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If they are going to implement new taxes, they better make fleeing this country illegal. Both in person and money.
Just do what FDR did to gold, put in an executive order to, anyone not invest all their savings to US treasury is a treason and WILL face up 50 years in prison and all wealth confisicated.
Like it? Hate it? Like it for other countries but not for the US?
If you think it deserves further exploration, should it apply to everyone equally, or be highly progressive, or somewhere in the middle? Should it apply to small business or corporations as well?
Should it augment Federal Income Tax, supplant it, or do a partial?
How does it compare conceptually to a consumption tax, a 'value-added' tax, and an income tax or profits tax?
Would it be difficult to implement and track and draw correct boundaries (i.e. what type of wealth is taxed, etc.).
And finally, would a wealth tax encourage or discourage each of these: savings, investment, innovation, betterment, or consumption.
Thanks!!
would it honestly be used to pay down the debt? Or would it just be an excuse for guys like Barney Frank and Princess Pelosi to simply spend twice the amount on some stupid entitlement?
Given our present economic conditions, that's clearly an unviable option.
France is going overboard with it, like they do with a lot of things. They are not using it to replace the income tax, but in addition to it. Plus it is 2.2%, which for a wealth tax is steep.
Quote:
The wealth tax -- officially called the solidarity tax -- is collected on top of income, capital gains, inheritance and social security taxes
No! Hate it! We need to encourage wealth accumulation, not penalize it.
A consumption tax would be the most appropriate.
Our current tax code encourages behavior that doesn't need to be rewarded.
For example, we tax savings interest and deduct loan interest. That is totally out of whack. We also encourage having more kids in a world that is vastly overpopulated.
As a percentage of their income wealthy and high income people consume less than lower income people.
For example a person for making $80,000 a year, a $40,000 car represents 50% of that person income.
At the same time for a person making $1,000,000, a $100,000 car represents 10% of that person's income.
The real enemy of small business is big business. Only by destroying Big Business and its monopoly control over prices can small businesses and individuals prosper.
Our small business is doing fine.
However, I have always managed it like a big business.
As a percentage of their income wealthy and high income people consume less than lower income people.
For example a person for making $80,000 a year, a $40,000 car represents 50% of that person income.
At the same time for a person making $1,000,000, a $100,000 car represents 10% of that person's income.
And your point is......?
How about this?
For example a person for making $80,000 a year, a $8,000 car represents 10% of that person income.
At the same time for a person making $1,000,000, a $500,000 car represents 50% of that person's income
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