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Property tax is not a wealth tax. There are plenty of low and middle income families that are paying property tax.
Personally, I think property tax should be limited to only property that is excessive. So don't tax a person's home or the land needed for their farm or business, but do tax any surplus property they have. This is in line with Benjamin Franklin's views:
"All the Property that is necessary to a Man, for the Conservation of the Individual and the Propagation of the Species, is his natural Right, which none can justly deprive him of: But all Property superfluous to such purposes is the Property of the Publick, who, by their Laws, have created it, and who may therefore by other Laws dispose of it, whenever the Welfare of the Publick shall demand such Disposition. "
Most of those billions haven't been "earned" yet. They are stock options. When Bezos sells off $50 million in stock to build a mansion, he pays taxes on it.
Well yes and he probably pays 15 or 20% on those earnings. While middle class has an effective tax rate of 30% or so. This needs to be changed so that billionaires at least pay the same or slightly larger effective tax rates than middle class.
Quote:
Originally Posted by oceangaia
You are never going to become rich by taking from those already rich. Get over it not gonna happen.
Who is talking about being rich? We are talking about meeting all Government obligations without running unsustainable deficits.
Well yes and he probably pays 15 or 20% on those earnings. While middle class has an effective tax rate of 30% or so. This needs to be changed so that billionaires at least pay the same or slightly larger effective tax rates than middle class.
Who is talking about being rich? We are talking about meeting all Government obligations without running unsustainable deficits.
If you want to meet your obligations you make cuts. The Government has so so much to cut.
If you want to meet your obligations you make cuts. The Government has so so much to cut.
Yes, I agree. This what I would cut as a first priority:
1) Defense & other anti terrorist operations. Cut by 40%. More Americans die from driving accidents & gun accidents than from terrorism.
2) Cut corporate welfare:
a) Increase effective corporate tax rate from 1 - 5% to at least 25% or so. Forbid companies from hiding
profits abroad.
b) Stop the government from paying ridiculous amounts for medicines and medical scanning and other procedures. Cut corporate welfare to pharmaceutical and devices companies.
3) Cut welfare for the rich. Instead of figuring out which taxes to increase or which loophole to close, I would just make a minimum mandatory effective tax rate. This will apply to anyone making $500,000 of pre tax income from any source. No income source should be exempt from taxation. This will ensure that rich pay similar tax rate as middle class.
Following up on the above post, the high income /assets people that I have been acquainted with, know the loopholes and use them. This includes moving assets out of the city, county, state and/or country, if need be.
I am probably more against it than for it for the simple reason that the stupid government is already too damn big. It was too big decades ago. No amount of money would ever be enough. They bring in ridiculous amounts of dollars now and are 20+ trillion dollars in debt. They spend without restraint. If, and when, the interest rates go back up, that buzzard is coming home to roost with a vengeance. We don’t need to send more money to the government. They need to demonstrate some ability to reasonably manage they money they bring in now. It’s absurd.
Taxing super wealthy is not as easy as taxing them a higher percentage. Many wealthy can easily pay less tax abroad basically by changing their citizenship. That has to be considered too.
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