Taxing wealth vs taxing income (student loan, percentage, deduction, debt)
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No taxes on the wealthy do not need to increase they already pay for everything What we need is spending cuts, cuts to social security Medicare and welfare Then we need a 50% tax cut If anything the poor need to pay something right now they are literally deadbeat takers
Who could doubt the word of such an esteemed actuary on such matters? Well, I could for one, and I suggest that what we have here are even more areas in which you don't actually have any idea of what you are talking about.
Last edited by oaktonite; 07-26-2013 at 08:38 AM..
If we are going to have an ever increasing number of people on government assistance like Democrats want such as the 140% increase in food stamp enrollment since 1990, the revenue to pay for it is going to have to come from somewhere beyond income tax.
Food stamps cost about half of of what active military pay does. There are more people receiving food stamps today because more people are eligible for them. Do you know why that is?
How about a system like the following (I don't have the #'s but here's the idea):
Low Income + Low Net Worth = Little/No Taxes
Low Income + High Net Worth = Low Taxes
High Income + Low Net Worth = Low Taxes
High Income + High Net Worth = High Taxes
Yeah, that's kind of the idea, but you don't want to put all your eggs in one basket because it makes tax evasion and avoidance schemes easier to come up with and implement. What you want is a broad and diverse array of taxes on all sorts of things that taken together implement the sort of staggered tax burdens that you suggest.
Clearly, the most obvious disadvantage to taxing wealth (assets) would be penalizing those who save...yet another redistribution scheme to take from the responsible and productive and give to the irresponsible and non-productive.
BTW, be afraid of "means testing" SS benefits, something the head honcho of the AARP said he was in favor of about 5 years ago. That would turn SS into little more than another welfare program with the gub-ment deciding what people "need".
Clearly, the most obvious disadvantage to taxing wealth (assets) would be penalizing those who save...
Well, either that or it would encourage them to save even more in order to maintain their savings accrual rates. Ever think of that? No?
Quote:
Originally Posted by Delahanty
yet another redistribution scheme to take from the responsible and productive and give to the irresponsible and non-productive.
Lovely example of Romneyism.
Quote:
Originally Posted by Delahanty
BTW, be afraid of "means testing" SS benefits, something the head honcho of the AARP said he was in favor of about 5 years ago. That would turn SS into little more than another welfare program with the gub-ment deciding what people "need".
Yada-yada-yada. Why do we prohibit the wealthy from paying FICA taxes on wages over $113,700? These are people making millions every year, and the most they can possibly get from SS is a crummy $3,350 per month, and that's if they wait until age 70 to file. At 66, they're stuck with a paltry maximum of $2,533. Do know what $2,533 per month means to a rich person? Nothing, that's what! How about we stop discriminating against the wealthy by allowing them to pay FICA taxes on all their income thereby earning pension benefits more suitable to their station!
Taxing wealth simply will not work. Unless you want to create a huge disincentive to save and also hurt the already horrible retirement savings crisis in this country, you would need to create some kind of exemption so as not to hurt your average Joe saving for retirement. Maybe $1 million. Now once you do that, the people with assets above that (the rich) have the ability to just move capital overseas. So creating a wealth taxing regime that would generate enough revenue to make it worthwhile is probably not going to happen.
I'm a huge proponent of taxing consumption harder. But we are such a consumer society now that everyone will go ape**** if that happens.
How do you tax consumption without resorting to the regressive sales tax?
And about the savings issue, a wealth tax would be good and bad as it would be a use it or lose it type of deal. A wealth tax would ensure less capital sitting around, but less of an incentive to save.
Also another way to look at it is the government is around to ensure your wealth, not your income; therefore a government theoretically should tap your wealth for funds and not your income.
Food stamps cost about half of of what active military pay does. There are more people receiving food stamps today because more people are eligible for them. Do you know why that is?
Yes, whatever you tax more of you get less of, whatever you subsidize, you get more of.
Why work when you can eat for free? The economy also has never been weaker. The economy has never been more manipulated in the history its existed as well.
You think 85 billion a month in bond purchases is a good thing? you think the free market would have rates where they are today?
The whole damn market is messed up, this is going to end VERY ugly.
Yeah, that's kind of the idea, but you don't want to put all your eggs in one basket because it makes tax evasion and avoidance schemes easier to come up with and implement. What you want is a broad and diverse array of taxes on all sorts of things that taken together implement the sort of staggered tax burdens that you suggest.
Which is why I think a flat tax might work better in practice until we can combat tax evasion more effectively before implementing my "ideal" tax plan..
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