25%? If you don't pay it then the government takes your property. If you can't afford the annual federal wealth tax on your stuff, then you have too much stuff and should sell off a lot of it to pay the federal wealth tax on what you can afford to keep.

    Why shouldn't everyone have to pay this new federal method of universal taxation? Why should you be exempt? You didn't make that money to buy that stuff on your own. It took the federal government. So therefore it is fair to tax everyone for their everything they own.
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    Re: a new U.S. wealth tax - only on the ultra-wealthy?

    Quote Originally Posted by Mycroft View Post
    This is guaranteed to cause wealthy people to move their wealth out of the country.

    Why do the Dems hate their country?
    Let them go, here's what they want to do anyway, take all the money and run.
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    Re: a new U.S. wealth tax - only on the ultra-wealthy?

    Quote Originally Posted by socca View Post
    Some Democratic presidential candidates have floated the idea of a new U.S. wealth tax (one version: 2% on net worth > $50M; 3% on net worth > $1B). There are a couple of ways that this tax could be implemented in a future version of everyone's favorite document: IRS Form 1040.

    Version 1: each year, every taxpayer is required to report their Section XXX (XXX = a new section of the tax code) net worth.

    Problem: for many taxpayers (some of quite modest means), calculating their Section XXX net worth could be a huge burden. Sorry folks - the time and cost required to calculate Section XXX net worth each year could constitute a nasty "tax" on a broad swath of Americans, not just the ultra-weathy.

    Problem: the inquisitive bean-counters in the IRS might be delighted at the prospect of requiring every American to cough up a net worth estimate each year, but in my opinion this would be a revolting expansion of government power / intrusion into American life.

    Version 2: each year, every taxpayer is required to check a box indicating whether they have Section XXX net worth > $50M. If so, then they report their Section XXX net worth so the corresponding wealth tax can be calculated. Taxpayers who don't check the box don't have to report their Section XXX net worth.

    Problem: with this approach, super-wealthy taxpayers could simply not check the box and "dare" the IRS to come after them. Only during an audit would the taxpayer be required to justify their Section XXX net worth claim.
    Summary: a warning to Democrats - proposing a wealth tax is a deal-killer for this independent (no party affiliation) voter.
    I'm not sure what they're trying to do but here's what I'd suggest.

    The tax is not on net worth, but on gross income.

    I think this is what they want to do, but it is not enough. It is not a drop in the bucket.

    What they should do is take twelve percent of earnings after you first ten million dollars.

    Then you can balance the budget and have some money left over for health care and college.

    Either that or we need too cut military and health care costs by fifty percent and the way to do that is with a federal vegan program.

    Whenever you guys are ready.
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    Re: a new U.S. wealth tax - only on the ultra-wealthy?

    There will be no new wealth tax or any other asset tax. The American economy is dependent upon foreign capitalization. The US is essentially a tax haven for foreign monies. Compare taxes here to those of other nations, with the relative stability, and you will begin to understand. WS will not allow disruption of foreign capital flow. WS does finance both major parties. Be thankful it is a benevolent system.

    Anyone who examines the economic history of this nation will immediately understand the financing of every American industry relies on foreign investment. A wealth tax would translate as a disruption to that financing. Take a good look and learn. A wealth tax is a pipe dream.
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    Re: a new U.S. wealth tax - only on the ultra-wealthy?

    Quote Originally Posted by TurtleDude View Post
    Liberalism is a constant search for trying to pretend their desires for the wealth of others is based on something other than greed and envy
    There's lots of ways I can go in your purse.

    I can say, "I'm lazy and don't want to work, give me your money."

    I can say, "I majored in political science and I will work for your money, I'll still have too get up in the morning, but at least I don't have to dig ditches."

    I can say, "You all spend your money only to extract more money from the economy, so how are we going to pay?"

    I can say, "The greed is in the rich."

    I can say, "I want an economy where the people have money to spend and entrepreneurs can make it, where the object for those with wealth is not to put everybody else out of business."

    I can say, "We should have a tax schedule that pays the bills."

    I can say, "I want everyone too pay more than their fair share."

    How is it people think money is theirs, when Caesar prints it?

    The other pole is too much spending, but programs for the people are only a drop in the bucket and what have the Democrats ever done to us but loose and promote led poisoned liberals?

    If I was running for President I would say that "You all will be paying higher taxes under me."
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    Re: a new U.S. wealth tax - only on the ultra-wealthy?

    Quote Originally Posted by Exquisitor View Post
    There's lots of ways I can go in your purse.

    I can say, "I'm lazy and don't want to work, give me your money."

    I can say, "I majored in political science and I will work for your money, I'll still have too get up in the morning, but at least I don't have to dig ditches."

    I can say, "You all spend your money only to extract more money from the economy, so how are we going to pay?"

