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Why a wealth tax?

GlobalPerspecti said:
"Not even sure the name of this new shiny object for the great unwashed is properly named. A quick Google search states that the amount of wealth needed to be considered wealthy is $2.4 million or 25 times the median wealth of Americans. If this is the case why start a wealth tax at $50 million as is being proposed versus $2.4 million?"

With wealth inequality at all-time highs, it seems just the tax needed to help fight consequences of inequality, while reestablishing a healthier balance. With the fact that the top 5 wealthiest citizens have as much wealth as they do, a simple "Billionaire" tax would have measurable impacts. The reasons for a $50 million mark, include: 1) It will still be hugely impactful on inequality; 2) Less political opposition making it an attainable target, as population x wealth can = political power; 3)Society still appreciates the prospect of attaining unimaginable wealth, yet most agree $50 million is in excess of most wildest dreams.

Lastly, id argue that this is a start to fixing the current system, its not exactly a revolutionary idea. Income taxes themselves were born in the Gilded ages of excessive inequality, and they faced heavy push-back for many years until society finally realized something had to give. We're at a similar stage. Growing civilization= growing complexities= growing taxes. Alongside this, growing standard of living.
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Your last paragraph exactly shows the hole in the logic of the post. If you want to fix the system,do just that fix it. You don't do that by adding another layer of confusion. Much easier to add a new bracket for highest incomes,fix the estate tax,step up basis and carried inerest as starters.

All these have been discussed for years if not decades. Why hasn't this been done you ask. Because politicians want issues to grandstand about not solutions.
 
washunut said:
Some of you may have heard about proposals for a new tax on individuals called the "Wealth Tax". My question is why is this needed. If there are votes to pass a wealth tax aren't there votes to fix the tax system we already have in place which purports to do just that? Why not fix the loophole ridden gift and estate taxes as a start?

Not even sure the name of this new shiny object for the great unwashed is properly named. A quick Google search states that the amount of wealth needed to be considered wealthy is $2.4 million or 25 times the median wealth of Americans. If this is the case why start a wealth tax at $50 million as is being proposed versus $2.4 million?

So are politicians just to lazy or stupid to fix our current system. After all they can't even use the correct start point for a true tax on the wealthy.
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The wealthy will just move their money out of the country.
 
swing_voter said:
The wealthy will just move their money out of the country.
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Doesn't matter where the money is. If you are a citizen you pay the tax,or try to committ tax fraud which is punishable by jailtime.

I am against the wealth tax but not for this reason.
 
danielpalos said:
Equal protection of the laws is a civil right. There is no appeal to ignorance of the law for denial. Only illegals do that.
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EP has nothing to do with the minimum wage
 
the proportional tax system is not a good thing, man. I am really wondering why do people who legally earned money by themselves have to pay more taxes or any wealth taxes. It's unfair. I see no reason to change the tax system.
 
The largest problem is loopholes that allow the ultra-wealthy to avoid paying taxes on earnings now. You don't need to raise taxes to ridiculous rates or add new taxes, but fix the system we have and see where we are. I'm personally not a fan of estate and high property taxes that cause families to lose houses that have been in their family for generations. Tax new wealth being generated. Re-taxing people to death is counterproductive.
 
LadyBenevolence said:
The largest problem is loopholes that allow the ultra-wealthy to avoid paying taxes on earnings now. You don't need to raise taxes to ridiculous rates or add new taxes, but fix the system we have and see where we are. I'm personally not a fan of estate and high property taxes that cause families to lose houses that have been in their family for generations. Tax new wealth being generated. Re-taxing people to death is counterproductive.
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the real loophole is people being able to vote up the taxes of others without paying any federal income tax. what exactly do you define as "ultra wealthy"? lots of class warfare advocates want people to think of Bill Gates or say Mini Mike Bloomberg when their schemes target people making a couple million a year
 
LadyBenevolence said:
The largest problem is loopholes that allow the ultra-wealthy to avoid paying taxes on earnings now. You don't need to raise taxes to ridiculous rates or add new taxes, but fix the system we have and see where we are. I'm personally not a fan of estate and high property taxes that cause families to lose houses that have been in their family for generations. Tax new wealth being generated. Re-taxing people to death is counterproductive.
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Ultra-wealthy pay huge amounts of tax. That "loophole" crap is LW mumbo-jumbo.
 
Bullseye said:
Ultra-wealthy pay huge amounts of tax. That "loophole" crap is LW mumbo-jumbo.
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well if she is talking about a few dozen billionaires, she might have a point but most lefties are talking about most of the people in the top one percent
 
washunut said:
Some of you may have heard about proposals for a new tax on individuals called the "Wealth Tax". My question is why is this needed. If there are votes to pass a wealth tax aren't there votes to fix the tax system we already have in place which purports to do just that? Why not fix the loophole ridden gift and estate taxes as a start?

Not even sure the name of this new shiny object for the great unwashed is properly named. A quick Google search states that the amount of wealth needed to be considered wealthy is $2.4 million or 25 times the median wealth of Americans. If this is the case why start a wealth tax at $50 million as is being proposed versus $2.4 million?

