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Since most of the serious wealth in this county takes the form of corporation stock, wealth is already taxed via the corporate income tax.
Consider that a third-to-half of Americans pay no federal income taxes at all. Not to overly burden the low-income, but everyone should have some skin in the game.
Also, would taxing wealth decrease the incentive to save and increase the incentive to consume?
One of the benifits I've heard of wealth taxes is that they sort of jumpstart big purchases like houses by allowing more income for initial payments with the greater tax coming as the purchase is payed off.
A con I've heard is that a wealth tax may cause the currently wealthy citizens of a country to jump ship to another country which does not tax their wealth.
Personal property tax. It's a horrible system that does exactly what you said. It actively discourages people from buy anything of value, as you will be taxed on it year after year.
It's a horrible system that does exactly what you said. It actively discourages people
from buy anything of value, as you will be taxed on it year after year.
Here in NC they do it on cars. The dummies think paying less in LESS excise tax at time of
purchase saves them something... then the annual PP assessment bill comes year after year.
I'd prefer to pay more upfront.
No taxes on the wealthy do not need to increase they already pay for everything
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Originally Posted by hartford_renter
If anything the poor need to pay something right now they are literally deadbeat takers
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Originally Posted by celcius
Consider that a third-to-half of Americans pay no federal income taxes at all. Not to overly burden the low-income, but everyone should have some skin in the game.
You guys realize that there are other taxes besides federal income tax?
Poor people pay the highest percent in state and local taxes:
The lowest quintile pays 17% of their income in taxes.
My biggest problem with the tax code is that trust fund babies who have never worked a day in their life are paying a lower percentage than middle class people who work 40-50 hours a week.
The top 1% should not be paying a lower percentage than the top 2-5%.
Walmart heirs who got tens of billions of dollars for being born should not be paying a lower percentage than a doctor making $250k a year who went through 8 years of school and several more years of residency and racking up 6 figures of student loan debt to do it.
Last edited by EugeneOnegin; 07-26-2013 at 02:32 PM..
The fact is there is absolutely no reason to tax at all. The government can create all the money it needs with a single keystroke.
Taxes are not for supporting the Federal government, they are to redistribute wealth and to control the wealth of the working class. (Drain money from the economy)
The real question is if you are going to drain money from the economy; what is the fair way to do it.
The current system gives a financial advantage to the wealthy by taxing investments at 15% while taxing wages at higher rates.
The current system also refuses to recognize a person’s value basis in their own labor.
There is a fundamental difference profit made on investment, which is pure profit, and wages earned in return for labor.
In the case of the latter, the labor which you have exchanged for that wage is viewed as worthless by government, and therefore all your wages are taxed as pure profit.
To deny labor has value, and that its value has been traded for the value of wages is dishonest and an obvious fallacy.
Personal property tax. It's a horrible system that does exactly what you said. It actively discourages people from buy anything of value, as you will be taxed on it year after year.
The property tax, is nessisary in order to have a Central Banking System.
We have that now, and we have more poor people than ever.
Wageless recovery.
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Originally Posted by icicles
50 million on food stamps and growing at the fastest pace in history.
The number of food stamp recipients peaked at 47.8 million in late 2012 and has been falling since. The decline will be slow however so long as prevailing wage rates are not enough to make one ineligible for the benefit.
I agree the wealthy actually pay for much of what we get in government services already. To over tax them means the destruction of them creating wealth which is what most of us actually do for a living. one only has to look at present and the obvious problem; wealth is not being invested in amount need to create real growth that benefits those at bottom to middle. Whether we like it or not most depend on wealthy paying for service we all get and to provide jobs we all want.The further down the latter the more dependent one is and destroying that wealth means you suffer the most because at some point its not risked any more.
Yes, whatever you tax more of you get less of, whatever you subsidize, you get more of.
So, if your income taxes went up, you would work less? Somehow, I don't think so. Somehow, I don't think any of these grade-school economic homilies makes any sense at all.
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Originally Posted by icicles
Why work when you can eat for free?
Food stamps allow you to eat reasonably healthy foods, though the majority of recipients can't make it through a full month on what they get. Food pantries are the backup, so be sure to give generously to the ones in your area.
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Originally Posted by icicles
The economy also has never been weaker.
It was in fact FAR weaker when Obama took office, and when FDR took office, and shortly after Reagan took office.
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Originally Posted by icicles
The economy has never been more manipulated in the history its existed as well.
Oh no's.
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Originally Posted by icicles
You think 85 billion a month in bond purchases is a good thing?
I'd rather have expansionary fiscal policy, but a bunch of braindead blockaders won't go along with that. They support a failing economy instead of a growing one.
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Originally Posted by icicles
you think the free market would have rates where they are today?
What's unfree about the secondary markets for Treasuries? What sort of yields are they coming up with?
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Originally Posted by icicles
The whole damn market is messed up, this is going to end VERY ugly.
Yes, I know. I'm forever hearing about how awful things are going to be from financial whizbangs who can't make change for a dollar. Doom-sayers are a dime a dozen these days. I wonder why gold collapsed on them like that.
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