An odd thing about the "Buffett Rule"

[MTAtech]

Originally Posted by evilnewbie

I wonder what Mr. Buffett thinks about an annual Wealth Tax... where the government immediately confiscates half his wealth... you know for the good the Nation...

Such an idea is highly abstract and largely unworkable. First, I'm as liberal as they come and I don't support your wealth tax.
Second, how would that be implimented? If all of my wealth is illiquid assets, like real estate, how can the government take half easily?
The end is that nobody is discussing a wealth tax. A top marginal income tax rate of 50% is where I would go.

[imokay]

Originally Posted by MTAtech

Such an idea is highly abstract and largely unworkable. First, I'm as liberal as they come and I don't support your wealth tax.
Second, how would that be implimented? If all of my wealth is illiquid assets, like real estate, how can the government take half easily?
The end is that nobody is discussing a wealth tax. A top marginal income tax rate of 50% is where I would go.

I would go for a very high top marginal tax rate for those who DON'T invest their money in job-creating things. If you want to spend your $10,000,000 on luxury cars, then pay 60% of your income, if you want to open a business and higher people, then you get a tax break.