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That's patently impossible if you want to keep roads in decent shape, keep corporations from dumping toxic waste in rivers, keep the military at some minimal level, keep seniors from dying or starving, etc. You keep repeating this without providing any means to keep the country running.
If it's impossible, then get the **** out of the way so someone else can take over. I'm not interested in an endless stream of excuses why we need to waste billions on SEVEN different programs to provide milk to schoolchildren.
Spend within your means or go bankrupt. It's that simple.
You think I'm being harsh here? I guarantee you the IMF will be even more harsh.
your not getting the point that this will effect many...middleclass many....because a wealthtax hits everyone with any wealth, not just billionaires.
the problem is that the "wealth" has already been taxed..at least twice, once when the income and savings was initially made, and also any investment (interest) income
and the "wealth" is EVERYTHING (assets accumulated over the years)
My main issue with this is....who is going to determine what someone's net worth (total assets) is, and how are they going to determine it
who determines the "wealth"???
and just how would you tax "wealth"...the first thing you would have to do is define wealth
just how are you going to determine the "net worth" of someone
just what entity is going to value the assets
answer it please...just how do you define/value their "wealth"
what about a working-class guy, who has a distant uncle who wills my his ONLY possession.... a Picasso...…
to him it may be priceless...what is the government going to value it at...a billion? so now this working-class guy is "worth" a billion.... yet the BEST he could possibly get for it at auction is 50m..and the most probable value is 10m.. yet the government is going to want 2% of a billion (20 mil)…. and since that is his only asset (government value of 1b) just where is he going to get 20m...and where is he going to get 20m for next year...… so what do we do, cut a Picasso up into pieces?
but what about a family farm
the problem is that the "wealth" has already been taxed..at least twice, once when the income and savings was initially made, and also any investment (interest) income
and the "wealth" is EVERYTHING (assets accumulated over the years)
the average FAMILY farm is well over 10-20 million in VALUE,
because a wealthtax hits everyone with any wealth, not just billionaires
fact the average small farm is valued OVER 7.5 million, that includes the land, and equipment
value ACCUMULATES over time, either by inflation (ie a house bought for 20k would be worth 350k in 20 years) or by bits and pieces adding each year
I was a mechanic for 30 years...the "value' of my tools (replacement cost) is over 70k....that's corrects 70,000 dollars worth of tools...ACCUMULATED over a 30+ year time frame
say a person picks up a 'junk' 1938 Duisenberg for 1k, and fixes it...that 1k (maybe less) investment could end up being worth 250k-2m...what happens if he dies, should his family have to sell his life's work to pay 20% tax on it????
this (a wealth tax) would especially effect/affect family farms and working-class (middleclass/poor)
even with the exemption being at 5 or 10 or 15 million it will still effect small business and farms
the average family farm is not a valueless thing...many grain farmers are farming lots of land that is in the 1000's of acres...and with the value of land being in the 1000's of dollars per acre.
Quote:
am a grain farmer of 4,500 acres who I work along with my two brothers, father and mother. Family farms have increased in size because it has been necessary to stay profitable. Profit margins have decreased over the decades, therefore in order for a farmer to stay profitable, they have to produce more of that product. When I graduated college in 2004 i was attending a farmers meeting, and a man read off the closing price for corn on Chicago Board of Trade. It was $2.10 a bushel. Then he read off the archive list of where corn closed for the week in 1974. It read $2.34. So in 30 years the price had basically stagnated. However the rise of inflation for the cost of operation and standard of living had increased drastically.
hmmm 4500 acres with the value per acre being $8716.......mini calc......39,222,000
hmmm the value just of the land is 39 million.....a wealthtax CERTAINLY will effect this working-class/middleclass family farmer
a wealthtax is the most idiotic lame-brained idea anyone could come up with
another example, I will use everyone's favorite bad guy...D Trump
think about this.... for the last 4 years.. liberals have been screaming about trump..."he wont release his taxes"..."he probably is not even a billionaire"....
so what is going to happen now...are we going to go from "..."he probably is not even a billionaire".... to ….."he is worth 50 billion, we want the 20% on 50 billion because WE say he is worth that"
They need to close offshore tax loopholes first. But they wont.
Turkeys don't vote for Thanksgiving.
When you earn income it is taxed.
Once the money is in your pocket, it is no longer taxed. If you want to deposit your money in a bank, the only further chance to tax you is taxing the interest you get from the bank. Using an offshore bank might help to avoid being taxed on interest. But you need to keep in mind that interest rates are extremely low.
Do you really want to live or die, on the topic of taxing someone getting 0.25% interest on their savings?
Trust funds are NOT invested in savings accounts earning 0.25% that would be stupid.
Trust funds are invested in mutuals. Which are fully taxed.
What’s the difference between being taxed on the value of your home, forever I may add, than getting taxed on the value of your 401k? We’re used to getting taxed on our home value. That’s it.
either you don't have a 401K, or you don't know how it works.
Do you really want to live or die, on the topic of taxing someone getting 0.25% interest on their savings?
The Panama Papers (remember them?) showed us that the wealthy elite are benefitting way more than that with their creative banking. To pretend otherwise is naïve.
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At least 2,400 US-based clients were found in the papers; while many of their transactions were legal, Mossack Fonseca offered advice to many of its US clients on how to evade US tax and financial disclosure laws
So avoiding tax all together. I'll live or die on that hill, rather than the 0.25% on savings you're suggesting. And if you say their transactions were legal, sure, but why would they be offered advice on how to avoid US tax all together? Suspicious, no?
I daresay (devils advocate) that institutional investors would be waiting for the day Bezos had to sell $4B of stock to meet his tax obligation. They'd lap it up at $3.5B.
It would be great to see Zuckerberg and the Google fellas have to sell %'s of their ownership every year to where they had to actually answer to a controlling board/shareholders.
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Originally Posted by TMSRetired
And right alongside Zuckerberg would be that farmer that is land rich (thousands of acres) but cash poor....
maybe Zuckerberg will give him $20 million or so to pay taxes......
let me be clear - I am against the whole proposal as presented.
What I was saying is that it would be good comeuppance for Zuckerberg etal to lose some of their control over their companies by diluting their share of ownership.
the misfit idiots in DC have no idea how to reasonably exclude true family businesses and family farms, as 2 examples, from estate taxes that forces their (at least partial) liquidation.
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