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For liberals, the rich are getting shafted hard with the net worth tax.
For conservatives, the less productive spendthrifts are contributing through their unnecessary purchases.
And for good measure we are all still paying a modest income tax.
Couple this with a 1% across the board Federal spending cut each year for 15 years and the deficit and debt disappear before today's infants enter college.
what do you mean by a 1% net worth tax???...how often???
an example a lower middleclass guy get a house valued at 100k for puts 20% down and gets the mortgage...10 years later (making extra payments) the house is paid off and now valued at 200k...his net "worth" is over 200k (just by the value of his home)....is he going to get SCREWED for an extra 2k every year...or just once (meanwhile he is paying 6k or more with property taxes)
so define "net worth"... and define how often this tax applies
what do you mean by a 1% net worth tax???...how often???
an example a lower middleclass guy get a house valued at 100k for puts 20% down and gets the mortgae...10 years later (making extra payments) the house is paid off and now valued at 200k...his net "worth" is over 200k (just by the value of his home)....is he going to get SCREWED for an extra 2k every year...or just once (meanwhile he is paying 6k or more with property taxes)
so define new wiroth... and define how often this tax applies
The annual net worth tax is for "The Rich" only.
It is a concession to the progressives who whine about "The Rich" all the time (despite the whining they do have a good point).
what do you mean by a 1% net worth tax???...how often???
an example a lower middleclass guy get a house valued at 100k for puts 20% down and gets the mortgage...10 years later (making extra payments) the house is paid off and now valued at 200k...his net "worth" is over 200k (just by the value of his home)....is he going to get SCREWED for an extra 2k every year...or just once (meanwhile he is paying 6k or more with property taxes)
so define "net worth"... and define how often this tax applies
Well, he wouldn't have to pay 25, 35% of his wages during his working years, he would be paying 5%.
I'm not saying these numbers add up --- just, I don't understand why whenever a proposal is given like this, people focus only on the increased portion of the taxes, and not the decreased. It is like some kind of tax paranoia.
Well, he wouldn't have to pay 25, 35% of his wages during his working years, he would be paying 5%.
I'm not saying these numbers add up --- just, I don't understand why whenever a proposal is given like this, people focus only on the increased portion of the taxes, and not the decreased. It is like some kind of tax paranoia.
dont get me wrong...I think the idea has its merits..I only question the vagueness
I would be fine even with 10% across the board income tax and a 5% sales tax(which is double his idea)
but the 'net worth' tax needs to be DEFINED (clarrified)...what is 'net worth'...HOW OFTEN??? what LEVELS does to start or is it ALL levels??? does it include a 'housing' value or is the value of a primary domicile exempt from the worth??
Hate the "net worth" tax- that wealth has already been taxed via income taxes, capital gains, etc, so in effect you're trying to tax them TWICE. Plus, when taxed 1% annually, it becomes taxing the SAME wealth a 3rd, 4th, 5th, etc time as the years go by. NO THANK YOU!!!
Also, a lot of net worth is "on paper" only- the market value of a home or stock that hasn't been sold. Many so-called "rich" people ($250k income & up) live in homes they've owned for decades. Maybe the market value (paper net wealth) has increased from $500,000 in 1995 to $800,000 today.....at the rate of an $8,000 net worth tax, in 30-40 years time the government will have taxed 100% of the home's increase in value, completely negating the American "mental value/investment" in real estate. Think that's a good idea? I THINK NOT.
"Net worth" taxes would cause a huge percentage of wealthy Americans to consider turning in their citizenship and leaving the country, probably for pro-wealth/ low tax areas like some of the Carribean islands.
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