Poodlebrain LSU Fan Way Right of Rex Member since Jan 2004 12692 posts Online
re: I don't understand the income tax being used as a tool to soak the rich (Posted on 2/2/13 at 11:59 am to Powerman)
quote: If the end game is to really soak the rich then why not try to pass some amendment that allows taxation of property?
If property is subject to siezure if over some arbitrary value, will any piece of property be worth that value? I know I wouldn't pay for something that would be taken away from me. Nor would I produce anything beyond my needs for survival, which means persaonal consumption.
There would be no incentive to accumulate capital and invest it. Who would manufacture products without capital to invest? All eceonomies of scale would be lost. Who would design new products and innovations if they could not benefit from doing so?
Ace Midnight LSU Fan Ball, LA - Home, Sweet Home Member since Dec 2006 14890 posts
re: I don't understand the income tax being used as a tool to soak the rich (Posted on 2/2/13 at 12:02 pm to Powerman)
quote: I'm not really suggesting this as the way to go. I guess I'm just sick of the myth that higher income taxes target the elite. There are a number of different tax avenues that would more effectively target the super rich and they aren't even being brought up as a possibility.
A consumption tax with a flat refund (to make it "nonregressive") would be a much more effective blow against the wealthy. Wealthy people consume more, period.
NC_Tigah LSU Fan Member since Sep 2003 40168 posts Online
re: I don't understand the income tax being used as a tool to soak the rich (Posted on 2/2/13 at 12:02 pm to Poodlebrain)
quote: If property is subject to siezure if over some arbitrary value, will any piece of property be worth that value? I know I wouldn't pay for something that would be taken away from me. Nor would I produce anything beyond my needs for survival, which means persaonal consumption.
There would be no incentive to accumulate capital and invest it. Who would manufacture products without capital to invest? All eceonomies of scale would be lost. Who would design new products and innovations if they could not benefit from doing so?
I'd guess that would fall into the realm of being "rigged".
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