    I can say, "The greed is in the rich."

    I can say, "I want an economy where the people have money to spend and entrepreneurs can make it, where the object for those with wealth is not to put everybody else out of business."

    I can say, "We should have a tax schedule that pays the bills."

    I can say, "I want everyone too pay more than their fair share."

    How is it people think money is theirs, when Caesar prints it?

    The other pole is too much spending, but programs for the people are only a drop in the bucket and what have the Democrats ever done to us but loose and promote led poisoned liberals?

    If I was running for President I would say that "You all will be paying higher taxes under me."
    You wouldn't win
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    Re: a new U.S. wealth tax - only on the ultra-wealthy?

    It is my greatest desire to have all the ultra rich folk in this country stop...recognize their evil ways, and pull all of their investments from all potential wage earning exercises. No income...nothing to be taxed.

    And no one to pay for all the crippled and dependent pets social programs.

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    Re: a new U.S. wealth tax - only on the ultra-wealthy?

    Quote Originally Posted by Media_Truth View Post
    I have not heard any of these from Democratic candidates. No link was offered, so we don't know who you're talking about. I firmly believe we should raise the top tier income taxes to about 60%, until the budget is balanced, and then gradually lower it, avoiding any new deficit. Republicans tax cuts are killing us. Our deficit is approaching $1 Trillion.
    I can help.

    Elizabeth Warren's Wealth Tax: Here's What You Need to Know | The Motley Fool

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    Re: a new U.S. wealth tax - only on the ultra-wealthy?

    Quote Originally Posted by Lutherf View Post
    Here's the problem with a wealth tax -

    Lets say that I have 10,000 acres of ranch land and 500 head of beef cattle. The land is generally valued at $1000/acre and the cattle is worth $1200 a head. That makes it easy to calculate value. I just have to pay tax on my $10.6 million in assets come April. But there's an issue. One of the other ranchers in the area had a developer come in and make him a deal he couldn't refuse. The developer paid $2500/acre for 200 acres of that ranch and is looking for additional land on which to build a golf course. Also, there were a few cases of hoof and mouth disease discovered in Europe and it's looking like a lot of the European stock will be prohibited from coming to market. Nothing is for certain yet but the value of my cattle may be set to increase. So, with these issues going on how am I supposed to value my land and cattle? If I go with the $10.6M figure and an auditor comes up with $18.4M who is right? How much do I have to pay accountants and lawyers to come up with a number and then defend it if it's contested? What happens if the state listens to an environmental group that discovered a certain subspecies of grouse that lives on my land and declared the grouse a protected species which now means that I can no longer graze cattle in their habitat?

    A wealth tax sounds like a really nifty idea until you get into the logistics of actually calculating asset value.
    There's an internet poster I'm familiar with that farms 8000 acres of his own land with his own equipment. He undoubtedly has a high net worth. Probably not a lot of cash. So he would pay the tax on property he needs with money he doesn't have. Very few very rich actually have cash laying around.

    A wealth tax sounds good as a campaign slogan, but as actually being a workable solution it fails.

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    Re: a new U.S. wealth tax - only on the ultra-wealthy?

    Quote Originally Posted by VanceMack View Post
    It is my greatest desire to have all the ultra rich folk in this country stop...recognize their evil ways, and pull all of their investments from all potential wage earning exercises. No income...nothing to be taxed.

    And no one to pay for all the crippled and dependent pets social programs.
    So you want to see the country to collapse?
    There have been people on here that complained that 44% of all people in the US do not pay FIT and not say a word about the ( in 2017 42% of all large Corps. that made over a million dollars in US profits some making Billions did NOT pay a cent in US FIT, and after the tax cut the GAO says that percent will go up yo about 65% ) large Corps. not paying any US income taxes.
    First thing these large Corps. use programs that FIT pays for , so why shouldn't they pay FIT , the 44% of people who do not pay FIT do not make enough let alone millions. ( using government funded training programs for example )
    It is time we had a min. FIT for Corps.
    They get to deduct a lot of things and can take " Carryovers " to lower their FIT and a lot of these deductions people can't take.
    The SCOTUS says they are entities just like people so if that is so why do they get to take all these deductions and people can't?
    It is time we had a balanced budget amendment with some teeth in it so that we can NOT spend more then we take in ( have it where the ONLY time we could run a debt would be in case of a war like WWII or another great recession / depression ) and have a national sales tax of say 1 % that would be used ONLY to pay off the debt and when the debt is paid off it would be suspended and could ONLY be put back on if we did go to war or had a recession / depression that ran up the debt again.
    and the sales tax could not be deducted from your FIT and everybody should pay it even large Corps.
    everybody got a benefit from running up the debt so everybody should help pay it off
    Just a thought
    have a nice day

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