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Annuities and life insurance policies are about 1.2 trillion, bringing us up to around (10.5+1.2=11.7) $11.7 trillion out of $152 trillion. Still not 10% of total assets yet.
401k's and IRA's are tax savings vehicles, not assets. If we include ALL personal securities and equities, that's $17 trillion. Keep in mind that this includes the 401ks and IRAs of all Americans, as well as all the equities and securities of people like Warren Buffett and Bill Gates.
That brings the total up to about $29 trillion, out of $152 trillion. Its still not even close to a majority of the total assets in the U.S.
You're purposely understating the true value of Americans' retirement savings, otherwise known as 'wealth' , but regardless... why do you want a wealth tax? If all of those people really have such a small percentage of the assets, why on earth would you tax them more?
The idea that only 50% of Americans pay income tax is a myth...
Yep... the US Congress Joint Committee on Taxation says it's 51%.
51% pay NO federal income tax.
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"In summary, for tax year 2009, approximately 22 percent of all tax units, including filers and non filers, will have zero income tax liability, approximately 30% will receive a refundable credit, and approximately 49% will have a positive income tax liability."
Your facts are irrelevant because if they support anything, they support things that are counterproductive and destructive.
Helping poor people live better lives on the sweat of others is NOT a good thing. You may think it is, but it isn't. First, it is a disincentive for the "poor" to try harder, because you are subsidizing them. Second, it is a disincentive to the productive who have the fruits of their labors stolen from them to support bums.
Can you not see this?
Perhaps Konraden LIKESbeing a bigot.
Enabling dependency is the bigotry of low expectations. It traps people in poverty.
The general health of the nation is provided through the reduction of poverty in the United States. I win.
Hmmm... then why is our economy doing so poorly? And why is unemployment so high? Seems the US isn't as healthy as you think it is with the continuous freebie giveaways to the dependent class dragging the economy down.
Non-sequitur. Economy isn't necessarily linked to social health.
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And why is unemployment so high?
Do you want an actual answer or just some kind of "rich people suck" answer that'll be simple for you to make fun of without any actual constructive input?
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Seems the US isn't as healthy as you think it is with the continuous freebie giveaways to the dependent class dragging the economy down.
Feel free to explain that one.
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Originally Posted by NJBest
It's very simple to do flat tax and include a clause for the poor.
First $10,000 income is exempt for everyone. Then 10% on all income above that.
Flat taxes don't work. Literally read everything I posted on this thread. I'm pretty sure I've completely demolished that idea.
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Originally Posted by InformedConsent
33k? They can afford to pay 10%. They should be paying.
10% flat tax.
Are you really not paying attention to anything I've posted? I don't think you've had a single argument against flat-taxation's greatest downfall.
Non-sequitur. Economy isn't necessarily linked to social health.
Even better. Then we don't need the dependency-enabling social welfare spending programs.
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Flat taxes don't work. Literally read everything I posted on this thread. I'm pretty sure I've completely demolished that idea.
I've seen nothing at all that demolishes the concept of a flat tax, only political rhetoric from you because you don't like the concept.
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, but regardless... why do you want a wealth tax? If all of those people really have such a small percentage of the assets, why on earth would you tax them more? 
