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Like you say, "Wealth is not taxed." "Not taxed" is different from "not taxable."
Wealth is accumulated income that has already been taxed, and investments whose gains have not yet been realized (in other words, still at work in the economy creating jobs, etc.).
You know that would severely impact IRA's, 401k's, and pension funds, right? They all hold financial assets. Are you willing to take a pretty large hit on your retirement payout?
The rich and corporate America are going to do absolutely nothing. They have no skin in the game.
We've gone "global" and they can relocate anywhere they want that gives them favorable treatment.
Wealth is accumulated income that has already been taxed, and investments whose gains have not yet been realized (in other words, still at work in the economy creating jobs, etc.).
Well said!
This has been pointed out countless times and in countless threads, but the loonies on the left refuse to admit this. They have such high hopes of stealing from the people they deem rich......must be a lifelong goal they are born with.
Wealth has already been taxed when it was income, or the gain has not yet been realized.
Quote:
Originally Posted by InformedConsent
Wealth is accumulated income that has already been taxed, and investments whose gains have not yet been realized (in other words, still at work in the economy creating jobs, etc.).
So what?
When I make my wages, that gets taxed by the state, it gets taxed by Social Security, it gets taxed by income taxes, and it gets taxed for medicare. Then it gets taxed when I spend it. If I invest it, and get dividends, that gets taxed too. Then when I spend the dividends, they tax that too.
This "Double taxation" ship has sailed. You missed that boat years ago.
Quote:
Originally Posted by InformedConsent
You know that would severely impact IRA's, 401k's, and pension funds, right? They all hold financial assets. Are you willing to take a pretty large hit on your retirement payout?
YES, because I'd have more IN my retirement account, because I would be paying half the amount of income taxes.
the question is why do we tax the s$# out of people who are trying to BUILD wealth, so we can ensure that the people who HAVE wealth stay wealthy? Explain that one to me.
When I make my wages, that gets taxed by the state, it gets taxed by Social Security, it gets taxed by income taxes, and it gets taxed for medicare. Then it gets taxed when I spend it. If I invest it, and get dividends, that gets taxed too. Then when I spend the dividends, they tax that too.
Exactly. That's the same for everyone. Why do you want to tax yourself and everyone else even more?
we got the income tax because assets taxation wasnt working.
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