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O.K. let's define it as the top 5% of households in each Zip Code. Also let's agree that you qualify automatically at $3,000,000 and above.
Hmm, that would mean if I stayed in current zip code we'd be taxed, but if we move 2 miles west, we wouldn't be taxed. Yes, taxing by zip code is a great plan, buddy......
I'd just toss your "net worth" double/triple/quadruple taxation plan- give me a break, already....IT'S ALREADY BEEN TAXED!!!! - and raise the across the board sales and/or income taxes.
Think you need to go back to the drawing board. A net worth tax is just in your dreams.
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.
No one is going to pack up and leave the world's greatest nation because they have to pay ONE MEASLY PER CENT.
Remember the wealthy would also pay a greatly REDUCED income tax.
Also, as I've said before, the point of the net worth tax is to appease the left who feel that the rich don't pay their fair share.
If you don't give a little in these sorts of debates then you will never be able to tackle the problem of fast growing debt and deficits.
With a simple straightforward plan such as this the IRS would be forced to downsize.
Do you have a better one that is FAIRER and SIMPLER?
If you give the IRS the extra requirement to figure and track net worth, you are living in la la land if you think they won't use it to expand greatly.
How is singling out a class of people because some politically motivated bureaucrats decided they have too much money, "fair"?
Lets skip the schemes for now and figure out ways for our government to operate on less of our money instead working so hard figuring out ways to give it more
With a simple straightforward plan such as this the IRS would be forced to downsize.
Do you have a better one that is FAIRER and SIMPLER?
You actually think a net worth tax would decrease the IRS size & scope?! Hahahahahahaha!!!!!
They'd need to hire a whole department just for your new tax idea to validate the net worth balance sheets being sent in...make sure no wealthy people are leaving off a 3rd home or an off-short account or some of the stocks they hold. That's actually a plan for government job expansion, if anything. Get real.
Hmm, that would mean if I stayed in current zip code we'd be taxed, but if we move 2 miles west, we wouldn't be taxed. Yes, taxing by zip code is a great plan, buddy......
I'd just toss your "net worth" double/triple/quadruple taxation plan- give me a break, already....IT'S ALREADY BEEN TAXED!!!! - and raise the across the board sales and/or income taxes.
Think you need to go back to the drawing board. A net worth tax is just in your dreams.
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??
i mean, if it were my decision, it would apply to the full net worth of all individuals, and would probably be a good bit less than 1% per year.
however if you leave it to congress, it would be full of loopholes and exemptions for all sorts of things, and it would end up being a much higher rate for the people who did pay.
Do you have a better one that is FAIRER and SIMPLER?
If you think this plan is simple, you are out of your mind. Net worth is very very subjective. I can have a building I think is worth $4M with a cap 10, and you think its worth $4.8M because you look for a cap 8.. I might put a better value on a property because of the AAA credit, you might put less of a value on that tenant. How exactly do you determine "net worth"?
Quote:
Originally Posted by clb10
So...where is your plan?
There is no need for plans and more taxes. We have a spending problem, and a revenues problem, not a tax problem, and creating more taxes creates even a larger revenue problem and doesnt solve anything.
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