So are politicians just to lazy or stupid to fix our current system. After all they can't even use the correct start point for a true tax on the wealthy.
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Because people pay off politicians to lower their tax burden and relax regulations..


They are called “lobbyists” and they give most of their money to republicans.. lol


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ArtemisBarca said:
Because people pay off politicians to lower their tax burden and relax regulations..


They are called “lobbyists” and they give most of their money to republicans.. lol


Sent from my iPhone using Tapatalk
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So you really think that the richest Americans, Buffett,Bezos and Gates are giving their money to Trump.

Just how uninformed are some on this site. Rich people looking for loopholes exist in both parties.
 
washunut said:
So you really think that the richest Americans, Buffett,Bezos and Gates are giving their money to Trump.

Just how uninformed are some on this site. Rich people looking for loopholes exist in both parties.
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A) think about it...

Why would the amoral slimy corporate businessmen back the side pushing for higher taxes and more regulations for them????

Obviously they are going to back the GOP who’s party platform is lower taxes for corporations and less regulations..

B) those people you listed are not as rich as the big corporations ...

They are 5 people that probably only account for 2% of the wealth from the wealthiest Americans..

The private prisons, big oil , big pharmaceutical , the big insurance companies..and just about every other industry who profits off human suffering donate the majority of their lobbying money to republicans..




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danielpalos said:
Why do firms like Amazon pay no federal income tax?
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I said PEOPLE. People that make money on Amazon stock or are employed by Amazon pay taxes.
 
washunut said:
Some of you may have heard about proposals for a new tax on individuals called the "Wealth Tax". My question is why is this needed. If there are votes to pass a wealth tax aren't there votes to fix the tax system we already have in place which purports to do just that? Why not fix the loophole ridden gift and estate taxes as a start?

Not even sure the name of this new shiny object for the great unwashed is properly named. A quick Google search states that the amount of wealth needed to be considered wealthy is $2.4 million or 25 times the median wealth of Americans. If this is the case why start a wealth tax at $50 million as is being proposed versus $2.4 million?

So are politicians just to lazy or stupid to fix our current system. After all they can't even use the correct start point for a true tax on the wealthy.
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Yes politicians are stupid. Yes they can't fix the tax system. They are too political to come together and calmly do what things are needed, because of politics. They are not willing to come to reasonable compromise because they are always afraid of upsetting their base.
If you need a wealth tax you need to do one of two things. 1. Redo the tax system. There are several ways to go about this, change the brackets, go to a flat tax are commonly mentioned. 2. Just add a so called Wealth Tax. I think the Wealth tax is by its nature divisive for the country and creates problems between the classes. Many politicians think encouraging class warfare is good for them politically but it's not good for America. In fact the best thing for America may be Term Limits. We do it for President why not for all elected offices? The original idea was public service and not career.
 
Integrityrespec said:
Yes politicians are stupid. Yes they can't fix the tax system. They are too political to come together and calmly do what things are needed, because of politics. They are not willing to come to reasonable compromise because they are always afraid of upsetting their base.
If you need a wealth tax you need to do one of two things. 1. Redo the tax system. There are several ways to go about this, change the brackets, go to a flat tax are commonly mentioned. 2. Just add a so called Wealth Tax. I think the Wealth tax is by its nature divisive for the country and creates problems between the classes. Many politicians think encouraging class warfare is good for them politically but it's not good for America. In fact the best thing for America may be Term Limits. We do it for President why not for all elected offices? The original idea was public service and not career.
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I’m not sure a lot of the proposed actions to address corruption actually would..

Such as term limits..

A) if you legitimately have a king author type, that is actually the best guy for the job. Why would you want to swap for a substandard option???

B) it seems to me it would be easier/cheaper to pay off a rookie senator/congressman. Than to pay off a journeyman one..


I kinda think they are only giving us options that do not actually address the problem...might even just make it cheaper to buy people off..


If you really want to stop corruption, you only let them make their government pay check..

They can accept no gift over 500$.. even Christmas lol.. and zero payments besides there check..

Plus you create a fund that pays for campaigns and end fundraising completely..

If no one would want to be a politician then, good. Then the only ones doing it are there to do good..




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TurtleDude said:
well if she is talking about a few dozen billionaires, she might have a point but most lefties are talking about most of the people in the top one percent
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Some of my own family is in that one percent bracket, on the lower end of the scale, but you're right that there is huge gap there. Here is a good article on the top 0.01 percent, which the article estimates is around 16,000 families, making over 16 million a year. For more information on tax loopholes in general, here and here.
 
danielpalos said:
Firms are considered artificial persons for juridical purposes. Only artificial persons should have income taxes not real persons.
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Nice dodge, But to play your little game a huge majority of firms pay taxes. The average effective federal income tax rate is around 20%. They also pay state income taxes, as well as employ share of FICA.
 
Bullseye said:
Nice dodge, But to play your little game a huge majority of firms pay taxes. The average effective federal income tax rate is around 20%. They also pay state income taxes, as well as employ share of FICA.
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Why have Labor pay any income tax at all? Artificial persons can do it.
 
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