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You've already been taxed on the income once = double taxation
Inventing a new tax where there never was one, that will never go away and will just be raised in the future. We're taxed enough already!
Redistribution is evil in that it penalizes success, stifles productivity and increases dependence on government, where misery prevails.
A lot of extreme wealth does not come from income, it comes from unrealized capital gains which are not taxed until the gains are realized. Take Bill Gates, who is worth $50B or so. That money is Microsoft stock he owns because he founded Microsoft. It was never income and has never been taxed. It is just sitting there. And BTW, Bill Gates is in favor of a wealth tax. It will force the super wealthy to spend their money which is good for the economy, or to lose part of it to taxes.
I don't know why you worry about the super wealthy. The wealth tax being proposed doesn't kick in until $50M or so, so it will tax less than 1% of Americans.
you cant have a wealth tax... what is wealth ..accumulated assets
so you are going to tax (additional ) on someones house?? annually?? that will cause a housing bust big time
You never heard of property tax? I think all states have property taxes on real estate. Some also have personal property taxes on cars, boats etc. But I assume this wealth tax would also apply to your investments. Stocks, bonds, business partnerships. That will make people squirm.
You never heard of property tax? I think all states have property taxes on real estate. Some also have personal property taxes on cars, boats etc. But I assume this wealth tax would also apply to your investments. Stocks, bonds, business partnerships. That will make people squirm.
yes that is a LOCAL tax..based (usually) on a very small %age of the value....and that property tax (in the high property tax states) is a killer on the lower/working/middle class
my tiny 1400sf, 3bd,2bath house on a tiny 60x100 lot..and my property tax is 14K.....that is 18% of my 77k gross....
tax already applies to investments... ie dividends from stocks are taxed as income or capital gains
for example I could hit the 40 million dollar powerball...... its cash value (for lump sum) is 20 million...its AFTER TAXES is about 10.4 million (federally it is considered income...top bracket is 39%, the state is 8% (NyS top bracket is actually 8.82%)
now if I took that 10 million and INVEST it in a 30 Treasury bill... getting a measly 3% (that was the yearly high, it is currently 2.2%)...it is STATE tax free, but it is still taxable federally (it "can" be deferred, but that can be very costly at maturity)
so at 2.2% I would be making 220k in interest annually (I certainly could live off of that)....that would be if counted as income the 35% bracket...or it could be counted as capital gains
either way I will have to pay the federal tax (77k if counted as income)
so my imagined (hitting the powerball) wealth (10 million) has already been taxed...and my interest off of that is already taxed...what more do you fascio-socialist/communist liberals want
A lot of extreme wealth does not come from income, it comes from unrealized capital gains which are not taxed until the gains are realized. Take Bill Gates, who is worth $50B or so. That money is Microsoft stock he owns because he founded Microsoft. It was never income and has never been taxed. It is just sitting there. And BTW, Bill Gates is in favor of a wealth tax. It will force the super wealthy to spend their money which is good for the economy, or to lose part of it to taxes.
I don't know why you worry about the super wealthy. The wealth tax being proposed doesn't kick in until $50M or so, so it will tax less than 1% of Americans.
Maybe people arent worried about the super wealthy, but are instead worried about the jobs they create or how the newly taxed money will be wasted or gone to war with?
The government cant responsibly spend what it does now, why give them another dime, whether it comes from the rich, middle class, or poor.
You've already been taxed on the income once = double taxation
Inventing a new tax where there never was one, that will never go away and will just be raised in the future. We're taxed enough already!
Redistribution is evil in that it penalizes success, stifles productivity and increases dependence on government, where misery prevails.
We have gone through great lengths to democratise our political system because we know what horrors befall a society where political power is concentrated in the hands of a small minority. This principle also applies to wealth. Nations with substantial wealth inequality have lower standards of living in almost every measurable category.
Deficit spending is unethical as it robs money from our grandkids. Taxes need to match the expenditures. But where is the money going to come from? The bottom 80% own 7% of the nations wealth. Ergo, most of the tax income needs to come from the top 20%.
Actually, take away the ability of the .01% to bribe congress into giving the super wealthy competitive advantage, monopolies and oligopolies acting as monopolies would go a long way toward helping with inequality. See big pharma for example.
You've already been taxed on the income once = double taxation
Inventing a new tax where there never was one, that will never go away and will just be raised in the future. We're taxed enough already!
Redistribution is evil in that it penalizes success, stifles productivity and increases dependence on government, where misery prevails.
This is always my favorite counterpoint when people say that the Civil War was not about slavery b/c most Confederates were not slave owners and wouldn't be fighting on behalf of the wealthy... This is the same scenario but for modern times.
And the reason that a "wealth tax" is not evil is b/c it's an income tax for the recipient. Again, why are you fighting for the ultra wealthy to skip out on paying income taxes? How does that benefit you?
In other words, you want a tax free, voluntarily given to government.
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This is the same scenario but for modern times. 
